A,B,C,D..

The basis of audit

From the audit book I have learn, there is juz a small part of the entire audit process.. damn! My knowledge… my degree level is only applicable for vouching, testing standard.. there is only part B in the whole a,b,c,d~~

Arrrgghhh.. I tot that audit is juz.. the client give the financial information.. I’ll juz convert it to report.. vouch here and there see wheter completeness, accuracy, authorization, cut-off, bla blab la.. who knows.. I’m too naïve!!

Accountant student.. we have our own ABC alphabet.. have a look~ don faint out.. no wonder audit 1 company need so many times.. next task.. erm.. I think it is this week, next week or next next week.. I’ll go and audit yayasan sabah~ u guys can find me there…

Oh ya.. now I’m in centre point.. who want find me eat lunch?? No people accompany me eat lunch ar.. no frens at all in office~ =(

Here you go, our audit own alphabet~

A audited financial statement, control and review

B transaction testing

C cash and bank balances

D marketable securities

E account Receivables, trade

F inventories

G prepaid expenses, deferred charges and other assets

H investment, including investment in affiliates

I intercompany balances and related party transaction

J long term and other asset

K property, plant and equipment

L intangibles and deferred expenses

M notes payables

N accounts payables, trade

O income taxes, deferred taxes and related income statement accounts

P provisions, accrued and other liabilities, deferred income

Q long term debt, leases and related income statement accounts

S commitments and contingencies

T Equity, statutory registers and minutes review

UA revenue/sales

UB other income

UC finance income

UD extraordinary income

VA cost of sales

VB payroll

VC selling and distribution expenses

VD administrative and other expenses

VE finance expenses

VF extraordinary expenses

VO other taxes