...Academic Paper In partial fulfilment as one of the Requirements for BA 196 Submitted by: Marie Elisabeth G. Labatos 2011-38997 Submitted to: Atty. Christopher Honorario SGV: A closer look Originally established as W. Sycip & Co. in 1946, SGV is very much known as the largest multidisciplinary professional services in the country. With the highlight of joining as a member practice of Ernst & Young Global Global Limited on the 6th of June 2002, it further became the country’s leader when it comes to assurance, advisory and tax services. Furthermore, with eight offices across the country, with the main office located in Makati, and over 4000 highly competitive professionals currently employed in the firm, SGV truly upholds the highest standards of quality. SGV is divided into eight different market groups, called as MGs. Each MG focuses on a specific area on which to concentrate their services. MG-1 for example is more on Real estate, MG-2 is on Telecommunications, MG-3 on Manufacturing, MG-4 on Power & Utilities, MG-5 on Banking, MG-6 on Media and Entertainment, MG-7 on Mining and Logistics, and lastly, MG-8 on Construction. MG1 Real Estate MG4 Utilities MG3 Manufacturing MG2 Telecommunications MG6 Media & Entertainment MG5 Banking MG7 Mining and Logistics MG8 Construction MG1 Real Estate MG4 Utilities MG3 Manufacturing MG2 Telecommunications MG6 Media & Entertainment MG5 Banking MG7 Mining and Logistics MG8 Construction ...
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...1.0 INTRODUCTION Practical training is one of the requirements to be fulfilled in order to obtain a degree in UiTM and need to attend by all students who are taking Bachelor in Accountancy program. The duration is about six month which is started from 4th February 2014 until the end of July 2014. Each student in this field is recommended to do practical training in audit firm because as they enter the last semester, they will understand more about audit and by participation in this program, students are able to put into practice about their understanding during the past six semesters’s learning and implement it into the real working life. For my practical training, I have chooses Skrastin Lim as a place to gain knowledge as much as I can. This company is a private limited by shares under the Companies Act, 1965 in Malaysia. This firm situated at No. 10-2 Jalan BK5A/3B, Bandar Kinrara 47100 Puchong, Selangor Darul Ehsan. The company is domicile in Malaysia. The principal activities of this company are all kinds of management and consultancy services, including auditing, taxation, accounting and company secretarial. Skrastin Lim was established by Mr. Lim Jit Swee and Ms. Leong Yee Him. Both of them are Chartered Accountants from United Kingdom, London. Mr. Lim Jit Swee is one of the members of Malaysia Institute of Accountants (MIA). His experienced in audit, management and taxation is more than 20 years. Although this company only have 10 staff including 3 trainees, they still...
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...of 2015 No. of Hours: 24 hours Date | What I Did(Activities) | What Did I Learn? | Deficiency/ Concerns | December 1, 2015 | Today, I was asked to vouch for the expenses of Landbank Employees Credit Cooperative by looking into their general journal, cash disbursements and cash receipts for the year. | My supervisor told me that auditing for Landbank Employees Credit Cooperative would be quite a challenge since cooperatives have different accounting practices. While I was vouching for the various expenses, I realized how valuable official receipts are. It is indeed very helpful that they are numbered. | I have no concerns for today. | December 3 , 2015 | I was asked by my supervisor to verify the material amounts of the cooperative’s loans receivable. I again looked into the general journal, cash disbursements and cash receipts for the year. | I learned that before looking into the loans receivable of a company or organization, it is very important that you study their lending policies first. Vouching would be pointless if you don’t understand their lending process. | I have no concerns for today. | December 4, 2015 | We met with our faculty adviser in the morning. And in the afternoon, I was tasked to vouch the disbursements of a mining company. | This is not the first time that I have been acquainted with disbursement vouchers; hence, I learned that some things really need a bit of...
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...2015 No. of Hours: 24 hours Date | What I Did(Activities) | What Did I Learn? | Deficiency/ Concerns | December 1, 2015 | Today, I was asked to vouch for the expenses of Landbank Employees Credit Cooperative by looking into their general journal, cash disbursements and cash receipts for the year. | My supervisor told me that auditing for Landbank Employees Credit Cooperative would be quite a challenge since cooperatives have different accounting practices. While I was vouching for the various expenses, I realized how valuable official receipts are. It is indeed very helpful that they are numbered. | I have no concerns for today. | December 3 , 2015 | I was asked by my supervisor to verify the material amounts of the cooperative’s loans receivable. I again looked into the general journal, cash disbursements and cash receipts for the year. | I learned that before looking into the loans receivable of a company or organization, it is very important that you study their lending policies first. Vouching would be pointless if you don’t understand their lending process. | I have no concerns for today. | December 4, 2015 | We met with our faculty adviser in the morning. And in the afternoon, I was tasked to vouch the disbursements of a mining company. | This is not the first time that I have been...
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...PRACTICAL TRAINING REPORT AT ZULFAHMY & CO. DAILY REPORT DATE/DAY | EXACT NATURE OF WORK DONE | REMARKS | 01 Feb 2013(Friday) | PUBLIC HOLIDAY – HARI WILAYAH | | 04 Feb 2013(Monday) | -Report of duty. -Self introduction session and introduced to staff in Zulfahmy & Co.-A few of staff explains scope of work that will be done and the rules of the company.-View the file and document that has been audited by the company such as :- * PAF (Permanent Audit File ) – BLUE * CAF (Client Audit File) – YELLOW * TF (Tax File) – RED-View of the company’s background such as :- * Introduction about Zulfahmy & Co. * Corporate Vision * Professional services – auditing, consulting services, taxation, secretarial and accounting, internal audit services. -Learn on how to use fax machine. | Able to get to know the managers and other officers in the organization and their responsibilities. | 05 Feb 2013(Tuesday) | - Recall double entry treatment.-Learn and write name of the company, company’s account number, amount in the slip of Muamalat Bank, and deposit cheque at Muamalat Bank. After deposit the cheque we need to take the slip report and filing the slip in file.-Learn on how to use a Photostat machine.-Learn on how to do a casting (figure). | Understanding on how deposit check to bank muamalat. | 06 Feb 2013(Wednesday) | -View a blue file (permanent audit file) : * PILOT POWER SDN. BHD * NALURIAN SDN. BHD-Having a short quiz and interview with...
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...Audit theory and true and fair view The Primary objective of auditing is to produce a report by the auditor of his opinion of the truth and fairness of financial statements so that any person reading and using them can have belief in them. Different methodology can be used to arrive at his opinion: Vouching audit: Vouching means "such examination of the ledger entries as will satisfy an auditor not only that the entry is supported by documentary evidence but that it has been properly made upon the books of account". b. The emphasis is on ascertaining- i) That every entry in the books of account is supported by a voucher and that no voucher has gone unrecorded in the books of account; ii) That the transaction is genuinely concerned with the business iii) That the amount involved in the transaction has been accurately recorded and iv) That the entry has been made correctly in the appropriate account C. The main objectives of vouching are: a. All transactions connected with the business have been properly recorded in the books of account b. The entries in the books of account pertain to transactions which are genuinely connected with the business c. The vouchers in support of the entries are legally valid, in the sense that they are authentic, properly dated, addressed to the business of the client, and are not fraudulent in any respect d. The vouchers have been carefully processed through each stage of an effective system of internal check e. The vouchers...
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...Calculation of Materiality: I calculated materiality based on adjusted total assets. Adjusted total assets are total assets adjusted for those accounts which aren’t affected by depreciation in this case Land. Adjusted Total Assets=Total Assets-Land 27,011,023-382,000 $26,629,023 Adjusted total assets serves as the base amount in my calculation of materiality. If the base amount is Over $10,000,000 But Not Over $50,000,000 planning materiality is: Amount + (Percent * Base) $23,000+ (0.007*26,629,023) $209,000 Performance materiality = Planning materiality * Factor 209,000 * 0.75 $157,000 1. Accounts Receivable * Accounts Receivable increased slightly from the previous year which appears to be significantly disproportionate to the jump in sales from the previous year. Also intriguing is the decrease in the allowance for doubtful accounts balance. * The primary assertions at risk are: Existence, Valuation, and Occurrence. * Obtain an aged trial balance. * Send confirmations to those customers with large balances and zero balances. * Vouch to sales invoices to see if some of the receivables aged current should in fact be aged past due. 2. Sales * Sales increased by an amount in excess of $18,000,000 in one year. * The primary assertions...
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...BA 3322 – Report (Lecture 4 – Auditing the Revenue Cycle) Drea Tech Company has been growing rapidly and has recently engaged your firm as its auditor. It is actively traded over the counter (OTC) and management believes it has outgrown the service capabilities of its previous auditor. However, on contacting the previous auditor, you can learn that a dispute led to the firm’s dismissal. The client wanted to recognize income on contracts for items produced but not shipped. The client believed the contracts were firm and that all the principal revenue-producing activities were performed. The change in accounting principle would have increased net income by 33% during the last year. Drea is 32% owned by Anthony Dreason, who has a reputation as a turnaround artist. He bought out the previous owner of Drea Tech (formerly named Johnstone Industries) there years ago. The company’s primary products are in the materials handling business, such as automated conveyors for warehouse and production lines. Dreason has increase profits by slashing operating expenses, most notably personnel and research and development. In additional, he has outsourced a significant portion of component part production. Approximately 10% of the company’s product is now obtained from Materials Movement, Inc., a privately held company 50% owned by Dreason and his brother. A brief analysis of previous financial statement shows that sales have been increasing by approximately 20% per year since Dreason...
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...Answer to the Question no 14-34 (a) While designing the substantive tests for accounts receivables we need to send confirmation letter to the accounts receivables to assure about the proper balance of accounts receivables and eradicate any chances of misstatement. When as an auditor we want to tests of details of balances we will send confirmation to some accounts receivables as it is not viable to send confirmation to all the accounts receivables accounts because of time and resource constraints. When the acceptable level of detection risk is low, an auditor requests confirmation of receivables as of the balance sheet date. Otherwise, the confirmation is sent may be one or two months earlier when he/she does the interim audit. As a first time auditor we hope for the best possible scenario that is planned control risk is low and as a result detection risk is high. So we would send the confirmation letters to some of the account receivables at one/two months earlier than the balance sheet date. We will send negative confirmation letters to some of the receivables to inquire only the balances. Because we feel it is not needed to know all the details of the transactions of those receivables accounts which would call for a positive confirmation. As the planned detection level of risk is high a negative confirmation will be effective to judge. Using the formula for determining sample size in PPS sampling we should take a sample of 136 receivables if we assume our...
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...analytical procedures and recalculation. Analytical procedures can be preforming different ratios like gross profit calculations and inventory turnover ratio. Also, recalculation of the prices is a good way to test the valuation. There may be errors that can be found by recalculating that maybe the client missed on purpose or accident. Rights and obligations is the next assertion that needs to be tested. It is necessary to know whether or not the client has the right to call the inventory in their statements as theirs. Some of the inventory in the holding location may be on consignment or have a bill and hold agreement. Auditors need to make sure that these are not included in the inventory count. The procedures that need to be done is vouching that the inventory...
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...bills of lading, and bills of lading are not accounted for. Because of this deficiency, goods may have been shipped to customers but never billed to the customer. Thus, they don’t constitute an effective sampling unit. The auditors might want to select customer orders at random and determine whether goods were shipped and invoices sent to customers for those shipments. The auditor can account for sequence of sales invoices in sale journal or conduct a reconciliation of inventory with sales. In addition, analytical procedure, such as comparing monthly sales by product line with prior period may be used. The existence/occurrence and valuation assertions are the most critical for revenue accounts and a more relevant in this scenario. Vouching a sample of recorded sales transactions back to customer orders and evaluating the quality of evidence of shipment provide support for the assertion that they actually exists. The auditor should compare the quantities billed and shipped with customer orders and verify the clerical accuracy of the sales invoices to provide assurance on valuation. 2 & 3. See Table 4. Based on the sampling plan results, the auditors can be self-assured regarding the control of the correctness of product prices, extensions, footings, and quantities. Also, the auditor should be content that customer balances are within authorized credit limits. Unfortunately, missing bills of lading and bills of lading not signed by the carrier raises some concern...
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...Respected Sir/ Madam, After completing my Bachelors in Commerce (Honours) Degree from PGDAV College, University of Delhi, I cleared the IPCC exam (Both Groups) in 2011 and have given my CA Final in May 2015 and completed my articleship in September 2014. To demonstrate the required and relevant skills, I have included my work experience in the CV (attached) but here is a brief summary of my plausible contribution to your organisation, My experience in finance, audit and taxation field both technically and practically helped me to familiarise myself with the updated information about the market conditions and the recent reforms. It also equipped me with the skills and training needed to meet tight deadlines, the ability to display sound judgment when handling sensitive and confidential information, strong decision making and problem solving skills. I’m a dependable, self-motivated professional with tactical interpersonal skills and I sincerely believe I have the qualifications needed to become a valued member of your team. I would be proud to be associated with your organisation and would strive to help the company meet future goals. I am confident that an interview would be a great way to discuss this position further. My resume, enclosed herewith for your reference, contains additional information on my experience and skills. You can reach me on +91- 9953028279 or can email me at divyanijhara17@gmail.com Thank you for your time. Sincerely, Divya Nijhara ...
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...have attached an excel spreadsheet of Regina’s common-sized financial statements. I have included key ratios and highlighted high-risk financial statement line items regarding the 1988 audit. 2. Audit procedures that might have resulted in Peat Marwick discovering the $5 million bogus sales and the intentional understatement of the company’s sales return are: (http://smallbusiness.chron.com/audit-procedures-revenue-cycles-15750.html) a. Checking the trial balance that the accountant creates at the end of the cycle b. Confirming receivable amounts with the company or person who owes money and evaluating the accuracy of the allowance for uncollectible accounts by reviewing the history of the entity. They also include vouching, tracing and performing cutoff tests for all sales, sales returns and cash receipts. c. Examines all documentation related to a customer and relating journal d. Sales cutoff test. Trace shipping documents immediately prior and just after accounting period to the accounting records. Focus on FOB shipping point and FOB destination. e. Cash receipts cutoff test. Trace daily remittance of payments to accounts receivable credits.al entries 3. Most merchandising and manufacturing clients’ record a sale based on shipment of goods criterion. Audit objectives for sales cutoff focus on ensuring that sales are recorded in the proper period. f. Fraudulent errors the test would have uncovered. i. $6...
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... 1st Division * 2008 Govt. M.A.O College, Lahore * I.Com 1st Division * 2006 Lahore School System, Lahore * Matriculation (Science) 1st Division * | Professional Experience | Internship in Allied Bank Limited in 2010 (Jul-Sep) Performed following tasks * Customer Relation Affairs * Account Opening Procedure * Regular General Banking Operations * Foreign Remittance * Vouching | Job ExperienceProjectsWorkshops & TrainingsOther Skills | Works In Shell Lubricant (Distribution name Raiyyan Traders) in the field of Marketing & Sales.Develop daily sales report and present it to the A.S.E & T.M Sales Tracking & Monitoring. Assign the daily tasks to the sales officers Check...
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...3-51. Koss management might have placed so much trust in Sachdeva without oversight and monitoring for a variety of reasons: possibly the cost of establishing, implementing and maintaining internal controls seemed prohibitive to the company. Sachdeva could also have had one of those faces that seem like she should be trustworthy, so they didn’t feel the need to monitor her activities. Grant Thornton should have seen the large variances in the cost of goods sold account and done some vouching of those particular expenses. Perhaps they also should have confirmed with the various suppliers the amounts they were charging Koss for the headphone component parts. In any case, they did not have enough professional skepticism about Sachdeva. Sachdeva’s lifestyle should have raised suspicion due to the fact that she spent more on individual shopping trips than she made for the entire year. Auditors and the board should be familiar with the fraud triangle, and recognized both opportunity and rationalization. Petty jealousy may have played a part in her coworkers ignoring or explaining away all of Sachdeva’s high-end purchases. It also mentions that they thought she used family money or her husband’s money to pay for her purchases, but perhaps they didn’t actually get to know her background, or research how much money pediatricians make. As noted above, everyone in this case could have really asked themselves how much pediatricians make, or simply could have asked Sachdeva about her family...
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