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I learnt to perform audit for an investment holding company (ELC Success Pte Ltd). At the start of audit, I prepared lead schedule using the clients’ management accounts i.e. trial balance report. Using previous year’s template as a guide, I transferred the final audited figures to the last year figures column (2009) in current year’s template and then keyed in current year (2010) figures under the unaudited figures. I would ensure the figures in the respective sections such as cash and cash equivalents tied to both balance sheet and profit and loss report before I start my audit planning.

I read the previous year’s file to have a better understanding of the client and take note of any outstanding matters for this year’s audit. I then proceeded with the completion of planning forms such as engagement risk questionnaire, independence questionnaire, materiality determination form etc to understand the client’s business. Engagement risk questionnaire helps to identify the risk level through factors like ownership, management, business environment, financial and liquidity considerations to determine if we should accept/reject the audit. Independence questionnaire is an evaluation of the company’s compliance with ethical standards and to ensure that there are no threats to independence. Materiality determination form documents the calculation of planning materiality which guides the extent of the audit procedures performed. It enables us to propose either adjusting or waiver audit adjustments based on the materiality limit.

After completing the planning forms, I arranged for an internal planning meeting with my manager. The meeting highlighted any matters that I had to take note for this year’s audit such as investment property, both current and deferred taxes and to review my planning forms at the same time. Once the forms were approved and signed by my manager, I started my audit fieldwork by following the audit procedures closely in the manual audit programme sheets (MAPS) on the various sections like revenue etc. I obtained the analysis of revenue and checked the casts. After which, I agree to the ledger and cross reference the supporting analysis to the lead schedule. I also reviewed and documented the client’s revenue recognition policy. For the section on revenue from the use of assets, I performed rental reasonableness test to test the completeness for the quantity of units of assets owned by the company and checked the total revenue by applying the rates in the rental contract. In addition, I scanned the journals to identify any major or unusual transactions.

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