Today, I had a scheduled meeting with the auditor from the Cambodia company to discuss our planned CAATs test and ensure it aligns with their audit objective. During the meeting, I provided an over of the three tests we planned to perform.
Firstly, the completeness test is to verify the transfer of data from the sub-system to the main system. Secondly, the accuracy test focuses on loan repayment transactions, as the company has partnerships with banks where they receive commissions for transactions made through the application. We will select a sample of these transactions and recalculate the commission amounts to check for accuracy. Lastly, the macro test, which involves scheduling a walkthrough meeting with the client to re their backend configuration and macros, ensuring they align with the policies outlined in the audit.
After spending half the day with my manager to understand the purpose and steps of the tests, I spent the other half explaining them to the auditor. Following the meeting, I emailed the relevant person in charge to schedule the walkthrough test.
Main things that have learnt:
To learn what are the CAATs test can be performed for companies that involved in complex financial business.
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