Quite a lot of things I did today, and the task for me is getting more and more, this is a good sign, more task is being assigned for me to help, which means more skill I have achieved and colleagues are confident enough to pass these task to me. The first thing I did today is to have a meeting with a client from Envictus group, the purpose is to present the client what the variances we have found and to inquire whether the client can provide us with or amend the documents for us so that we can redo the JV test again.
To start the meeting, Kar Enn introduced himself and me then he proceed to tell the client what is the objective to have today's meeting, then Kar Enn passed the floor for me to handle, I share with the client what are the causes of variances that I have found out. The first cause I guess is due to the trial balance client gave us was wrong, it is because some certain accounts, do have the debit and credit amount but the trial balance still shows its opening and closing balance as 0. Another reason is due to the format of the general ledgers is unstructured, which might affect the step when we process the data on IDEA. After listening to my explanation, the client then mentioned she will take some time to prepare another general ledger and trial balance for us. After that, we will be able to perform again the JV test.
Another task Kar Enn passed to me is an ITGC work for a company namely Safetyware, I hold this task first as I want to focus on the Adient Automotive Holding JV test since we got a lot of variances then we need to also identify the causes. For this case, I told Kar Enn that for the first I already observed that the closing balance of the trial balance does not equal zero hence it might be impossible to have zero variance, then Kar Enn told me that for this company, the situation is a bit complicated as its general ledgers are actually come out from two systems, and the trial balance that I received is already extracted by Kar Enn himself, so it might due to the error when Kar Enn extract the data, what Kar Enn suggested me to do is for the trial balance I redo again by clearing it using the raw data and since there are two system being used, Kar Enn told me to conduct two separate test for the two system data, if both of them does not contain variances, then I can merge it into one. I hold this task first as after that I need to join one kick-off meeting held by Kar Enn, the company involved is a small company as it does not have most of the items we requested, so Kar Enn said will later discuss them with the manager to see whether are we going to exempt this company from ITGC work or not.
Main things that have learned
-Envictus meeting with the client
-Kar Enn gave Safetyware ITGC
-Join Kar Enn’s kick-off meeting
-Redo the Adient because TB is different and there are two systems being used
Comment/idea/opinion
What I learned today is sometimes it will have variances for the JV tests, and these variances are not standardized for all companies, we need to identify each company’s variances, but the more you are doing it, the faster you can be in identifying the variances.
Comments