Yesterday, when I am redoing the JV CAATs for Envictus all five companies looked normal and it does not have any variance, however, there is one company, the San Francisco Coffee Sdn Bhd, it has a lot of variances, I then opened the original data file and try to discover what is wrong with it and what let the variance to have happened. I found out that for two transactions, the layout is different, and also for some months, the debit and credit amount does not equal zero, which will surely bring variance in the end. I then draft an email and send it out to inform the client of what I have discovered and ask her to help to clarify. After around one hour, I got an email from the client and in the email, she sent me the amended file this time I checked, and it is all normal and the debit amounts are equal to the credit amounts. Then I redo the test again using IDEA, and in the end, it shows no variances. I kept the Envictus group on hold as I know there are other steps I need to do, which are called as major test and COA test, but it needs the details of the super user, so I hold it first and jump back to the Adient Automotive Holding Berhad, as the test that I got still have variance then what I plan to do now is to look at the original file and try to figure out what data should I extract.
Main things that have learned
-Redo the JV CAATs test for San Francisco Coffee Sdn Bhd
-Try to understand the data of Adient Automotive Holding Berhad
Comment/idea/opinion
It is a difficult task if the company is large and has a lot of subsidiaries, we need to have a good understanding the accounting knowledge in order to know what we are looking at and where it is located.
Commenti