Today, the three main things I did is to do the CAATs for the Kim Futt Engineering group, solve the Adient Automotive CAATs and try to identify the problem of the Kim Futt Engineering group.
For the first task, I need to conduct the JV CAATs for the Kim Futt Engineering group which consists of three companies: Konnection Engineering, Kum Fatt Engineering Sdn Bhd, and Premier Plastic Industry Sdn Bhd. I was told that even the financial period of the companies is until February 2023, but I just need to check it until the month of October 2022. After I try to conduct the JV CAATs test, the result showed a lot of variances, I then moved back to the general ledgers and the given trial balance to try to identify what are the causes and any ways I can solve them. I then noticed that for some transactions, its trial balance’s opening balance does not tally with the general ledger’s opening balance, for some, its trial balance’s closing balance does not tally with the general ledger’s closing balance and one company’ given general ledgers are only until the month of Augusts 2022. I then put aside this company and planned to ask Kar Enn what I can do for it.
Next, I moved to Aident Automotive, after getting clarify from the auditor, then I redo again the JV CAATs test, this time I have my colleague teach me that under the macro script, we need to note the flag function, from the trial balance, we need to know which account code is used for profit and loss items, then we need to flag the items, it is because, for the profit and loss items, it is not required under the JV CAATs test.
Main things that have learned
Do the GL CAATs for the Kim Futt Engineering Group
To solve the Adient variance, flag things that are important
Comment/idea/opinion
Even though I have completed the training for CAATs, there are things that I need to learn for it.
Comments