After returning from my fieldwork in Penang, I will be embarking on another fieldwork trip to Johor Bahru. Although I have been assigned to three companies, I will be staying at the Kuala Lumpur office this week to focus on completing the remaining tasks.
Today, I am focusing on the CAATs for My Co2 companies. Although this company is not publicly listed, it follows the same audit committee meeting date as its reporting entity is publicly listed. This means that I need to complete the tasks quickly.
The CAATs assigned are similar to those that I have learned before, such as the JV test, payroll test, and sales or purchase matching test. However, one test caught my attention - the completeness test for the transfer of sales data from the sub-system to the main financial system.
Since the company has an automated job processing sub-system that automatically enters data into the main system, we need to perform a test to ensure that all the relevant data has been transferred completely to the main financial system. This is done by comparing the data in the sub-system and the data in the main financial system. The data that appears in the sub-system should also appear in the main system, and its details, such as date and amount, should be similar.
To learn how to perform the test, I consulted my senior and plan to start performing it tomorrow.
Main things that have learnt
To know that even the company is not public listed but if its reporting entity is public listed, the reporting ACM meeting date is applicable to the company as well
To learn how to perform completeness test of transfer from sub system to main system
Comment/idea/opinion
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