Go Audit Day 9

Finally the last day had dawned upon us..The 1st session was on testing Debtors Confirmation where we had to Target Test a few parties..The Instructor acted as client and whatever doubts we had regarding the same,we had to clarify.
Next was a session on Creditors and Unrecorded Liab..Basically it was to check on the documentation bit,as to how we have done and the rationale behind the same.

Then we had lunch,no surprises here,only disappointment.I expected something special being the last day but no even the pastry was replaced by Payasam(much to my disapp..perhaps they were scared i would wipe out another row :) this time also)
After Lunch we had a brief session on Audit Completion.. it was about what all we have to address during the final Stages,the checklists we have to fll etc..

After that we had a recap session on what all we had learnt..we actually had to fill a questionaire on how we rate ourselves with the client as well as the team on various matters..Then we were a given a lecture on the importance of belonging to this organisation and how we should plan and organise our work in order to achieve maximum efficiency.
Almost towards the end at the penultimate moment each of us were asked to state 1 fact we would want to improve ourselves in and what effort we should take to achieve that.
Finally there was a video presenation(recap) of all we had learnt over the past 9 days

So,it was a different experience..it was a welcome change to be away from work for such a long time..the camaraderie was there to see..and the knowledge and learning we received should hopefully be beneficial in the time to come!!

Go Audit Day 8

The 1st half of the day saw an extended session of Cash and Bank.We first listed down what all assertions and factors influence the validation of Cash and Bank..We were then provided Data and asked to validate and Document on the MyClient for the Dummy Client Simply Sauces..There were many steps and it took quite a time.

Then it was lunch..the food was same as before,in the pastry section Fruit Trifle substituted for Pineapple Gateaux..it was ok not upto my expectations:),i had only 1 serving..(a drastic reduction on the intake compared to yesterday)

The 1st half of the post lunch session was on GTS.We were given brief explaination about the server,connectivity etc and pictorial representations were displayed to show the flow of data to various locations.Also was said about the maintainence of Laptop,how careful we should be,what stuff to have and what not to.Also stress was laid on the topic of Replication(well obviously considering the importance)

The 2nd half was on Fraud Risk.We were asked as to in what all situations and what all components fraud generally arises..There were also discussions on the Enron Scam and other egs highlighting Fraud..Also was put up a video showing a real life incident where one man had done fraud worth over millions of Dollars.We were asked questions based on the video and were explained about the fraud and how fraud can be eradicated if we follow our audit principles rigidly.It wqs the longest day and ended only at 7,the last 1/2 hour was more on what PWC Stands for,what its worth is,how well its recognised the world over,We were also told about the London Office which is supposed to have 29 Floors.
So that was about the Penultimate Day.Are we in for any surprises on the final Day??..my guess is as good as yours!!

Go Audit Day 7

In a nutshell,Day 7 could be sliced up into 2 halves..the 1st half was focussed on meeting with the clients..ie about Taking stock meetings,show me meetings etc..We had live plays asking us to enact the role of the auditor and speak to a fierce client..we were instructed as to what our role was and how we had to the talkin.The role plays were entertaining..After the play,we were told as what the pros and cons were in the performance

The speciality of lunch today was the Pineapple Gateaux..I kept filling my plate again and again..i had 6 of them..it went on well with the Mango Icecream..the food remained the same as on the previous days with no experimentation

The Post Lunch session was on Validation of Accounts Receivable,Accounts Payable and Unrecorded Liability Testing.For Debtors we were given a listing and asked to take samples from the list,for creditors we performed substantive analytical procedures considering ratio analysis,and for Unrecorded Liability Testing we were asked to choose samples in excess of Rs 95000 and asked to check whether they had been properly recorded relating to the period of audit..

Day 7 wound up very early..we packed up our bags at 5.30 itself,lets see what awaits us on the penultimate day!..

Go Audit Day 6

The 1st Session of Day 6 was on BAF(Business Analysis Framework).Already a small run through had been done on a previous day,but this one was a detailed session highlighting what BAF is and how issues can be found just by doing a good BAF.We were given a client website to read and compare with a BAF which had already been prepared and asked to see whether any key area/risk has not been documented in the BAF.Though it was very theoretical,it was interesting and very informative, a very well taken session.

Finally what i had been dreaming all these days became a reality,as i hoped for pastry was included in the lunch menu..it was Chocolate Mousse and it tasted decent,atleast it was a welcome change from the usual sweets which were served along with ice cream on all the previous days..No other surprises in the menu.

The post lunch session saw a quick run through on Accounts Receivables and Accounts Payable.It was mostly about understanding the process relating to purchase and sale and also the assertions relating to them.This was also a very interesting session(though i was half asleep,as always is the case after lunch)

After tea saw a session on soft skills where we were thrown light on the importance of the same.It was more mental than audit related like for eg how we will face up to different situations,what barriers we might face and how to overcome the various circumstances.We were also given a couple of situations and asked to enact how we would face up to them.It was a table group exercise..

Day 6 was a fine mix of both audit and non audit related.Lets see what we encounter during Day 7?!!

Go Audit Day 5

Day 5 saw the beginning of Component Validation session and first in line was Property,Plant and Equipment.We were given a dummy client and asked to Validate Fixed Assets.First we were asked as to which all statutes/standards we should be adhering to when seeing Fixed Assets,then we were asked to prepare a lead schedule and trace all the ledger balances with the financials.After lunch,we did control testing on Additions,Substantive analytical procedures for depreciation and test of details for FA Disposals(we were actually provided invoices in soft copy)..It was a very good learning experience and it was probably the most interesting day so far(i never felt sleepy,that in itself speaks the truth).Looking forward to more such sessions in the days to come..

Go Audit Day 4

Day 4 began on a frenzy for me,it had become very late for me to leave but i luckily managed to be just on time.My first observation of the day on reaching there was i realised that Eclairs had replaced Lacto King.A friend of mine was just saying a couple of days back that Lacto King was gettin a bit boring and presto! the change immediately took place.

Now coming to serious matters,the first session was on the topic of Documentation.It was a very long session and it just went on and on and on.So many areas were covered like Why we have to Document,the PWC audit Document Standards,What and How much to Document,the importance of timing in Documentation etc.We were also made aware of the PSCENT Terminology(Purpose,Source,Conclusion,Extent,Nature,Timing).We were also given inputs on how to document the different elements of Audit File and were made to do a small questionnaire on Documentation,we were basically given some events and asked to slot them correctly into different Documentation Buckets.It was probably the longest session and went on for almost 4 hrs,till lunch time..

There were not many surprises in the lunch menu.It was back to Naan,we also had Paneer Manchurian(next in line is Babycorn Manchurian i suppose,atleast thats what my friend thinks),there was no soup today and Herbal Rasam took its place.After listening to the lecture for 4 hrs,lunch came as a blessing in disguise where we were able to relax and crap as we normally do.

The post lunch session witnessed an extensive session on MyClient.It was a full fledged session on how to use the tool,what are its benefits,the utilities coming along with it,also confusions generally associated it were solved by showcasing live examples.Though am aware of atleast the basic features of this tool,i really feel it will be of immense help to the new joinees,coz even if they struggle they will be able to wriggle out of it because of the theoretical knowledge they possess.This advantage i didnt have and am happy that the new joinees have been exposed to it coz for me MyClient seemed to be like an ocean in the beginning.Even after the tea break,the discussion continued and went on till the day was wound up.The last half an hour was more of an interactive session where lots of examples were quoted and many doubts cleared.

So finally the day had come to an end.A positive feeling within me is that my concentration levels are slowly improving,simply put i felt less sleepy today.Lets watch as to what the 5th day has in store for us??

Go Audit Day 3

Day 3 had the earliest start,beginning at 8.30 itself..The first session was lots of fun,it was on Professional Skepticism..We were explained about the topic and then given some questionaires.The Objective was to inflate the profits/deflate the profits or fairly state the accounts based on the data available.This was a session when team spirit and team building came to the fore where everyone in each group seemed so vigourous and enthusiastic.It was a perfect start to the morning..

After tea was a full on session on Substantive audit evidence.We were first made to go through a tutorial and then made to answer questions based upon them.We also played a game called Who wants to become a Millionaire based which was on the lines of Kaun Banega Krorepati.All the questions related to our understanding of Substantive Audit Evidence.It was an innovative way to prevent people from sleeping.Hoping for more such games in the coming days.We were also given a question to solve based on Analytics.It made our brains work overtime but alas the Expectation which most came across went helter skelter
The next topic covered was Test of Details.There was a brief explaination on the different methods,their definitions,how to treat an error and how documention should be performed by way of templates

Then it was time for lunch with some changes in he menu with Poori replacing Naan,Malai Kofta substituting for Paneer Butter Masala and Strawberry Icecream taking the place of Vanilla Icecream.I tried a weird combination of mix of Soup and Ice cream and the result was pretty decent.Lunch is always fun coz it is the time u get to freely interact with all ur mates and crap anything under the sun and today was no exception

The Final Session dealt in depth with Interviews,where we were explained how to approach different clients,what to speak and when to speak so as to effectively collect the neccessary details required for Documentation.There were roleplaying sessions elucidating the different situations and it turned out to be hilarious.Tea was served in the table itself so as to not waste additional time coz we had to vacate very early by 4 itself.

So what to expect tomorrow..Lets wait and see..

Go Audit Day 2

Well Day 2 went along expected lines.It started an hour early at 9 itself.The First session saw some Video Clips being played out where our Global CEO and other big shots spoke about the PWC Experience.Also was stressed upon the distinctive Values and Edge which PWC had in comparison to other competitors.A survey was also played out showing the above.

After this was a session on Code of Conduct.The Main points highlighted were that it was applicable to all in the organization,how it can impact the behaviour and how to raise concern regarding Code of Conduct.A few examples were illustrated which sounded pretty interesting.

After this we broke for tea and then the next session was about the PWC Audit Approach.The matters mainly elucidated were Acceptance and Continuance(ANC),Business Analysis Framework(BAF) and Audit Comfort Matrix(ACM),
There was emphasis that the Audit Approach is developed in order to provide the best Quality,deliver consistency,adhere to customer expectation,maintain the Brand Image etc.There was also a small briefing on the methods to be adopted like Control Testing,Substantive Audit Evidence and Test of Details.This was a very long session where we were given lots of Handouts and were made to do some tests.

Finally we broke for lunch.The spread was somewhat similar to yesterdays menu,with small changes here and there like Tomato Soup replacing Mixed Vegetable Soup and Kesar coming in place of Gulab Jamun..

After lunch was the most entertaining session which was about Financial Statement Assertions and types of risks in audit.We were explained in detail about the same and also played some games based on same transactions taking place and classifying the transaction with the appropriate assertions.This was lots of fun and there were lots of interaction among the various team members..

After tea,it was time for the Final Session.which was about Audit Comfort Cycle(ACC) which mainly dealt with Understanding & Evaluation of Controls and Process Study.

In a nutshell this was a day in which we got to learn a lot about the various terminologies and jargons associated with PWC

Go Audit Day 1

After much deliberation regarding the location for the Go Audit Training
Programme,it was finally zeroed in on Conference Room Rolls Royce in Hotel
Benzz Park.Though I was to attend the programme the last time it was held, I couldn’t
Coz I was out in an audit.I had heard a bit from my fellow articles abt the previous programme and mostly the review seemed to be mixed,the overall consensus being that some sessions were interesting and some were dragging and put them to sleep.I was excited to find out the reality myself

So finally things got started at 10 in the morning.As soon as I entered,my boss asked me to sit at a particular table.The Conference room was divided into 7 tables comprising abt 6-10 in each table.The session started with a linking game.It was basically to get an understanding of the people who had assembled.Within 10 Mins,we had to find out what was the common link one had with the other like for eg-having the same name,common month of birth,similar college etc.So after the interaction and noting down the links,our boss asked us to list the link one had with the person standing next to him.Some of the interesting links were 2 girls said they used to sleep together in college,and another pair said they cud be linked for their ability to come up with Mokka Jokes.Those who couldn’t were de-linked.He also asked if anyone could tell the names of all who were present.Me and a friend managed to do it pretty comfy.

After the game,our HR gave a brief introduction about out organization.He basically stressed upon the divisions viz Assurance,Advisory and Tax and Regulatory Services.He also spoke at length abt the no. of PWC Offices and the no. of employees working for the organization worldwide.He also made us play a game called Ice Breaking where as a group we had to hold each others hand and form a circle in the opposite direction without leaving each others hand.The game was to emphasise on Team Building & Unanimous thinking within a group.After this we had another game emphasizing on team work&team spirit.It was about how 2 People in Prison would react to different circumstances

When this game was over,it was about 2 and time to break for lunch.i was feeling a bit impatient the last ½ hr and was excited that finally lunch had dawned upon us.In simple words I was really hungry.The lunch spread was as follows:Mix Veg Soup,Naan/Roti,Fried Rice,Plain Rice,Vatha Kuzhambu,Salad,Paneer Butter Masala,Dal Fry,Roasted Papad,Icecream and Gulab Jamun.After the heavy dose I knew I was going to face my toughest task of staying awake for the mid afternoon session.Alas I cudnt face up to the challenge.From what little I listened it was regarding PWC Values,he subdivided the Values into 3 Parts Excellence,Teamwork and Leadership and broke the tree further and gave a brief synopsis about each sub-Heading.

After this our manager elaborated on the topic Ethics and Independence.He started with the basic definitions.Though it was a dry topic,it appeared to be interesting when he started to explain with different situations at hand.At around this time,we broke for tea..After tea,the session picked up full steam where each group were given different Case Studies on “Independence” to analyse and come up with a solution.It was a session where there was lots of interaction among the team members and we were all breaking our heads in arriving at the conclusion.

Once all the discussion on the Case Studies were over,it was the end of the session and end of the Day.In Brief,the 1st Day went on pretty decently.
Lets see what unfolds on the 2nd Day??