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