I think I need to knit one of these as a focus for my CASB annoyance. The latest annoyance? For the assignment this week, we are to consider a few transactions that have come to light at the end of April for a fictional company. The year end was March 31. The kicker? The audit report is dated April 15, 2005. Yes, two weeks after year end, the company was able to make all its adjusting entries, put together all its working papers, and the firm was able to complete all its field work. CASB likes to talk a lot about how it presents real world scenarios for us, to make our training oh-so-realistic. Well give me a break on this one.
Okay, I have a client that claims they can have all their year end adjustments done in a week, with full support. And I'm pretty sure they can do it - they are very organized, have two extremely competent accountants on staff, and have excellent controls in place. But even so, last year we started the audit two weeks after year end. We had two weeks of field work on site, with another visit for a single day a week later. There were one or two significant adjustments made by the company at the end of field work. So the earliest we could have dated the audit report was five weeks after year end. And this is one of my best clients, in terms of being well-prepared and having few exceptions turn up during the audit. A two-week audit date? I'm not buying it.
I'm off to join a knit-along and then go dig for some suitable yarn. I'm going to call him Myles.
I could use that knitalong and one of those to take along to all my annoying doctor's appointments. They are multiplying. Weekends are starting to book up fast. We should try and figure out if we can find a time to calm down and relax together before Christmas.
Talk to you later
Uli