Posted by: LYF | March 14, 2009

Senioring an audit – Part 2 (field work)

I didn’t really reinvent the wheel here.  I did the procedures you’d do on any old audit file.  I vouched, tied things in, sent confirmations, scanned the GL, did cut-off testing etc.

The thing I learned the most, and developed the greatest appreciation for, was the relationship between the culmination of all the field work and the overall tone of the file.

My coworker, who was previously my audit senior, always told me to be meticulous when preparing my working papers.  It pissed me off.  I didn’t see the value.  If I did the procedures, and my procedures had a purpose and a conclusion, then what was the point of doing all the extra work?  The point is the tone.  If everything in your file was done meticulously, then your file will appear meticulous.  If everything ties in, all your schedules have a purpose and conclusion, if your leadsheets tie into your financial statements and your hand writing is legible (this is very important) your file as a whole will stand out.

And the best part about this?  Your partners will be unable to specifically explain why your file was so good.  They won’t because nothing specifically stood out.  You didn’t do one thing amazingly, you just held yourself to a higher standard, which permeated your file and became thematic when it was reviewed.  Taking this approach, it will be technically impossible to sight a specific item that can account for the quality of your file.  People will just see it as exceptionally well done.

In other news, I’m hooked on the new t-pain cd.  Damn I love t-pain.  “love dem sparkly pants” hahaha (probably the funniest interview with a rapper I’ve ever seen, lil wayne’s interview was just creepy).



  1. I liked how you mentioned your view as a first year versus your understanding as a senior.

    Can you give an example of how to be “meticulous” in one workpaper versus your wanting to just do the testing and include the purpose and procedures? What are the things you do from there to make it “meticulous”?

  2. Honestly, you’ve been writing some great stuff lately and I’ve been meaning to email you/and or write a post here addressing what you’ve been doing.

    It sucks because I’ve been working non-stop all week, so I haven’t had a chance to do either. It’s 2:50am here and I’ve just told off a bunch of indie hipster kids who are parading around like they’re king shit, to settle down and stop acting hipper than everyone else (I’ll explain the ridiculous convo I had with them later).

    I’m going to post something that answers your questions and ties into what you’ve been writing about lately. You remind me of myself a year ago.

  3. […] Senioring an audit – Part 3 (managing juniors) Just to catch up, here are the first two entries of this three parter – Part 1 (planning & structure) and Part 2 (field work). […]

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s


%d bloggers like this: