what ACCA is looking for. It is just what I wrote.
I take no responsibility if you use elements of this
statement and this later gets picked up on a PER audit.
My statement:
“During my time at (company) my team was responsible for the financial accounting and reporting of
three business units – both the monthly financial accounting processes and quarterly and annual
reporting for the units. Reporting was done under IFRS and we were also responsible for other
reporting metrics.
As part of the team I performed a variety of daily, monthly and quarterly processes in order to perform
the day-to-day financial accounting processes for the three business units. These duties included daily
bank reconciliations and cash transfer requests, performing reconciliations, calculation and posting of
accruals, conversion of foreign currency transactions and verifying accuracy of automated system
generated journals. Many of the processes required me to produce and input accounting journals onto
the general ledger system.
On a quarterly and annual basis I performed the financial reporting processes for one of the business
units. This involved producing a summarised set of accounts and calculating and posting the required
quarter end adjustments. I also had to calculate and post journals for estimated inter-company
transfers between my business units and other business units, and then post adjustment journals once
the final numbers were confirmed.
Throughout I had to be aware of financial accounting standards and our own policies, for example
posting journals to recognise expenses in the period they were occurred rather than the period they
were paid in.
Another part of my role involved reviewing the controls around key spreadsheets, checking the
controls were operating effectively and reviewing any changes made by other members of the team.”
PO 7 – Prepare external financial reports You take part in preparing and reviewing financial
statements – and all accompanying information – and you do it in accordance with legal and
regulatory requirements. As practising auditor my job scope includes reviewing the financial
statements prepared by the client. Having audited managemet accounts prepared by client, we form an
opinion on the financial statements based on sufficient audit evidence obtained to conclude whether
the financial statements are free from any material misstatement. Financial statements are
prepared in accordance with the approved accounting standards and legislation adopted by the
Company. I review the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Directors in the financial statements. Before
forming the conclusion, I assessed all elements in financial statements that with significant accounting
estimates. Besides that, I review the Company’s ability to continue as a going concern. Either the
Company is with net assets or net liabilities. If the Company is having a negative shareholders fund,
review the need to highlight material uncertainty related to going concern or disclose going concern
notes in notes to the financial statement. Furthermore, I assist in the drafting of key audit matters in
independent auditor report for a large company listed in Bursa Malaysia. After completion of the audit
engagement, we form an opinion and high key matters to communicate with those charged of
governance. On the other hand, I also evaluate the overall presentation, structure and content of the
financial statements of the Company to ensure it was complying with requirements. On the other side,
accounting standards’ requirement need to be met. II am responsible in ensuring client’s disclosure is
correct. For example, the fact that property, plant and equipment are measured at cost less
accumulated depreciation and impairment losses. Depreciation recognised as an expense on straight
line basis or reducing balancing. However, straight line basis is commonly used by industry business.
Annual rates adopted are to be disclosed too. Impairment is to be perform when any impairment
indicator triggered. Any assets pledged to financial institution are summarised and drawn up for
financial user’s attention. Disclosure of fair value of investment properties and other investment are
as important with the account balances as to show the market worth of a Company’s assets. Other
disclosure items such as related party transactions and balances, financial instrument disclosure on
amortised cost or fair value through profit or loss and any material subsequent event or material
litigation is to be considered when drafting a financial statement.
