Quarterly Review

This was a routine one-week review engagement for each quarter. Since the parent company is listed in India, there is a reporting timeline that needs to be met. Thus, the client wanted everything to be performed fast and excellent.

Knowing that the schedule is tight, we tried to start everything early. We collected data periodically before the client closed its quarterly report. We also tried to perform our review procedures periodically before the closing period. For certain accounts, we made projections and, after the closing, we compared our projection with their actual numbers to identify any significant variance. For other procedures that could only be done after the closing, we tried to perform the procedures as fast as possible.

As in other overseas companies, there was a group auditor that set certain requirements as stated in the review instruction. Completing the requirements was another challenge in this tight-schedule project.  Sometimes the requirements change from one quarter to another. However, since this is part of the requirement of the auditing standards, we tried to follow the instructions and submit the requested deliverables.

For each quarter, alhamdulillah, we were able to complete the review on-time. Several adjustments were proposed to and accepted by the client. Gradually, its internal control continues to improve. We were also managed to deliver the requirements from the group auditor. The client’s business is getting bigger and its financial reporting is getting better.

 
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