General Audit

We were the component auditor. The Big 4 firm in Singapore was the group auditor.

The client is a manufacturing company in the food industry. It is a subsidiary of a growing Singaporean company. As a subsidiary, it imitates the parent’s business culture. Just like most Singaporean companies,  it operates in a discipline and organized environment. However, due to limitations in the IT applications, there are several activities that are performed manually, especially related with the valuation. Thus, thorough procedures must be conducted to ensure the accuracy of the inventory value.

Adjusting with the group auditor’s requirements is the other challenge of the engagement. As the component auditor, we must follow certain requirements from the group auditor as stated in the audit instruction. There are several additional procedures to perform and several reporting requirements to submit. Moreover, after we complete our audit, we are required to submit our working papers to them for review.

After 1.5 (one and a half) months of fieldwork, we were able to complete the engagement on schedule. A few necessary adjustments were accepted by the client. The review by the group auditor was completed with no problem. The parent company was able to conduct the annual meeting on schedule. Alhamdulillah.