I Based on what I learnt in audit
I attended KPMG training from 18 to 22 Dec 2017 and the training was conducted through classroom and e-learning. Throughout the training week, I was introduced to KPMG’s audit methodology (KAM), ALex which is KPMG’s online reference library and eAudit which is KPMG’s electronic audit documentation tool. Based on what I learnt in audit module, auditors are responsible to comply with the ISAs in performing audits.
At the end of the training, I understand what KAM is. It is structured such that KAM and eAudit are linked to the ISAs. For ALex, it can be found on the intranet. ALex contains different types of information like KAM, Quick Reference Cards, industry knowledge, templates and other accounting, auditing and financial reporting literature. I learn how to navigate to and within ALex which enables me to familiarise with it. In addition, KPMG audit methodology is supported by eAudit which is the main tool for member firms to globally use KAM and eAudit to document and review all the audit working papers. There are some key features, one of it is every working paper will have a small bar beside showing the status of it. If there is no work done, the bar will be shown as orange colour, whereas if it was reviewed by manager, it will turn blue instead.
Other than that, the training included topics like audit concepts, process activities and controls, substantive testing, identifying WCGW (what could go wrong) and selecting relevant controls, PPE depreciation expense substantive analytical procedure, PPE disposal procedure, statement of cash flows, auditing cash and cash equivalents, how to check financial statement and search for unrecorded liabilities. These topics were being taught in school by Prof Mui Kim. I think that the audit module was well designed after attending the training given by KPMG as the topics I learnt in school are really linked to the real audit world. I was also introduced to their other software namely Caseware, MUS and IDEA. These software will be used by Seniors more frequently, for instances generating samples.
Moreover, there is a topic on business etiquette and professionalism. It is very important to an auditor as our professionalism we have the duty to uphold the name of KPPMG and help the firm to retain its clients and maintain a good business relationship. One of the issue to take note is treating emails the way you would treat printed letters, use a salutation and signature, check spelling, grammar, and punctuation before sending an email and always respond in a timely manner (try to reply within 24 hours or one day).
At the end of the training, I was well prepared to face the coming challenges at work as the KPMG trainers are experienced and they fed us with all the knowledge they possess. If you encounter any problems, they will not hesitate to guide you along steps by steps.