Preparing and Maintaining Accounting Records

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Preparing and maintaining accounting records

At the initial stage of the audit, carried out a risk assessment to identify the inherent risk, detection risk and control risk. Control tests were carried out for the main accounting systems such as sales, purchases etc. Depending on the results of the same, performed a test of control or substantive test to derive at the conclusion that the different account balances were fairly stated in the financial statements.

Computation of raw material, work in progress and finished goods stock losses due, by following analytical procedures on monthly management accounts and other stock records. Ensured that Inventories have been valued as per Sri Lanka Accounting Standard.

Preparation of draft Financial accounts from the client trial balance and computation of depreciation, accruals, prepayments, deferred tax, gratuity provision, loan loss provision and other adjustments needed for the preparation of final accounts to be audited. Carrying out reconciliation of banks, intercompany, debtors and creditors and ensuring that where-ever the reporting of a certain account balance was governed by a Sri Lanka Accounting Standard, the standard under consideration had been correctly applied prior to arriving at the figure reflected in the financial statements.

Preparation of the fixed asset registers- Performed a physical verification of the fixed assets of the company. Categorised and coded the categorised fixed assets. Checked the vouchers, deeds, licences etc. in order to verify the amount/value, ownership and the age of the asset. For assets where records were not available, professional valuation services were obtained. Recommendations were made on the depreciation policy of the Company.

Statutory & Regulatory reporting

Performing of statutory audits on financial statements of clients by following accounting and audit standard and client specific audit programmes, which included compliance testing of...
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