Real Audit Simulation
Autor: Emily Wallace • June 6, 2016 • Coursework • 1,083 Words (5 Pages) • 615 Views
BrianHuels s
Chair of Audit Committee 5050 E State Street Rockford, IL 61108
Audit Experience
For the past few days, I have been auditing Prairie Technology. Overall I have learned a lot more about auditing, and how it takes a special talent. Even though it was just a simulation, I was able to get a better feel for what real world auditing can be like. I enjoyed that the clients. I was able to talk to had a people with a range of personalities-very friendly to very irritated to see me.
I did not like how limiting the simulation was at certain points. There were times when I wanted to “compare” something related to inventory, and I would be told that I cannot do that. I feel I was getting frustrated at times, not being able to guide myself through the simulation as easily as I would have liked. This, I could tell, was making my efficiency decline more than I feel it normally would.
Once I got the hang of what I was doing the overall experience was a lot easier and more enjoyable, until I got to accounts payable, this is where the simulation started to act up. It was freezing every fifteen minutes or so, and sometimes would kick me out without warning. I was able to finish, with what I believe a decent overall score, and a better understanding of auditing.
Concerns
As I was going through the audit there were many cases when I had concerns. Before getting to Prairie Technology I was able to review their financial statements, and just by observing what the company reports I had a few questions. The First to come to my attention, was that sales increased along with inventory, which is normal, but their accounts payable went down. Meaning that the company has more of the amounts of goods they have on hand and have sold have increased, but the amount that they have left to pay for has went down. That is not a normal thing to see on the balance sheet. That is something I would want to look further into.
...