What does an audit trainee actually do? (ACA training contract)Watch
Finance and Accountancy Careers Content Blocks
Just curious, I have absolutely 0 experience so far. What is the actual work physically being done as an audit trainee? I will begin an ACA training contract soon in a global top 8 firm (completed CFAB so far) and I'm 99% sure I will be placed in audit but have no idea what to expect.
E.g if say that client has £2m in receivables on the balance sheet, we would request a detailed excel breakdown which shows all of the transactions which totalled £2m. We would then take a sample and then agree to invoice. Let's say we take a sample of 3 transactions with the following amounts: £1000, £10,000, £15,000. We should essentially be able to trace this to an invoice (an invoice is just a document that a company would send to a customer to confirm with the customer that they owe x amount).
Another method of testing we may do is to agree these sample values to bank statements. For example, if at your year end (31st December 2020) you say you had £1000 in receivables according to sample 1, we would expect you would receive this amount within the first quarter of 2021 (which is the point we would be auditing the company).
You essentially perform a range tests such as above with all of the different account balances