February 5, 2008

Sigh.

Now that we have already conducted out exit conference to our audited agency, I should heave a sigh of relief. Last week, our audit team has presented to the management the audit observations that were noted during the course of audit and the suggested recommendations for the improvement and correction of the said observations. So far, we have issued about 20 audit observation per agency and somehow the exit conference ended up very smooth and as planned.

The observations we have noted were material to warrant a qualified opinion on the financial statements, since most of the accounts affected are those that are substantial and makes the most of the agency's assets. Even their income statement accounts have some misstatements, but then I do hope adjustments would be immediately effected to display a fair presentation.

For now, I may render a sigh of relief... for audit execution is over. But, since our audit coverage is only until October of last year due to year end reports not yet completely done, then we still have some continuations to be done, although only minimal additions and adjustments.

And since the agency under audit is a large one, consolidation of audit observations is likewise to be done for all its over 40 branches. And this is where the pressure, stress and other unpleasantries come in... Sigh! Is this still a relief?

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