Referencing SL Agritech FS

This morning, I was tasked to "reference" the 2010 financial statements of SL Agritech Corporation. Referencing is an audit jargon which means the process of reading, proofreading, footing, cross footing, and commenting on the financial statements' overall presentation, completeness of disclosure etc. etc. For most of auditors however, referencing process is just one valid reason we often tell our clients why the release/printing of financial statements for distribution is delayed. In SGV, it normally takes an average of four (4) days to complete the referencing process. Here's the timeline of the referencing process.

Day 1: The referencer receives the financial statements for referencing and puts this clean pile of papers on top of his/her table. This pile of papers will sit on his/her desk for the next two or three days depending on his/her task priorities.

Day 2: The pile of papers accumulates dusts as it sits on the referencer's table untouched.

Day 3: The pile of papers accumulates more dusts as it sits on the referencer's table untouched.

Day 4: The referencee makes a follow up to the referencer. The referencer would ask for one day extension because he/she has not finished the referencing. The referencer will tell the referencee that the referencing is almost complete. So, the pile of papers accumulates more and more dusts as it sits on the referencer's table.

Day 5: The referencer references the financial statements in two to three hours.

But I'm not a typical referencer, I will make sure that I complete this referencing task within the day.

[Posted with iBlogger from my iPhone]