You do this by selecting payment transactions subsequent to year end (January or February in the case of a 12/31 year end) and determine based on the invoice and shipping documents, “Should this have been included as a liability as of 12/31? If yes, was it? If no, was it excluded?” The purpose is to try and find liabilities that have gone unrecorded as of the balance sheet date under audit. It’s almost always assigned to first years and interns. Search for unrecorded liabilities (SURL) is an audit test accounting firms perform on almost every client. Which is why we put together these top 10 must-know acronyms you should be confident in knowing to help give you an advantage in your first year of public accounting. If your senior manager keeps telling you to “Check the P&L, check the P&L!” and you have no idea what he or she is talking about, don’t worry. Whether you’re stepping foot into this firm through an internship or a full-time paid position, it’s normal to have jitters as you embark on a new phase in your professional career.ĭuring your first week, you may run into many terms and phrases you aren’t familiar with. If you’re going into audit in a public accounting firm for the first time, you may be feeling a bit nervous or on edge.
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May 2023
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