A LETTER JUST FOR U~

since i've been away for few days so the enthusiasm to blog has increased..due to time constraint, i cant write much..but still im posting an artilce at my former blog..enjoy reading... :)

"hello..

you..you may know me.you may not.

i may know me.i may not.

whoever you are, i want you to know that i love you.

i love you for the person you were, i love you for the person you are, and i love you for the person you are going to be, as well as the person you want to be but cannot. i love all of you.

why?

because you’re a part of my life(i mean it).

so maybe it took me a while, but i finally figured out how everything and everyone in your life makes it what it is.

people you encounter, joys you find,problems you face… all these things make you the person you are. the thing about realisations like this is, once you start thinking about how big life is, and how precious…

you also realise how short a time you have to enjoy all of it.

how long is forever? do we feel eternity? can we?

there may be no tomorrow.

so whether or not i know you whether or not you know me i love you.

if i’ve pleased you, i’m grateful.

if i’ve hurt you, i’m sorry.

but whatever it is thank you for being a part of my life and probably…the biggest part of me.

sincerely, me."

wau,after reading this article again and again i think it is meaningful..herm,perhaps i can dedicate this to someone :) ..times up for my study break...back to my study table..huhuhu...

-theskyisnevertoohightoaim-

AUDIT CHAPTER 3~

2 Days without blogging due to my eyes got problem..But still,because of it i got the time to fully focus on my study eventhough with one eyes closed(saket sgt)..Back to business,i will summarize another chapter of audit,was thinking to do for other subjects as well but depends on how much free time i have..

Basically audit chap 3 is about the audit report..audit report is issued by auditor after the finished auditing the company's financial statement..there are few types of report produced by auditor,unqualified audit report(UAR),unqualified audit report but with explanatory para,qualified audit report,adverse and disclaimer..the report is produced depending on the level of materiality..

for unqualified report, there are 7 parts that myst be included..:

1. Report title,must contain the word independent to convey to users that the auditor are independent party.

2.Address to whom,mostly the BOD and shareholders..

3.Intro para,must include intro about the company,list of financial statement that has been audit, and also statement's of responsibility that require auditor to express oppinion..

4.Scope of para,must include what the auditor did..

5.Oppinion para,state the conclusion based on the audit..

6.name of CPA,state the CPA name..

7.date,the date the audit report was produced...

for the standard unqualified report to be issued by auditor,the audit result should hit all the criterias :

1.all statements are included in the financial statements

2.the 3 general steps are followed closely

3.suffiecience appropriate evidence has been accumulated

4.financial statement are prepared according to GAAP

5.no circumstances requiring more explanation para

the unqualified audit report but with explanation para is issued when the audit think that there is a need to explain on few things..the report is unqualififed,but due to perhaps changes in accounting policies has make it necessary for the auditor to add the explanatory para..another reason is that the auditor doubt about the going concern of the company..

a disclaimer and adverse report is used when the level of materiality is high..adverse oppinion is used when auditor believe the statement is highly material and not fairly stated(means there are missing part of it) and this could only arise if the auditor has knowledge about this after investigation..disclaimer oppinion is issued when the content of statement is highy material and the auditor cant satisfied himself and would not issued oppinion about the statement,this can arise without auditor's knowledge compare to adverse..

about materiality,how to measure the level of materiality is subjective..as long as it does not effect decission laregely then it is consider immaterial or material but if its effect the decission badly then it is consider as highly material..

basically,thats the brief info about audit chap 3..i'll write again on other chapters as well..

till then...

-theskyisnevertoohightoaim-

PLATONIC RELATIONSHIP~

I was about to turn off my study light and off to bed when a picture on my table caught my attention. A picture of me with minnie, taken last year somewhere in June. Every year, the period from June-August will be the best period in the year. I'm not going to tell more about it now, what im going to write is about the platonic relationship, opposite sex can be super best friend without involved feeling.. Is it true??Do i believe in that??

Do guy and girl can be best friend without involved feeling and sincerely just be best friend?

When you get close to your best friend which is the opposite sex of yours, you tend to care bout her..Then slowly, noticed or unnoticed a strange feeling towards her will slowly grow..A weird feeling to have her more than just a close friend,perasaan ingin memiliki dan mencintai :p...
Then, you started to act awkwardly and thus break the rule of friendship,never fall for your bestfriend..

From an article that I read before, this kind of relationship can only be happened in 3 condition..

First, either that guy is gay or that girl is lesbian, it works eitherway..hehehe...no offence to anyone.Next is that when that guy think that woman whom he bestfriended is not attractive or not hot enough, in short that girl is damn ugly and hell fat and it also goes the reverse way for a girl whom bestfriended a guy..again,no offence..The last one is that when that guy feel inferior towards that girl whom he bestfriended because that girl is too high standard and it also work the reverse way for a girl opinions..I still don't understand about the this one. How come when a guy feel inferior then he can become close friend with that girl without involve the loving doving feeling??

But honestly for me,I believed that such relationship do exist and can be happened..But in order to make that happend,both party have to sacrifise and suffer.Yes,you will fall for your bestfriend,surely that thing going to happend when you get too intimate with your opposite sex. But,DO NOT CROSS THE FRIENDSHIP LINE..Keep that feeling to yourself,tough to do right??
But again,If you are sincere and honest to be friend with that person,then you must know your border and limit..Try your very best not to fall for her..

Never cross the friendship line and maintain the beauty of being bestfriend to each other..There are things that you can only share with your bestfriend and not your love one..wink2..hehehe...

But that just my opinion, I don’t know about yours. I have experienced this,and i know how does it feel.But someone told me about this,'there is nothing greater than a great romance to destroy the beauty of friendship' :) .. I think I'm going to watch 'A lot like love' after this or play a mocca song, 'on the night like this' and let it play untill i fall asleep :) ..Miss u minnie~
Till then..

-theskyisnevertoohightoaim-

AL FATIHAH~

When i woke up today, there were two unread messages appeared on my hp. One from nina at 6.30 am and one from nadzirah at 7.05 am..Message from nina was a normal message but the one from nadz told the different thing..Condolence to nina who both grandparents passed away at 7.00 am..I know final is so near, but i do know that you are strong..Don't crumble and break down,be strong coz you have to..Like i told you,even when your brother not around you still have great friends around you that will help to pull you up and through your tough period.I don't feel like posting update on what i have learned today..have a safe journey coming back to Muadzam tomorrow.. Al Fatihah to nina's grandparents...

-theskyisnevertoohightoaim-

I AM NOT A SUPERHUMAN~

AS mention earlier, there are a lot of thigns happend to me tonight, there are mix combination of good, not so good and sweet things. The not so good things is about this one girl. She gave me back the book which i gave it to her. Brief about this girl, i used to have a crush on her, but that was in the past. I gave her the book for her to use it as she's taking that subject this semester. When she gave it back, i knew she still not matured as final exam is near and she really need that book for her study. Reason she gave it back is simple, we had some misscommunication and thats it. Being ' a bit emotional and ego' she make her own decission. But nevertheless, i will return the book back to her as i want her to use it for her final. After final, up to her what to do with the book. And one more thing, i really hope we can get along well and chill out together again though things between us are not the same as we used to be and we're not as closed as before.

The good thing happend is that i managed to cover 2 topics of AFA tonight eventhough i had distraction and emotionally unstable a bit. Quite an achievement for me. Hope tomorrow i will be able to cover more topics and stay focus on my final.

The sweet thing that happend is that i got a gift from MALINA!She gave me a shirt with words written on it, 'I am not a superhuman'. She used to say that to me to remind me that i cant do all the things alone and i cant handle all things alone. yeah,have to admit it. Thats why I'm lucky to have you supporting me and be there when i need you. Thanks Malina for the shirt and for being such a sweet friend. Thank you...

-theskyisnevertoohightoaim-

KNOWLEDGE FOR THE DAY, AUDIT CHAP 10~

Meet again guys. Phew, what a night. A lot of things did happen tonight to the extent I almost become emotionally unstable. Well don’t want to talk about that for now. Final mood is in the air and let me recap back what I have learned or managed to a least get some knowledge today.

Well, I began earlier in the morning today compare to yesterday. I woke up at 7.30, then after performing subuh prayer (ehem.. J) then straight away to my study desk. Continue reading audit, this time chapter 10, Internal Control. Basically this chapter is more complex compare to the previous one. System of internal control consist of policies and guidelines to provide management with reasonable assurance for the company to achieve its goals. The broad objectives of Internal Control (IC) are as followed :

1. Reliability of financial reporting, prepare according to standard

2. Efficient and effective operations

3. Compliance with laws and regulations, section 404 of SOX required all auditors to report about the effectiveness of the client internal control

Below are the different between management responsibility and auditor’s responsibility..

1. Management responsibility, establish and maintain the IC and also as required by Sec 404 to publicly report on the effectiveness of the IC

2. Auditor’s responsibility, understand and test the IC and as required by sec 404 report the effectiveness of IC

Below are the key concept in designing IC :

1. Reasonable assurance, should design IC that provide reasonable but not absolute assurance

2. Inherent limitation, IC effectiveness depends on the competency of the people using it.

Committee of sponsoring organization is a framework to use by US to measure the effective level of internal control. Basically there are 5 elements under COSO that was design and implement in order to provide reasonable assurance to management. The 5 elements are as followed :

1. Control environment
-Consist of actions, policies, and procedures that reflect the top management view on the importance of IC.
-the subcomponents are integrity and ethics, commitment to competence, audit committee participation, management philosophy, organizational structure and HR policies and practices.

2. Risk assessment
-Analyze risk that relevant to preparation of financial statement and reflect accordingly and in effective way

3. Control activities
-Types of control activities:
a) Adequate separation of duties
b) Proper authorization of transaction
c) Adequate documents and reports
d) Physical control and assets report
e) Independence checks on performance

4. Information and communication
-Initiate record, process and report entity transaction and maintain accountability of related asset.

5. Monitoring
-Deal with ongoing periodic assessment of the quality of IC by management to determine that IC is operated accordingly.

Because of the complexity of this chapter, that is all I can summarize. I don’t want to summarize further because I’m afraid that I might provide the wrong information. Next after audit I managed to flip through few chapters of AFA, the piecemeal and the complex group structure. Brief information about those two topics as its difficult for me to write everything that I know regarding those topics. What you guys need to know about the chapter piecemeal is how to deal with the intra group transaction between subsidiaries to the parent. Remember to minus the unrealized profit for the current year under the post-acq in the interest for the subsidiaries. I bet you guys can’t imagined how to do it, so no short way you have to read the textbook to know more about how to deal with the transaction. I think it is not appropriate for me to blog about AFA since it is more complex and need details explanation together with example and timeline. So my advice, open the textbook and read pages by pages :).

-theskyisnevertoohightoaim-

AUDIT CHAPTER 5~

Blogging time!! Hehehe.. please people don’t tell me that I need to study for my final.. I finally found a way to fully make used of my blog in this final exam fever.. I’m going to blog on what I have learned to day, in a way I’m going to recap back the topics I have studied.

My failure to finished up reading economy last night has been write off with my success of completing my first chapter in audit, auditor’s legal liability, chapter 5 (thank you2) J.. My day began at 10 a.m. straight away washed my face and brushed my teeth then put my lazy ass on my study chair. I have to complete at least one chapter of audit this morning.. Last night failure still haunted me. Hehehe, determination is important..

The textbook that we used

Chapter 5

Basically chapter 5 is all about as the title mention auditor’s legal liability.. Under common laws, auditor have responsibility to fulfill contract with clients and honor it.. the failure to do so makes auditor liable to be charged as breach of contract not only by clients and also the 3rd party under the statutory law.. The 3 famous term used in this chapter is business failure, audit failure and also audit risk.

1. Business failure -occur when business is unable to repay back lender or meet investors’ expectation because of poor management.

2. Audit failure - occurs when auditor issued incorrect audit opinion because it failed to comply with the auditing standard.

3. Audit risk - possibility that auditor wrongly about the financial statement, when there are possibility that they are materially misstated.

Basically audit risk is unavoidable.. Because today nature of business which required all companies to involved in complex transaction there are possibility that the financial statements is being manipulated.. And every time when something unpleasant regarding financial statement took placed it was auditor who being blame.. This kind of thing shouldn’t happened (back up auditor as I’m one of the future auditors) The perception that auditor is the guarantor and guarantee the accuracy of financial statement should be changed. There is one concept which was called ‘PRUDENT PEOPLE CONCEPT’, this concept is about an agreement between auditor and the court that auditor will conduct the auditing with due care and follow the auditing standard but there is no such things as expecting the audit to be perfect and free from error. This concept has been used as shield or defense by auditors, which I will explain more further down my writings.

There are two should I called legal terms that attract me. First is joint and several liability. Example of this situation is that auditor can be assessed the entire loss to shareholders if the company is bankrupt and management is unable to pay the debt. This one is soooo unfair!! Why should auditor’s carry the blame?? Dah la fees untuk audit process so cheap, then when you have to pay millions in RM as remedies to the shareholders?? Huh.. The next legal term is Separate and proportionate liability, meaning that if the court determine on 30% of losses is due to auditors’ fault then auditors only need to pay 30%.. This sounds way better than the first one.. J

There are four ways on how auditor can defend themselves from being charged in court :
1. Lack of duty
-CPA firm can claim that they did not offer such services to the company. CPA can used the engagement letter as prove, thus this make the engagement letter one of vital part in doing auditing.
-Example of the situation, a client sue a CPA firm for the misstatement in the receivable ledger, and CPA can claim that they are not responsible in preparing the ledger. They can used engagement letter to further support their claim. Engagement letter carries the duties responsible by the auditors, duties responsible by the clients and a lot more agreement regarding auditing the client.

2. Non negligence performance
- CPA firm can claim that they has done the audit according to the standard auditing. Even a if a fraud is detected, the blame can’t be put on auditors if the auditors follow the standard accordingly.
- Like the prudent people concept, auditor is not a guarantor and do not expect perfection in them doing auditing.
- Audit are done base on auditing standard and subject to limitation and can’t be realized as complete assurance that all misstatement will be found.

3. Contributory negligence
- Exist when auditor claim that clients action resulted in the loss of their business or clients interference while conducting the audit was the cause of the losses.
- For example, if the losses happened because of the weakness in the internal control system and the management has the chance to fix it but they don’t, then the fault should not be put on the auditors. Auditor has the right to used this to get away from being charged by their clients.

4. Absence of causal connection
- To be able to succeed in action against auditor, client must showed that damages they suffered are because of the auditor’s failure In following the auditing standard.
- Example, auditor failed to complete audit on time and this resulted in a bank not to renew their loan with the company and this has cause huge damages to the company.
- Auditor can get away from being charged if they defense themselves by saying that the bank did not renew the loan because of the weaknesses in the financial report of the company which got nothing to do with the auditor and them doing auditing.

Under the liability to 3rd party which include potential and actual shareholders, bankers, vendors and creditors, CPA firm are liable to be sue by these group of parties. But under ultamares doctrine, ordinary negligence is insufficient for liability to 3rd party because of lack of privity of contract between 3rd party and the auditor. Meaning that, only 3rd party that involved in signing the engagement letter are liable under the 3r party. But the world is so jealous of the auditor. Under the foreseen users, any member of limited class of users that the auditor know will depend on the financial statement can be treated as 3rd party which this has make them liable to sue the auditor if any losses occur. Pity the auditor, why can’t the rest of the world just give some space for the auditor to breath?? Haih..

Basically that’s conclude the chapter 5 in audit subject that will come out in the final exam. I will write more if I had the time to study tonight. I need to rush to SIFE meeting for orang asli project, and before that need to pick up malina as harmoni. Owh, I think someone will verbally attack me during the meeting as I’ve been avoiding her since last night. Err, not exactly avoiding it just she didn’t called at the right time J . Let see what she’s going to say tonight. The boat has started moving!!!

-theskyisnevertoohightoaim-

2112~

Here I am again, blogging.. Yeah I know, at this time I should be cracking my brain study for my final exam which is in one week time. But I can’t resist the temptation of blogging (nak wat camner baru belajar bloging).. Ocayh, since my last post till now I’ve been trying to fully focused on my Malaysian economic reading (takut ngan sukimannyer pasal). But yeah you know, distraction always there for you..hehehehe.. My roommate asked me to company him to highway to buy burgers and charger.. Quote from what Dato Khalid said, “human greatest achieving is managing their own greed”, and I failed tonite in managing my greed. Despite eating like mad at poksu’s house, my greed still are not satisfied and thus I followed my roommate to highway and yes, I did bought a burger for me.. Then at Petronas I met malina and ajai, both were busy looking for firas’s besday present (happy besday to u).. I did promote to malina my new blog :) ..

Coming back to my room again, ate the yummy burger and back to my study table focusing and determine to finish up reading economics, financial crisis. But yet again DISTRACTION seems so jealous of me. Reminder put your hand phone on silent while study so that you won’t noticed any incoming call or message. I was texting someone while study and one of her message annoyed me. She asked me to call her, but the way she did it seems like she’s ordering me!! And I hate to take order.. I did reply her sms with some friendly advise :P .. I know, maybe I shouldn’t do that, sorry if u felt offended, I know your mad at me..

The sms incident bothers me a lot, I can’t stay focus reading economy, plus with another distraction from kirin, his listening to some good songs, how can I still stay focus??!! Hehehe.. Just want to share a photo taken while we were listening to the songs.. Owh, I like the numbers and perhaps it can be my wedding date :P..

See the numbers, "2112"

Back to reading economy again after posting this article.. hopefully this time i can fully focused and finished the financial crisis topic.. Chaiyok2.. :)

-theskyisnevertoohightoaim-

BERCINTA IBARAT MENAIKI BAS~

Meet again.. :) Im not going to write something, just an old article in my older blog which i like.. Enjoy reading this..

"Bila bas tu datang, awak nengok bas tu dan awak kata pada diri awak, "Eee… penuhnya… tak de tempat duduk." Jadik, awak katakan pada diri awak, "Saya akan tunggu bas yg lain." Awak pun biarkan bas tu berlalu dan awak tunggu pulak bas yg lain. Kemudian, datang pulak bas yg kedua. Awak nengok bas tu dan awak akan cakap, "Eee… bas ni buruk sgt… mesti tak selesa. Dan mungkin bas ni akan rosak kat tengah jalan." Jadi, awak pun biarkan bas buruk tu berlalu dan awak bercadang untuk tunggu bas yang seterusnya. Setelah beberapa ketika, datang lagi sebuah bas. Bas yg datang tu kosong, tak penuh dan tak seburuk bas yg tadi tapi kali ni awak kata, "Emmm… tak de air-cond… cuaca pulak panas. Lebih baik saya tunggu bas yg lain." Dan sekali lagi awak biarkan bas tu berlalu dan awak bercadang utk menanti bas yg seterusnya. Tiba-tiba awan mula gelap, cuaca semakin mendung dan baru awak perasan yg awak pula dah terlambat rupanya. Awak mula panik dan terus naik bas yg datang ketika itu, walaupun bas itu tak sebegitu sempurna. Dan kemudian barulah awak sedar bahawa… awak dah naik bas yg salah. Jadi, selama ni awak dah membazir banyak masa dan wang untuk menunggu apa yg awak nak. Walaupun yg datang tu adalah bas yang berair- cond, adakah awak dpt pastikan bahawa bas tu tak akan rosak di tengah jalan atau mungkin bas tu tak terlalu sejuk untuk awak? Jadik, mengingini apa yg awak idamkan tu memang tak salah. Tapi, tak salah juga kalau anda sanggup memberi satu peluang pada orang lain, kan? Sekiranya awak dapati "bas" itu tak sesuai dengan awak, apa yg perlu awak lakukan hanya tekan loceng dan turun daripada bas tu. Tapi… saya pasti awak semua tentu ada pengalaman yg macam ni. Awak nampak sebuah bas datang (tentulah bas yg awak nanti-nanti kan), awak tahan bas tu tapi pemandu bas tu pulak buat tak faham dan pura-pura buat tak nampak awak dan terus berlalu tinggalkan awak! Bila ada bas yang lalu melintasi saya macam tu, apa yang saya lakukan ialah BERJALAN! Bodoh sebenarnya untuk mengejar bas tu sebab setiap kali, awak akan terjatuh dan menyakiti diri awak sendiri. Jadi, bercinta tu adalah ibarat menunggu bas, sama ada awak nak naik dan beri peluang pada bas tu… semuanya terpulang pada diri awak. Dan bila awak berjalan, awak sebenarnya cuba melarikan diri daripada cinta!"

-theskyisnevertoohightoaim-

welcoming message~

Finally after months of doing blog hopping and reading others blog (mostly on politics), i have the guts to enter the world of blogging and become one of the blogger (am i??).. hehehe, sounds funny for me to be a blogger but i will try to write as frequent as possible regardless of any topics..

What am I going to write in my first post.. herm.. let see… Looking back at reading others blogs and stories, I had so much ideas, and so much to write. But now I know the feeling of the hardship and the creativity you need to write something.

I start with what I have done today. Basically life start as normal weekend for me except for during the evening. My housemate of 4 years (quite long is it?) told me that his uncle invited us to go ‘beraya’ at his placed which just nearby. Such offer that I will never rejected, in fact makan free saper x nak!!hehehe… Plus this raya, I don’t even get the chance to eat lemang, ketupat, rending and many other delicious food that can onle be seen during raya. Yeah I know, quite lame aite? But what to do, I was in Singapore during hari raya.. Pity me…

Back to the story, Moksu served us with hell lot of food.. There are rending daging yang sangat sedap, homemade roti jala, kari ayam dalca, mee goreng mama (sebab rasa macam mama goring,miss mama), pudding bandung, nasi impit and varieties of biskut raya and kerepek. Thanks poksu and moksu!!

Owh, someone just miscall me.. How I miss the ringtone, it has been almost a month since I heard my phone ringing with that person name appear on it.. Hope for a better ‘restart’ to our relationship. Mind my first post, I will try to improve my writings in the future. Hopefully I can be better writer in my future

“DO NOT MAKE SOME ONE YOUR PRIORITY WHEN WHAT YOU ARE TO THEM IS JUST AN OPTION”