Molly’s Accelerate Diary – May 2013

First thing’s first, I got my Personal Tax results and passed! With this big weight off my mind I headed off for a week in Ibiza to relax and not be tempted to look at my emails.

On my return to the office for the first time in a month, I got stuck into some audit planning work. An audit consists of planning, fieldwork and concluding stages. When you begin life as an audit trainee at Grant Thornton you are thrown straight into the middle part, the fieldwork.

The fieldwork involves doing numerous tests, usually out at the client to gain comfort over the balances in a company’s accounts. The planning stage usually comes later in your experience, and involves assessing the risks of the audit for each company. The client sends over their draft figures for the year, and we assess which are ‘material’ and how we plan to test them.

At the planning stage the senior team will meet with the client to discuss what has happened in the year for them, what the process for the audit will be and to gain an insight into what is important to them. It will often involve the tax team along with anyone else who may be useful for the client to meet with. It was interesting for me to work on the planning stage as it meant that all the jigsaw pieces of the audit started to come together.

It was great being back in the office (if only for a few days) as it meant I got to catch up with my colleagues from Ipswich, some of whom I hadn’t seen in months. There were also several birthdays at the time, meaning that there was an abundance of cakes in the kitchen!

Being back at the office didn’t last long however. This month I have worked at a Property client in Ipswich and a quickly expanding company in Colchester (only 20 minutes from home meaning a heavenly lie in for me!).

For the last two weeks I have been working at a client a few minutes from Stansted Airport. As you can imagine the first journey there was hugely depressing as it was only a few weeks before that I had driven there with my suitcase bursting with bikinis and suntan lotion but the work kept my mind off the Ibiza sun!

As with last month I spent the vast majority of my evenings revising, this time for my Business Tax exam which I sat last Monday. I’ve also recently had the first two days of tuition for my final AAT module, Financial Statements.

Looking ahead to the rest of June, I will be sitting my last AAT exam, beginning the appraisal process and doing my best to ignore my friends from uni who have now finished for a sickeningly long summer holiday!

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