Breaking: FS Review Comments – Disposed… in Trash

MANILA, Philippines – (Fresh from Ayala Avenue) An audit senior was found worried and disturbed while talking to the garbage collectors picking up trash from the trash bins along Ayala Avenue. Witnesses say that the rattled audit senior tried to scavenge from the trash bins and when the garbage collectors arrived, he tried to stop them and asked them to instead help him to find something – papers disposed by his staff.

Further inquiry to the audit senior disclosed that he is looking specifically for a lengthy financial statements (FS) he reviewed.  His staff allegedly disposed the financial statements when the audit senior left for dinner.  Asked why he is still retrieving the said financial statements disposed, the audit senior answered:

Dalawang araw ko po kasing nireview yun.  Sa 105 pages po kasi na pinareview sa akin, 100 pages po may comment.

The audit senior is seeking to file illegal disposal against the audit staff.

The audit staff then approached our news team and clarified that it was indeed the instruction of the audit senior to ‘dispose’ the FS.  The staff further disclosed that he noted in his area the shattered/dilapidated pages with a note of “Please dispose. Thanks.” when he went back from dinner.  He said he was so upset thinking of why he need to dispose the FS he prepared for 2 weeks (working overnight for 2 weeks), but he followed the instructions anyway.  The audit staff is seeking to file libel against the audit senior for releasing false information to the press (us).  He said further:

Wala syang awa! Dalawang linggo kong pinaghirapan, halos murahin at isumpa ako ng client para lang mabuo ko ang mga disclosures, hinanap ko pa sa standards pano gawin ang sensitivity analysis, fair value disclosures at lahat lahat, tapos ipapatapon lang.  Di ko na nga nakikta girlfriend ko eh.  Di ko na nakakausap nanay ko.  Alam kong maraming mali sa ginawa ko, pero gusto ko lang naman turuan nya ako. Kaso lagi po kasing yung magandang staff nya tinuturuan nya.  Lagi nya lang po sinasabi sa akin na, ‘Kaya mo na yan, cum laude ka diba?’ Lagi po syang umaalis ng maaga sa office, kahit alam n’yang one week na lang, deadline na.

Audit staff further disclosed to us that he felt useless as he thinks he did nothing right, reading the comments in the FS.  He thought further that, maybe, what he did is useless that is why his senior ordered the disposal.

The audit senior then answered the allegations of the audit staff and claimed that he already put his 100% effort in reviewing the FS and all of his corrections need to be effected, that 100 pages corrections.  “Please dispose the comments” – that was what he meant by “Please dispose”.  It’s late for the two to realized that they have miscommunication and that it’s 3 days left before the scheduled release.  It was further disclosed by the audit staff that, thinking that all of what he did is wrong, he also deleted all the support to the notes to FS he prepared, with the intention to redo what he thinks he did wrong. And now, everything is entirely out of control.

Aside from the cases to be filed against each other, the audit staff and the audit senior are especially worried on how to explain the situation to the raging client, manager and partner who expect to meet the deadline.  Their client needs to fly out of the country with the FS to close a deal.  Goodluck to them! 🙂


About leecpa
Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.

One Response to Breaking: FS Review Comments – Disposed… in Trash

  1. Stellar Raffy says:

    Oh! hahaha! I should have been mindful of the date, something I dread about studying accounting—the dates of the transaction. April fools it is. hahahaha!

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