Join me on a journey through the unexpected “complexities” of auditing dormant companies and discover why continuous learning and attention to detail are essential for every auditor.

Last week, I received a dormant company for signing from a newcomer in our company. The person in charge (PIC) assured me, “Nothing, Sir. This is a dormant company.”

I decided to dig a little deeper and asked, “What is the accounting standard for agriculture for this dormant company? Is it under MPERS or MFRS? And what is the difference between the two standards regarding agriculture?”

The PIC was stumped and couldn’t answer.

I then instructed, “Is it simple? Go and research and come back to me on these questions by tomorrow in writing.”

Through this, I wanted to show that auditing a dormant company isn’t as easy as it seems.

It’s crucial to understand the nuances and details, even for a seemingly straightforward task.

This experience serves as a reminder that continuous learning and thoroughness are key in our profession and in our company KTP.