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In response to
"by directional risk do they mean the trend period over period? I often got caught on that too as the client usually has an explanation"
by
Beaker
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yes/no. i think they generally mean it in the context of
Posted by
Truman
Feb 2 '16, 09:49
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an accrued expense increasing in balance is a higher risk, to us, then if the balance decreased.
my problem is that I look at that change, and review the GL and the client response, and go - its not material, therefore i dont need a large narrative.
the manager looks at it and says "our risk is higher as the balance goes higher, so we should have a narrative (at least) explaining why it increased"
part of the problem I have is that 90% of my learning is self taught, I didnt work at firms that spent a lot of time training, you had to learn on the job. So everyone here has a better understanding of the workpaper requirements (and since they all get yearly training, or teach said training, they all are trained on the changes). I havent gone to yearly training for the last 2 years, and therefore I only get "taught" when a manger reviews something and finds fault.
so i feel like an idiot because the new hires who have 9 months of experience know the rules better than i do.
And all that experience doesnt matter if I cant document properly.
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