26 May 2005
Good Morning Class!
Miss Lin is backkkk~! After our quick session of first aid DIY, we shall now move away from the medical industry and into the financial industry~ here are some terms that I picked up over the past 3 weeks :D
MAS = monetary authority of Singapore (aiya everyone also know mah)
MAS Control List = list of blacklisted directors, and from what I saw, it’s actually a list of rich/big shot terrorist from Middle East haha…
SBR = strategic business risk
SCOT = significant class of transaction
BUD = business understanding document (something like a summary of the client company done by S levels)
Ops/Accts Manual = “武林秘籍” of the client company hahahaha… if you can finish all the files, you can be e “武林至尊” of that company liao.
SSF = single stock futures
NLT = negotiable large trade
***exchange rates as at 24may2005***
SGD = sing dollar = 1.000000
USD = us dollar = 1.655150
EUR = euro = 2.083800
JPY = Japan yen = 0.015400
***exchange rates as at 24may2005***
Interim = wat im doing now (this is pronounced as “in-trim”, not “inter-rim” k.)
Hardclose = few mths b4 finals (“难关”haha)
Finals = actual yr end reporting date
ML = management letter (we consolidate the points about which we think the client company is “hanky-panky-ing”; something like a list of things the client 1) shld have done it but didn’t do and/or 2) shldnt have done it but did. Hope that the client company will reflect upon the points and make improvements to make our job easier during “hardclose” and “finals”.)
When someone buys a “futures”, if the value of the “futures” is 1 million, the someone just needs to maintain a certain amount in his/her account to hold on to the “futures”. The certain amount is known as “margin”. This margin must at least meet SGX-DT rules, if not a limit set by the futures company itself (which of coz must be higher than SGX’s). This margin/limit can be set by the futures company through credit assessments/litigation search of the someone. If the amount in the someone’s account is not meeting the margin (maybe due to loss of value of the “futures” or withdrawals from the account), a “margin call” will be initiated. Meaning, the futures company will call up the someone and ask him/her to top up the difference.
For banks, if the statements are to be dated at 31/12/2004, the finalised copy shld be done by 31/03/05. It is because banks are given 3 mths (90days) to finalise the statements. Other firms only have got 2 mths (60days) to do so.
Last but not least, I just realised that “audit” got a new term/小名 to it – "assurance”. Don’t like it leh… sounds so much like “insurance” haha…
Ding Dong Ding Dong~ Ding Dong Ding Dong~! Okk, that’s all folks~ *ahem* remember your sch fees next time huh (-_-)