April Journal - 3rd Week

WEEK 3

Date: 15 April 2024 - 19 April 2024
Day : Monday - Friday
Location : P Hotel, Johor Bahru
Time: 9.00 a.m - 7.00 p.m

TASKS OF THE WEEK

First engagement at P Berhad

Day 11 ( 15 April 2024)

Execution and performing audit working paper

I embarked on my journey as an audit intern at P Berhad, a dynamic organization that comprises ten subsidiaries: PB, PG Construction, PB, PBH, PP, PWH, PGP, SM Sdn Bhd, PGI  and PGL. Over the past two weeks, I have had the opportunity to work alongside a dedicated audit team consisting of five members, led by Joan, who serves as the senior in charge. This experience has provided me with valuable insights into the auditing process and the operations of a multifaceted corporate structure.

I was responsible for preparing some of the working papers essential to the auditing process such as following :

- AAA (Statutory records)

- T & T4 (FS Disclosure Item, Income & Expenses)

- P (Share Capital and SOCE)

- Q (Revenue)

- R (Purchase)

- A1 (Intangible assets)

On the first day, I focused on performing AAA (auditory statutory records). I referred to the records provided by the company secretary and updated the relevant information in the respective working papers.

Lessons Learned:

This experience reinforced the importance of meticulous record-keeping and the need for clear communication with the company secretary especially when we need to booked the date with company secretary every time we want to obtain the auditory statutory records. In addition, I learned that thorough attention to detail is essential when updating statutory records, as even minor inaccuracies can lead to significant issues down the line. Additionally, I recognized the value of understanding the relationship between statutory compliance and overall organizational health, highlighting how accurate records contribute to effective auditing practices.

Day 12 ( 16 April 2024)

Execution and performing audit working paper

Next day, I played a critical role in preparing working papers related to expenses and conducting bank confirmations to verify the accuracy of reported figures. Specifically, I worked on the T & T4 working papers for BASB and PGP, which focus on financial statement disclosures regarding income and expenses. This responsibility was essential in ensuring that all financial data was accurate and compliant with auditing standards.

Lessons Learned:

I learned the importance of precision in preparing working papers and the critical role they play in the auditing process. In this case, conducting bank confirmations emphasized the necessity of verifying reported figures to ensure their accuracy and integrity. I also recognized how financial statement disclosures impact the overall clarity and transparency of financial reporting.

Day 13 ( 17 April 2024)

Execution and performing audit working paper

The next day, I amended the T & T4 working papers based on the feedback provided by the senior in charge. After reviewing her comments and suggestions, I made the necessary adjustments to enhance the accuracy and clarity of the financial statement disclosures regarding income and expenses. This process reinforced the importance of collaboration and continuous improvement in maintaining high-quality documentation.

Lessons Learned:

From this experience, I learned the value of constructive feedback in the auditing process. The amendments I made based on my senior’s suggestions not only improved the accuracy and clarity of the working papers but also highlighted the importance of collaboration in achieving high-quality documentation. This reinforced my understanding that being open to critique and willing to adapt is essential for professional growth.

Day 14 ( 17 April 2024)

Execution and performing audit working paper

I proceeded to work on the T & T4 working papers for both PB and P Berhad, concentrating on the financial statement disclosures pertaining to income and expenses. This task was vital for confirming the accuracy of the financial data and ensuring compliance with auditing standards. By meticulously reviewing the disclosures, I aimed to enhance the clarity and reliability of the financial information presented, reinforcing the integrity of the audit process.

Lessons Learned:

I learned the significance of thoroughness in preparing financial statement disclosures. Ensuring that all income and expense details are accurately represented is crucial for maintaining the integrity of financial reporting. 

Day 15 ( 17 April 2024)

The next day, I revised the T & T4 working papers for PB and P Berhad following the review from the senior in charge. After assessing their feedback, I made the necessary amendments to refine the financial statement disclosures regarding income and expenses. This update aimed to enhance both the precision and clarity of the information presented. 

Lessons Learned:

I gained a deeper understanding of how meticulous documentation directly impacts the overall credibility of financial reports. This reinforced the idea that thoroughness in preparation and a willingness to learn from others are essential for success in the field of auditing.