August Journal - 4th Week

  WEEK 4

Date:  19 August 2024 - 23 August 2024
Day : Thursday - Friday
Location : BDO Office, Level 18, Menara Zurich
Time: 8.30 a.m - 5.30 p.m

TASKS OF THE WEEK

 

Back to BDO Office

Day 101 ( 19 August 2024)

Updating Revenue and Profit/(Loss) Before Tax Tabs in Consolidation

I focused on updating the revenue and profit/(loss) before tax tabs in the consolidation working paper for Sern Kou Resources Berhad. This involved referring to the respective working papers to ensure accuracy in the figures. I meticulously verified the revenue streams and calculated the corresponding profit or loss before tax, making sure to align these numbers with the financial statements of the subsidiaries.

Lessons Learned:

I learned the importance of meticulousness when updating financial figures, as even minor discrepancies can lead to significant misstatements in consolidated financials.

Day 102 (20 August 2024)

Updating Related Party Transactions and Cross-Checking SOFP in Consolidation

I updated the related party transactions section and cross-checked the Statement of Financial Position (SOFP). This required careful scrutiny of all related party transactions to ensure compliance with accounting standards. I made sure that all necessary disclosures were accurately reflected in the working paper and verified that the balances matched those presented in the SOFP.

Lessons Learned:

I gained a deeper understanding of how related party transactions can impact financial statements and the importance of proper disclosure for transparency.

Day 103 (21 August 2024)

Cross-Checking SOCI, SOCE, and SOCF with Respective Working Papers in Consolidation

I cross-checked the Statement of Comprehensive Income (SOCI), Statement of Changes in Equity (SOCE), and Statement of Cash Flows (SOCF) against their respective working papers. This involved ensuring that all amounts were accurately reflected and reconciling any discrepancies. I also reviewed the changes in equity to confirm that all transactions were accounted for correctly.

Lessons Learned:

I learned how interrelated financial statements are, emphasizing the need for thorough cross-checking to maintain consistency across all financial reports.

Day 104 (22 August 2024)

Updating Final Analytical Review

Next day, I focused on collecting financial data and conducting an initial analytical review for ST and SKB. This involved gathering key financial statements, including the income statement and balance sheet. I performed a preliminary analysis to identify trends in revenue, expenses, and profitability ratios. This initial review laid the groundwork for understanding each company's financial performance and helped highlight areas that would require deeper investigation in subsequent days.

Lessons Learned:

I learned the importance of systematic data collection to facilitate easier analysis in future stages.

Day 105 (23 August 2024)

Updating Final Analytical Review

I continued the analytical review by focusing on Sern Kou Plywood Sdn Bhd and SK Furniture. I conducted a detailed examination of their financial performance, specifically analyzing variance in key performance indicators (KPIs) such as gross profit margin and net profit margin. Additionally, I identified any unusual fluctuations or trends that warranted further investigation and flagged them for discussion with the team.

Lessons Learned:

I enhanced my skills in identifying and interpreting financial trends, which is critical for assessing company performance.