August Journal - 5th Week

 WEEK 5

Date:  26 August 2024 - 30 August 2024
Day : Thursday - Friday
Location : BDO Office, Level 18, Menara Zurich & LP Sdn Bhd, Kempas
Time: 8.30 a.m - 6.30 p.m

TASKS OF THE WEEK 

Back to BDO Office

Day 106 ( 26 August 2024)

Updating Final Analytical Review

I moved on to SKFI and VPM. I continued the analytical review process by comparing their financial results against industry benchmarks and previous years’ performance. This comparative analysis provided valuable insights into how these companies performed relative to their peers, helping to identify areas of concern or opportunity.

Lessons Learned:

I learned how effective benchmarking against industry standards can illuminate strengths and weaknesses in financial performance.

Day 107 (27 August 2024)

Updating Final Analytical Review

I completed the analytical review for SKSFD and SK Berhad. I learned how effective benchmarking against industry standards can illuminate strengths and weaknesses in financial performance. After analyzing their financial data, I consolidated all findings across the eight companies. This involved summarizing key insights, trends, and areas needing further investigation for the audit team. I also prepared a report outlining my analytical review, which would serve as a reference for the final audit discussions.

Lessons Learned:

I improved my ability to synthesize information from multiple sources into a cohesive report, enhancing clarity and communication for the audit team.

Day 108 (28 August 2024)

Updating Inventories Working Paper & Cross-Ref Stock Count

Updating the inventories working paper and cross-referencing the stock count sheet involved a detailed process of verifying and documenting the quantities and values of inventory items. This task required me to ensure that all inventory records were accurately reflected in the working paper, aligning them with the physical stock counts obtained during the stocktake. I meticulously checked each item, comparing the recorded quantities in the system against those listed on the stock count sheet to identify any discrepancies.

Additionally, I made sure to cross-reference each entry with relevant documentation, such as purchase orders and invoices, to ensure that the valuation of the inventory was consistent and supported by evidence. This thorough review helped maintain the integrity of the financial statements and ensured compliance with accounting standards.

Lessons Learned:

I learned the value of maintaining accurate documentation, which is crucial for validating inventory counts and ensuring that financial statements reflect the true financial position of the company. Furthermore, I developed a more systematic approach to cross-referencing data, which enhanced my efficiency in verifying information and identifying discrepancies quickly.

Day 109 (29 August 2024)

Updating IFRS Disclosure SKRB

Updating the IFRS disclosures for SK Berhad involved a thorough review of the financial statements to ensure compliance with International Financial Reporting Standards. This task required careful examination of various components, such as financial instruments, revenue recognition, and lease agreements, to ensure that all relevant information was accurately reflected and properly disclosed. I also needed to verify that the disclosures aligned with the latest IFRS updates, as well as the company’s specific financial circumstances.

Lessons Learned:

This experience deepened my understanding of the IFRS framework and the specific disclosure requirements for different financial statement elements, reinforcing the importance of adhering to accounting standards.

Stocktake at LP Sdn Bhd, Kempas

Day 110 (30 August 2024)

Stocktake at Linocraft Printers Sdn Bhd

During the stocktake at LP Sdn Bhd, I was assigned to oversee the inventory in Warehouses A, B, and C. The stock included various items such as paper, boxes, and printing materials. Upon conducting a thorough count, I discovered discrepancies between the physical inventory and the quantities recorded in the system.

To address this issue, I promptly requested the relevant sales invoices for the items that had been sold but were not reflected in the system. This step was crucial to identify any potential errors in inventory recording or sales processing. By examining these invoices, I aimed to reconcile the physical count with the expected quantities, ensuring that the records accurately reflected the company's inventory.

Lessons Learned:

During my stocktake at LP Sdn Bhd, I realized the critical importance of maintaining accurate inventory records. This experience highlighted how discrepancies can lead to significant consequences, including potential financial misstatements. I also learned the value of diligently reviewing supporting documents, such as invoices, which are essential for validating inventory counts and ensuring that the system accurately reflects physical stock levels. Furthermore, the situation underscored the necessity of proactive problem-solving skills when confronted with discrepancies; acting quickly to gather the required documentation is vital for efficient resolution.