July Journal - 2nd Week

 WEEK 2

Date:  8 July 2024 - 12 July 2024
Day : Monday - 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 71 ( 8 July 2024)

Public Holiday - Muharram Holiday

Day 72 ( 9 July 2024)

Rolling Forward Financial Statement Working Paper

I reviewed the previous year’s financial statements to ensure accuracy and consistency, updating revenue and expense entries to reflect any changes for the current financial year. I cross-referenced these updates with the management accounts provided by the client, reinforcing the importance of meticulous attention to detail, as even minor errors can lead to significant discrepancies.

Lessons Learned:

Throughout the day, I learned the importance of meticulous attention to detail was reinforced, as even minor inaccuracies in financial data can lead to significant reporting errors. This experience also highlighted the necessity of effective time management, ensuring that I allocate sufficient time for thorough reviews and adjustments.

Day 73 (10 July 2024)

Updating Working Paper for Revenue

I updating the working paper for revenue for SKB. Utilizing the management accounts, I analyzed the revenue transactions to ensure they were properly categorized and reflected in the working paper. I also checked for any discrepancies between the reported revenue and supporting documentation, such as sales invoices and contracts.

Lessons Learned:

I learned the critical role of thorough documentation in validating revenue figures and the significance of accurate categorization to ensure compliance with accounting standards.

Day 74 (11 July 2024)

Updating Working Paper for Purchases

I focused on updating the working paper for purchases for SK Berhad. With the management accounts provided by the client, I carefully reviewed the purchase transactions, ensuring all entries matched the supporting documents like invoices and purchase orders. I cross-referenced these figures to ensure accuracy and completeness.

Lessons Learned:

This task emphasized the importance of attention to detail when verifying financial records and highlighted how critical up-to-date management accounts are for accurate reporting.

Day 75 (12 July 2024)

Drafting Financial Statement For SKB

I focused on drafting the financial statements for SK Berhad. This involved carefully updating the figures in the financial statements to align with the data from the respective working papers. I ensured that all relevant information was accurately reflected, including revenue, expenses, assets, and liabilities. By cross-referencing with the working papers, I aimed to maintain consistency and accuracy throughout the financial statements. This task required a thorough understanding of the accounting principles and an eye for detail to ensure compliance with financial reporting standards.

Lessons Learned:

This experience reinforced the importance of accuracy in financial reporting. I learned that meticulous attention to detail is essential, as discrepancies can lead to significant issues in the final statements. Additionally, I recognized the value of organizing data systematically, which facilitates smoother updates and revisions in future reporting tasks. Effective time management also played a crucial role, allowing me to allocate time for thorough reviews before finalizing the statements. Overall, this process enhanced my technical skills in financial drafting and my ability to work efficiently under tight deadlines.