July Journal - 3rd Week

WEEK 3

Date:  15 July 2024 - 19 July 2024
Day : Monday - Friday
Location : SK Berhad, Muar
Time: 8.30 a.m - 7.00 p.m



TASKS OF THE WEEK 


Final Audit at SK Berhad, Muar


Day 76 ( 15 July 2024)

Updating the Test of Controls (TOC) and revenue working papers

I worked on SKRB and SKB, updating the TOC for sales processes while assessing revenue recognition methods. This task deepened my understanding of how effective internal controls can mitigate risks related to revenue misstatements.


Lessons Learned:

From this experience, I gained insights into how internal controls can mitigate risks associated with revenue misstatements, enhancing my understanding of effective sales processes.

Day 77 ( 16 July 2024)

Updating the Test of Controls (TOC) and revenue working papers

I shifted my focus to SKPW and SKF, where I updated the TOC and examined significant sales transactions. This experience improved my analytical skills, particularly in identifying discrepancies in revenue recognition and inventory valuation.

Lessons Learned:

Throughout the day, I improved analytical skills by identifying discrepancies in revenue recognition and valuation, reinforcing the importance of thorough document review.


Day 78 (17 July 2024)

Updating the Test of Controls (TOC) and revenue working papers

I completed the TOC updates for SKFI and VPM, validating revenue figures against invoices and contracts. This reinforced the importance of attention to detail in verifying the accuracy of revenue figures, which is crucial for maintaining the integrity of financial reporting.

Lessons Learned:

I enhanced my attention to detail by verifying the accuracy of revenue figures, which is crucial for maintaining the integrity of financial reporting.

Day 79 (18 July 2024)

Updating the Test of Controls (TOC) and revenue working papers

I finalized the TOC updates and revenue working papers for SKSFD and ST. This comprehensive review highlighted the necessity of consistency in applying TOC across subsidiaries, ultimately aiding in overall audit efficiency and the reliability of financial statements.

Lessons Learned:

From this experience, I learned the importance of consistency in applying TOC across different subsidiaries, which aids in the overall audit efficiency and reliability of financial statements.


Day 80 (19 July 2024)

Updating the Income and Expenses Working Paper

I began with SK Berhad and SKB, reviewing revenue streams and expense categories. This initial analysis helped me understand the structure of their financials and the importance of accurate expense tracking.

Lessons Learned:

I recognized the importance of understanding the structure of financial statements. This foundational knowledge allowed me to identify key areas for further analysis and ensured a smoother updating process.

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