July Journal - 4th Week

WEEK 4

Date:  22 July 2024 - 26 July 2024
Day : Monday - Friday
Location : SK Berhad
Time: 8.30 a.m - 7.00 p.m

TASKS OF THE WEEK 

Final Audit at SK Berhad, Muar

Day 81 ( 22 July 2024)

Updating the Income and Expenses Working Paper

I shifted my focus to SKPW and SKF. I meticulously cross-checked the recorded expenses against supporting documents, which emphasized the necessity of thorough documentation for accurate financial reporting.

Lessons Learned:

This day taught me the critical role of thorough documentation in financial reporting. Cross-checking expenses against supporting documents reinforced my attention to detail and highlighted potential discrepancies early.

Day 82 ( 23 July 2024)

Updating the Income and Expenses Working Paper

I updated the income and expenses for SKFI and VPM. During this process, I identified some inconsistencies in recorded expenses, reinforcing the need for meticulous attention to detail.

Lessons Learned:

I learned the value of identifying inconsistencies in recorded expenses. This experience emphasized the need for meticulous attention to detail and the impact of accurate records on overall financial integrity.

Day 83 (24 July 2024)

Updating the Income and Expenses Working Paper

I worked on SKSFD and ST, where I cross-checked the recorded expenses and income against supporting documents and vouching some samples that required a reasonable test.

Lessons Learned:

I gained a deeper understanding of the vouching process, which involves verifying the authenticity of transactions by tracing them back to their original source documents. This practice is crucial for ensuring the integrity of financial data and identifying any discrepancies.

Day 84 (25 July 2024)

Updating the Income and Expenses Working Paper

 I conducted a comprehensive review of all entries for SK Berhad, ensuring that all income and expenses were accurately recorded and categorized, which improved my ability to spot discrepancies.

Lessons Learned:

Conducting a comprehensive review solidified my understanding of the importance of data accuracy. I learned how consistent updates contribute to reliable financial reporting and facilitate better decision-making.

Day 85 (26 July 2024)

Updating the Income and Expenses Working Paper

I finalized the income and expenses working papers for all eight companies, ensuring consistency across the board. This experience highlighted the importance of accuracy in financial reporting and the need for regular updates to maintain data integrity. 

Lessons Learned:

Finalizing the working papers for all eight companies underscored the importance of consistency across financial reports. This experience reinforced the need for regular updates and meticulous record-keeping to ensure data integrity.