July Journal - 5th Week

WEEK 5

Date:  29 July 2024 - 31 July 2024
Day : Monday - Wednesday
Location : SK Berhad, Muar

Time: 8.30 a.m - 7.00 p.m

TASKS OF THE WEEK 

Alex (Senior) teach on how to find the Bank Acceptance

Day 86 ( 29 July 2024)

Updating Section R (Purchases) and TOC

I focused on updating Section R of the working papers related to purchases for Sern Kou Resources Berhad. I gathered all necessary documentation, ensuring that all purchase transactions were accurately reflected. I vouchered the relevant invoices and purchase orders to confirm that the amounts matched the records.

Lessons Learned:

This task deepened my understanding of the purchase cycle and emphasized the importance of verifying documentation for financial accuracy.

Day 87 ( 30 July 2024)

Updating Section R (Purchases) and TOC

The following day, I updating the Test of Controls (TOC) for SKB while also vouching purchases. I assessed the effectiveness of internal controls over the purchasing process, documenting my findings and ensuring that controls were functioning as intended. Additionally, I cross-referenced purchase orders and invoices to verify reported figures.

Lessons Learned:

I learned the significance of robust internal controls in mitigating risks and the need for diligence in vouching procedures to substantiate all purchases.

Day 88 (31 July 2024)

Updating Section R (Purchases) and TOC

 I updated Section R for SK Furniture, systematically reviewing purchase transactions to ensure that all relevant details were captured accurately. I collaborated with team members to cross-verify the information provided by the client, and I conducted a comprehensive review of all updates made across the companies.

Lessons Learned:

This experience reinforced the importance of teamwork and thoroughness in the auditing process, highlighting how meticulous final reviews can enhance the quality of financial reporting.