June Journal - 1st Week

 WEEK 1

Date:  3 June 2024 - 7 June 2024
Day : Monday - Friday
Location : F Berhad, Kluang
Time: 8.30 a.m - 5.30 p.m

TASKS OF THE WEEK 

Second engagement at F Berhad, Kluang

Day 46 ( 3 June 2024)

Public Holiday - The Yang di - Pertuan Agong's Birthday

Day 47 ( 4 June 2024)

Performing Income and Expenses Working Paper

I focused on performing the working paper for T4 (Income and Expenses) specifically for F Berhad. This involved analyzing income and expense transactions to ensure they were accurately recorded and supported by appropriate documentation. I carefully reviewed the financial records, vouching selected samples and cross-referencing them with relevant bank statements and invoices.

Lessons Learned:

From this experience, I learned the importance of context when analyzing income and expenses. Each transaction must not only be verified for accuracy but also understood in relation to the company’s overall financial performance and operational activities. 

Day 48 (5 June 2024)

Performing Income and Expenses Working Paper

I continued my work by performing the T4 (Income and Expenses) working paper for FE Sdn Bhd. This involved a detailed analysis of income and expense transactions, ensuring that all entries were accurately recorded and supported by relevant documentation. I carefully vouchered selected samples and cross-referenced them with bank statements and invoices.

In addition to this, I also made amendments to the previous T4 working paper based on feedback from the senior in charge. This required me to incorporate their suggestions and corrections, ensuring that the documentation met the necessary standards.

Lessons Learned:

From this experience, I learned the significance of adaptability in the auditing process. Making amendments to the working papers highlighted the importance of being open to feedback and continuously improving my work. It taught me that constructive criticism is a valuable tool for personal and professional growth.

Furthermore, the process reinforced the need for meticulousness when documenting changes. Keeping track of revisions not only enhances clarity but also ensures that all team members are aligned on the audit findings. This experience deepened my understanding of the collaborative nature of auditing and the critical role that clear communication plays in achieving accurate and reliable financial reporting.

Day 49 ( 6 June 2024)

Performing Income and Expenses Working Paper & Share Capital Working Paper

The next day, I continued my work by performing the working papers for P (Share Capital) and the Statement of Changes in Equity (SOCE) for HA Sdn Bhd. This involved analyzing the company’s share capital transactions, ensuring all entries were accurately recorded and supported by appropriate documentation.

I carefully reviewed changes in share capital, such as issuances and buybacks, and verified them against relevant records, including shareholder agreements and resolutions. Additionally, I updated the SOCE to reflect these changes, ensuring that it accurately represented the company's equity movements over the reporting period.

Lessons Learned:

From this experience, I learned the importance of understanding the components of share capital and how they impact overall equity. Analyzing the SOCE allowed me to appreciate how different transactions affect the financial position of the company and the significance of equity in financial reporting.

Furthermore, I recognized the critical role that clear documentation plays in supporting equity transactions. Accurate records not only ensure compliance with regulatory requirements but also enhance transparency for stakeholders. This task reinforced my analytical skills and emphasized the need for a comprehensive understanding of equity structures within a company to conduct effective audits.

Day 50 ( 7 June 2024)

Updating Working Paper Accordingly To Review Point Given By Manager

The next day, I focused on updating the purchase working papers and the income and expenses working papers based on the feedback provided by the manager during the review process. I carefully reviewed each point raised, ensuring that all necessary amendments were made to enhance the clarity and accuracy of the documents.

This involved revisiting the purchase transactions to incorporate any corrections and clarifications, as well as refining the income and expenses records to address any identified discrepancies. I took special care to ensure that the documentation was comprehensive and reflected the manager’s suggestions, aiming for a final product that met our team's high standards.

Lessons Learned:

I learned the importance of responsiveness to feedback in the auditing process. Updating the working papers based on the manager’s points reinforced my understanding that constructive criticism is essential for continuous improvement. This experience taught me how to effectively implement feedback and enhance the quality of my work.

Additionally, I recognized the value of thorough documentation. Ensuring that all changes were well-documented not only facilitated clearer communication with the team but also provided a solid audit trail for future reference. This reinforced the idea that attention to detail and a commitment to quality are crucial for successful auditing practices.