June Journal - 3rd Week

 WEEK 3

Date:  17 June 2024 - 21 June 2024
Day : Monday - Friday
Location :  SK Berhad, Muar

Time: 8.30 a.m - 7.00 p.m

TASKS OF THE WEEK 

Second Week at SK Berhad, Muar

Day 56 ( 17 June 2024)

Public Holiday - Hari Raya Haji

Day 57 ( 18 June 2024)

Execution and performing audit working paper

I began by familiarizing myself with the sales cycle, ensuring a solid understanding of the relevant processes. I selected appropriate samples based on transaction volume and significance, carefully documenting my rationale for each choice. This foundational work set the stage for the following days.

Lessons Learned:

I learned the importance of understanding the sales cycle thoroughly before diving into the tasks. This foundational knowledge enabled me to select samples more effectively, ensuring they were representative and aligned with the audit objectives.

Day 58 (19 June 2024)

Execution and performing audit working paper

I continued by further selecting samples for the sales working paper and made necessary updates to the OSM. I ensured that all chosen samples were relevant and reflected the operational realities of the business, emphasizing the importance of accuracy in this phase.

Lessons Learned:

This day emphasized the significance of meticulous documentation. As I updated the Outstanding Matters Schedule (OSM), I recognized how clear and precise records can facilitate smoother communication and follow-ups during the audit process.

Day 59 ( 20 June 2024)

Execution and performing audit working paper

I shifted my focus to updating the bank confirmation working paper. This involved cross-referencing the selected sales transactions with bank records to verify their accuracy and completeness. I ensured that all necessary documentation was attached for easy reference.

Lessons Learned:

I realized the critical role of verifying transactions against bank confirmations. This step highlighted the necessity of cross-referencing data to ensure accuracy and completeness, reinforcing the integrity of the financial information being audited.

Day 60 ( 21 June 2024)

Execution and performing audit working paper 

I wrapped up the tasks by finalizing the TOC for the sales cycle. I conducted a thorough review of all entries, confirming that all updates were accurately reflected in the OSM and that the samples selected aligned with the objectives of the audit.

Lessons Learned:

Finalizing the Test of Controls (TOC) underscored the value of a thorough review process. It taught me that diligent checks not only enhance the reliability of the audit findings but also boost overall efficiency, leading to a more robust conclusion.