April Journal - 5th Week

 WEEK 5

Date: 29 April 2024 - 30 April 2024
Day : Monday - Tuesday
Location : BDO Office, Level 18, Menara Zurich 
Time: 8.30 a.m - 5.30 p.m

TASKS OF THE WEEK

First engagement at P Berhad

Day 21 ( 29 April 2024)

Execution and performing audit working paper

After spending two weeks at the client site, I returned to the office in my third week and focused on performing bank confirmations for the working paper F, which deals with cash and bank balances. The bank confirmations were received, I meticulously compared the confirmed balances against the client’s records. This process involved verifying that the balances reported in the financial statements matched those confirmed by the banks.

Lessons Learned:

From this experience, I learned the critical importance of accuracy and diligence when performing bank confirmations. This task reinforced my understanding of how essential it is to verify cash and bank balances to ensure the integrity of financial reporting. I also recognized the value of effective communication, both with the client and the banks, to facilitate a smooth confirmation process.

Day 22 ( 30 April 2024)

Execution and performing audit working paper

The next day, I focused on scanning the audit confirmation balances and attaching them to the respective working papers. This involved ensuring that all scanned documents were clear and legible, as precise documentation is crucial for supporting the audit findings. I organized the confirmations systematically, labeling each file according to the related accounts and ensuring they were easily accessible for future reference.

In addition to scanning the confirmations, I took the time to tidy up the files for CV Berhad and its subsidiaries. I will make sure that all documents were properly categorized and stored in a logical manner. I implemented a clear naming convention and consistent folder structure, making it easier for team members to locate specific documents quickly.

Lessons Learned:

From this experience, I learned the importance of effective organization and documentation in the audit process. Properly managing audit confirmations and related files not only enhances efficiency but also contributes to the overall integrity of the audit. I recognized that clear documentation and organization can significantly improve collaboration within the team, as it allows everyone to access information readily.