May Journal - 3rd Week

WEEK 3

Date: 13 May 2024 - 17 May 2024
Day : Monday - Tuesday
Location : BDO Office, Level 18, Menara Zurich
Time: 8.30 a.m - 5.30 p.m

TASKS OF THE WEEK 

Day 31 ( 13 May 2024)

Anti - Money Laundry Training

The next day, I attended the Anti-Money Laundering training conducted by the training department at BDO KL. Participation was mandatory, and I was required to actively engage by answering the speaker's questions, completing a pre-test, and taking quizzes throughout the session, culminating in a final test. To successfully pass the training, I needed to achieve a score of at least 80%.

During the Anti-Money Laundering training, I studied a range of critical topics designed to deepen my understanding of money laundering and its implications for the auditing profession. The training covered the definition of money laundering, the stages involved placement, layering, and integration and the various techniques that criminals use to obscure the origins of illicit funds.

Lessons Learned:

This experience reinforced the importance of understanding anti-money laundering regulations and practices, which are critical in the auditing profession. Engaging actively in the training helped me grasp the material better and clarified any uncertainties. I also learned the value of preparation and focus, as doing well on the pre-test and quizzes was essential for building my confidence before the final assessment. Overall, this training not only enhanced my knowledge but also underscored the importance of vigilance in preventing financial crime.

Updating Working Paper

Day 32 ( 14 May 2024)

Updating Bank Confirmation

I focused on updating the working papers for K Berhad and its subsidiaries based on the bank confirmation received. This involved carefully entering the relevant data, such as account balances and transaction details, into the respective sections of the working papers. I ensured that all figures were accurate and reflected the latest information from the bank.

Lessons Learned:

I learned the importance of attention to detail when updating financial documents. Accurate data entry is crucial in maintaining the integrity of the working papers, and this experience reinforced the need for meticulousness in all aspects of financial reporting.

Day 33 (15 May 2024)

Updating Bank Confirmation

Next day, I continue the same tasks from yesterday by updating the bank confirmation. I dedicated my time to cross-referencing the updated figures in working paper with the internal records and bank confirmation. This process ensured that the information aligned consistently across all documentation. 

Lessons Learned:

Throughout the day, I realized the significance of cross-referencing as a critical step in the auditing process. It helps ensure consistency and reliability in financial reporting, allowing for a comprehensive understanding of the financial position of K Berhad and its subsidiaries.

Day 34 ( 16 May 2024)

Updating Bank Confirmation

I focused on scanning the updated working papers and the bank confirmation documents. I attached these scans to the respective working papers, ensuring that all documentation was easily accessible for review by senior team members. This step was crucial for maintaining a complete and organized audit file.

Lessons Learned:

I learned the value of organization and systematic documentation management. Properly scanning and attaching documents enhances the accessibility of information, making it easier for the team to conduct reviews and audits efficiently. This experience reinforced the importance of maintaining a structured approach to documentation throughout the audit process.

Day 35 ( 17 May 2024)

Updating Confirmation Control Sheet

The next day, I was assigned to update the confirmation control sheet for K Berhad and its three subsidiaries. My task involved listing all relevant details, including the banks used by the company, solicitors, cash on hand, trade receivables, other receivables, trade payables, other payables, and related party transactions and disclosures.

The purpose of the confirmation control sheet is to systematically organize and track all confirmations requested from external parties which ensuring that the information needed for the audit is complete and accurate. In this case, this sheet serves as a vital tool in the audit process, as it helps auditors verify the financial position of the company through third-party confirmations, thereby enhancing the reliability of the financial statements.

Lessons Learned:

Today, I learned the importance of thorough documentation and organization in the audit process. Creating a comprehensive confirmation control sheet requires attention to detail and an understanding of various financial components, which ultimately contributes to the overall integrity of the audit. Additionally, I recognized that maintaining clear and accurate records of confirmations helps streamline communication between auditors and external parties, facilitating more efficient verification processes. This experience reinforced my understanding of the crucial role that documentation plays in ensuring the reliability of financial reporting.