May Journal - 4th Week

 WEEK 4

Date: 20 May 2024 - 24 May 2024
Day : Monday - Friday
Location : BDO Office, Level 18, Menara Zurich
Time: 8.30 a.m - 6.00 p.m



TASKS OF THE WEEK 


Updated Confirmation Control Sheet


Day 36 ( 20 May 2024)

Updating Confirmation Control Sheet

I continued my last week work by updating the confirmation control sheet for K Berhad's subsidiaries. This involved listing all relevant details for each subsidiary, similar to what I had done for K Berhad, including their banks, solicitors, cash on hand, trade receivables, other receivables, trade payables, other payables, and related party transactions and disclosures.


Lessons Learned:

From this experience, I learned the importance of consistency in the documentation process across multiple entities. By applying the same systematic approach to each subsidiary, I was able to maintain accuracy and ensure that all relevant information was captured effectively.


Day 37 ( 21 May 2024)

Rolling Forward Working Papers 

The next day, I was responsible for rolling forward all the working papers, a crucial step that streamlined the audit process and ensured a smoother workflow once we arrived at the client’s location. This preparation allowed us to efficiently transition into the fieldwork phase, minimizing downtime and enabling us to focus on substantive testing. Firstly, I focused on rolling forward the working papers for F Berhad. This involved updating the financial data from the previous year, ensuring all calculations were accurate.


Lessons Learned:

I learned the importance of meticulousness when updating working papers. Ensuring that all figures are accurate and that previous issues have been resolved is crucial for maintaining the integrity of the audit process. This experience reinforced my understanding of how thorough documentation contributes to a smoother audit workflow.


Day 38 (22 May 2024)

Public Holiday - Wesak Day


Day 39 ( 23 May 2024)

Rolling Forward Working Papers

I focused on rolling forward the working papers for HA Sdn Bhd and FC Sdn Bhd. I updated the financial data and ensured that all relevant working papers reflected the most current information.

Lessons Learned:

Throughout this process, I significantly improved my efficiency in completing tasks. I became faster at updating and organizing the working papers while maintaining accuracy. This experience reinforced the importance of practice and familiarity with the process, which leads to greater speed and confidence in my work.

Day 40 ( 24 May 2024)

Rolling Forward Working Papers

I rolled forward the working papers for FE Sdn Bhd. I ensured that all updates were completed and verified the accuracy of the financial data.

Lessons Learned:

 I learned the importance of attention to detail when updating working papers. Accurate data entry and careful verification of figures are essential to maintaining the integrity of the audit process. This experience reinforced that even small oversights can lead to significant issues down the line.

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