April Journal - 4th Week

WEEK 4

Date: 22 April 2024 - 26 April 2024
Day : Monday - Friday
Location : P Hotel, Johor Bahru
Time: 9.00 a.m - 7.00 p.m

TASKS OF THE WEEK

First engagement at P Berhad

Day 16 ( 22 April 2024)

Execution and performing audit working paper

During my second week at P Berhad, I concentrated on preparing the revenue and sales working papers. My tasks began with gathering relevant data from various sources, including sales invoices, contracts, and financial records, to ensure a comprehensive overview of the revenue streams. Meticulously vouchering sales transactions, I cross-referenced the collected data with supporting documents, such as invoices and payment receipts, to confirm the accuracy of reported figures.

Lessons Learned:

From this experience, I learned the critical importance of attention to detail when preparing revenue and sales working papers. Accurately recognizing revenue and verifying sales transactions are essential for ensuring the integrity of financial reporting. In addition, I recognized the value of collaboration and communication within the audit team, as discussing findings and addressing challenges collectively can lead to more thorough and accurate documentation.

Day 17 ( 23 April 2024)

Execution and performing audit working paper

The following day, I made amendments to the revenue and sales working papers based on feedback from my senior in charge. After carefully reviewing her comments, I adjusted the calculations and clarified certain disclosures to enhance the accuracy and transparency of the information presented. This process not only improved the quality of the working papers but also reinforced the importance of being receptive to feedback and the iterative nature of the auditing process.

Lessons Learned:

Throughout the day, I recognized that thorough reviews and amendments are essential steps in ensuring compliance with auditing standards, highlighting that collaboration within the team can significantly enhance the quality of the outputs.

Day 18 ( 24 April 2024)

Execution and performing audit working paper

I also focused on performing working papers related to related party transactions. This involved several key tasks, including gathering and reviewing contracts, agreements and transaction details to identify any relationships that could affect the financial statements. In addition, I cross-referenced the identified transactions with the general ledger to verify that they were accurately reported. 

Lessons Learned:

I learned the critical importance of thoroughness when dealing with related party transactions. Understanding the implications of these transactions is essential for accurate financial reporting, as they can introduce complexities that affect the overall integrity of the financial statements. I also recognized the significance of adhering to accounting standards and regulatory requirements, as proper documentation and disclosure are vital for maintaining stakeholder trust.

Day 19 ( 25 April 2024)

Execution and performing audit working paper

On my last day at P Berhad, I focused on preparing working papers related to intangible assets, share capital, and the Statement of Changes in Equity (SOCE). My tasks began with gathering relevant documentation, including agreements, valuation reports, and prior financial statements, to ensure a comprehensive understanding of the intangible assets held by the company. 

Next, I turned my attention to the share capital section, reviewing shareholder agreements and records of issued shares to confirm that all transactions were accurately reflected in the financial statements. I ensured that any changes in share capital during the reporting period were properly documented and disclosed.

For the SOCE, I compiled data on changes in equity, including retained earnings, share premium, and any other relevant adjustments. I ensured that the presentation was clear and aligned with the overall financial statements, highlighting the movement of equity throughout the reporting period.

Lessons Learned:

From this experience, I learned the importance of understanding complex accounting treatments associated with intangible assets and equity transactions. Thoroughly analyzing these areas is essential for ensuring that financial statements accurately reflect the company's financial position.

Day 20 ( 26 April 2024)

- Leave with permission