September Journal - 1st Week

WEEK 1

Date:  2 September 2024 - 6 September 2024
Day : Monday - Friday
Location : DESB, Pasir Gudang
Time: 8.30 a.m - 7.00 p.m

TASKS OF THE WEEK 

Fourth engagement at
DESB, Pasir Gudang

Day 111 ( 2 September 2024)

Assist assistance manager on working paper 

For my fourth engagement, I was assigned to join the DESB audit team that consists of 7 team members during September led by Ye Shean. As a new client, we were tasked with auditing the company for a period of three years (2022 to 2024) to ensure financial accountability and accuracy over time. The purpose of auditing three consecutive years was to provide a comprehensive view of the company's financial practices, detect any irregularities, and ensure consistency in reporting. My first task in this engagement was updating the cost cut-off test for subcontractor wages. I started updating the working paper from 2022 and asking the seniors if I found any difficulties on obtains the information from the company's system.

Lessons Learned:

From this experience I learned the importance of attention to details since auditing requires reviewing vast amounts of financial data which is even the small discrepancies can indicate larger issues. By updating the cut-off test, I have seen how precise timing of expenses impacts the accuracy of financial statements and learn to meticulously check each entry.

Day 112 (3 September 2024)

Assist assistance manager on working paper 

On the second day, I continued this work by shifting my focus to the year 2023, applying the insights gained from the previous day to enhance my efficiency. I maintained open communication with the seniors to address any data access issues, ensuring a thorough and consistent approach across both years.

Lessons Learned:

I learned the importance of effective communication by regularly consulting with senior team members, which helped me navigate challenges more efficiently. Building on insights gained from the previous day allowed me to streamline my approach for updating the 2023 cost cut-off test, reinforcing the value of continuous learning. I also recognized the need for meticulous attention to detail when accessing data from the company’s system, as well as the importance of adaptability in responding to obstacles and feedback.

Day 113 (4 September 2024)

Execution and performing audit working paper

On the third day, I continued my work by updating the cost cut-off test for subcontractor wages for the year 2024. Building on the methodologies and insights from the previous years, I aimed to ensure consistency and accuracy in my updates. I faced some new challenges in accessing the required data, but I applied the problem-solving skills I developed during the earlier stages.

Lessons Learned:

From this experience, I learned the importance of leveraging past experiences to enhance my efficiency and accuracy in updating the cost cut-off test for 2024. I realized that staying organized and methodical is crucial when managing multiple years of data. Encountering new challenges reinforced my problem-solving skills and adaptability, as I had to think critically to overcome obstacles.

Day 114 (5 September 2024)

Execution and performing audit working paper

I focused on amending the updates made for the cost cut-off tests across the years 2022 to 2024. This involved reviewing my previous work for accuracy and consistency, ensuring that all changes aligned with our audit standards. I carefully integrated feedback from senior team members, which helped refine my analyses and enhance the overall quality of the documentation.

Lessons Learned:

I learned the critical importance of thorough reviews and amendments in the audit process. Taking the time to revisit my previous work highlighted the necessity of accuracy and consistency in documentation. I recognized that integrating feedback from senior team members not only improves the quality of my work but also fosters a collaborative environment. This experience reinforced the value of being open to constructive criticism and the need for meticulous attention to detail, skills that are essential for delivering high-quality audit results in future engagements.

Day 115 (6 September 2024)

Execution and performing audit working paper

I focused on conducting a comprehensive review of my work before submitting it to the senior team members. This involved double-checking all updates to the cost cut-off tests for 2022, 2023, and 2024, ensuring that all data was accurate and aligned with our audit standards. I took the opportunity to reflect on the methodologies used, confirming that they were consistent across the years. This careful review process highlighted the importance of thoroughness and diligence in my work. It also reinforced my understanding that a meticulous final check can significantly enhance the quality of the submission and build confidence in the audit findings.

Lessons Learned:

I learned the vital importance of conducting a thorough review before submitting work. This process reinforced my understanding that careful checks can catch errors and ensure accuracy, which is crucial in audit work. I realized that reflecting on methodologies not only enhances consistency but also strengthens the overall quality of my analysis. Additionally, this experience highlighted the value of diligence and attention to detail, emphasizing that taking the time to review can build greater confidence in the audit findings and foster trust within the team.