September Journal - 3rd Week

WEEK 3

Date: 16 September 2024 - 20 September 2024
Day : Monday - Friday
Location : DESB, Pasir Gudang
Time: 8.30 a.m - 7.00 p.m

TASKS OF THE WEEK 

Third week at DESB

Day 121 ( 16 September 2024)

Public Holiday - Hari Malaysia

Day 122 (17 September 2024)

Company Declare Holiday - Hari Malaysia

Day 123 (18 September 2024)

Performing sales verification

I met with Ms. Laili to obtain the information previously requested and updated the respective working papers accordingly. However, I faced challenges in securing the relevant documents due to multiple individuals being responsible for each project, which made access to the necessary information more difficult. 

I  also conducted a thorough double-check of all project documentation for the three-year period. This ensured that all information was current and accurate, allowing for a comprehensive review of the sales verification process.

Lessons Learned:

On this day, I learned the importance of effective collaboration and communication when navigating complex project structures. Meeting with Ms. Laili highlighted the value of personal interactions in obtaining necessary information. I also recognized that having multiple points of contact can complicate document retrieval, emphasizing the need for a clear strategy in managing relationships and requests. I also learned the importance of diligence in maintaining up-to-date documentation. Continuously updating the latest documents reinforced the need for accuracy and timeliness in the audit process. Double-checking all project documentation across three years highlighted the significance of thoroughness, as even minor discrepancies can impact overall findings. 

Day 124 (19 September 2024)

Performing Sales Completeness Test

While awaiting the client to provide the necessary documents, I was assigned to perform the sales completeness test over the course of three years DESB. The purpose of the completeness test is to ensure that all sales transactions are accurately recorded in the financial statements, confirming that no sales have been omitted.

To conduct this test, I matched sales invoices against delivery orders to verify that every sale was properly documented and that all goods delivered were accounted for in the sales records. This process involved cross-referencing the details, such as invoice amounts and dates, with the corresponding delivery orders. By doing so, I aimed to identify any discrepancies or missing transactions, which could indicate issues in the company’s sales reporting or internal controls.

Lessons Learned:

During this task, I learned conducting the sales completeness test deepened my understanding of the sales documentation process and the critical role it plays in financial reporting. I realized the importance of meticulousness, as matching sales invoices with delivery orders highlighted how small discrepancies can lead to significant reporting issues. This experience reinforced the necessity of ensuring completeness in sales records, which is essential for accurate financial statements and stakeholder trust.

Day 125 (20 September 2024)

Performing Sales Completeness Test

The next day, I continue  DISB, conducting the sales completeness test across the three years from 2022 to 2024. This involved systematically matching sales invoices with delivery orders for each year, ensuring that all sales transactions were accurately recorded and that no sales were overlooked. By applying a consistent methodology across all three years, I was able to identify patterns and discrepancies more effectively, enhancing the reliability of my findings.

Lessons Learned:

I also improved my time management skills, allocating specific time blocks for each task, which helped me maintain focus and stay on track. This experience taught me that efficiency in auditing is not just about speed but also about creating a systematic workflow that enhances accuracy and reduces the potential for errors.