September Journal - 4th Week

 WEEK 4

Date: 23 September 2024 - 27 September 2024
Day : Monday - Friday
Location : DESB, Pasir Gudang
Time: 8.30 a.m - 7.00 p.m

TASKS OF THE WEEK 

My last engagement at DESB

Day 126 ( 23 September 2024)

Updating Progressive Billing & Payment Cerificate

In updating the Progressive Billing and Payment Certificate, I focused on identifying payments made during the year to ensure accurate accounting and compliance with project agreements. This review involved a detailed examination of all progressive billings submitted, cross-referencing them with payment records to verify that billed amounts matched payments received. Ensuring that all necessary approvals for these payments were secured is crucial for maintaining financial integrity and transparency.

Lessons Learned:

Through the day, I learned the importance of accurate record-keeping became evident, as thorough documentation helps track payments and identify inconsistencies early. Additionally, effective communication with stakeholders, including contractors and project managers, is essential to prevent misunderstandings regarding billing and payment terms. Conducting regular audits of billing and payment processes can help identify potential issues before they escalate, promoting smoother operations. Finally, implementing feedback mechanisms allows for continuous evaluation and refinement of the billing process, ultimately enhancing efficiency and transparency in our financial practices.

Day 127 (24 September 2024)

Updating sales verification

In response to the sales verification requested last week, we are currently reviewing the variation orders that occurred during the financial years 2022, 2023, and 2024. We have encountered challenges in this process, as some variation orders do not have adequate supporting documentation. This issue arises because approvals for these orders were made directly between the architect and the contractor, bypassing standard documentation protocols.

Performing sales cycle, TOC  and walkthrough

In performing the sales cycle, I will select samples for walkthroughs and tests of controls (TOC) to ensure the sales processes are effective and compliant with policies. To choose appropriate samples, I will review sales transactions from the financial years 2022, 2023, and 2024, focusing on various transaction types and values, while considering transaction volume and any high-risk items.

During the walkthroughs, I will trace selected samples through the sales process, from order initiation to invoicing, verifying adherence to company policies and the effectiveness of controls. For the tests of controls, I will evaluate key activities such as order approvals and customer credit checks to assess whether internal controls effectively mitigate risks in sales transactions. 

Lessons Learned:

I learned the importance of selecting a diverse range of samples became clear; this ensures a more comprehensive view of the sales process and helps identify potential issues across different transaction types. I also learned that thorough documentation is critical for supporting findings, as it provides evidence of compliance with company policies. Effective communication among teams is essential to clarify processes and ensure all parties understand their roles in the sales cycle.

Day 128 (25 September 2024)

Updating sales verification

The next day, I’m still overseeing the sales verification for our subcontract project. It’s a lengthy process since the person responsible needs to coordinate with the project leader to confirm the payments received from the start of the financial year in 2022 through 2024. Because of this, I’ve been actively following up with clients to ensure we have all the necessary supporting documents for any variation orders. It’s a lot of back-and-forth, but I want to make sure everything is in order.

Lessons Learned:

I learned the importance of clear communication and regular follow-ups with clients and team members to ensure alignment, especially during financial confirmations. Keeping thorough documentation for variation orders is essential to avoid delays, while collaboration with project leaders streamlines the process. Patience and proactive problem-solving can make a significant difference in navigating complex projects successfully.

Day 129 (26 September 2024)

Performing sales cycle

The next day, I continued with last tasks which is the sales cycle task for two companies, DESB and DISB. Since the company is a new client, I needed to carefully review all relevant documents to understand the sales cycle specific to their operations before presented the flow and do the audit test in the working papers. 

Lessons Learned:

This experience reinforced the importance of thorough research and understanding the unique aspects of each company’s sales cycle. It highlighted the need for attention to detail and adaptability when dealing with new projects, as well as the value of comprehensive documentation to ensure clarity and accuracy in presentations.

Day 130 (27 September 2024)

Performing sales cycle

The next day, I continued with the task, focusing on finalizing the sales cycle analysis for DESB and DISB. This ongoing effort allowed me to deepen my understanding of the nuances in each company’s processes and improve the accuracy of my working papers.

Lessons Learned:

Consistency and persistence are key in complex tasks. Each day’s progress builds on the last, reinforcing the importance of continuous learning and adaptation. This experience taught me that taking the time to thoroughly understand each company’s unique processes ultimately leads to better results and insights.