Date : 1/8/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Filing and Storage, Current Audit Files (CAF)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
The file should contain all relevant audit documents. Working papers are perhaps the most critical component where it refer to the document the audit evidence collected and the procedures performed. It serve as the primary evidence of the audit work conducted and are crucial for demonstrating compliance with auditing standards.
Day 88 | 2 August 2023
Date : 2/8/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – PPE Opening balances and disposals (Malaysian bakery chain company)
Audit Working Paper – PPE Additions (Malaysian bakery chain company)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
It is essential to confirm that expenditures associated with PPE are correctly classified as capital expenditures and not as expenses. Capitalizing costs means recognized on the balance sheet as assets, impacting the company’s financial position and performance metrics. I need to ensure that this PPE still exist and being used in daily operation.
Day 89 | 3 August 2023
Date : 3/8/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
NTFS – Property, Plant and Equipment for Manufacturing company
NTFS – Right of Use Assets for Manufacturing company
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Identifying and eliminating intercompany transactions and balances is crucial for accurate consolidation. Tracking these transactions across a complex organization can be challenging. By detailing the value, depreciation, and useful life of physical assets, I provide transparency between subsidiary companies, helping understand the organization’s asset base and its long-term sustainability. On the other hand, accurate reporting of these assets assists in managing risks associated with lease agreements and financial planning.
Day 90 | 4 August 2023
Date : 4/8/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm
TASKS OF THE DAY
NTFS – Retirement benefits for Manufacturing company
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Properly disclosing retirement benefit information ensures compliance with accounting standards and regulatory requirements, reducing legal and financial risks associated with retirement benefit plans. Challenging part of consolidation FS task is ensuring accuracy of foreign exchange rate between MYR with BHT, IDR, RMB, and INR. Process of converting rate from foreign currency to Ringgit Malaysia was done automatically using provided Excel template.
Day 91 | 7 August 2023
Date : 7/8/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Filing and Storage, Current Audit Files (CAF)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Auditors often engage in correspondence with clients throughout the audit process. This can include emails, letters, and meeting notes. Keeping copies of these communications in the file is essential for maintaining a record of discussions and decisions made during the audit. It can be particularly helpful when clarifications or client responses are needed.
Day 92 | 8 August 2023
Date : 8/8/2023
Day : Tuesday
Location: Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Completing Review of Journal Voucher
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
During the review of journal vouchers, I must meticulously verify the accuracy of recorded transactions. This involves cross-referencing the information in the journal vouchers with source documents such as invoices, receipts, and contracts. I need to ensure that the amounts, dates, descriptions, and accounts affected in the journal vouchers match the corresponding source documents.
Day 93 | 9 August 2023
Date : 9/8/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Dialogue – 3/2023
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Topic of the Audit Dialogue is Contract Accounting audit procedures. Exposure on how to conduct revenue transaction test. It allows for the identification of opportunities to streamline audit processes or adopt more efficient audit techniques, ultimately improving the effectiveness of the audit function.
Day 94 | 10 August 2023
Date : 10/8/2023
Day : Thursday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Completing Review of Journal Voucher (Subsidiary Company 1)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
I assess whether the transactions documented in the journal vouchers have been properly authorized and supported by appropriate documentation. Additionally, I must review supporting documentation such as purchase orders, contracts, and payment receipts to confirm the legitimacy of the recorded transactions.
Day 95 | 11 August 2023
Date : 11/8/2023
Day : Friday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Completing Review of Journal Voucher (Subsidiary Company 2)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
I need to ensure that transactions are allocated to the appropriate accounts and the accounting treatment (e.g., revenue recognition, expense capitalization) complies with the relevant accounting principles. Any misclassification or incorrect accounting treatment can lead to material misstatements in the financial statements.
Day 96 | 14 August 2023
Date : 14/8/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Filing and Storage, Current Audit Files (CAF)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Documents in the file are fundamental to understanding the client’s financial position and the context in which the audit is conducted. Prepared audited financial statements may portray the overall financial health of the organization.
Day 97 | 15 August 2023
Date : 15/8/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Casting Audited Financial Statements
Cross-Reference Audited Financial Statements
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Casting is series of mathematical checks to ensure that the stated amount is correct. This step helps identify mathematical errors or discrepancies that may have occurred during the preparation of the financial statements. Cross-referencing, on the other hand, involves comparing information presented in different parts of the financial statements with amount in CaseWare to ensure consistency and accuracy.
Day 98 | 16 August 2023
Date : 16/8/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Filing and Storage, Current Audit Files (CAF)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
One of the document in this file is Letter of Representation. This document shows that information provided is accurate and complied with established standards and financial reporting framework. By including this letter, auditors have clear evidence that client acknowledges its responsibility for the financial statements and related disclosures.
Day 99 | 17 August 2023
Date : 17/8/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Cross-Reference Audited Financial Statements
Filing and Storage, Current Audit Files (CAF)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Ensuring that all documents is retained for the appropriate period. These policies are often established by auditing standards, regulatory bodies, or the audit firm itself. Strictly following these policies helps ensure that audit documentation is available for potential future audits, regulatory inquiries, or legal requirements.
Day 100 | 18 August 2023
Date : 18/8/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Revised Previous Audit Work (Correction, Amendment)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
It helps in enhancing the overall quality and reliability of audit reports and findings. By rectifying errors and making necessary amendments, it ensures that the audit work accurately reflects the financial position, operations, and compliance of the audited entity.
Day 101 | 21 August 2023
Date : 21/8/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – PPE Opening balances and disposals
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Completing working paper after sighted PPE that being selected as sample. Identifying and rectifying these PPE can reduce the risk of material misstatements in the financial statements, which is crucial for maintaining the integrity of financial reporting.
Day 102 | 22 August 2023
Date : 22/8/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Internal Training – Dealing With Change: How To Adapt To Shifting Environments
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
The training about essential skills and strategies to adapt effectively to changing circumstances. This is crucial in today’s dynamic business environment where change is constant. This can include techniques for staying open-minded, learning new skills, and adjusting mind-set to view change as an opportunity for growth.
Day 103 | 23 August 2023
Date : 23/8/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
RB Webinar 2023 – Top 10 Audit Issues
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
The webinar cover the most pressing audit issues of the year, offering up-to-date insights into challenges and developments in the field. Staying informed about these issues can help in decisions and recommendations. Moreover, by addressing the top audit issues effectively, it contribute to higher audit quality. This can lead to more reliable financial reporting and increased confidence from clients and stakeholders. Audit issues that being covered are Risk Assessment, Auditing for Fraud, Quality Management, Group Audits and Auditing in a Recession.
Day 104 | 24 August 2023
Date : 24/8/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Casting Audited Financial Statements
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Casting audited financial statements is a meticulous process that involves verifying the mathematical accuracy of financial documents that have undergone a formal audit. These financial statements typically include the balance sheet, income statement, and cash flow statement. The goal is to ensure that all the numbers and calculations within these statements add up correctly.
Day 105 | 25 August 2023
Date : 25/8/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Revised Previous Audit Work (Correction, Amendment of Audit Work Papers – PPE Opening balances and disposals)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Revising previous audit work, specifically focusing on the correction and amendment of AWP related to Property, Plant, and Equipment (PPE) opening balances and disposals. It involves reviewing and rectifying any errors, omissions, or inaccuracies in the documentation and procedures used during previous audits concerning a company’s PPE.
Day 106 | 28 August 2023
Date : 28/8/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Internal Training – Purchases, Payables and Payment Cycle
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Internal training on the Purchases, Payables, and Payment Cycle is a structured educational session or program within an organization. This training focuses on enhancing the knowledge and skills related to the processes involved in purchasing goods or services, managing accounts payable, and facilitating payment transactions.
Participating in this training provides me with a comprehensive understanding of the entire purchasing and payment process within the firm. I learn ways to streamline processes, reduce errors, and increase efficiency in the purchases, payables, and payment cycle.
Day 107 | 29 August 2023
Date : 29/8/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Filing and Storage
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Systematic and organized process of managing documents, records, or physical items in a way that ensures easy retrieval, security, and preservation. It involves categorizing, labeling, and storing items in a structured manner to maintain order and facilitate efficient access when needed.
Day 108 | 30 August 2023
Date : 30/8/2023
Day : Wednesday
Location : –
Time : –
UNPAID LEAVE
Day 109 | 31 August 2023
Date : 31/8/2023
Day : Thursday
Location : –
Time : –
