Date : 1/9/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Rewatch RB Webinar 2023 – Top 10 Audit Issues Part 2
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Continuity from previous seminar. For second part audit issues that being covered are Engaging audit clients (Important Factors & Audit Reform), Auditing Subsequent Events, Professional Judgement, Auditor Independence and Recent Disciplinary Cases.
Day 111 | 4 September 2023
Date : 4/9/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Filing and Storage in Filing Room
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Key lessons from the task of filing and storage in the filing room is the importance of organization and attention to detail in my work. Keeping documents and records well-organized. One of the reasons is different compartment have different companies. It is hard to find related documents for future reference if I wrongly file in wrong compartment.
Day 112 | 5 September 2023
Date : 5/9/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Cross Reference Current Audit File (CAF) for Multimedia Creative Content Company
Cross Reference Current Audit File (CAF) for Water and Wastewater Provider Company
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Cross-referencing a current audit file involves verifying the accuracy and consistency of financial data, which can be a complex and critical task for large scale company. The benefits of cross-referencing current audit files extend beyond the immediate audit. These lessons can be valuable for the future such as developing a keen eye for detail and an understanding of financial data and ability to identify and manage risks.
Day 113 | 6 September 2023
Date : 6/9/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Revision Previous Purchases Audit Working Paper
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Revising a previous audit working paper involves reviewing the past work audit working. After completing the Training Day 1: Purchases, Payables and Payment Cycle, Benefits from this task is emphasizes the importance of continuous improvement. It’s an opportunity for me to trace any mistakes or errors, enhance clarity, and make improvements for future engagements.
Day 114 | 7 September 2023
Date : 7/9/2023
Day : Thursday
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
Being organized can lead to increased efficiency, saving time on locating documents and reducing stress associated with disorganization. Moreover, properly filed documents are less likely to be lost or misplaced, reducing the risk of errors and oversight in critical tasks.
Day 115 | 8 September 2023
Date : 8/9/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Make Summary on Framework, Standards and Laws
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Creating a summary of frameworks, standards, and laws is a task that involves collecting all resources that related to the Audit field such as ISA, MFRS, MPERS, IFRS and Companies Act 2016. Some key lessons that I can learn are enhance my knowledge base. Summarizing these documents enhances my knowledge and understanding of regulations and best practices, which is valuable in audit professions.
Day 116 | 11 September 2023
Date : 11/9/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Read Slide Presentation on Revenue, Receivable and Receipt Cycle
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Reading a slide presentation that likely covers the processes related to revenue generation, accounts receivable, and cash receipts within a business or organization. By engaging in this task, I can gain a rough understanding of the revenue, receivable, and receipt cycle, which is essential for financial management and auditing before attending next training session.
Day 117 | 12 September 2023
Date : 12/9/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Internal Training Day 2 – Revenue, Receivable and Receipt Cycle
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Attending an internal training session focused on the revenue, receivable, and receipt cycle, possibly expanding on the topics covered in the slide presentation. Internal training allows me to interact with partner, colleagues, ask questions, and potentially gain practical insights into the application of concepts discussed.
Day 118 | 13 September 2023
Date : 13/9/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Revision Previous Revenues Audit Working Paper
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Revising a previous audit working paper involves reviewing the past work audit working. After completing the Internal Training Day 2: Revenue, Receivable and Receipt Cycle, benefits from this task is emphasizes the importance of continuous improvement. It’s an opportunity for me to trace any mistakes or errors, enhance clarity, and make improvements for future engagements.
Day 119 | 14 September 2023
Date : 14/9/2023
Day : Thursday
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
Organizing and securely storing current audit files, which may include various documents related to audits conducted within the organization. Benefit from this task is developing strong organizational and data management skills is valuable in various professions and can contribute to efficiency and accuracy.
Day 120 | 15 September 2023
Date : 15/9/2023
Day : Friday
Location : Petaling Jaya, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Statutory Audit – Minutes
Statutory Audit – Statutory Forms
Program – Statutory Records
Worksheet – Audit of Statutory Records
Audit Working Paper – Review of company profile
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Engaging in tasks related to statutory audit, such as reviewing minutes, statutory forms, and records, provided me with a deep understanding of the specific requirements imposed by regulatory bodies. This knowledge will be beneficial in future statutory audits, enabling me to ensure compliance, assess the effectiveness of internal controls, and provide valuable recommendations to the organization.
Day 121 | 18 September 2023
Date : 18/9/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Select Sample for Other Operating Expenses
Select Sample for Revenues
Select Sample for Cost of Sales/Purchases
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Ensuring that the selected sample is a true representation of the company’s other operating expenses, revenues and purchases requires accurate and reliable data. Inaccurate data can lead to misleading conclusions.
Day 122 | 19 September 2023
Date : 19/9/2023
Day : Tuesday
Location : –
Time : –
UNPAID LEAVE
Day 123 | 20 September 2023
Date : 20/9/2023
Day : Wednesday
Location : Balakong, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Worksheet – Substantive sampling for Other Operating Expenses
Audit Working Paper – Other Operating Expenses Transaction Test
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Performing the Other Operating Expenses Transaction Test has taught me the importance of thorough documentation in the auditing process. It will also enhance my ability to apply audit procedures, gather evidence, and draw meaningful conclusions about the financial transactions of the company’s client.
Day 124 | 21 September 2023
Date : 21/9/2023
Day : Thursday
Location : Balakong, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Analysis of Expenses
Reasonableness Test for Rental Factory
Reasonableness Test for Rental Equipment
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Lesson learned from this task are the importance of conducting due diligence when it comes to rental expenses. I learned how to assess whether the company’s rental align with existing agreements and ensure that amount and rental period is true.
Day 125 | 22 September 2023
Date : 22/9/2023
Day : Friday
Location : Balakong, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Walkthrough Test for Sales and Receivables
Walkthrough Test for Purchases and Payables
Worksheet – Substantive sampling (Revenue)
Worksheet – Substantive sampling (Purchases)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
The walkthrough test is a comprehensive examination of the processes and controls involved. It aims to understand and document the entire workflow, from quotation/purchase order to recognition of sales/purchases.
Day 126 | 25 September 2023
Date : 25/9/2023
Day : Monday
Location : Balakong, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Audit Working Paper – Revenue transaction test
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Through this task, I learned the whole of auditing revenue transactions. Gained experience in designing and executing audit procedures, as well as in evaluating the appropriateness of revenue recognition methods. Additionally, it enhance my understanding of how revenue flows through the organization’s processes.
Day 127 | 26 September 2023
Date : 26/9/2023
Day : Tuesday
Location : Balakong, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Audit Working Paper – Purchases transaction test
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Through this task, I learned a comprehensive understanding of auditing purchase transactions. Gained experience on how to design and execute audit procedures to assess the validity and reliability of purchase records. Additionally, it will enhance my knowledge of purchases processes operate within the organization.
Day 128 | 27 September 2023
Date : 27/9/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY (FROZEN FOOD MANUFACTURING COMPANY)
Audit Working Paper – Cut off test (Sales)
Audit Working Paper – Cut-off test (Purchases)
Other operating expenses – Audit procedures
Revenues – Audit procedures
Cost of sales – Audit procedures
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
This task teach me the importance of verifying the timing of revenue and purchase recognition. I learned on how to test the accuracy of sales cut-off procedures, which is essential for preventing revenue and purchase manipulation or errors.
Day 129 | 28 September 2023
Date : 28/9/2023
Day : Thursday
Location : –
Time : –
PUBLIC HOLIDAY
Day 130 | 29 September 2023
Date : 29/9/2023
Day : Friday
Location : Balakong, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY (LAW FIRM)
Select Sample from Client Listing
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Selecting a sample and comparing the corresponding amounts with the bank statement involves randomly choosing a subset of clients from a law firm’s client list and verifying the accuracy of the amounts reported in client’s accounts.
