Faris Azanan

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WEEK 1

WEEK 1

Monday

3 April 2023
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Tuesday

4 April 2023
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Wednesday

5 April 2023
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Thursday

6 April 2023
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Friday

7 April 2023
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WEEK 2

WEEK 2

Monday

10 April 2023
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Tuesday

11 April 2023
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Wednesday

12 April 2023
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Thursday

13 April 2023
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Friday

14 April 2023
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WEEK 3

WEEK 3

Monday

17 April 2023
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Tuesday

18 April 2023
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Wednesday

19 April 2023
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Thursday

20 April 2023
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Friday

21 April 2023
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WEEK 4

WEEK 4

Monday

24 April 2023
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Tuesday

25 April 2023
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Wednesday

26 April 2023
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Thursday

27 April 2023
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Friday

28 April 2023
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MAY
Day 1 | 3/4/2023

Date : 3/4/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

TASKS OF THE DAY

  1. Briefing from Human Resources Department

This task involves attending a briefing session conducted by the Human Resources Department. The purpose of the briefing is related to policies, procedures, benefits, or any other HR-related matter. Throughout the day, I was introduced to several team members and given a tour of the office. I also received some tasks to complete regarding the training on the audit dialogue, software programs, and tools that the company uses for its auditing work.

  1. Training – Audit Dialogue 2019, 2020

Audit Dialogue refers to the process of communicating and collaborating between the auditor and the auditee, which is important for ensuring that the audit is effective.

  1. Casting of Client’s Audited Financial Statement

This task involves the review and verification of financial statements that have been audited. The casting process involves checking the accuracy of the numbers and ensuring that correctly added and subtracted.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Attending HR briefings can provide valuable insights into the policies and procedures of the organization. It can help me understand the company culture, expectations, and opportunities available. This information could be useful for my future interactions with all the staffs.

The Audit Dialogue training can help me understand the audit process and its significance. I can learn about the key audit findings, recommendations, and best practices.

The casting process can help me improve my attention to detail and accuracy. It can also help me understand the significance of financial statements and role in decision-making.

Day 2 | 4/4/2023

Date : 4/4/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Training – Audit Dialogue 2021, 2022
  2. Training – Audit Software (CaseWare)

This task involves attending a training session on the use of audit software, specifically CaseWare. Audit software is used to automate various aspects of the audit process, such as risk assessment, data analysis, and report generation.

  1. Casting of Client’s Audited Financial Statement
  2. Filing and Storage (Pocket Docket, Audit Engagement Letter)

This task involves organizing and storing important documents. The Pocket Docket contains important information about the audit, such as the audit objectives, scope, and timeline, while the Audit Engagement Letter outlines the terms of the engagement between the auditor and the client.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Watching the previous video of audit dialogue training sessions can help me stay up-to-date on the latest industry trends and best practices. By learning about Audit Dialogue, I can understand the importance of effective communication and collaboration in the audit process.

By learning how to use CaseWare, I can save time and reduce the risk of errors in the audit process. Additionally, by becoming proficient in audit software, I can enhance my value to the organization and position myself for career growth.

The casting process helps me gain insight into the financial health of the organization and can help me understand its overall performance. Plus, I realize that an audited report should be free from any errors such as spelling errors because it portrays the quality of the audited report that has been produced.

Filing and storing important documents can help me stay organized and save time when other staff needs to retrieve them later. Additionally, by understanding the contents of the Pocket Docket and Audit Engagement Letter, I can gain a better understanding of the scope and objectives of the audit process.

Day 3 | 5/4/2023

Date : 5/4/2023
Day : Wednesday
Location : Car Services Company, Petaling Jaya, Selangor
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Stock Take / Stock Count

Physically counting and verifying the inventory of goods or products held by a business. It is usually done periodically, such as at the end of a financial year or during a busy season. The purpose of a stock take is to ensure that the inventory records of the business are accurate and that there is no loss or theft of inventory.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Stock takes can be time-consuming and physically demanding. It can also be challenging to manage the process of counting and verifying inventory while minimizing disruption to the day-to-day operations of the business. Additionally, it is essential to ensure the accuracy of the count, which can be difficult in cases where inventory is damaged, misplaced, or undocumented.

Day 4 | 6/4/2023

Date : 6/4/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Read, Recheck, and Scanned Audit Statutory related documents (DCR, AR)

This task involves reading and scanning statutory documents related to the audit, such as the Directors’ Report (DCR) and Annual Report (AR), and emails to senior staff for further action.

  1. Training – Audit Software (CaseWare)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Throughout the process of scanning the documents, I can relate all of those documents with the Secretarial Companies Practice knowledge, course that I had taken in Semester 6. It is one the preparations for myself if I get an audit statutory task in the future. I get to use what documents I need to focus on when attending the client’s company secretary’s office.

Learning how to use new software can be challenging, Additionally, there may be compatibility issues with existing software and hardware, which can cause delays or other technical problems.

Day 5 | 7/4/2023

Date : 7/4/2023
Day : Friday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Training – Audit Process

It is training for the preparation of audit work in the client’s office on Monday, 10/4/2023. The sheets that need to be learned are:

  1. Worksheet Substantive Sampling (Other Operating Expenses, Revenue, and Cost of Sales)
  2. Sample Selection (Other Operating Expenses, Revenue, and Cost of Sales)
  3. Audit Working Paper (Other Operating Expenses, Revenue and Cost of Sales)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Learning how to use audit software can be challenging because I’m not familiar with the software. There may also be challenges as this requires a deep understanding of accounting principles and auditing standards to understand all the terms that have been used in the provided sheets.

Day 6 | 10/4/2023

Date : 10/4/2023
Day : Monday
Location : Car Services Company, Shah Alam, Selangor
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Vouching (Purchases)

Vouching is an auditing process that involves reviewing supporting documents, such as invoices, job sheets, payment sheets and bank statements to verify the accuracy and validity of transactions recorded in a company’s financial statements.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Depending on the complexity of the company’s purchasing process, it was a difficult moment for me especially on obtaining all the necessary documentation for a complete and accurate review because documents for some transaction was not kept in the same file.

Day 7 | 11/4/2023

Date : 11/4/2023
Day : Tuesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Control Design – Business Process of Payroll

Control design refers to the process of creating and implementing internal controls within a company’s business processes to mitigate risks and ensure the accuracy and reliability of specific business processes such as Payroll.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

It can help to ensure the accuracy and completeness of business processes, protect against fraud and other risks. In this specific case, the task is focused on existing design controls for the payroll process, which involves the payment of employee wages and salaries, recruitment, and termination of employment.

Day 8 | 12/4/2023

Date : 12/4/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Briefing Session on the International Standard on Quality Management (ISQM) 1

A session to discuss and understand the principles of ISQM 1, which is a standard for quality management in auditing.

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Understanding the principles of ISQM 1 is crucial for maintaining the quality of audit work and ensuring that it meets the requirements of international auditing standards. Learning about ISQM 1 can also help in identifying areas of improvement in the audit process and implementing best practices to achieve better outcomes.

The concept of ISQM 1 can be complex and difficult to understand for those who are new like me to auditing or not familiar with the international auditing standards.

Day 9 | 13/4/2023

Date : 13/4/2023
Day : Thursday
Location : Car Services Company, Shah Alam, Selangor
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Cut off Test (Sales)

This test is performed to ensure that all sales transactions are recorded in the correct accounting period and to detect any sales that may have been recorded twice or omitted altogether.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

By ensuring that all sales transactions are recorded in the correct period, it can help prevent errors and misstatements in financial statements. It is also essential to maintain an adequate audit trail to support the auditor’s findings and conclusions.

Day 10 | 14/4/2023

Date                 : 14/4/2023
Day                  : Friday
Location            : Car Services Company, Shah Alam, Selangor
Time                 : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Revenue Transaction Test (Job Sheet)

A test to verify the accuracy and completeness of revenue transactions based on the job sheet, which is a document that details the work done for a particular client.

 

  1. Audit Working Paper – Revenue Transaction Test (Payment Method and Bank Clearance)

A test to verify the accuracy and completeness of revenue transactions based on the payment method and amount in the bank statement.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

This task helps to ensure that revenue is accurately recorded and allocated to the correct job or project. It also helps to identify any errors or irregularities in the revenue recognition process.

The task may be challenging if there are multiple payment methods and bank clearance processes to review. Additionally, there may be challenges in identifying errors or irregularities in the payment and banking processes.

Day 11 | 17/4/2023

Date : 17/4/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Call Over / Proof Read of Technology Start-up Company

The process of reviewing written material to identify and correct errors in grammar, spelling, punctuation, and formatting of Audited Financial Statements

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Proofreading requires attention to detail and the ability to identify errors in grammar, spelling, punctuation, and formatting. Proofreading requires attention to detail and the ability to identify errors. It’s essential to understand the target audience, message, and goals of the documents to effectively proofread them.

Day 12 | 18/4/2023

Date : 18/4/2023
Day : Tuesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Worksheet Substantive Sampling (Other Operating Expenses) (Subsidiary Company No. 1)

Decision numbers of selecting sample of transactions to test for accuracy, completeness, and validity according to the required level of assurance, inherent risk and control risk.

  1. Sample Selection Sheet (Other Operating Expenses) (Subsidiary Company No. 1)

The sample selection sheet is used to document the sample selection process, including the criteria used to select the sample.

  1. Audit Working Paper (Other Operating Expenses) (Subsidiary Company No. 1)

Document used to record audit procedures, findings, and conclusions related to a specific account or financial statement assertion, such as Other Operating Expenses.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

To effectively complete these tasks, I must have a strong understanding of audit methodology, accounting principles, and financial statement analysis. It’s also essential to have strong organizational and documentation skills to keep track of the audit procedures, findings, and conclusions.

Day 13 | 19/4/2023

Date : 19/4/2023
Day : Wednesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Worksheet Substantive Sampling (Other Operating Expenses) (Subsidiary Company No. 2)
  2. Sample Selection Sheet (Other Operating Expenses) (Subsidiary Company No. 2)
  3. Audit Working Paper (Other Operating Expenses) (Subsidiary Company No. 1)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Performing audits can provide valuable insights into a company’s financial performance, internal controls, and overall business operations. It can also improve one’s analytical and problem-solving skills, as well as provide opportunities for career advancement.

Day 14 | 20/4/2023

Date : 20/4/2023
Day : Thursday
Location : Management and Secretarial Services Company, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Statutory (Minutes, Statutory Forms, Confirmation Documents)

This task involves conducting an audit of a company’s compliance with statutory requirements, such as maintaining accurate records of meetings (Minutes), filing of statutory forms with the relevant authorities, and obtaining confirmation documents from third parties.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Conducting statutory audits can provide valuable insights into a company’s compliance with legal requirements, internal controls, and overall business operations.

Day 15 | 21/4/2023

Date : 21/4/2023
Day  : Friday
Location : –
Time : –

PUBLIC HOLIDAY
Eid al-Fitr Celebration

Day 16 | 24/4/2023

Date : 24/4/2023
Day  : Monday
Location : –
Time : –

PUBLIC HOLIDAY
Eid al-Fitr Celebration

Day 17 | 25/4/2023

Date : 25/4/2023
Day : Tuesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Worksheet Substantive Sampling (Other Operating Expenses) (Subsidiary Company No. 3)
  2. Sample Selection Sheet (Other Operating Expenses) (Subsidiary Company No. 3)
  3. Audit Working Paper (Other Operating Expenses) (Subsidiary Company No. 3)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

One of the primary challenges of auditing is ensuring that the audit is conducted impartially and objectively, without bias or conflicts of interest. It can also be challenging to obtain the necessary information and cooperation from the company being audited, particularly if clients are resistant to the audit process.

Day 18 | 26/4/2023

Date : 26/4/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Call Over / Proof Read of Malaysia-based Investment Holding Company

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

One of the primary challenges of proofreading and call over is the potential for oversight or errors due to fatigue or lack of focus. It can also be challenging to maintain consistency of information across multiple documents, particularly if the material is complex or technical. We need to cross-check almost 90 pages of Audited Financial Report and this process takes 7 hours to complete.

Day 19 | 27/4/2023

Date : 27/4/2023
Day : Thursday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Review of Journal Voucher (Subsidiary Company No. 1)

Document used to record financial transactions in a company’s accounting system, typically used for non-routine transactions or adjustments to account balances.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Challenge to identify potential errors or discrepancies, particularly if the transactions are complex or involve multiple accounts. Reviewing journal vouchers can provide valuable insights into a company’s financial transactions and accounting processes, as well as improve one’s understanding of financial reporting requirements and compliance.

Day 20 | 28/4/2023

Date : 28/4/2023
Day : Friday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Analysis of Expenses (Subsidiary Company No. 1)

This task involves reviewing a company’s expenses to identify patterns, trends, and opportunities for optimization cost, review all the creditor listing and amount of transaction. It involves examining a company’s financial records to identify how and where money is being spent.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Analyzing expenses can provide valuable insights into a company’s spending habits, areas of opportunity for cost savings, and overall financial health. It can also improve one’s understanding of financial reporting requirements and compliance, as well as enhance analytical and problem-solving skills.

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