Date : 3/7/2023 Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Analysis of expenses (Malaysian bakery chain company)
Stock Take – Memorandum of Observation
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Participating in stock take activities and preparing a memorandum of observation enhances knowledge of stock take procedures and the importance of accurate inventory records. This knowledge can be applied in future audit engagements or inventory management roles, ensuring compliance with control procedures and accurate valuation of inventory.
Day 67 | 4 July 2023
Date : 4/7/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Other operating expenses – Audit procedures (Malaysian bakery chain company)
Cost of sales – Audit procedures (Malaysian bakery chain company)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Engaging in audit procedures for other operating expenses, cost of sales and revenue of a Malaysian bakery chain company emphasizes the significance of thoroughly examining and verifying all the items under this account. This experience highlights the need for effective audit procedures to ensure the accuracy, completeness, and validity of other operating expenses, cost of sales and revenue.
Day 68 | 5 July 2023
Date : 5/7/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – Gross profit margin analysis (Malaysian bakery chain company)
Cross Reference Audited Financial Statement
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Conducting gross profit margin analysis develops proficiency in analyzing financial ratios, identifying trends, and interpreting the results to assess a company’s profitability. This skill is valuable in various professional roles, such as financial analysis or decision-making, where the ability to evaluate profitability and cost management is crucial.
Engaging in cross-referencing audited financial statements enhances knowledge of financial statement presentation and disclosure requirements. This skill is transferable to future audit engagements, enabling the verification of financial information and the identification of potential misstatements or inconsistencies.
Day 69 | 6 July 2023
Date : 6/7/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – Revenue analysis (Month) (Malaysian bakery chain company)
Filing and Storage, Current Audit Files (CAF)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Conducting revenue analysis on a monthly basis develops proficiency in analyzing revenue data, identifying trends, and interpreting the results to assess the company’s performance. This skill is valuable in various professional roles, such as financial analysis or strategic decision-making, where the ability to evaluate revenue patterns is crucial.
Day 70 | 7 July 2023
Date : 7/7/2023
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
Engaging in the task of revising previous audit work allows for the identification and rectification of any errors or omissions, leading to improved audit quality. This experience reinforces the importance of conducting comprehensive and rigorous audit procedures and encourages a proactive approach to enhancing future audit engagements.
Day 71 | 10 July 2023
Date : 10/7/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Reviewing project documents relies on obtaining accurate and complete documentation from the non-profit organization. Challenges may arise if the project documentation is not adequately maintained or if there are discrepancies between the documentation and recorded revenue transactions. Coordinating with the organization’s personnel and obtaining reliable project documentation becomes crucial to address these challenges.
Day 72 | 11 July 2023
Date : 11/7/2023
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
Filing and organizing audit files can be time-consuming, especially when dealing with a large volume of documentation. Balancing the workload effectively to allocate sufficient time of completing the task within one day.
Day 73 | 12 July 2023
Date : 12/7/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Statutory Audit – Minutes (Packaging and Labeling company)
Statutory Audit – Statutory Forms (Packaging and Labeling company)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Working on tasks related to statutory audit, such as reviewing minutes and statutory forms, develops proficiency in understanding and executing procedures specific to statutory requirements. This skill is transferable to future audit engagements involving compliance with legal and regulatory obligations, enabling a comprehensive evaluation of statutory compliance and identification of potential risks or non-compliance.
Day 74 | 13 July 2023
Date : 13/7/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Program – Statutory Records (Packaging and Labeling company)
Worksheet – Audit of Statutory Records (Packaging and Labeling company)
AWP – Review of company profile (Packaging and Labeling company)
Confirmation of forms and minutes (Unsigned copy) (Packaging and Labeling company)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Balancing multiple tasks, such as program, worksheet preparation, and reviewing company profiles, requires effective time management. Learn to prioritize tasks based on their urgency and importance. Develop strategies to manage my time efficiently, such as creating a schedule, setting deadlines, and breaking down larger tasks into smaller manageable parts.
Day 75 | 14 July 2023
Date : 14/7/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Sample selection sheet (Expenses) (Packaging and Labeling company)
Worksheet – Substantive sampling (Packaging and Labeling company)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Learning effective sampling techniques and understanding the nuances of sample selection will contribute to improved audit accuracy. By selecting representative samples and conducting thorough analysis, I can enhance the reliability of our audit findings. This can help identify potential errors, irregularities, or inefficiencies within the audited processes in the future.
Day 76 | 17 July 2023
Date : 17/7/2023
Day : Monday
Location : Packaging and Labeling company, Port Klang, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – Other operating expenses transaction test
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
By testing other operating expenses, I can contribute to the accuracy and validity of expense recognition, ensuring that expenses are properly recorded, supported by appropriate documentation. This enhances the reliability of financial statements. This working paper can be done within one day because the sampling that being tested below 10 transactions.
Day 77 | 18 July 2023
Date : 18/7/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 12.30pm and 6:30pm to 10:30pm
TASKS OF THE DAY
Filing and Storage, Current Audit Files (CAF)
Russell Bedford Malaysia’s 20th Anniversary Celebration!
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
In honour of Russell Bedford Malaysia’s remarkable journey of 20 years, signifying unwavering success and continuous growth, company commemorate this significant milestone on 18 July 2023 at the prestigious Four Seasons Hotel Kuala Lumpur. Under the captivating theme of “Diving into Success!”
Day 78 | 19 July 2023
Date : 19/7/2023
Day : Wednesday
Location : –
Time : –
PUBLIC HOLIDAY
Islamic New Year – Awal Muharram
Day 79 | 20 July 2023
Date : 20/7/2023
Day : Thursday
Location : Packaging and Labeling company, Port Klang, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – Revenue transaction test (Invoice, Delivery Order)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Engaging in revenue related audit procedures enhances my auditing skills, such as analytical review, substantive testing, and risk assessment. These skills are applicable across various audit engagements and can contribute to my overall professional growth.
Day 80 | 21 July 2023
Date : 21/7/2023
Day : Friday
Location : Packaging and Labeling company, Port Klang, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – Revenue transaction test (Official Receipt, Bank Clearance)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
Working on the audit working paper for revenue transaction tests, provided me with a deeper understanding of how revenue is verified and reconciled with bank records. This knowledge will be valuable in future audits when assessing the accuracy and completeness of revenue recognition and identifying potential discrepancies.
Day 81 | 24 July 2023
Date : 24/7/2023
Day : Monday
Location : Packaging and Labeling company, Port Klang, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Analysis of Expenses
Substantive analytical procedures – Reasonableness test (Rental)
Substantive analytical procedures – Reasonableness test (Processing Fees)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
The Reasonableness Test involves evaluating financial data for anomalies or inconsistencies by comparing it to expected values. These expected values can be determined by referring to the existing agreement provided by clients. It requires to exercise professional judgment in setting expectations and evaluating results.
Day 82 | 25 July 2023
Date : 25/7/2023
Day : Tuesday
Location : Packaging and Labeling company, Port Klang, Selangor
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Audit Working Paper – Review of Journal Voucher
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
The working paper typically includes a detailed analysis of selected journal vouchers. I need to compile all the supporting documentation for these vouchers, such as invoices, receipts, contracts, and approvals, to ensure that transactions have been appropriately authorized, recorded, and classified.
Day 83 | 26 July 2023
Date : 26/7/2023
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)
Cross Reference Audited Financial Statements
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
An organized filing process begins with a clear and logical structure. Consider creating sections or folders within the CAF for various audit areas. This structure helps auditors, management or admin quickly locate specific documents. It easier to track the progress of the audit and ensures that all necessary information is accounted for.
Day 84 | 27 July 2023
Date : 27/7/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm
Statutory Audit – Statutory Forms (Investment Holding Company)
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
In statutory audit, I must document my findings and ensure that all documents given are complete, accurate and up to date. This strengthens my documentation skills, which are essential for maintaining audit quality and can also be applied in various other audit tasks.
Day 85 | 28 July 2023
Date : 28/7/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm
TASKS OF THE DAY
Training – Audit Documentation and Practice Review
LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES
This training covers various aspects, including the types of audit documentation, the importance of documentation in audit quality, documentation standards and guidelines, and best practices for organizing and storing audit files. This training helps in understanding the importance of thorough documentation in risk management. It prepares them to handle disputes or legal actions effectively by providing a strong basis for defending completed work.
Day 86 | 31 July 2023
Date : 31/7/2023
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
CAF, auditors and partners have a central reference point for understanding the audit’s goals and steps. It includes details about the audit’s scope, objectives, and procedures. Plus, it also serves as a tool ensuring that all audit evidences remain physically for future use.
