Faris Azanan

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MAY

WEEK 5

WEEK 5

Monday

1 May 2023
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Tuesday

2 May 2023
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Wednesday

3 May 2023
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Thursday

4 May 2023
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Friday

5 May 2023
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WEEK 6

WEEK 6

Monday

8 May 2023
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Tuesday

9 May 2023
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Wednesday

10 May 2023
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Thursday

11 May 2023
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Friday

12 May 2023
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WEEK 7

WEEK 7

Monday

15 May 2023
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Tuesday

16 May 2023
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Wednesday

17 May 2023
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Thursday

18 May 2023
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Friday

19 May 2023
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WEEK 8

WEEK 8

Monday

22 May 2023
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Tuesday

23 May 2023
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Wednesday

24 May 2023
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Thursday

25 May 2023
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Friday

26 May 2023
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WEEK 9

WEEK 9

Monday

29 May 2023
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Tuesday

30 May 2023
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Wednesday

31 May 2023
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APRIL
JUNE
Day 21 | 1 May 2023

Date : 1/5/2023
Day : Monday
Location : –
Time : –

PUBLIC HOLIDAY
Labour Day

Day 22 | 2 May 2023

Date : 2/5/2023
Day : Tuesday
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)
  2. Import Trial Balance into Software (Parent Company)
  3. Cross Checking between Trial Balance and General Ledger (Parent Company)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

By reviewing the journal voucher of a subsidiary company, I can gain an understanding of the transactions that have taken place between the parent and the subsidiary. The task of reviewing journal vouchers can be challenging as it requires a good understanding of accounting principles and the ability to analyze and interpret financial data.

The main challenge with importing data into software is ensuring that the data is accurate and consistent. Any errors or inconsistencies in the trial balance data can lead to incorrect results in the software, which can impact the audit process. This process has been mistakenly done by me. However, I have solved this issue by reimporting the current amount for every account in the trial balances.

It is important to ensure that all financial transactions have been properly recorded and accounted for in both the subsidiary and parent company’s financial statements.

Day 23 | 3 May 2023

Date : 3/5/2023
Day : Wednesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Analysis of Expenses of Parent Company
  2. Worksheet Substantive Sampling (Other income) (Subsidiary Company No. 2)
  3. Sample Sheet (Other income) (Subsidiary Company No. 2)
  4. Audit Working Paper (Other income) (Subsidiary Company No. 2)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Analysis tasks help to develop skills in financial analysis, understanding accounting principles and standards, and attention to detail. It also helps to improve analytical skills and judgment.

One of the challenges in selecting an appropriate sample size and ensuring the sample is representative of the population and senior staff has helped me a lot to solve these issues. Other income is not the main revenue of the company, I have difficulty finding the supporting document because most of the transaction that needs to be vouched may be in a different file (supporting document not in the same as transaction of revenue).

Day 24 | 4 May 2023

Date : 4/5/2023
Day : Thursday
Location : –
Time : –

PUBLIC HOLIDAY
Wesak Day

Day 25 | 5 May 2023

Date : 5/5/2023
Day : Friday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Revenue (Subsidiary Company No. 2)

The purpose of this document is to provide a complete and accurate record of the audit procedures performed, the results of those procedures, and the conclusions reached regarding the accuracy and completeness of the revenue reported in the financial statements.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

The audit working paper for revenue is an essential document for the audit process which helps the audit team to plan and perform the audit procedures efficiently and effectively. The challenge in preparing the audit working paper for revenue is to ensure that all the audit procedures are properly documented and supported by the evidence obtained during the audit.

Day 26 | 8 May 2023

Date : 8/5/2023
Day : Monday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 9.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Revenue (Subsidiary Company No. 2)

An audit working paper is a document used to record observations, findings, and conclusions during an audit. In the case of the revenue audit working paper, it will focus on the revenue of the organization being audited.

  1. Alternative Procedure – Trade Receivables (Subsidiary Company No. 2)

It is alternative procedure necessary to confirm the balances directly with debtors listing. In construction company perspective, we need to take a look on progress claim, retention sum, name of project, certificate claim number and period ending date. We also need to make sure that the invoice is tied with progress claim.

Day 27 | 9 May 2023

Date : 9/5/2023
Day : Tuesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 8.30pm

 

TASKS OF THE DAY

  1. Alternative Procedure – Trade Receivables (Subsidiary Company No. 2)
  2. Audit Working Paper – Purchase Transaction Test (Subsidiary Company No. 2)

An audit working paper is a document to record observations, findings, and conclusions during an audit. In the case of a purchase transaction test, the audit working paper will focus on testing the completeness and accuracy of purchases made by the organization.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

The challenge is ensuring that clients are effective and reliable in providing sufficient audit evidence. This may require additional effort and resources. Additionally, I also learnt that all of these procedures comply with auditing standards if that we documented appropriately.

Day 28 | 10 May 2023

Date : 10/5/2023
Day : Wednesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 7.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Trade Payables Circularisation Sheet (Subsidiary Company No. 2)

An audit working paper is a document used to record observations, findings, and conclusions during an audit. In the case of a trade payables circularisation sheet, the working paper will focus on confirming the balances of trade payables with the organization’s suppliers through supplier statement.

  1. Alternative Procedure – Trade Payables (Subsidiary Company No. 2)
  2. Analysis of Expenses (Subsidiary Company No. 3)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

There may be challenges in obtaining responses from suppliers in a timely and accurate manner. I need to ensure that I have appropriate knowledge and understanding of the organization’s trade payable processes and controls to design effective audit procedures.

For analysis of expenses, by understanding expense categories, I can design more effective audit procedures and identify areas where expenses may be misstated or overstated.

Day 29 | 11 May 2023

Date : 11/5/2023
Day : Thursday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 8.00pm

 

TASKS OF THE DAY

  1. Mapping and Grouping Chart of Accounts (Subsidiary Company No. 3)

Mapping and grouping chart of accounts is the process of categorizing and grouping financial transactions according to client’s nature and purpose in the organization’s chart of accounts.

  1. Audit Working Paper – Bank Balances Circularisation Test (Subsidiary Company No. 3)

An audit working paper is a document to record observations, findings, and conclusions during an audit. In the case of a bank balances circularisation test, the working paper will focus on confirming the balances of the organization’s bank accounts with the bank.

  1. NTFS – Property, Plant and Equipment (Subsidiary Company No. 3)

Summary that shows all the information regarding the PPE in the company. Together with the fixed assets listing that has been given, I need to check starting from balance at beginning, addition, reclassification, disposals and depreciation.

  1. Worksheet Substantive Sampling – PPE Opening Balance and Disposals (Subsidiary
    Company No. 3)

This task involves the decision of selecting number sample of transactions related to PPE opening balances and disposals and testing accuracy and completeness.

  1. Sample Selection Sheet – PPE Opening Balance and Disposals (Subsidiary Company No. 3)

This task involves documenting the sample selection process for the PPE opening balance and disposals testing.

  1. Audit Working Paper – PPE Opening Balance and Disposals (Subsidiary Company No. 3)

This task involves documenting the results of the substantive testing performed on PPE opening balances and disposals.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

By understanding and applying all the knowledge that has been taught by seniors, I can enhance the efficiency and effectiveness of the audit and identify if there any potential errors and fraud. I also need to make sure that I’m always in focus to do any task even in a longer period (overtime period) as long all the works can be done within the time.

Day 30 | 12 May 2023

Date : 12/5/2023
Day : Friday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 7.30pm

 

TASKS OF THE DAY

  1. Worksheet – Substantive Sampling – PPE Additions (Subsidiary Company No. 3)
  2. Sample Selection Sheet – PPE Additions (Subsidiary Company No. 3)
  3. Audit Working Paper – PPE Additions (Subsidiary Company No. 3)
  4. Cross Check between Letter of Award and Approved Budget (Subsidiary Company No. 2)

This task involves verifying that the amounts recorded of revenue and cost in the project files are consistent between the letter of award and the approved budget. The purpose of this task is make sure every ongoing projects are free from material misstatements and provide a true and fair view of the financial position and performance of the company.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Completing these tasks effectively can help me build a strong foundation in auditing and accounting, enhance my analytical and critical thinking skills, and improve my ability to work under pressure and meet deadlines.

Challenge arose when I needed to deal with projects that have multiple sub constructions under the same projects. It is very difficult to justify all the cost that has been stated because the term could be different even though it is just the same process.

Day 31 | 15 May 2023

Date : 15/5/2023
Day : Monday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Revenue Transaction Test (Clearance Date) (Subsidiary Comp No. 1)
  2. Trade Payables Alternative Procedures (Subsidiary Comp No. 1)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

I gain a deeper understanding of the revenue recognition process and trade payables identification within the organization. It helps me to detect any potential errors, irregularities, or non-compliance with accounting standards. Through this task, I develop skills in analyzing financial data and assessing the reliability of figures and creditors.

Day 32 | 16 May 2023

Date : 16/5/2023
Day : Tuesday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Trade Payables Alternative Procedures (Subsidiary Comp No. 2)
  2. Research on Car Market Price for Hire Purchase Price Comparison (Subsidiary Comp No. 1)

Conducting research on car market prices for hire purchase price comparison involves gathering information and analyzing the current market rates for purchasing cars through hire purchase agreements. This process helps in understanding the pricing dynamics, financing options, and comparative costs of different car models and dealerships.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Some of the challenges associated with trade payables alternative procedures include understanding the complexities of different payment methods, assessing suitability for company’s specific needs, and implementing any necessary changes to existing processes.

Engaging in research for hire purchase price comparison can enhance my knowledge of the car market, financing options, and competitive pricing. It teaches me on how to evaluate various factors such as interest rates, loan terms, down payments, and total costs over the loan tenure. This knowledge can assist me in making informed decisions when purchasing a car through hire purchase.

Day 33 | 17 May 2023

Date : 17/5/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Filing and Storage of Current Audit Files (CAF)

Filing and storage of current audit files (CAF) refers to the process of organizing, categorizing, and securely storing the documentation and records related to an ongoing audit engagement. It involves creating a systematic filing system and ensuring that all relevant documents are properly organized and easily accessible.

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Engaging in the filing and storage of current audit files teaches me the importance of maintaining an organized and efficient documentation system. It emphasizes the need for attention to detail, accuracy, and consistency in recording and filing audit-related information. This task also highlights the significance of maintaining confidentiality and data security when handling sensitive audit documents.

Day 34 | 18 May 2023

Date : 18/5/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Revised Previous Audit Work (Correction, Amendment)

The task of revising previous audit work involves reviewing and correcting any errors, omissions, or deficiencies identified in the initial audit work performed. It entails making necessary corrections, amendments, or adjustments to the audit documentation and reports to ensure accuracy and completeness.

 

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 35 | 19 May 2023

Date : 19/5/2023
Day : Friday
Location : Work from Home
Time : 8.30am to 5.30pm

TASKS OF THE DAY

  1. Audit Dialogue 2/2023
    a. MICPA – Common Observation 2020 – 2022 for Financial Statements
    b. Revisit Revamped Audit Procedures
         i. Understanding of Financial Statements closing process
         ii. Revamped Audit Procedures on Review of Journal Voucher
         iii. Revamped Inventory Audit Procedures
    c. Payroll Transaction Test

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Understanding the common observations identified by MICPA provides insights into industry-wide issues and challenges in financial statement preparation. It offers an opportunity to learn from the mistakes or shortcomings of others and to apply best practices in financial reporting. This task emphasizes the importance of attention to detail, adherence to accounting standards, and ensuring the accuracy and completeness of financial statements.

Day 36 | 22 May 2023

Date : 22/5/2023
Day : Monday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Filing and Storage, Current Audit Files (CAF)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Well-organized audit files can save time and effort when retrieving information during future audits or when responding to client inquiries. This can enhance productivity and reputation of audit as a whole.

Day 37 | 23 May 2023

Date : 23/5/2023
Day : Tuesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Cross Reference and Casting between Audited Financial Statement and CaseWare

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Audited financial statements and CaseWare can contain a vast amount of data, making the cross-referencing process intricate and time-consuming. Dealing with large data sets requires patience and an organized approach to ensure accurate comparisons.

Day 38 | 24 May 2023

Date : 24/5/2023
Day : Wednesday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Cross Reference and Casting between Audited Financial Statement and CaseWare

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

The meticulous nature of cross referencing and casting demands a high level of attention to detail. Maintaining focus and avoiding errors during the review process is crucial to identify and rectify discrepancies accurately.

Day 39 | 25 May 2023

Date : 25/5/2023
Day : Thursday
Location : Russell Bedford Office, Mercu 3, KL Eco City
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Statutory Audit – Minutes and Statutory Forms
  2. Program – Statutory Records
  3. Worksheet – Audit of Statutory Records

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Engaging in the statutory audit of minutes and statutory forms develops my understanding of corporate governance and legal compliance. I learned to analyze and assess the accuracy and completeness of meeting minutes and the proper completion of statutory forms. This task also enhances my attention to detail and ability to interpret legal requirements.

Day 40 | 26 May 2023

Date : 26/5/2023
Day : Friday
Location : Construction Company, Taman Desa, Kuala Lumpur
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Inventories (Subsidiary Company No. 3)

Audit working papers on inventories involve documenting the audit procedures, findings, and conclusions related to the examination of a company’s inventory. It includes analyzing inventory records and testing the accuracy of inventory balances.

 

  1. Audit Working Paper – Revenue Transaction Test (Subsidiary Company No. 3)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Engaging in inventory and 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 41 | 29 May 2023

Date : 29/5/2023
Day : Monday
Location : Manufacturing and Assembly Company, Shah Alam, Selangor
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Amount Checking between Trial Balance and General Ledger
  2. Worksheet – Substantive sampling (Purchases)
  3. Sample Selection – Purchase
  4. Audit Working Paper – Purchases Transaction Test (Invoice)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Complexity of invoice verification. Invoice verification procedures can vary in complexity, particularly in situations with diverse purchase transactions or approval workflows. Understanding and assessing the effectiveness of these procedures may require coordination with client personnel and a detailed understanding of the company’s purchase processes.

Day 42 | 30 May 2023

Date : 30/5/2023
Day : Tuesday
Location : Manufacturing and Assembly Company, Shah Alam, Selangor
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Purchases Transaction Test (Purchase Order and Delivery Order)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

In complex supply chains or multi-location operations, tracking the flow of purchase orders and delivery orders can be challenging. Multiple intermediaries, varying shipping methods, or decentralized procurement processes can hinder the tracing of transactions effectively.

Day 43 | 31 May 2023

Date : 31/5/2023
Day : Wednesday
Location : Manufacturing and Assembly Company, Shah Alam, Selangor
Time : 8.30am to 5.30pm

 

TASKS OF THE DAY

  1. Audit Working Paper – Purchases Transaction Test (Payment Voucher and Bank Clearance)

 

LESSONS LEARNED / BENEFITS FOR FUTURE / CHALLENGES

Foreign currency transactions may involve complex scenarios such as multi-currency invoices, hedging arrangements, or cross-border payments. Understanding the implications of these transactions and their impact on the purchases testing procedures can be challenging.

When converting foreign currency amounts to the reporting currency, ensuring the accuracy of conversion rates and calculations is essential. Mistakes or inaccuracies in currency conversion can lead to misstated purchase amounts and financial reporting errors.

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