April

Today is the first day of my 6 months internship at Yong Ng & Co Plt. I was taught how to record the expenses of a company or business. For my first day, I was given the task to do the audit for Sin San Mini Market. Firstly, I was taught on how to do single entry, where the company did not provide any ledgers. So, I need to do the single entry only based on the documents given by the clients. Before I started to key in the expenses, I need to know the date, types of documents, documents’ number and the code for each expenses. After that, I typed all the expenses in Excel by looking at the bills, invoices and statements that have been provided by the the clients without classifying it according to its types or code. This is the before sorting procedure. For today, there are a total of 204 expenses that I have recorded.

Main things that I have learned:

• Today I learned what are the steps needed to do audit. 

• I learned how to do single entry if the client did not provide ledgers.

• I learned and know all types of documents such as bills, invoices, cash sales bills, and statement.

Today I continued to record the expenses for Sin San Mini Market. I learned that to record the credit purchase, I need to refer to the statement of account or bank statements and invoices. There are 42 suppliers of Sin San Mini Market and I had to record all purchases for each supplier for 12 months. This was for year 2022. I was told that it is better to arrange the bank statements and invoices by putting the bank statements in front and invoices at the back. So, it will be easier for me to refer those documents when recording the credit purchase. It is important to look at previous year’s audit file as a reference so I will not make any mistakes.

Main things that I have learned:

• Today I learned on how to record credit purchases.

• I also learned that to get the balance brought forward amount for current year, I need to refer at the previous year’s audit file and take the ending amount.

Today I still keyed in expenses for Sin San Mini Market. I need to compare the bank statements and invoices whether the transactions are exist or not. I did this by comparing the document number and also the amount. After that, I used the description in the invoices and recorded it in the excel. I also learned that purchases will be put in credit side, any payment made by Sin San Mini Market will be recorded as payment of account in debit side, and if there is credit note, it means there are goods return so I need to record it in debit side.

Main things that I have learned:

• Today I learned that I need to make sure that the transactions in banks statements are correct by finding the invoices.

Today I was told to do callover for Denis Hon Bong Loong. Callover is checking the report typed by admin against the draft which is prepared by audit staffs. I will compare the report with the draft that have been provided to me to ensure that all information, spelling, and amounts are stated correctly and make sure that there is no typing errors. If there are mistakes in the report, I will bring it to the admin and ask them to correct it. After making sure that everything is correct, I will write my name and date at the back of the report. Lastly, I will give it back to the admin. 

Main things that I have learned:

• I learned something new today which is how to do callover, and this helped me to be a more detailed person.

For today, I continued to record the credit purchase for Sin San Mini Market. If the suppliers did not provide us with bank statements, I need to look at the invoices only. I just have to look at the description and amount from the invoices and then key in it in Excel. I also need to check payment made by Sin San Mini Market by looking at the payment receipts that were given by them to ensure that they have paid the expenses. We only work half day on Saturday, so there are not many things that can be done.

Main things that I have learned:

• Today I learned that if the suppliers did not provide us with bank statements, I need to look at the invoices only which means I do not have to compare with bank statements.

Today I still keyed in expenses which is credit purchase for Sin San Mini Market. I was told for credit purchase, when there is a transaction in the bank statement but the invoices are not provided by the client, I need to see the previous year’s audit file to see what kind of purchases that they made. So, I will use that and put in the description box. Next, I also did the callover for Persatuan Nelayan Kawasan Semporna. This callover took me 1 hour and a half to finish because it was a lot. I checked everything thoroughly to ensure that everything was correct and there are no mistakes. If I found mistakes, I will take it to the admin to make correction.

Main things that I have learned:

• Today I learned if invoices are not provided by the client but there is a transaction in the bank statement I need to see the previous year’s audit file to see what kind of purchases that they have made. I also learned that previous year's audit file is really important to refer while preparing the audit for client.

Today I keyed in all expenses for Sin San which are credit purchases made in QL Farms Sdn Bhd, Waris Maju Enterprise Sdn Bhd, Joo Loong Trading Company, Leejin East Malaysia and STF Agriculture Sdn Bhd. This took a lot of time because the credit purchase is a lot and I need to key in everything one by one. The next day, I keyed in all credit purchases made in JT International Trading Sdn Bhd, Rich Inspirations Sdn Bhd, Rich-In Plastic Technique Sdn Bhd, Fengyu Marketing Sdn Bhd, YKU Enterprise, and Lucky Foodstuffs Industrial Sdn Bhd. It consumed me a lot of time because I had to key in everything one by one, while ensuring that what I have typed is correct and free from mistakes. Honestly I was a bit slow because I was still getting used to the work there, but I still managed to key in all expenses for Sin San Mini Market.

Main things that I have learned:

• I learned that it is important to key in the expenses carefully to avoid any mistakes.

Today I still worked on Sin San Mini Market. For today, I was taught on how to key in working trial balance (WTB). I need to refer previous year’s audit file to look at the adjusted balance so that I can put that amount on current year closing balance. I was also being taught on how to key in EPF and Socso expenses. EPF and Socso expenses for employer will go to proprieters’ current account (PCA), while Socso for employees will go under Socso expenses. For EPF, Socso and EIS, we only take employer’s portion to key in at the expenses. I also did about nine callovers today because there are a lot of accounts that have been finished. Therefore, I need to double check those accounts to ensure that the typed documents are free from typing errors and tally with the draft.

Main things that I have learned:

• Today  learned how to key in working trial balance (WTB).

• I also learned how to key in EPF and Socso expenses.

Today I continued to work on Sin San Mini Market. Today I was told to rearrange all expenses that I have keyed in according to its type such as electricity and water (E&W), repair and maintenance (R&M), sundry expenses and proprietors’ current account (PCA). Firstly, I made a new column in Excel which is ‘After Sorting’ so I can rearrange it without messing up the ‘Before Sorting’ column. After that, I did a schedule for the expenses. This schedule is important to act as a summary of the expenses so we can see the amount of each type clearly. Next, I did the working trial balance (WTB) for Kedai Kopi Pasir Putih. I just put the adjusted balance for last year at the current year’s closing column. I did the same thing for income statement, balance sheet and statement of changes in proprietor’s equity.

Main things that I have learned:

• Today I learned how to create schedule for expenses which is to total up all amount of expenses according to its types and code.

Today I scanned all statements and if any payment made for December. However, I was told to just scan all of that instead of photocopy because it is much easier. I did this for all 42 suppliers. Next, I did stock record and checking for Stesen Minyak Ramli’s stuffs. This is because they just sent their documents today so I need to make sure that the items they sent are complete. After checked everything, I recorded the amount of files received in Excel so that I can print out the list and put in stock listing file. The stock listing file is important so we can know the stock in and stock out of client’s stuffs. This is also to make it easier for us to know what account that we need to do next.

Main things that I have learned:

• Today I learned that bank statements for December need to be photocopy or printed out as evidence and will be inserted in the audit file. 

• I also learned to photocopy bank statements for December and any receipt of payment that show whether the last amount for that month has been paid or not.

• I learned how to do stock record if we received client's goods.

Today I rechecked back the expenses that I have recorded for Sin San, and I found that there are some mistakes. There are some mistakes of credit purchase made in Kin Ying Trading where some payments have not been recorded yet, so I tried to fix the mistakes. I tried to find the invoices for that payment and record it in Excel. I also make sure that the last amount is the same with the payment receipt. Next, I also did callovers for Wong Sai Yin & Wong Sai Man and Lee Maju Sdn Bhd.

Main things that I have learned:

• Today I learned what I should do if there is mistake in recording the credit purchase.

Today I got a new task to do which is to schedule The Big House. I started with comparing opening balance with ledgers. This is to check whether client’s ledgers balance brought forward (b/f) agreed or not with our opening balance which we have done before. I looked at the balance brought forward amount on the ledgers to make sure that the amount in opening balance statement is same with ledger’s amount. If agreed with the opening balance, I will write OB in front of the brought forward amount in client’s ledgers and opening balance statement. If not agreed, I will write down the opening balance different in audit memo so it can be checked again. For this client, their ledger’s balance brought forward amount agreed with the opening balance.

After that, I moved on to check whether the balance carried forward (c/f) in ledgers agreed or not to the trial balance that the client has prepared. I looked at the balance carried forward amount on the ledgers to make sure that the amount in trial balance is same with ledger’s amount. If agreed, I will write B in front of the carried forward amount and the trial balance statement. If not agreed, I will immediately refer my reviewer for further action. For this client, their ledger’s balance carried forward amount agreed with the trial balance. After done with opening balance and trial balance, I did the next step which is to compare debtors balance and creditor balance with ledgers. If the amount in debtors and creditors balance is same with amount in ledgers, I will put ‘B’ letter besides both amount. Next, I did callover for Lo & Wang Enterprise and Huang Shu Min. I learned to be a detailed person by doing the callovers.

Main things that I have learned:

• Today I got a new experience which is to compare opening balance and trial balance with client's ledgers as this was the first client that provided ledgers. I learned for opening balance I need to put OB in front of the balance brought forward amount in ledgers. While for trial balance, I need to put B in front of closing amount in the ledgers. how to get and how to compare the amount. The previous client did not have any ledgers, hence why I had to do single entry to key in their expenses.

Today I continued to schedule the Big House. There was ledger provided by the client, so I learned how to do an audit if there are ledgers given by the clients. This is because the last time I scheduled Sin San Mini Market, there was no ledgers given, hence why I had to do single entry. The first thing to do if there are ledgers given is vouching. Vouching is where we reviewing documentary evidence to see if it is properly support entries made in the accounting record. I started by vouching the ledgers for expenses such as salaries & wages, EPF, Socso and EIS. 

After done with vouching, I moved to do sampling. Sampling is used to select representative sample of data to ensure that the financial statements are free of material misstatements. This is where I photocopied all related documents especially the one that has the highest amount so I can use it as supporting documents in the audit file. Next, I highlighted the amount on ledger with its supporting documents so it will be easier to see which amount that I have chosen as samples. Then I arrange the ledger with its supporting documents so I can put it in audit file. 

Main things that I have learned:

• Today I learned how to do vouching if the clients provide ledgers to us. 

• I also learned how to do sampling and the importance of supporting documents as an evidence to avoid fraud.

Today is the day that we came back to work after Hari Raya holidays. I continued to key in the expenses for Sin San Mini Market because it was a lot. I keyed in another expenses which I have done keyed in before because today I found another files for the expenses as I overlooked it before. Therefore, I had to key in the remaining expenses so my group mate can finalize the account. I also did about eight callovers today. There are a lot of accounts that have been finished, so that is why I had to do lot of callovers.

Main things that I have learned:

• Today I learned that it is important to not be careless and make sure to check everything so that I will not overlook anything next time.

While still working on the expenses of Sin San Min Market, I got a new work which is to do single entry for another client, Kedai Kopi Piang Siang. Therefore, I just followed the way of previous year’s staff to record the expenses by looking at the audit file. So today for Kedai Kopi Piang Siang I just rearrange its documents because it was kind of messy. I arranged the documents according to the supplier’s name and also by month so it will be easier for me to key in the expenses later. This also took me some time because the documents were quite a lot. I also had to separate the documents that can be used and cannot be used. Examples of documents that cannot be used are payment vouchers and delivery orders. After I have done rearranged the documents, I put index numbers on top of each document so it will be easier for me to find the documents in case I need to use it later.

Main things that I have learned:

• Today I learned that each staff has their own way to do the audit especially on recording the expenses, so I just referred and followed previous year's audit file to see how the audit staff recorded the expenses.

• I also learned what kind of documents that can and cannot be used to key in as expenses.