August

Today, I did opening balance for Apple Communication because I have not received any audit work. After that, I was finally given a new task which is to organize receipts and invoices for Khor Pheng Hong because we need to do single entry for this client’s expenses. I was told to organize it according to its year and its type of expenses such as travelling, messing, and transportation so it will be easier to key in it later. I organize the receipt and invoices for each year for four years, 2019 until 2022 and a bit 2023 expenses. It was a bit time consuming, but I managed to finish it today. After that, I gave the expenses that I have organized to my group member so she can start to key in the expenses.

Main things that I have learned:

• Today I learned that there are times when we need to do a task which was not supposedly assigned to us. 

Today I got a new task which is to do audit work for My Golden Corporation Sdn Bhd. I started by printing out the ledgers for income and expenses because it was in PDF files. After I printed out the ledgers, I then cut the ledgers one by one to separate it according to each expense. This is to make it easier for us to vouch the expenses and so we can easily put index number on each expense separately in the audit file. Then, after I cut the ledgers, I photocopied it again. It was a bit time consuming because this client has a lot of expenses, so I took quite a lot of time to prepare the ledgers before I can start vouch it.

Main things that I have learned:

• N/A

Today I started to do audit work for My Golden Corporation Sdn Bhd. I started with comparing the opening balance with the client’s 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. After made sure that the opening balance b/f agreed with the opening balance, I will write OB in front of the brought forward amount in client’s ledgers and opening balance statement. 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. 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. I also checked the debtors balance and creditors balance. I compared 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.

Main things that I have learned:

• N/A

I started to vouch the income ledgers for My Golden Corporation Sdn Bhd. The income ledgers consist of sales of prawns (LA, Merotai, K1, Madai, Kunak), cash sales, interest income, sub-let rental income, excavator hire income, dividend income, and sales of oil palm fruits. It took me two days to vouch the income ledgers because the ledgers were quite a lot. For the ledgers that have a lot of transactions, I only chose three months to vouch. While for the ledgers that did not have a lot of transactions, I vouched all expenses one by one.

Main things that I have learned:

• Today I learned how to schedule a client's account that has a lot of branches. There are a lot of ledgers for each expenses such as sales of prawns.

Today I continued to do audit work for My Golden Corporation Sdn Bhd by vouching the expenses ledger. I started by vouching the expenses for prawn fries (LA, Merotai, K1, Madai, Kunak), fish feed, prawn feed (LA, Merotai, K1, Madai, Kunak), chemicals and fertilizers (LA, Merotai, K1, Madai, Kunak), pro-biotics, and test kit expenses. The next day, I still vouched the expenses for My Golden Corporation Sdn Bhd. I vouched the ledgers for fuel, electricity, purchase of probiotics, purchase of fry, freight & haulage charges, general repair and maintenance, loose tools, excavator upkeep, harvesting expenses, secretarial services and many more.

Main things that I have learned:

• N/A

Today I continued to vouch the ledgers for salaries, wages (LA, Merotai, K1, Madai, Kunak), bonus, sub-contract wages (LA, Merotai, K1, Madai, Kunak), Plantation - Sub-Contract wages, EPF, Socso and EIS. After finished vouched everything, I moved on to do sampling. I photocopied all documents that I have put tagging 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:

• N/A

Today I finalized the sampling, where I rechecked back the ledgers to make sure that I have arranged the ledgers correctly with its supporting documents. After made sure that everything is done, I gave all ledgers to my group member so that she can check the expenses ledgers before finalizing the account.

Then, I got a new task which was to prepare the documents that were asked by clients. The clients asked for his Form BE and CP500 from year 2015 until 2021 because they never had the copy before, therefore I had to photocopy it for them. Even though they just asked for Form BE and CP500, I was told to also photocopy the financial reports for year 2015 until 2021. After that, I continued to do opening balance for Stesen Minyak Ramli where I put the opening balance for balance sheet items that I took the amount from adjusted balance from last year.

Main things that I have learned:

• Today I learned what is CP500 form. CP500 form is a 'Notis Bayaran Ansuran' which means 'Prepayment of Income tax by Installment'. It is a tax installment scheme for a taxpayer that has income other than employment income such as business income and rental income.

Today I got a new task which was to update bookkeeping for Wing Tat Tyre Auto Parts for year 2016. Firstly, I opened the ledgers using SQL accounting software to print out the trial balance. Next, I asked for the audit file from office boy because the file for 2016 was in our old office. While waiting for the office boy to find the file, I did opening balance for Andaman Glory Sdn Bhd and Supreme Impact Sdn Bhd.

Main things that I have learned:

• Today I learned that we still need to update bookkeeping for the old accounts. This is because we need to keep the original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lwasuits, and potential claims.

Today I was told to do opening balance for Yong Chong Hong Sdn Bhd because the client asked for the opening balance. Before started, I asked for the softcopy of 2022’s report from my group leader because she was the one who finalized the account. This is because this client has a lot of trade receivables and it will consume me a lot of time to type the trade receivables list one by one. Therefore, I just copied the trade receivables list that has been prepared by my leader so I did not have to type it one by one. I prepared all lists of trade receivable, other receivables, deposits & prepayments, trade payables, other payables & accruals, and bank loans. It took me quite some time to prepare the opening balance for this client because it has a lot.

Main things that I have learned:

• Today I learned how to prepare the opening balance for clients that have a lot of items in its balance sheet items. I only need to copy it directly from the account so I can save a lot of time.

Today I got a new task which was to do audit work for Ambang Flora Sdn Bhd. As usual, I started with comparing the opening balance with the client’s ledgers. After made sure that the opening balance b/f agreed with the opening balance, I will write OB in front of the brought forward amount in client’s ledgers and opening balance statement. 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. If agreed, I will write B in front of the carried forward amount and the trial balance statement. I also checked the debtors balance and creditors balance. I compared 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. This client did not have many ledgers, so it did not take a long time to compare the opening balance, trial balance, debtor and creditor balance with the ledgers. After that, I continued to vouch income ledgers today. 

Main things that I have learned:

• N/A

For these two days, I focused on to vouch the expenses ledgers for Ambang Flora Sdn Bhd. Example of the expenses ledgers that I have vouched are bank charges, entertainment expenses, EPF, Socso, EIS, salary and wages, license fee, professional and legal fees, printing and stationeries, and many more. The expenses ledgers for this company were not that much so it only took me two days to vouch everything. For the ledgers that have a lot of transactions, I only chose three months to vouch. While for the ledgers that did not have a lot of transactions, I vouched all expenses one by one. I also made schedule for EPF where I listed down the employees’ names and the EPF amount by separating the employee and employer’s portion for each month. After that, I made directors’ remuneration schedule where I listed down the remuneration amount for each month, the director’s EPF, Socso, and EIS contribution. Lastly, I made summary of salaries, allowance, bonus and overtime so it will be easier to see the total amount of these items combined. 

Main things that I have learned:

• Today I learned that to prepare the directors’ remuneration schedule, we just need to copy and paste it from the template. This is because the company has prepared the template of the schedule in advance, so we do not have to create it again.

After I have done vouched the income and expenses ledgers, today I continued to do sampling. It was just the same like before where I photocopied the documents that I have put tagging so it is easier for me to know which one that I have chosen as sampling. Then, I highlighted the amount on ledgers and on the supporting documents so it is easier to see which amount that has sampling. After highlighted everything, I rearrange the ledgers according to alphabet and save it to audit file. After settled everything, I gave the ledgers to my group mate who will finalize the account so she can check it and tell me if there are mistakes.

Main things that I have learned:

• Today I learned that I need to ensure all supporting documents are in portrait mode because it will be easier for my reviewer to check the supporting documents.

Today I did opening balance for Ken Kok Plantation because the client asked for its opening balance. Next, I did callover for Great Renaissance Sdn Bhd. I compared 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. After that, I prepared documents for Kunaway Plantation Sdn Bhd and Kunaway Sdn Bhd because the clients asked for their financial report, detailed financial statement, and income tax computation for year 2022. I scanned all documents for each client so it can be given to them. I also contacted my client which is Kedai Kopi Piang Siang to return their 2021’s documents because the audit staff who did the 2021 account for this client has not returned the client’s belongings. The client said that he will come to our office next week to pick up the documents.

Main things that I have learned:

• Today I learned that all client's documents need to be returned back to them. So, if their documents are still in the office, we need to contact the client so they can collect it in the office.

While waiting for another audit work, today I did opening balance for Chen Loong Plantation. The items for opening balance for this client were not that much, so I did not take a lot of time to do it. After finished doing the opening balance, I did audit statutory for Ambang Flora Sdn Bhd. I find all related information in the secretarial file such as register of members, the list of directors, the company secretaries for that company, and board resolutions. After done preparing the audit statutory, I fill out the memorandum memo to show where I need to submit the audit statutory. I then gave the audit statutory to office boy so he can submit it to bookkeeping department.

Main things that I have learned:

• Today I learned when we prepare the audit statutory, the memorandum memo is important to be filled up because it shows where should we submit the audit statutory to be checked.

Today I have not got any new task, so I vouched the ledgers for Ambang Flora again that I just vouched for three months before. I vouched all transactions in the ledgers and added some more samplings. Not long after that, I was given a task to do list of audit clients. We were given the list of audit clients for our group and were asked to see and list down the company number for each client and also signing date for the 2022’s report. I and two of our group members were assigned with this task, so we went to the tax department first to look at the tax file for each client. However, some tax file did not include the needed information, therefore we moved to bookkeeping department to look at the secretarial files because the secretarial files have the information that we need. After we have finished, we then typed the company number and signing date in our computer and gave it to our leader for her to compile it.

Main things that I have learned:

• Today I learned a new thing that I have not done before which is to check the list of audit clients. This task is not always need to be done, so it was a new experience for me to be able to do the task.

Today I was told to prepare the salaries and wages schedule for senior citizen in Ambang Flora Sdn Bhd. This schedule is for the employees who are 60 years and above. Next, I followed up for Wing Tat Tyre Auto Parts 2016’s audit file from the office boy because they have not given it to me. Today the client which is Kedai Kopi Piang Siang came to the office to take his belongings, so I asked him to sign the stock record which I have photocopied two copies before. One copy is for office record, and another copy was for the client. After that, I put the stock record in the stock listing (out) file to show that the stocks for that client were no longer in our office.

Main things that I have learned:

• I learned that this schedule for senior citizen was prepared to show the employees who are 60 years and above so the company can claim double deduction in income tax computation.

Today I already received the audit file for Wing Tat Tyre Auto Parts. Therefore, I was able to start update bookkeeping. After I got the file, I asked for softcopy of the report from admin so I can make adjustment on it. I also checked the journal adjustment in the file to see the items that need to be changed. Then, I made the adjustment and changed the amounts on working trial balance by adding or deducting the amount. I made sure that the final amounts that I have adjusted are the same as in the balance sheet. Besides that, I also made adjustment on current assets and current liabilities items. After that, I changed the old ledgers with the new one for the amount that I have adjusted. I also checked back the ending amount of the updated trial balance, debtor balance, and creditor balance and compared it with ending amount of the updated ledgers. I put B if both amounts are the same. After finished updating the bookkeeping, I then submitted it to my reviewer so she can check it.

Main things that I have learned:

• Today I learned that we also need to check back the trial balance amount after we update the bookkeeping to make sure that the new amounts are the same with the amounts in the report.

Today I got a new task which is to do audit work for T W U Care Sdn Bhd. I started with comparing the opening balance with the client’s ledgers. After made sure that the opening balance b/f agreed with the opening balance, I will write OB in front of the brought forward amount in client’s ledgers and opening balance statement. 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. If agreed, I will write B in front of the carried forward amount and the trial balance statement. I also checked the debtors balance and creditors balance. I compared 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.

After that, I prepared the ledgers for income and expenses. I started by printing out the ledgers for income and expenses because it was in PDF files. After I printed out the ledgers, I then cut the ledgers one by one to separate it according to each expense. This is to make it easier for us to vouch the expenses and so we can easily put index number on each expense separately in the audit file. Then, after I cut the ledgers, I photocopied it again.

Main things that I have learned:

• N/A

Today I started to vouch the income ledgers for T W U Care Sdn Bhd. There are only two income ledgers for this client which are funeral service sales package and funeral cash sales, so I managed to vouch the income ledgers quickly. After that, I continued vouched the ledgers for sales commission, auditors’ remuneration, bonus, cleaning fee, electricity & water, messing & refreshing, printing & stationery, repair & maintenance, rental fee, license fee, and sundry expenses. Next, I was called to my reviewer’s room because she has checked the bookkeeping and told me to make some corrections for the bookkeeping. After I have corrected it, I submitted the bookkeeping again to my reviewer.

Main things that I have learned:

• Today I learned

Today I continued to vouch the expenses for T W U Care Sdn Bhd. I vouched the ledgers for salary and wages, allowance (salary), bonus, EPF, Socso, and EIS contribution, secretarial fee, transportation charges, travelling expenses, and training expenses. I only managed to vouch some ledgers today because I only work half day.

Main things that I have learned:

• Today I learned how to schedule the client's account that provide service instead of selling goods because this client provide funeral service.

Today I still vouched the expenses ledgers for T W U Care Sdn Bhd. Today I vouched the ledgers for funeral expenses, photo and video shooting, wreath expenses (for flowers), bank charges and interests, fuel and oil (vehicle running expenses), handling charges, and secretarial services and filing fee. The ledgers for each expenses were quite simple and did not have too much transactions, so I just vouched everything. I managed to finish vouching all ledgers today so I can move to do sampling for tomorrow.

Main things that I have learned:

• N/A

For these two days, I continued to do sampling for T W U Care Sdn Bhd because I have finished vouched all expenses ledgers yesterday. I photocopied all supporting documents that I have put tagging in the files before where I have chosen 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 to check the documents that the client has provided thoroughly because sometimes they give the same documents twice. For example, this client gave the EIS statement twice for April 2022 and no statement for May 2022. I had to chat the client and request for the statement for May 2022 so I can vouch the transaction.