July

Today I was given a new task which is to vouch Tea Time Kubota. I started with preparing the ledgers because it was in PDF file. I cut the ledgers to separate each expense, and photocopied it again. The ledgers for Tea Time Kubota was not that much, so I only prepared the ledgers for a few hours. After prepared the ledgers, I start to vouch the ledgers for property, plant and equipment (PPE). There were only a few ledgers for PPE so I could vouch it quickly. Then, I moved to vouch the income ledgers which is the sales. The ledgers for this client were not that much, so I did not consume me a lot of time to vouch it. Because today was only half day, so I did not get enough time to vouch the ledgers for expenses. I continued to vouch the expenses ledgers the next day.

Main things that I have learned:

• Today I learned that we need to be extra careful when scheduling the clients' account. This is because some of the client's ledgers have a lot of problem, so we need to see it one by one. If we found the mistakes, we need to make some notes on that ledgers so the finalizer can make the needed adjustment when finalizing the account. 

Today I continued to vouch the expenses ledgers for Tea Time Kubota. I vouched ledgers for purchases, license fee, printing and stationeries, professional and legal fee, telephone and postage, and many more. I selected only three months to vouch if the ledgers have a lot of transaction, and vouch everything if the transactions were only a little bit. Next, I moved to do the sampling after I have done vouched the ledgers for expenses. There was not much expenses for this client and that was why it does not require me a lot of time to finish the vouching. I photocopied all the files that I have put tagging to be used as supporting documents for each ledger. I started to do the sampling for plant, property and equipment’s (PPE) ledger because my leader needed the ledger to finalize the account. Then, I did some adjustment for the salary payroll because most of the workers' name in the payroll are not the same with the one in EPF’s statement. So, I was told to do some adjustment so they can reverse back the amount when finalizing the account.

Main things that I have learned:

• Today I learned how to make an adjustment to make sure that the workers' name are the same in both payroll abd EPF statement.

Today I continued to the PCB audit for Far East Construction & Engineering. I did the form of Penyata Saraan & Potongan Cukai for year 2019 and 2020 after making sure that it was tally with Form E to avoid being penalize by LHDN. After finish writing down the form, I scheduled Ken Kok Plantation. I vouched the ledger of sales of FFB and ledger for other income. Next, I received a call from Kedai Kopi Piang Siang where the client said the he already ceased its operation and he asked what he should do. He asked if he needed to go to SSM to close its business or not. Therefore, I asked my manager on what the client should do so I can give explanation to my client. I learned that for business in Sabah, there is no need to go to SSM if the business wants to cease its operation. It is only applicable for Semenanjung Malaysia. The client still needs to do the 2023 account for only 6 months which is from January until June because he closed his business on July 2023.

Main things that I have learned:

• Today I learned how to deal with a client if they asked questions regarding their business. I must ask my reviewer's opinion regarding  any issue so I can give my client a correct answer.

Today I continued to schedule Ken Kok Plantation. I vouched the ledgers for EPF, Socso, EIS, quit rent and assessment, wages, bonus, and director’s remuneration. For EPF, Socso and EIS, I vouched it like I usually do which is to vouch the ledger and documents. However, for director’s remuneration, I did a schedule for it which shows the remuneration for 12 months as well as the EPF, Socso and EIS for the director. I also did four callovers today which are for Yuan Hin Goldsmith, Yummy-Yummy Café, Sunrise Trading and Jennlinn Shop. All those reports were prepared by audit staffs in my group and printed by admin. So, I need to check back everything whether the draft prepared by the audit staffs is the same with the report printed by the admin or not. If there is any mistakes such as typing error, I will give it back to the admin so they can do correction and reprint the report again.

Main things that I have learned:

• Today I learned how to prepare the schedule for director's remuneration because before this I just vouched the ledgers like usual.

Today I prepared the schedule for sales of FFB for Ken Kok Plantation so i do not have to vouch on the sales of FFB's ledger. This is as a summary of their sales for 12 months and as a comparative figures with previous year. After that, I continued to do sampling for Ken Kok Plantation. I photocopied the supporting documents for wages, director’s remuneration and bonus. Next, I contacted my client which is Dolton Sdn Bhd to ask for some documents such as Form E, EA Form, list of employment and payroll so I can do the PCB audit for them. 

Main things that I have learned:

• Today I learned how to prepare sales of FFB schedule and what should be included in the schedule by referring to previous year's audit file.

Today I got a new task which is to schedule Andaman Glory Sdn Bhd. For this client, I did not have to prepare the ledgers because it has a softcopy. Therefore, my group member got the ledgers from SQL accounting software and printed it out for me. Before I started vouching, I compared the opening balance with the client’s ledgers. If the amount in the amount balance agree with the amount in the ledgers, I will put OB letter. Next, I compared the trial balance with the ledgers. If the amount in trial balance agree with the amount in the ledgers, I will put B letter. After that, I started to vouch the income ledgers which is sales of FFB. I was told to do the schedule like Ken Kok Plantation for this sales of FFB where I separated the amount according to its purchasers so it will be easier to see the actual sales amount from each purchaser.

Main things that I have learned:

• Today I learned how to prepare sales of FFB's schedules that have transport subsidy and special incentives.

Today I continued to vouch the expenses ledgers for Andaman Glory Sdn Bhd. To save time, I only selected three months to vouch if the ledgers have a lot of transaction, and vouch everything if the transactions were only a little bit. Because today we only work half day, I only got to vouch some expenses all such as auditor’s remuneration, donation, license fee, medical fee, professional and legal fee, and printing and stationeries.

Main things that I have learned:

• Today I learned that there is no problem to not vouch some of the ledgers such as bank interest and charges as well as bank overdraft so we can save more time to schedule the account.

Today I continued to vouched the remaining expenses for Andaman Glory Sdn Bhd. I vouched the ledgers for salary and wages, bonus, EPF, Socso, EIS, fuel and oil, vehicle running expenses, quit rent and assessment, and many more. I made sure that I finish to vouch everything today so I can move to do sampling for the next day.

Main things that I have learned:

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I managed to vouch all expenses yesterday, so today I continued to do sampling. I photocopied the related documents as supporting document. For Socso and EIS statement, I put the employer’s and employee’s portion separately according to the schedule because I only need to take up the employer’s portion. While preparing the sampling, I noticed that one of the document is for year 2021. Therefore, I photocopied that document as supporting document so the finalizer can add back the amount during tax computation because it is non-allowable expenses.

Main things that I have learned:

• Today I learned that it is important to see the date on the supporting documents clearly because sometimes the clients included the expenses made in last year. If the expenses were made in previous year, we need to add back the expenses because it cannot be used for the current year.

Today I rearranged the documents that I have photocopied according to its ledger. After that, I highlighted the amount on the ledger that I chose to give sampling and also on the photocopied documents. I also made some adjustment for the balance sheet items’ ledger. I calculated the amount and then deducted with advance payment so that I can get the adjusted balance. I did this by referring the previous year’s audit file. Next, I made sure that everything is done correctly and gave the ledgers to the person who will finalize the account so she can do adjustment if needed.

Main things that I have learned:

• N/A

As I have finished scheduling Andaman Glory Sdn Bhd yesterday, today I focused on doing PCB audit for Dolton Sdn Bhd because the submission date was near. So, I did the Penyata Saraan & Potongan Cukai (PCB & CP 38) form for year 2019 until 2021 by referring previous year’s audit file to look for the ledgers of directors’ remuneration, and salaries and wages. I usually will refer to tax file while doing the PCB, but there is not much information in Dolton Sdn Bhd’s tax file because they did and submitted their own Form E.

Main things that I have learned:

• Today I learned that it was a bit hard to prepare the PCB audit for the clients if they prepared their own Form E. This is because we did not prepare any schedule for EPF, Socso, and EIS if the Form E were prepared by the clients. Therefore, we had a limited information to do the PCB audit for the client.

Today I did the schedule for three years, 2019 until 2021 to see the difference of salary and director’s remuneration on Form E and on the account that has been prepared by the audit staff. I did this so I can see the difference in case my manager asked me. I found that there is difference of RM20,000 in year 2020 because there are no ledgers that show the salary for June 2020 until September 2020. Besides that, there was a difference of RM5,000 in year 2021 because there was no salary ledger for May 2021.

Main things that I have learned:

• Today I learned that we need to prepare the explanation in advance so we can explain it well to our reviewer in case she ask questions.

• I also learned how to prepare the schedule for the difference and how to calculate the amount.

Today I did the list of latest workers and directors for Dolton Sdn Bhd in 2023. I also did the list of employees and directors’ name for three years, 2019 until 2021 which also shows their identification number, date of employment, and date of resignation (if any). Next, I did the cover letter for this PCB audit to be sent to LHDN where I enclosed the list of documents that I sent to them such as payment vouchers for year 2019 until 2021, forms from SSM, financial reports for 2019 until 2021, EA Forms, and Penyata Saraan & Potongan Cukai also for year 2019 until 2021.

Main things that I have learned:

• Today I learned how to prepare the cover letter for PCB audit and what are the information need to be included in the cover letter.

For today, I was told to do the reconciliation schedule for three years, 2019 until 2021 to compare the amount of salary in the account that have been prepared by audit staff and also in Form E. If there is difference of amount, I will write audit mark on the bottom of the schedule to explain why there is a difference on both amounts. My client also came to the office to sign the payment vouchers that have not been signed and also to sign the Penyata Saraan & Potongan Cukai forms because it needs to be signed by the directors.

Main things that I have learned:

• Today I learned how to prepare the reconciliation schedule with the help of my group member. This is to make it easier for us to see if there is any difference between the account and Form E.

Today I was given a new task which was to update bookkeeping for Semporna Home Gas. Update bookkeeping is where we adjust the journal adjustment. It means that we need to add back or deduct the amount on working trial balance by looking at the journal adjustment. These are the steps to update bookkeeping:

1) Print out the new trial balance, creditor balance and debtor balance which have been updated by the bookkeeping department.

2) Ask for softcopy of the report that we need to update from admin.

3) Check the journal adjustment on what should we update.

4) Change the amount in working trial balance and balance sheet items such as trade payables, other payables and accruals, trade receivables, and other receivables, deposits and prepayment.

5) Print out the ledgers that need to be changed in the audit file.

6) Check the opening balance and ending balance once again to make sure that the amount in opening balance and trial balance are the same with the amount in ledgers.

7) Change the ledgers for the expenses that we have updated and write notes if necessary.

8) After done, double check everything to make sure that everything is correct.

Main things that I have learned:

• Today I learned what are the steps needed to update bookkeeping.

Today I contacted Dolton Sdn Bhd to ask for payment vouchers because some of the payment vouchers were not clear. They just scanned the payment vouchers using scanner and sent it to me in PDF files. Then, in evening the client came again to the office to sign the new payment vouchers. After that, I did a bit sampling for Yong Chong Hong Sdn Bhd and Andaman Glory Sdn Bhd to add more sampling. Next, I also did audit of statutory records for Loongsyn Marine Sdn Bhd. Audit statutory is a statement where it shows the register of members, register of directors, register of secretaries, minutes of board meetings, and minutes of members meetings. 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. By doing the audit statutory, we can see the list of shareholders, list of directors and also the list of company secretaries.

Main things that I have learned:

• Today I learned on how to prepare audit statutory where it shows the register of members, register of directors, register of secretaries, minutes of board meetings, and minutes of members meetings.

Today I submitted the PCB audit for Dolton Sdn Bhd to my reviewer so she can check if everything is correct before submitting to LHDN. After my reviewer checked the PCB, she told me to photocopy all payment vouchers for year 2019 until 2021, EA Forms, summary of payroll and employee listing for year 2023 to be saved as a copy in tax file. After that, I did another audit of statutory records for My Golden Corporation Sdn Bhd and Mega Agencies Sdn Bhd. I did the same steps like I did the audit statutory yesterday. I learned for minutes of board meetings and minutes of members meetings, I need to take the board’s resolution or member’s resolution for the current accounting period only.

Main things that I have learned:

• Today I learned that it is important to prepare for office copy if I did something such as this PCB. This is to ensure that we have a copy for this PCB audit so it can be used in the future.

Today I got a task to prepare a client copy of report for Kunaway Sdn Bhd, Supreme Impact Sdn Bhd, and Andaman Glory Sdn Bhd for year 2021. Therefore, I had to scan financial statements, detailed income statements, and income tax computation for these three companies for year 2021. After done scanning the documents, I emailed it to the clients.

Main things that I have learned:

• Today I learned that some clients will ask the copy of their reports so they can refer to it too.

Today I was told to call the LHDN officer who was responsible for Dolton Sdn Bhd’s PCB audit to ask I should submit the PCB for Dolton Sdn Bhd to Kota Kinabalu or to Tawau. The officer told me that I need to submit it to Tawau, therefore I had to change the address on cover letter because I put Kota Kinabalu on that letter. She also told me to scan the hardcopy because she also wanted the softcopy by email. Next, I asked my group leader on when I should email the softcopy to the officer, and she said wait until it was checked. I also did callover for Stesen Minyak Ramli today and it was quite a lot because it was a big company.

Main things that I have learned:

• Today I learned how to deal with an officer formally. It is important to ask the questions carefully so it will not tarnish the company's reputation.

Today I was given a new task which is to do opening balance for Heng Say Enterprise Sdn Bhd. This is to put the opening balance for balance sheet items where I took the amount from adjusted balance from last year. For example, the opening balance for property, plant and equipment (PPE), share capital, retained earnings, current assets such as inventories, trade receivable, other receivable, deposit and prepayments, and current liabilities such as trade payables, other payables and accruals, bank loans. This opening balance that we have prepared will be compared to the client ledgers before we start to audit the account. After done with Heng Say Enterprise SdnBhd, I moved to do the opening balance for the next companies which are KedaiUbat Ming Khong and Fengyu Marketing Sdn Bhd. 

Main things that I have learned:

• Today I learned how to prepare the opening balance because before this I only have the experienced to compare the finished opening balance with client’s ledgers. But today I got the knowledge on how to prepare the opening balance.

• Today I also learned that to get the amount for retained earning's amount, we need to use the formula: Total Assets - (Total Liabilities + Share Capital).

Today I did opening balance for Pulangan Lumayan Sdn Bhd and Total Harmony Sdn Bhd. I typed the non-current assets items, current assets items, current liabilities items, and finance by items one by one. After that, I took the amount from adjusted balance on previous year audit file. Next, I prepared the report for client copy for Lam Shwa Shya for year 2017 until 2021. I scanned the financial statements, detailed income statements, income tax computation and Form B for five years. Then, I moved to do callover for Daystar Venture Sdn Bhd. I made sure that the report typed by admin is correct and are the same with the draft prepared by audit staff in my group.

Main things that I have learned:

• Today I learned that to make sure the amount of the opening balance is correct, I need to check whether the opening balance that I did is tally with the amount in financial report for that year. 

Today I did opening balance for Min Hui Sdn Bhd, Silk Avenue Sdn Bhd and Accurate Weighing System. This week I focused on doing opening balance because there was no new account coming in. I did the same steps like before where I typed all non-current assets, current assets, current liabilities, and finance by items one by one. After I have done, I checked everything and make sure that the amount is tally with the amount in financial report. Next, I did audit of statutory records for Great Renaissance Sdn Bhd. I did the same steps like I did the audit statutory before.

Main things that I have learned:

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Today I still did opening balance for other companies which are Sunshine, Tawau Funeral Undertakers, and Far East Construction and Engineering. I did three opening balances today because it was quite simple. After that, I did callover for Andaman Glory Sdn Bhd where I checked the reports, tax form, cash and stock certificate and others that have been printed by admin. I compared the printed report against the draft that have been prepared by audit staff and made sure that the information and amount on both final report and draft are the same. If I found mistakes, I will write it using red pen so the admin will know what should be corrected.

Main things that I have learned:

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Today, I did opening balance for Daystar Venture Sdn Bhd and Tea Time Café (Kubota). These two opening balances were quite simple so I managed to do it half day. Next, I was told to prepare the report for client copy for CF Farms for year 2018 until 2021. I photocopied the financial statements, detailed income statements, income tax computation and Form B for five years because this client wanted a hardcopy. After done, my group mate contacted the client and asked them to come to our office to get the report.

Main things that I have learned:

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Today I still did opening balance. I did three opening balances for today where I started with Sunrise Trading Co. Sunrise Trading Co has a lot of trade receivables, so I had to type the name one by one hence why it was a bit time consuming. After done with Sunrise, I moved to do opening balance for Wing Tat Tyre Auto Parts and Apex Capital Sdn Bhd. I did not spend too much time on doing these two opening balances because it was quite simple and did not have many items to be typed.

Main things that I have learned:

• N/A