September

Starting on 1st September, our working hours end at 4.30 pm and only work on Monday until Friday. Today I did opening balance for Lam Shwa Shya (The Big House). 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. Then, to make sure the amount is correct, I need to check whether the opening balance that I did is tally with the amount in financial report for that year.

Main things that I have learned:

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Today I prepared the report for client copy for Kedai Kopi Piang Siang for year 2020 until 2022. I scanned the financial statements, detailed income statements, income tax computation and Form B for three years. I also did stock record for Fengyu Marketing Sdn Bhd and Polyprestige Sdn Bhd. 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 for stock record, we also need to attach the stock list given by the clients as well as the stock record that we have prepared in the stock record file.

Today I also prepared the report for client copy for Ken Kok Plantation for year 2020 until 2022. I scanned the financial statements, detailed income statements, income tax computation and Form B for three years. There was not many work to do for this week because it was off peak season and there was no new account coming in for this week.

Main things that I have learned:

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Today I got a new task which was to update bookkeeping for Al Nur Marketing for year 2020 and 2021. Therefore, I started with year 2020 today. Firstly, 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. Next, I asked my group member to print out the ledgers for the amount that I have adjusted using SQL accounting software because the software can only be opened in her computer. 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. For 2020, there were not many journal adjustments that need to be adjusted, so I managed to finish it in a day.

Main things that I have learned:

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Today I continued to update bookkeeping for Al Nur Marketing for year 2021. I also did like same steps as 2020. Firstly, 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. There was quite a lot of journal adjustment that need to be adjusted for 2021, so it took me some time to do it. 

Main things that I have learned:

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Today I got a new task which was to do audit work for Fahshing Industries Sdn Bhd for year 2016. This is a backlog account which means that we prepared the 2015 account in this year. The first thing that I did is prepare the ledgers by photocopying the ledgers for income and expenses. This client only gave us a manual book ledger which means the client writes their ledgers manually in a book. I photocopied the ledgers for income which is cash sales. While for expenses, the ledgers are salaries and wages, staff messing, EPF expenses, telephone and postage, electricity and water, store and supplies, transportation, vehicle running expenses, bank interest and charges, rates and assessment, repair and maintenance, printing and stationeries, and professional fee. After that, I compared the trial balance with its ledgers to see whether the end amount is same on both places.

Main things that I have learned:

• I learned that if the items in the trial balance are not tally, so we need to adjust it.

Today I started to vouch the ledgers. I started by vouching the cash sales ledgers. There are only two files given which are receipt voucher and payment voucher by this client, so it is easier to find the documents for every transaction. After that, I continued to vouch ledgers for expenses. Today I only vouched salaries and wages, staff messing, telephone and postage, electricity and water, and store and supplies. I chose the highest amount from each month so I can put tagging if I have found the document, so it will be easier for me to photocopy the documents. I put ‘V’ letter on the ledger if I have found the documents for that amount.

Main things that I have learned:

• Today I learned to be extra careful while vouching because sometimes the client messed up the documents. For example, the documents for this client’s related company which is Fahshing Enterprise Sdn Bhd were also included in Fahshing Industries Sdn Bhd’s files. Therefore, I had to remove the unrelated documents and told my group member who will finalize the account so she can remove the transactions in the ledger as well.

For these two days, I continued to vouch the expenses ledgers for Fahshing Industries Sdn Bhd. I vouched the ledgers for EPF, transportation, vehicle running expenses, bank interest and charges, rates and assessment, repair and maintenance, printing and stationeries, and professional fee. The client did not provide the statement for EPF, therefore I had to ask the client for it.

Main things that I have learned:

• Today I learned that the EPF statement is important so we can see the employer and employee’s portion clearly, because the amount in ledger is only for the employer’s portion.

After finished vouched all expenses, today I continued to do sampling. 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 the finalizer can put it in audit file. I also did audit of statutory record for Fahshing Industries 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:

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Today I continued to update bookkeeping for Al Nur Marketing Sdn Bhd for year 2021 because I had to do audit work for Fahshing Industries first. Firstly, I asked my group member to print out the ledgers for the amount that I have adjusted using SQL accounting software because the software can only be opened in her computer. 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 doubled checked everything to make sure that everything is right and then I then submitted it to my reviewer so she can check it.

Main things that I have learned:

• Today I learned how to update bookkeeping that has a lot of journal adjustment. This is because when i update the bookkeeping previously, it was quite simple because they only have a few journal adjustment.

Today I got a new task which was to do audit work for Polyprestige Sdn Bhd. For this client, I did not prepare the ledgers because the ledgers were prepared by our bookkeeping department, so they just gave us softcopy and we opened it using SQL accounting software. I also did not compare the opening balance and trial balance with the ledgers because it has been done by group member who will finalize the account. Therefore, I only vouched the ledgers. For today, I vouched the income ledgers which are machinery hire income, fertilizer and chemicals, as well as other income. There was another ledger for income which is sales of oil palm fruits but for this I did not vouch the ledger. Instead I was told to prepare the schedule for sales of oil palm fruits. I did two schedules which are for Kwantas Oil Sdn Bhd and Global Enterprise Oil Mill Sdn Bhd. This schedule made it easier to show the amount of sales of oil palm fruits for each month.

Main things that I have learned:

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After I have done vouching the income ledgers yesterday, today I continued to vouch the expenses ledgers. This client did not have that much ledgers, but each ledger contains a lot of transactions. For example, the vehicle running expenses and purchases ledger have almost 10 pages of transactions. Even though I only chose three months to vouch for these ledgers, it was still a lot. It took me quite some time to vouch the expenses ledgers. Today I only got to vouch the ledgers for purchases, auditor’s remuneration, bank charges and interest, electricity and water, telephone and postage, vehicle running expenses, fuel and oil, printing and stationeries.

Main things that I have learned:

• I learned that for electricity and water, we need to look at the name and address on the invoice to make sure that it is for the client’s business. I also need to see at previous audit file to check whether the name on the invoice same with the one in the audit file or not.

For these two days, I continued to vouch the remaining expenses ledgers for Polyprestige Sdn Bhd. I vouched the ledgers for license fee, legal and professional fee, sundry expenses, transportation charges, repair and maintenance, labour quarter’s maintenance, and many more. After that, I vouched salary and wages, EPF, Socso, EIS contributions. I chose the highest amount from each month so I can put tagging if I have found the document, so it will be easier for me to photocopy the documents. I put ‘V’ letter on the ledger if I have found the documents for that amount. I made sure that I finished to vouch the ledgers so I can move to do sampling tomorrow.

Main things that I have learned:

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After finished vouched all expenses, today I continued to do sampling for Polyprestige Sdn Bhd. 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 the finalizer can put it in audit file. After that, I also did callover for Glovic PLT. I compared the draft of balance sheet, rental statement, stock certificate, and tax computation that have been typed by admin to ensure that everything is correct and ensure there are no mistakes for the final report.

Main things that I have learned:

• Today I learned that different finalizer has different ways of preparing the sampling. Some of them only need a few documents as sampling, while some of them need a lot of documents as sampling. Therefore, I need to ask them or refer to previous year audit file to see how many sampling should I use.

Today I only rechecked back all ledgers that I have vouched before. I also rechecked back the samplings. After made sure that everything is already correct, I gave the income ledgers and expenses ledgers to my group mate who will finalize the account so she can check it and can tell me if there is any adjustment to be made. Next, I also did callover for Al Nur Marketing. I compared the draft of balance sheet, rental statement, stock certificate, and tax computation that have been typed by admin to ensure that everything is correct and ensure there are no mistakes for the final report.

Main things that I have learned:

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Today the finalizer told me to check and add more samplings for some ledgers. She asked me to check if there is license for the palm fruits provided by the client because I only use the payment of the license as sampling for the license fee. She also told me to do comparative figure on total amount of sales of oil palm fruits to see difference between the current year amount and last year amount. Therefore, I totaled the amount of mt/kg and total amount for both purchases, Kwantas Oil and Global Enterprise. Next, I divided total amount with mt/kg amount to get average amount of the rate. After getting the amount, I put the previous year amount as a comparative figure so we can see the difference clearly.

Main things that I have learned:

• Today I learned how to calculate the comparative figure to compare the current year amount and previous year amount.

Today I was told to find audit file for a few clients to put the director’s confirmation in the file. I find the audit file for each client according to its file’s number in the cabinet. After that, I put the director’s confirmation in the front page of the file. I did this for about 10 clients which means that I had to find 10 files one by one.

Main things that I have learned:

• Today I learned the function of director’s confirmation which shows the amount owed to/from the directors. It also shows if the director get any fee or salary.

Today I did opening balance for Kedai You Lee. I typed the non-current assets items, current assets items, current liabilities items, and finance by items one by one. Next, I took the amount from adjusted balance on previous year audit file. To make sure the amount is correct, I checked whether the opening balance that I did is tally with the amount in financial report for that year. After finished with Kedai You Lee, I moved to do the opening balance for Kunaway Plantation Sdn Bhd. I also did the same steps like before.

Main things that I have learned:

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