i did not enter office today~

Date: 27 October 2010

Duration 824 pm

I reached home around six today.

I did not enter office today. Neo and I were in client's office for auditing. Everything seems smooth. The progress was good. I had done my section E- operating expenses. The remaining section is Section F- Taxation which is the most difficult portion of working papers. I always heard groans from seniors about this section F.

Well, i have no idea how hard it is. I believe it is hard. I have yet to handle this challenge.

Looking upon that, but i believe that i can handle it.!!

I was doing Section E- Staff cost and Director remuneration. Many companies group EPF and SOCSO together regardless whether its director's or staff's EPF. We are required to reclassify EPF of Director into Director's remuneration or Non-fee emoluments from the EPF and SOCSO expenses.

As for the Staff cost, there is requirement under Companies Act on Schedule 9 Disclosure. Hence, we need to prepare working paper on the computation of Schedule 9 which would be used in drafting report later on.

I did not manage to finish my PCB test today. I guess i was kind of slow in using EXCEL. EXCEL has more functions yet to be explored. ^^

We had our lunch in one of the cafe in Cheng( opps, i forgot the name ). Four of us( including another two seniors auditing another company nearby our location) ordered the same meal - Asam fish rice. During lunch hour, it's really a good time to know more about people in the office--> gossip in the office. There is another senior ( he is also a MMU graduate) leaving the firm soon. There would be always people leaving and coming audit firm every month, that's what i heard from seniors. Well, i would just observe that. This is my second week, I had already seen two leaving. The first one is Fion who is leaving for ACCA examination. The second one is James, the MMU graduate aforementioned.

Tomorrow i would be entering office to do some printing. Oh yeah, would like to ask Jac about PCB computation too. Neo forgot how to compute PCB as she has only done it once. ^^

Thanks Neo for picking me up to client's office and sending me home today. Not forgetting to thank Neo to solve all my non-tally figures. ^^

My day ends with Gratitudes.

Date: 26 October 2010

Duration" 0831pm

I reached home around seven today. I was not in office for the whole day. Indeed, i was at LXXXXX office for audit. The progress was smooth. I finished several working papers of section E. The other working papers kind of not easy for trainee to handle.

I would not be entering office tomorrow too. There would be another outside audit day for me in LXXXXX. The employees there are friendly and helpful. They are willing to answer your queries should you have any doubts about the accounts.

Thanks Ms. Toh of LXXXXX for computing that amount for me.^^ Really sorry to trouble you all this while.

Well, of all the trainees, i would say i am probably the luckiest one. The seniors i followed, and following right now are all very patient and helpful. They are willing to teach and explain. After all, no matter how smart you are or how good your result is, audit work is still a brand new thing. I could confidently say that, passing audit subject or getting an A+ for audit subject does not help. Rather, experience counts.

Lee Kim( one of my trainee friend) has fallen sick today. She is having fever and digestion problem. Hope she has a speedy recovery.

I heard from senior that tax and audit department of my firm are kind of different. The audit department head like Guan Seng and Grace are more friendly and linear as compared to tax department head such as Ms. Leong. Well, i did not really work under any of them. So, i have no further comment on that. It's just that i never see any of them smiling except Grace. LOLz.

Ohyea, i took the shoes i ordered yesterday. Like it and thanks for the discount, Mr. Low

Tomorrow would learn PCB ( individual tax ) computation from Neo. ^^wee...

Wee.....TWO

Date: 25 October 2010

Duration: 814pm

I am following another new company this week, under a senior called Neo who has been in the audit firm for only four months. She is also MMU graduates. ^^I realise, seniors in this audit firm really pick up things fast. Well, they are all assigned a company to be handled independently. INDEPENDENCE make you grow~

We had conducted our audit in LXXXXX Sdn. Bhd. located in Cheng. It is a medicine production company. Comparing its filing system to NXXXX-the company which i was auditing last week, its filing system is far more systematic. I could easily vouch the items.

I was doing Purchases, Credit notes, and Revenue( Section D and Section E) -- Cut off test and transaction test. Cut off test is done to test whether the revenue or purchases have been taken up in an appropriate FYE. For this company, its FYE is 30 June. The cut off test is done by selecting the last five transactions before and after that cutting point which is 30 June.

As for the Credit notes test which is to ensure no purchases are being overstated ( after taking into account all the returns) for the year, it's done by voucing credit notes value exceeding APM. Luckily, none of the value exceeded the APM. I completed this working paper in a split of time. LOLZ.

As the the purchases or revenue transaction test, they are done to ensure that purchases or revenue are not overstated for the FYE. This is done by matching invoices and DO or BOL, and ensure all the items have been taken up in GL.

Tomorrow, i would be doing detecting unrecorded liabilities.

It's week two of my intern duration, hope i don't get that blurred. ^^

Tomorrow would be another brigther day, i feel it's better to leave office than to stay in the office.

Thanks the senior, Neo for being helpful.

I should stop here, i forget to take the shoes that i ordered a week ago on my way back just now. LOLz, it finally arrived yesterday. I thought the shoes would arrived at the end of this month. It just took one week. ^^

It has been a tiring day, but i feel it all worth it when you learned something new.

It's Sunday!

Date: 24 October 2010

Duration:1221pm

Oops, i forget to blog about my workday on Friday. As soon as i got back from work that Friday, i was on drama marathon. n_n

On Friday, i left office at 630pm. Well, i finished my job quite early. I stayed back a while to have little chat with the trainee who has been in the company for about five months. ^^ Well, it's just a short information sharing time.

Everybody seemed busy on Friday. I was doing cross referencing from trial balance to lead schedules to to working papers of various section-Section A ( share capital, reserves, bank etc). Section B(PPE and investments), Section C( inventories), Section D( Receivables), Section E( Payables and expenses), Section F( Taxation). Section G( Statutory Audit details), and Section Z.

i was really blurred about all these sections on the few days. it was really a hard time for me to find all the working papers without clearly understanding what all the sections consists of. I would like to thank Jac and Wilson for clarifying that for me and giving me that index copy as reference. It really helps a lot.

Besides cross referencing, i did some printing and filing. As the seniors was busying, i just did whatever i could to help them out.

i also called up NXXX company to verify the months when invoices were not filed. Of total, there were about three months9 total RM21 million value of purchase transaction) when suppliers invoices were not filed. The Account Clerk claimed that there was possibility of suppliers not sending the invoices or it could be the account clerk not printing the invoices received in mail box. However, she could not be hundred percent positive about that as she just took over the account in the month of March or April. Thanks to her honestly^^

----

Today is Sunday afternoon. Tomorrow would be working day.

After one week of working in audit firm, " i understand why people like Friday and dislike Sunday, because the next day matters "( this is what i posted in my facebook)

Today is Sunday, tomorrow really matters!!

I would meet another helpful seniors next weeks^^

tomorrow is friday~wee^^

Date:21 October 2010

Duration: 1052pm

The haze was getting serious in some area. Some of the schools had been temporarily closed down due to the haze that had reached more than 300 point critical level of the area.

Hope the haze would diminish soon.

I backed on time from work today and rushed for yoga classes at six thirty.

Though it was rushing, i felt refreshed walking out of yoga class after one hour. I sweat a lot.

Despite that, i realise my stamina had decreased. Probably due to unused of working life. I believe i would get better soon.^^

I was using CASEWARE to draft the report almost half of the day. Well, i realise i really need to do some homework this weekend to get myself off trouble for the next few weeks. There are too many excel files, too many working papers, too many codes , too many sections to remember. If you are unused or unfamiliar with all these, i find it kind of hard to proceed. I wonder if the seniors too take hours to finish drafting the report.

I did some printing and filing today too.^^ Again, thanks for all the senior's guidance and help~^^Sorry for buzzing you guys all the time.

Tiring day~

Off to bed now^^

@_@

Date: 20 October 2010

Duration: 811pm

I backed around seven pm today.

The seniors did not insist on my stay, indeed, she allowed me to leave when it reached 6pm and to proceed the remaining draft the next day. Thanks dear, I appreciate your kindness and your guidance.

This morning, again we went to NXXX at Melaka Raya to have the final audit at the client's place.

I was doing vouching on ten samples of purchases with highest values. The sources of documents involved Delivery Orders ( authorised) and Suppliers' invoices and Ledger.

Of the several samples, several of the samples' either invoices or delivery orders could not be found. We enquired client's account clerk for the incompleteness of source documents. As far as we were concerned, the purchases that were delivered through E-channels were not filed with Delivery Orders. As for the missing of invoices, the client just clarify that the suppliers did not provide the invoices for some of the months even though they had requested.

We finally finished our audit before lunch and today would be the last day of audit visit to this client's office. Clients dislike auditors' visit--> now i know why---> as every visiting cost such as travelling cost and parking fees would be charged on the clients.

Everything is very clear and detailed in audit firm. For copies of photostated documents to stationery used( included pens and pencil) would be charged on the clients. Hmm... I understand why clients dislike auditors most of the time.^^

After lunch, we backed to office to continue audit work on this company. Senior taught me using CASEWARE which is a software to draft audited financial report. Thanks a lot.

Before the drafting of words, i needed to verify the accuracy of the figures in the Financial statements of prior period. If there is no variances, only further drafting could be carried on. Luckily, no discrepancies found, i continue the next step--> keying in current year figures in trial balances. In the end, i should get ZERO balances.

ARGH!!

I did not get ZERO for the first time.

After much searching and assistance from seniors---> finally the account is balance!

The lesson is!-->TAXATION is a CREDIT item!!!!

After the trial balance was done, i then carried on the drafting of the remaining of the reports such as the Directors' report, Significant accounting policy etc etc.

I did not manage to finish it today, Yong Peng allows me to carry on tomorrow and urge me go back~LOLZ

I learned alot today! Thanks alot!!!! Especially the helpful seniors there~~

tuesD@y

Date: 19 October 2010

Duration:1125pm

Today haze was really serious.

I went out with Yong Peng for Outside Audit in NXXXX Telecommunication Sdn. Bhd.( At Melaka Raya).

It was kind of headache for me as the thing i hate the most would be checking people's work

.

I was requested to do Vouching. The objective of the vouching is to search for unrecorded liabilities.In another word, we were to ascertain whether liabilities accruing to financial year ended have been properly recorded in the financial statement.

The source of vouching inclusive of payment vouchers from july till 30 September and unpaid supplier invoinces as at 30 September. This company financial end is 1July till 30 Jun.

We vouched the payment vouchers on PM basis. For value of liabilities that exceeding that PM value, it would be selected as sample and be vouched.

As one of the seniors( she is actually a trainee who enter the company earlier on) had already done partly of the vouching, i was just continuing her task. to be frank, i was really blurred and

uncertain of the task, it took me sometimes to find the details.

Well, i hope it gets better soon.

I realised Microsfot Excel is an important "TOOLS" in auditing. The audit workpapers would be in Excels and believe me, it would be a really long table.

Furthermore, the company that i was auditing today is rather unique in its payment system.

there were three cheques clearing amounts in two or three invoices amount with each cheques amount unequal to the item invoice amount. In other words, they used three cheques to clear a lump sum of three different invoices and those invoices could be of different dates. hence, we could never know which cheques is actually paying which amount. we could only know that lump sum of that three invoices are cleared by that three cheques from three different banks.

Sound complicated??

hmm...

I had my whole day in the client's office from 9 30 till 6 pm sharp.

Today, i backed from work around 620 pm. Tomorrow would be at that time too. ^^.....

Tomorrow would still be going this company. I WANT A PARKING LOT right in front of that company!! BELIEVE IT! it would be there for me, as i tried this law of attraction before.!