The Industrial Training Experience Accounting Essay

8/18/2019 The Industrial Training Experience Accounting Essay

1/14

The Industrial Training Experience Accounting Essay

Lawrence Wong & Co. was established in 1986 before the Malaysianeconomic recession in 1987. It has established itself as a recogni edManagement Cons!ltancy "irm s#eciali ing in all $inds of managementand cons!ltancy ser%ices incl!ding cor#orate secretarial administrati%eboo$$ee#ing a!diting ta'ation b!siness or financial #lanning and othermanagement allied ser%ices.

(he com#any was fo!nded by Mimi )ian )!e$ *oh and Lawrence Wong"oo$ +eng both are Chartered ,cco!ntants from ,!stralia. (he b!sinessstarted as a sole #ro#rietor on 6th ,!g!st 196- as an em#loyment agencyand was con%erted into a #ri%ate limited com#any on 16th "ebr!ary 1986.

,s an associate member of the C*, ,!stralia the Malaysia Instit!te of ,cco!ntants and (he Instit!te of ecretaries and ,dministrators Mimi)ian my com#any s!#er%isor draws on more than /- years of a!ditmanagement secretarial ta'ation information system and cor#oratead%isory e'#erience in international and m!ltinational cor#orations in

,!stralia inga#ore and Malaysia.

Lawrence Wong & Co0s s!ccess today de#ends hea%ily on the confidenceand tr!st their clientele ha%e with them and also d!e to their dedicatedwor$force who has been contin!o!sly contrib!ting their efforts to the o%eralls!ccess of the firm0s nearly / years of ser%ices. (he com#any ho#es tocontin!e to e'#and its b!siness by #ro%iding 2!ality and reliable ser%ices inMalaysia as well as internationally.


2/14

1.2 Industrial Training Experience

Ind!strial (raining is one of the com#!lsory s!b3ects in all "ac!lty of4!siness and "inance *rogrammes0 co!rse str!ct!res. It is com#!lsory fore%ery final year !ndergrad!ate to !ndergo ind!strial training for thed!ration of three months before com#leting their co!rses. With thecombination of $nowledge and wor$ e'#erience d!ring the three monthstraining st!dents are re2!ired to #rod!ce a written re#ort.

(he ob3ecti%e of ind!strial training is to #ro%ide an o##ort!nity for st!dentsto obser%e real life #ractices and de%elo# their !nderstanding of methodsand a##lications of the acco!nting theoretical and conce#t!al framewor$ ina real wor$ing en%ironment. ,dditionally the training #rogram also #ro%idesan o##ort!nity for the ind!stry to identify #otential em#loyees from theind!strial trainees.

I 3oined Lawrence Wong & Co on 1st 5ctober !ntil 1st ecember / 1/.!ring these three months of ind!strial training I was in%ol%ed in

boo$$ee#ing a!diting ta'ation and the com#any0s secretarial f!nction.(his was a good o##ort!nity for me to learn more abo!t the b!siness .4eca!se of this I can now a##ly my acco!nting $nowledge to the realworld s!ch as acco!nts entry a!diting and so on.

,t first my com#any s!#er%isor disc!ssed with o!r colleag!es my tas$s after that only my colleag!es assigned tas$s to me. My com#any

s!#er%isor only ga%e me tas$s after I had com#leted the wor$ that wasassigned by my colleag!es. When I faced some #roblems that I ha%e ne%er enco!ntered before I disc!ssed with my com#any s!#er%isor andcolleag!es together to sol%e the #roblems. L!c$ily they treated me well andta!ght me with #atience. (herefore I increased my $nowledge of


3/14

acco!nting a!diting and ta'ation from my com#any s!#er%isor andcolleag!es.

CHAPTER 2

SCOPE O TRAI!I!"

2.1 Statutory audit

When I arri%ed on my first day my first tas$ was to do a stat!tory a!dit.tat!tory a!dit is #art of an in ho!se a!dit. Whilst I was doing this I needed

to get information from the com#any secretary file s!ch as ann!al ret!rnmin!tes of meeting and M forms. My colleag!es told me that !se ofsome of the M forms needed recording s!ch as "orm / 9 /,and so on. If one of these forms are !sed the a!ditor re#ort needs todisclose the information as well as stat!tory a!dit. "or e'am#le form 9which is the form of ret!rn for directors managers and secretaries. If this

form is !sed it means that the com#any has a##ointed a new director or ane'isting director has resigned or is deceased. (herefore this $ind ofinformation m!st be incl!ded in an a!dit re#ort and stat!tory a!dit.

2.2 Accounting data entry

!ring this internshi# I did a lot of acco!nting data entry s!ch as recei#tand #ayment entries. In order to ha%e a better !nderstanding of the basis of acco!nting my com#any s!#er%isor assigned me to a lot of the com#any0sacco!nt entry !sing :4 ,cco!nting ystem and Microsoft ;'cel. (hiswas a test for me whether my do!ble entry transactions were #ostedcorrectly. I #osted the entries in accordance with ban$ statements #ayment%o!chers che2!e boo$s and recei#t boo$s. ,fter I had done I #rinted o!t


4/14

the general ledger ban$ reconciliation statement income statement andbalance sheet to gi%e to my colleag!es and com#any s!#er%isor to re%iew.

2.# $an% Reconciliation

4an$ reconciliation statements are the im#ortant doc!ments that need tobe #re#ared e%ery month. 4an$ reconciliation is the #rocess which#re#ares a statement acco!nting for the differences between the cashbalances in a com#any0s cash acco!nt and the cash balance according to

its ban$ statement . !ring my training #eriod I#re#ared this by !sing :4 ,cco!nting ystem and Microsoft ;'cel. omeclients #re#ared ban$ reconciliation statements by themsel%es. (herefore Ineeded to chec$ whether the ban$ reconciliation statements that were#re#ared by clients were the same as my res!lts.

/. ,!diting

!ring these three months I not only did a lot of acco!nting data entry Iwas also in%ol%ed in a!diting wor$. "irstly I #re#ared stat!tory a!ditsbeca!se this was the easier #art. ?e't I started to do a!dits wor$ing on#a#er s!ch as acco!nting 3o!rnal entries income statements balancesheets %ariances ta' com#!tations and other wor$ing #a#ers incl!dinginformation related to assets liabilities ta'ation re%en!e and e'#enses. Inaddition I had learnt how to #re#are e%ery detail of the wor$ing #a#er. ,fter that I #re#ared an a!dit re#ort confirmation letter letter of re#resentation and an a!dit memorand!m #lanning.5nce I had done this my colleag!es re%iewed my wor$ and as$ed me toamend errors before it was #assed to my com#any s!#er%isor to re%iew.


5/14

Lastly I filled in the "orm C & = after my com#any s!#er%isor re%iewed andconfirmed that all wor$ing #a#ers were correct.

/.- 5thers tas$sMy com#any s!#er%isor had as$ed me to ma$e some #ayments s!ch astele#hone bills water and electricity bills ;*" 5C 5 client0s income ta'#ayments as well as ban$ing some che2!es. 4efore my com#anys!#er%isor iss!ed the che2!es I needed to #re#are the #ayment %o!chersand attach them with the in%oice deli%ery order and other relatedstatements. I also had to call the s!##liers to collect the che2!es. ,fter the#ayments were made I filed all of the doc!ments in the #ayment %o!cherfile.

5ther than that my com#any s!#er%isor also assigned me to #re#are clientcom#any0s stoc$ list and chec$ list. toc$ list is a detailed list of the stoc$sa%ailable of a com#any while chec$ list is #re#ared for chec$ing the stoc$s.

In addition I had filed some doc!ments and letters recei%ed from Inland

=e%en!e 4orad into the client0s files. I also sent o!t doc!ments toclients s!ch as ta' ref!nd from I=4 a!dit re#orts and others doc!ments.

"!rthermore I had !#dated the client com#any ta' control list. "or thistas$ I had to record the date recei%ed for the "orm C & = / 1/ financialyear end the latest a!dit re#ort that had already been s!bmitted and thedate of C* / to I=4. ,fter I com#leted this I #re#ared a latest list ofclient com#any and I=40s sched!le of #ayment code.


6/14

C+,*(;=

@?5WL; ); ,? @ILL ,**LI; ,? ),I?;

.1 @nowledge and $ills ,##lied

.1.1 :4 ,cco!nting ystem

(hese acco!nting entries which are recei#t and #ayment entries I hadbeen ta!ght d!ring my st!dies how to com#lete !sing the :4 ,cco!nting

ystem. o I had no #roblem when I #osted these acco!nting entries into:4 ,cco!nting ystem beca!se it is same as what I ha%e done before."or e'am#le for the #ay for tra%elling e'#enses the entry is debit intra%elling e'#enses and credit in ban$ or cash acco!nt so this is called ado!ble entry. 4efore I #assed my wor$ to the com#any s!#er%isor to

re%iew I do!ble chec$ed the entries.

.1./ "inancial ,cco!nting

"inancial ,cco!nting "ramewor$ I and II are the com#!lsory s!b3ects foracco!nting st!dents. (hese two s!b3ects teach !s how to #re#are thefinancial statements s!ch as income statements balances sheets cash

flow statements and statements of changes in e2!ity. (hese s!b3ects were%ery !sef!l for me to a##ly to my wor$. 4y !sing the $nowledge that Ilearnt I had com#leted my tas$s with minor errors.


7/14

.1. (a'ation

(a'ation is another im#ortant s!b3ect for acco!nting st!dents. I too$ this

s!b3ect in Aear / (rimester . !ring my training I had to #re#are ta'com#!tation for com#anies and indi%id!als. Mostly I #re#ared ta'com#!tation for com#anies beca!se when I was doing client com#anies0a!dit I needed to #re#are it as well. (his s!b3ect was %ery !sef!l to mebeca!se I co!ld a##ly the $nowledge that I learnt to #re#are the ta'com#!tation ma$ing it easier for me to com#lete the tas$s.

./ @nowledge and $ills )ained

./.1 ,!diting

!ring my st!dies I fo!nd that a!diting was a totally theoretical s!b3ect thatis different from acco!nting and ta'ation s!b3ects beca!se it is not incl!dedin any calc!lation matter. I had the o##ort!nity to com#lete a!dits on client

com#anies d!ring the three months of training. I com#leted many tas$srelating to a!dits s!ch as a!dit wor$ing #a#ers stat!tory a!dit a!ditre#ort and many more.

././ Information (echnology

Lawrence Wong & Co. acco!nting software incl!des Microsoft ;'cel and:4 ,cco!nting ystem. With the :4 ,cco!nting ystem I learnt how to$ey in do!ble entry transactions and loo$ thro!gh the financial statementsd!ring my st!dy. I also learnt how to #re#are the ban$ reconciliationstatements by !sing this system and to do year end #rocessing which is toclose the c!rrent acco!nting year and switch to a new acco!nting year< age :4 =ange of oftware 1991>. 4efore I #erformed year end


8/14

#rocessing I needed to ens!re that all transactions were !# to the last#eriod bac$ !# all of the data files !#date all stoc$ %al!es #rint all re#ortsand chec$ that there was only one retained earnings acco!nt. ,fter I

com#leted this the system wo!ld generate an all balance bro!ght forwardacco!nt and acc!m!lated #rofit wo!ld be transferred to the retainedearnings acco!nt. ,ll transactions from #eriod 1 to 1/ will be remo%ed.

"!rthermore Lawrence Wong & Co. !sed Microsoft ;'cel to #re#are a!ditwor$s. (his was an ad%antage for me when I was doing the a!dit wor$ing#a#ers as I co!ld $ey in the amo!nt and generate the form!la fast then thesoftware wo!ld a!tomatically calc!late the final amo!nt for me. I had also

learnt how to ad3!st the #a#er margin and ma$e it neat before I #rinted thewor$ing #a#ers.

5ther than that I learnt how to !se new software which was the :4In%entory and 4illing ystem. (his system is a real time system that!#dates the stoc$ immediately after entry. It also #erforms as an in%oicingsystem whereby yo! can #rint o!t the in%oice credit note debit note andmany more < age :4 =ange of oftware 1991>. !ring my training I had

#re#ared a list of e%ery client com#any0s secretarial and filing fee in ;'celform. My colleag!e ta!ght me how to chec$ the latest in%oices inside the:4 In%entory and 4illing ystem. (herefore I co!ld chec$ the in%oiceseasily and $ey in the information 2!ic$ly.


9/14

C+,*(;=

W;,@?; ; ,? (=;?)(+

.1 Wea$nesses

!ring the three months of ind!strial training I faced a lot of #roblems that Ihad ne%er enco!ntered before as they were #roblems that I co!ld not learnfrom boo$s. (his made me feel wea$ beca!se sometimes I did not $nowwhich methods sho!ld be a##lied to sol%e the #roblems.

,t the beginning I had s#ent most of time finishing the a!dit wor$sbeca!se what I had learnt in !ni%ersity was theory b!t the training wasmore foc!sed on #ractical tas$s. (hese tas$s were 2!ite different from whatI had st!died in te't boo$s and from lect!re notes so I was a bit conf!sedwhen I #re#ared the a!dit wor$s.

I also faced #roblems when I was doing acco!nt entries. 4efore I started to$ey in recei#ts and #ayments into :4 ,cco!nting ystem I s#ent a lottime trying to !nderstand the com#any0s b!siness transactions andconce#ts beca!se different com#anies may ha%e different %ersions ofthese. ,fter I $eyed in all the transactions I #rinted the general ledgerincome statement and balance sheet to gi%e to my com#any s!#er%isor tore%iew. :nfort!nately my wor$s were re3ected by her beca!se I did not $eyin the transactions and descri#tions #ro#erly. Moreo%er some of the clients

did not #ro%ide eno!gh financial information s!ch as details of incomerecei%ed so I did not $now e'actly what those incomes were.

In addition I had diffic!lty in !sing my ;nglish lang!age beca!se thecom#any mostly has ;nglish s#ea$ing clients. ometimes the clients did


10/14

not !nderstand what I said so I had to !se Chinese lang!age or Malaylang!age to comm!nicate with them.

./ trengths!ring this internshi# I learnt a lot and #racticed my $nowledge and

conce#ts relating to acco!nting a!diting and ta'ation. I ha%e come acrossmany new things and gained $nowledge from my com#any s!#er%isor andcolleag!es.

I was able to !se other lang!ages to comm!nicate with clients s!ch as

+o$$ien Cantonese and Malay. (he reason for this is that some of theclients cannot s#ea$ ;nglish they only $now to s#ea$ their own lang!age.(herefore I was able to !se these lang!ages to comm!nicate or disc!sssome matters with clients.

I felt l!c$y that my com#any s!#er%isor ga%e me the o##ort!nity to #racticemy $nowledge in her com#any. he always moti%ated me and ta!ght memany new s$ills as a trainee and also hel#ed me to ac2!ire new

$nowledge. "!rthermore she was also a %ery #atient #erson. When I didnot !nderstand how to do the tas$s that she has assigned she was %ery#atient in e'#laining to me the ste#s. ,nother strength was that mycolleag!es were willing to hel# me whene%er I enco!ntered #roblems.

C+,*(;= -

C5?CL: I5?(hro!gh this training #rogram I ha%e gained so m!ch new $nowledge ande'#erience im#ro%ed my comm!nication and com#!ter s$ills as well aslearning how to ada#t to wor$ing life 2!ic$ly in a new atmos#here. It also


11/14

#re#ared me to be more res#onsible for my actions and tas$s in the f!t!rewor$ing life.

"!rthermore I ha%e co%ered $nowledge of a!diting acco!nting andta'ation d!ring my time s#ent inside the com#any. "or the a!diting #art Ilearnt how to #re#are the a!dit #rogram confirmation letter a!ditingwor$ing #a#ers and others. I also learnt how to $ey in the acco!nt entries#ro#erly by !sing :4 ,cco!nting ystem and Microsoft ;'cel. "or theta'ation #art I learnt abo!t how to #re#are ta' com#!tation. ,ll of thelearning made me feel interested and challenged altho!gh it was stressf!lat times .

I can concl!de that the ind!strial training was well organi ed. My com#anys!#er%isor and colleag!es were caring and willing to teach me all of thewor$ing ste#s and conce#ts. With their g!idance I was able to do my tas$s#ro#erly and a##ly the acco!nting $nowledge that I had learnt in !ni%ersityinto real wor$ing life.

In concl!sion I ha%e been trained to be #re#ared in facing the real wor$ing

en%ironment in the f!t!re and gained some ideas abo!t the wor$ flow of acom#any. I am #leased that I did my ind!strial training in Lawrence Wong &Co. and than$ my com#any s!#er%isor and all colleag!es for caring andgi%ing me a chance to learn all of the wor$ in%ol%ed. I ho#e I can !se mye'#erience and $nowledge that I gained f!rther in my ed!cation.


12/14

A C K N O W L E D G E

M E N T Sometimes words fall short to show gratitude, the samehappened with me during this project. The i&&ense help and supportrecei'ed (ro& Cpl ) Co o'er*hel&ed &e during the pro+ect. It *as a greatopportunity (or &e to *or% *ith Cpl ) Co, pioneer in the (ield o( accounting andtaxat ion. I a & extre &ely gra te(ul to the en tire tea & o( Cpl ) C o, *ho ha'e sharedtheir expertise and %no*ledge *ith &e and *ithout *ho& the co&pletion o( this pro+ect *ouldha'e -een 'irtually i&possi-le. y sincere gratitude to

s.Sara Chin /Secretary o( the co&pany0 (or pro'iding &e*ith an opportunity to *or% *iththe& as a co&pany pro+ect guide *ho has pro'ided &e*ith the necessary in (or&at ion andher 'al ua- le sug ges tion and co& &en ts on -rin gingout this report in the -est possi-le*ay.I a& highly inde-ted to s.Sharon (*or%ing colleagues )*ho has pro'ided &e thenecessary in(or&ation and her 'alua-le suggestion anda good support in understandingthe -asics o( accounting and taxation easily.I (eel great

pleasure to cordial than%s s. ee /Auditor0 .


13/14

I also 'ery than%(ul to&y (riends *ho help &e in co&pletion o( the pro+ect . I a&than%(ul to the po *e r that al*ays inspires &e to ta%e right step in the +ourney o( success &yli(e

Praise to Allah (or three /#0 &onths I undergo &y internship that -egins on early e-ruary thisyear till end o( April, I (inally success(ully co&pleted &y Industrial training report. or there&aining # &onths &ore that I ha'e to continue &y training in order to co&plete &y course, I

pray to Allah hoping &y +ourney is in His -liss. I also *ould li%e to extend &y than%(ulness tothe &ost precious persons in &y li(e, &y (ather and &other (or all their &oral support, (inancialsupport and also to &y (riends (or ne'er ending re&inding &e to al*ays -e honest andtrust*orthy during &y training here. As (or &y super'isor (ro& ni'ersiti alaysia Pahang/ P0, Enci% Sha&sul Hairi $in uha&ad. I than% you (or all the repri&and and guidance as itis 'ery help(ul (or &e in co&pleting &y report. ast -ut not least I *ould li%e to extend &yappreciation to &y industrial super'isor, 3r. Ir. Sela&at $in Ali&an and Ir. a%hrul 4a%ee (ortheir ad'ices and patiently guiding &e through *hile I *or%ing here as a trainee. !ot (orgotten(or all the sta((s *or%ing at S$A Consultant I 'ery &uch appreciate (or their entire %indnesshelping and teaching &e *hen I5& *or%ing there. I a& 'ery luc%y to ha'e such a help(ulcolleagues and I ne'er (elt le(t out in any situation.

I a& entrusted to undergo &y industrial training at S$A Consultant (or six /60 &onths -e(ore I can co&plete &y su-+ect course in order to graduate. or no* I ha'e co&pleted hal( o(the period re7uired (or &y training. 3uring these # &onths *or%ing here I a& exposed to &anyne* things *hich are 'ery 'alua-le (or &e to learn and carry out *ith de'otion *hen I (ace thereal *orld o( *or%ing in the (uture. ndergoing (or industrial training has -eco&e one o( thecurricular that college student co&pulsory to attend especially (or those *ho studied at IPTA.The &oti'e o( this action is to expose students and let the& experience the en'iron&ent o( thereal *orld o( *or%ing -e(ore graduating. It is also to prepare students to (ace the real challengeand learn ho* to (ind solution *hen pro-le& encountered -esides co&pleting the course. Thisexposure not only *ill prepare the students -ut it is also a great opportunity to gain %no*ledge atindustry. $esides that, it can prepare students on ho* to polish &ore their so(t s%ill especially onho* to co&&unicate *ith others and learn to do *or% in a group. At college students usuallyco&&unicate *ith people around their ages -ut *hen *or%ing there are di((erences in ages and

this re7uired co&&unication s%ill. The period (or co&pleting industrial training is di((erentaccording to course. ost o( the courses need to undergo 6 &onths training period in order toco&plete it as (or others only # &onths -ut the period o( ti&e undergo this training is not the&easure&ent to ensure the students *ill get (ull -ene(it out o( it. I( the students itsel( doesn5t%no* ho* to gra- the opportunity gi'en e'en undergoing training (or 6 &onths *ould -euseless. There(ore it is i&portant to &a%e use o( the chances gi'en and &a%e the -est out o( it asthis experience is priceless and it *ouldn5t -e the sa&e *hen *e are *or%ing later.


14/14

I ha'e learnt a lot o( 'alua-le things *hile *or%ing here. I reali8e that learning theoreticalis ne'er the sa&e *hen it co&es to practice. There are a lot &ore to &aster than +ust learning(ro& -oo%. or exa&ple it is i&possi-le to &aster the eti7uette o( co&&unicating *ith others(ro& the -oo% unless *e put it in action. I also learned it is 'ery i&portant to %no* ho* to *or%as part o( the tea& especially *hen you are *or%ing in a -ig organi8ation. In order to co&pletethe tas% gi'en ti&ing is also another crucial thing to ta%e care o(. As is it %no*n, the *orld o(*or%ing is a co&pletely di((erent phase co&pared to the ti&e *hen *e are studying9 there(ore -ygoing (or an industrial training it is in hope that the students are *ell prepared and ha'e highcon(idence to ser'e the co&&unity. Students ha'e to carry a -ig responsi-ility *hen *or%ing atindustry and carry it *ith honesty and sincerity.

Documents

The Industrial Training Experience Accounting Essay