POLITEKNIK SEBERANG PERAI

 

KEMENTERIAN PENGAJIAN TINGGI MALAYSIA

 

PRACTICUM REPORT

  

Prepared by :

NUR DALILA BT MOHD ZAMRI

(10DAT11F2016)

JUN 2013

 

  

COMMERCE DEPARTMENT

(ACCOUNTANCY)

INTRODUCTION 

1.1 PRACTICAL TRAINING

Practical training is a study of teory and practically. It was a study outside Politeknik Seberang Perai. Each student compulsory to do the practical training for one semester that is 5 months 15 days. Each student must do it before get a Diploma. The training must be at the firm that student have been selected by themselves.

 

1.2 OBJECTIVE OF PRACTICAL TRAINING

 

The goals of practical training as a platform for students to practice knowledge and skills learned from classroom into real working environment. Practical training also one of the platform to share some experience with existing employees and employers in related to management, communication and other issues related to career. During the practical training session, students will be able to improve their communication skills and confidence in expressing ideas and opinions. So we can see that practical training is a first step to the students before they go to the real working environment and its help the students to develop for their future career development.

 

1.3 PRACTICAL TRAINING PERIOD

Practical training period is in the study period semester. In this semester, date that have been choose to start it starting from 17th Jun 2013 until 1th November 2013 . So, student must start working when the firm want to do so.

 

 

 

2.1 ORGANIZATION BACKGROUND

 

AJ ISMA & PARTNERS

AJ Isma & Partners was established on 2nd May 2002 through partnership between Mr. Augustine James, Mr. Ismawadee Bin Ismail and Mr. Mohd Arif Bin Mustapah to provide assurance and taxation services for small and medium sized clients. The practice is now being carried out at five locations around Malaysia; in Bandar Perda, Bukit Mertajam (main office) as well as in Seberang Jaya, Penang, Ipoh, and Kuala Lumpur (which practice operates under the name of Ismawadee & Co.). Besides, the company also have three others associates in Kangar, Alor Setar and Sungai Petani. We are currently providing assurance, taxation and other services to more than 300 clients.

2.2 OBJECTIVE OF THE ORGANIZATION

 

AJ Isma & Partners have a long-term goal to become the premier professional services organization especially in the northern region of peninsular Malaysia.

 

2.3 MISSION OF THE ORGANIZATION.

 

AJ Isma & Partners have their own mission. Their mission is to provide a professional service to clients, based on the clients requirements, efficiently, in time, and in all instances maintaining the highest professional standards.

 

2.2 ORGANIZATION SERVICES

 

AJ Isma & Partners services have been organized into five lines of service which is auditing, accounting, taxation, secretarial services and business advisory services. Each staffed with highly qualified, experienced professionals in our profession to provide the best services to client

3.0 BACKGROUND OF DEPARTMENT

 

3.1 INTRODUCTION OF ACCOUNTING DEPARTMENT

 

For the whole period of attending practical training at this firm, I had been mostly attached to the Accounting Department. Although our account department is not the main activity of the AJ Isma & Partners but it also generate revenue to the company. The number of staff in this department is small, compared to audit department in the other firms and it was monitored wholly by Mr. Ridzuan

our account supervisor before our boss handle it.

 

3.2 MAIN ACTIVITIES OF ACCOUNTING DEPARTMENT

Management Accounts

Stock counts and reconciliation

Cash Flow projection

Designing report format

Advisory services – including hands on training on all types of software. Eg.: MYOB

Updating the clients accounts

Maintaining full set of account with the computerized accounting.

4.1 ACCOUNTING

KEY IN DATA

To prepare all the account we used MYOB accounting software. First, I should identify all documents needed. Then, I will study and be familiar with the nature of business of the company for easy understanding during prepared the account. After that, I should key in all the opening balance in the system and it is based on the balance sheet for the last financial year audited account. After all opening balance already key in, I prepared to key in all transaction on the bank statement by clearing it in suspense account by using cheque bud whether using ID or date.

 

RECORD TRANSACTION

I recorded all transaction of invoices, payment voucher, sales, purchases, staff cost, utility, stock and other expenses by using general ledger in MYOB. After finished record all the transactions, I will give it to my supervisor for finalize and take further action.

 

FINALIZE ACCOUNT

During my last month here, I was giving opportunity and trustworthy by my supervisor to finalize the accounts for cooperative. After finished record all the transaction by document that I got from supervisor such as cash book, cheque book, ledger, bank statement, payment voucher, I finalize it by using Profit and Loss Statement and Balance Sheet to look whether it gain profit or loss or been name as Financial Statement.

 

4.2 AUDITING  FILL SECRETERIAL AUDIT CHECKLIST

PREPARE AUDIT WORKING PAPER

EXTERNAL AUDIT/ AUDIT TEST

PREPARE DRAFT AUDIT REPORT

PREPARE LETTER FOR SEND DRAFT

  PREPARE CERTIFICATE OF DIRECTOR

  BIND FINAL AUDIT REPORT

 

 

4.3 ADMIN TASK  made a courier, pick up the phone, cleaning the office, go to the bank to bank in

cheque or transaction at the counte, faxs some urgent document.

 

 

FLOWCART OF STEP BY STEP GUIDE ON ACCOUNTING

“MYOB ACCOUNTING SYSTEM”

1 -Receive documents from client

2- Key in bank statement in

3- Clear suspense

 

4-Record transaction by payments, sales, purchases.

 

5-Perform balance sheet

 

6-Perform profit and loss audit

7-Send to supervisor for casting

ADVANTAGE OF “MYOB”

ADVANTAGES OF MYOB

Speed

Automatic document production

Accuracy

Up-to-date information 

Availability of information

Management information

Legibility

Efficiency

Staff motivation 

Cost savings 

DISADVANTAGE OF “MYOB”

Trouble to company that give a lot document and take long time to key in it

Need to train all employees on how to use

If internal controls are not set properly it can be harmful to the company

Crashes that lose important data (however that can be overcome by keeping record in USB)

More controls need to be used so that confidential or private data are not used illegally with you to blame

Confidential is company data and private is customer private data

FLOWCHART OF STEP BY STEP GUIDE ON AUDITING

Receive documents from client

Prepare office checklist

Prepare confirmation letters

Review previous report

Check the trial balance

Perform basic test

Perform balance sheet audit

 

Perform profit and loss audit

Compute tax reconciliation

Review the audit report with manager

Amend necessary audit report

Send the file for further review and approval

Send the report to client for sign and related document

Send 2 copies to client, 1 copy to tax agent, 2 copies to company secretary and another 2 copies for auditors

THANK YOU

JUNIOR AUDITOR A.J. ISMA & PARTNER

SESSION JUN 2013

NUR DALILA ZAMRI(10DAT11F2016)

COMMERCE DEPARTMENTACCOUNTANCY