The Industrial Training Experience Accounting Essay

Lawrence Wong & Co. was set up in 1986 prior to the Malaysian economical recession in 1987. It has generated itself as an established Management Consultancy Firm specializing in all kinds of management and consultancy services, including corporate secretarial, administrative, bookkeeping, auditing, taxation, business or financial planning and other management allied services.

The company was founded by Mimi Gian Guek Poh and Lawrence Wong Fook Heng, both are Chartered Accountants from Australia. The business enterprise started as a sole proprietor on 6th August 1965 as a jobs agency and was converted into an exclusive limited company on 16th February 1986. As an associate person in the CPA Australia, the Malaysia Institute of Accountants, plus the Institute of Secretaries and Administrators, Mimi Gian, my company supervisor, attracts on more than 25 years of audit, management, secretarial, taxation, information system and corporate advisory experience in international and multinational companies in Australia, Singapore, and Malaysia.

Lawrence Wong & Co's success today relies heavily on the self-confidence and trust their clientele have with them and also because of the dedicated workforce who has been continuously adding their initiatives to the overall success of the firm's practically twenty years of services. The company hopes to keep to expand its business by giving quality and reliable services in Malaysia as well as internationally.

1. 2 Industrial Training Experience

Industrial Training is one of the compulsory content in every Faculty of Business and Money Programmes' course buildings. It really is compulsory for every final year undergraduate to endure industrial training throughout 90 days before concluding their courses. Together with the combo of knowledge and work experience during the three months training, students are required to produce a written report.

The aim of commercial training is to provide an chance of students to see real life techniques and develop their knowledge of methods and applications of the accounting theoretical and conceptual construction in a real working environment. Additionally, working out program also provides an chance of the industry to identify potential employees from the commercial trainees.

I signed up with Lawrence Wong & Co on 1st October until 31st December 2012. Of these 90 days of commercial training I had been involved in bookkeeping, auditing, taxation and the business's secretarial function. This is a good opportunity for me to find out more on the business. Because of this, I could now apply my accounting knowledge to the real world, such as accounts entry, auditing and so forth.

Initially my company supervisor discussed with our co-workers my tasks, after that only my acquaintances assigned tasks if you ask me. My company supervisor only gave me tasks when i had completed the work that was given by my co-workers. When I encountered some problems that I've never came across before, I discussed with my company supervisor and fellow workers together to resolve the problems. Fortunately they treated me well and trained me with patience. Therefore, I increased my knowledge of accounting, auditing, and taxation from my company supervisor and co-workers.

CHAPTER 2

Range OF TRAINING

2. 1 Statutory audit

When I arrived on my first day, my first task was to execute a statutory audit. Statutory audit is part of an in-house audit. Whilst I got accomplishing this, I needed to get information from the company secretary data file, such as total annual return, minutes of meeting, and SSM forms. My colleagues told me that use of a few of the SSM forms needed saving, such as Form 24, 44, 49, 32A, etc. If one of the forms are utilized, the auditor statement needs to disclose the information, as well as statutory audit. For instance, form 49 which is the proper execution of come back for directors, professionals and secretaries. If this form can be used, it means that the company has appointed a new director or a preexisting director has resigned or is deceased. Therefore, this type of information must be contained in an audit report and statutory audit.

2. 2 Accounting data entry

In this internship, I did a lot of accounting data admittance, such as receipt and repayment entries. To be able to have an improved understanding of the basis of accounting, my company supervisor designated me to numerous the company's bank account entrance, using UBS Accounting System and Microsoft Excel. This is a test for me, whether my double entry orders were posted appropriately. I posted the entries in accordance with bank statements, payment vouchers, cheque literature, and receipt books. After I had done, I printed out the overall ledger, standard bank reconciliation declaration, income declaration, and balance sheet to provide to my colleagues and company supervisor to examine.

2. 3 Loan provider Reconciliation

Standard bank reconciliation statements will be the important documents that require to prepare yourself every month. Bank reconciliation is the process which prepares a statement accounting for the variations between the cash balances in a company's cash profile and the cash balance matching to its loan provider statement (Roshayani Arshad, 2007). During my training period, I ready this by using UBS Accounting System and Microsoft Excel. Some clients ready bank reconciliation statements by themselves. Therefore, I needed to check if the lender reconciliation statements which were prepared by clients were the same as my results.

2. 4 Auditing

During these three months, I not only does a lot of accounting data access, I was also involved with auditing work. First of all, I prepared statutory audits because this was the easier part. Next, I began to do audits working on paper, such as accounting journal entries, income statements, balance sheets, variances, duty computations, and other working papers including information related to investments, liabilities, taxation, earnings, and expenses. Furthermore, I got learnt how to prepare every aspect of the working paper. After that, I ready an audit record, confirmation letter, notice of representation (which is a listing of all accounts), and an audit memorandum planning. Once I put done this, my fellow workers reviewed might work and asked me to amend errors, before it was approved to my company supervisor to review. Lastly, I stuffed in the proper execution C & R after my company supervisor reviewed and confirmed that all working paperwork were correct.

2. 5 Others tasks

My company supervisor got asked me to make some repayments, such as cell phone bills, drinking water and electric bills, EPF, SOCSO, client's income tax payments, as well as bank some cheques. Before my company supervisor granted the cheques, I needed to prepare the payment vouchers and connect them with the invoice, delivery order, and other related claims. I also was required to call the suppliers to accumulate the cheques. After the obligations were made, I filed all of the documents in the repayment voucher file.

Besides that, my company supervisor also assigned me to get ready consumer company's stock list and check list. Stock list is a detailed set of the stocks available of any company while check list is ready for checking out the stocks.

In addition, I had filed some documents and letters received from Inland Income Borad (IRB) in to the client's data. I also delivered documents to clients, such as taxes refund from IRB, audit studies as well as others documents.

Furthermore, I had fashioned updated the client company tax control list. For this task, I put to track record the particular date received for the proper execution C & R 2012, financial 12 months end, the latest audit article that had already been published, and the date of CP 204 to IRB. After I completed this, I prepared a latest set of consumer company and IRB's agenda of repayment code.

CHAPTER 3

KNOWLEDGE AND SKILLS APPLIED AND GAINED

3. 1 Knowledge and Skills Applied

3. 1. 1 UBS Accounting System

These accounting entries, that are receipt and payment entries, I have been taught during my studies how to complete using the UBS Accounting System. So, I had no problem when I submitted these accounting entries into UBS Accounting System because it is same as what I have done before. For instance, for the pay for travelling expenses, the entry is debit in going expenses and credit in standard bank or cash accounts, so this is called a double entrance. Before I handed down my work to the company supervisor to examine, I double checked out the entries.

3. 1. 2 Financial Accounting

Financial Accounting Framework I and II will be the compulsory subject matter for accounting students. Both of these subjects educate us how to prepare the financial statements such as income claims, balances sheets, cashflow statements, and assertions of changes in collateral. These content were very helpful for me to apply to my work. Utilizing the knowledge that I learned, I had developed completed my duties with minor problems.

3. 1. 3 Taxation

Taxation is another important subject matter for accounting students. I took this subject in Calendar year 2 Trimester 3. Within my training, I had developed to prepare tax computation for companies and people. Mostly I prepared duty computation for companies, since when I used to be doing consumer companies' audit, I needed to make it as well. This subject was very helpful if you ask me because I could apply the data that I learned to get ready the duty computation, which makes it easier for me to complete the jobs.

3. 2 Knowledge and Skills Gained

3. 2. 1 Auditing

Within my studies I found that auditing was a completely theoretical subject matter that is different from accounting and taxation subject matter because it is not contained in any calculation matter. I had the possibility to complete audits on client companies through the 90 days of training. I completed many tasks relating to audits, such as audit working paperwork, statutory audit, audit report, and many more.

3. 2. 2 Information Technology

Lawrence Wong & Co. accounting software includes Microsoft Excel and UBS Accounting System. With the UBS Accounting System, I learnt how to key in double entry transactions and look through the financial statements during my analysis. I also learned how to get ready the lender reconciliation assertions by using this technique, and to do yr end control, which is to close the existing accounting season and change to a fresh accounting 12 months (Sage UBS Selection of Software, 1991). Before I performed yr end processing, I had a need to ensure that ventures were up to the last period, back up all of the data files, upgrade all stock prices, print all studies, and check that there was only one retained earnings account. After I completed this, the machine would generate an all balance brought forward profile and accumulated earnings would be used in the retained cash flow account. All deals from period 1 to 12 will be removed.

Furthermore, Lawrence Wong & Co. used Microsoft Excel to get ready audit works. This was an advantage for me while i was doing the audit working documents as I could type in the total amount and generate the method fast, then the software would automatically calculate the final amount for me. I had fashioned also learnt how to adjust the paper margin and make it cool before I paper the working papers.

Besides that, I learned how to use new software, which was the UBS Inventory and Billing System. This system is a genuine time system that posts the stock immediately after entrance. It also performs as an invoicing system whereby you can print the invoice, credit note, debit note, and many more (Sage UBS Range of Software, 1991). Within my training, I put prepared a list of every consumer company's secretarial and processing fee in Excel form. My colleague taught me how to check on the latest invoices inside the UBS Inventory and Billing System. Therefore, I possibly could check the invoices easily and type in the information quickly.

CHAPTER 4

WEAKNESSES AND STRENGTHS

4. 1 Weaknesses

During the 90 days of commercial training, I faced a whole lot of issues that I possessed never came across before as they were problems that I could not learn from catalogs. This made me feel vulnerable because sometimes I did not know which methods should be applied to solve the issues.

At the beginning, I had spent most of time completing the audit works because what I acquired learnt in college or university was theory, however the training was more focused on practical tasks. These jobs were quite different from what I got studied in wording catalogs and from lecture notes, therefore i was a lttle bit confused whenever i prepared the audit works.

I also experienced problems as i was doing profile entries. Before I began to type in receipts and obligations into UBS Accounting System, I put in a great deal time trying to comprehend the business's business trades and ideas, because different companies may have different editions of these. After I keyed in all the deals, I printed the overall ledger, income assertion, and balance sheet to give to my company supervisor to examine. Unfortunately, my works were turned down by her because I did not key in the trades and descriptions properly. In addition, some of the clients didn't provide enough financial information, such as details of income received, so I didn't know exactly what those earnings were.

In addition, I needed difficulty in using my English dialect because the company mostly has English speaking clients. Sometimes the clients did not understand what I said, so I were required to use Oriental or Malay language to communicate with them.

4. 2 Strengths

In this internship, I learned a lot and used my knowledge and concepts associated with accounting, auditing, and taxation. I have come across many new things and gained knowledge from my company supervisor and acquaintances.

I could use other languages to talk to clients, such as Hokkien, Cantonese, and Malay. The reason behind this is that a few of the clients cannot speak English, they only know to speak their own terms. Therefore, I was able to use these languages to connect or discuss some matters with clients.

I felt blessed that my company supervisor offered me the chance to practice my knowledge in her company. She always determined me and taught me many new skills as a trainee, and also helped me to obtain new knowledge. Furthermore, she was also a very patient person. When I did so not understand how to do the tasks that she's allocated, she was very patient in explaining to me the steps. Another power was that my acquaintances were eager to help me whenever I encountered problems.

CHAPTER 5

CONCLUSION

Through this training program, I've gained a lot new knowledge and experience, improved upon my communication and computer skills, as well as learning how to adapt to working life quickly in a new atmosphere. It also prepared me to be more in charge of my actions and tasks in the foreseeable future working life.

Furthermore, I have covered knowledge of auditing, accounting, and taxation during my time put in inside the company. For the auditing part, I learnt how to put together the audit program, confirmation notice, auditing working documents, among others. I also learned how to key in the accounts entries properly by using UBS Accounting System and Microsoft Excel. For the taxation part, I learned about how to get ready tax computation. All of the learning made me feel interested and challenged although it was stressful at times.

I can conclude that the commercial training was well organized. My company supervisor and acquaintances were caring and willing to teach me every one of the working steps and principles. With their advice, I was able to do my duties properly and apply the accounting knowledge that I had learnt in school into real working life.

In conclusion, I have already been trained to be prepared in facing the true working environment in the foreseeable future and gained some ideas about the task flow of your company. I am delighted that I did my industrial trained in Lawrence Wong & Co. and give thanks to my company supervisor and everything colleagues for nurturing and giving me an opportunity to learn all of the work involved. I am hoping I can use my experience and knowledge that I gained further in my education.

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