Posted at 10.08.2018
Chio Lim Natural stone Forest (CLSF) was founded in 1985 and it started from a textile centre in Jalan Sultan for this Wilkie Advantage in Sophia road. CLSF is an associate of RSM International, the 6th greatest accounting and consulting organizations worldwide, with 736 offices in 76 offices. Member groups in RSM International unite mutually to offer their clients the premier quality of services.
In Singapore, CLSF is the first Certified Public Accountant (CPA) organization to be ISO 9002 qualified and largest CPA firm outside the Big 4. They have extensive encounters with all sizes of clients but caters best to the mid markets in conditions of presenting advisory services. It also offers a wide spectrum of business services (see Appendix 1) that suits every stages of a business' development. Their value system which consists of passion, proactive, functional, personal, perseverance, intensifying and professional varieties the guiding rule of their service delivery.
CLSF comes with an open program where there is absolutely no bias towards any contest, religion and language. Having an wide open platform is important as it can help to make a harmonious working environment. In conditions of the number of employees, it has 572 staff from 17 nationalities, comprising of 19 companions and 15 directors currently (see Appendix 2). With regards to the revenue received, it is ranked 10th one of the member categories in RSM International (see Appendix 3).
In addition, CLSF is committed to being a socially responsible organization by contributing back again to the society through sponsoring book awards, bursaries and giving donations to charitable organisations.
What makes CLSF different from any big four firms is that it is ambitious-grown oriented. Building on complex competence, proactive customer servicing and an responsibility to integrity and professionalism enables CLSP to provide value-added services to clients to help their businesses expand. This can be seen from the actual fact that the number of employees in the business grew by 17% per annum for days gone by 22 years due to more and much larger clients i. e. outlined companies.
I learnt to execute audit for an investment positioning company (ELC Success Pte Ltd). In the beginning of audit, I well prepared lead plan using the clients' management accounts i. e. trial balance record. Using earlier year's template as a guide, I transferred the final audited statistics to the last year information column (2009) in current year's template and then keyed in current time (2010) numbers under the unaudited statistics. I would ensure the information in the particular areas such as cash and cash equivalents tied to both balance sheet and profit and loss statement before I start my audit planning.
I read the previous year's data file to have a better understanding of the client and take note of any outstanding things because of this year's audit. I then proceeded with the conclusion of planning forms such as proposal risk questionnaire, independence questionnaire, materiality conviction form etc to understand the client's business. Proposal risk questionnaire really helps to identify the risk level through factors like ownership, management, business environment, financial and liquidity concerns to determine if we ought to agree to/reject the audit. Self-reliance questionnaire is an evaluation of the company's compliance with ethical standards also to ensure that there are no hazards to self-reliance. Materiality willpower form documents the computation of planning materiality which books the magnitude of the audit steps performed. It allows us to propose either adjusting or waiver audit adjustments based on the materiality limit.
After completing the planning forms, I arranged for an interior planning meeting with my supervisor. The meeting outlined any matters that I had to take notice because of this year's audit such as investment property, both current and deferred fees and to review my planning varieties at exactly the same time. Once the varieties were approved and authorized by my supervisor, I started out my audit fieldwork by following the audit procedures tightly in the manual audit program bed sheets (MAPS) on the various sections like earnings etc. I obtained the research of revenue and inspected the casts. After which, I agree to the ledger and cross research the supporting examination to the business lead program. I also analyzed and documented the client's earnings recognition insurance plan. For the section on earnings from the utilization of property, I performed local rental reasonableness test to test the completeness for the quantity of units of property owned by the business and checked the total revenue through the use of the rates in the rentals contract. In addition, I scanned the journals to identify any major or strange transactions.
After completing the programme bed linens on different parts, I drafted current year's financial claims, with the help of an accounting guidelines book and prior year's financial claims. I amended the wordings in line with the book and kept up to date the current year's figures based on the audited statistics in the lead schedules.
In addition, I got also educated how to do an accounts strike-off for a business that is winding up (Austro Asia Pte Ltd). The goal of doing a strike-off is to close and zero-rise all accounts. I had formed to ensure that all expenses are taken up till the time frame of the strike-off before concluding the accounts. Hence, I would go through the bank statement for any movements in the cashbook. Then, I exceeded adjustments to record any expenses which were incurred i. e. processing, audit and XBRL fees however, not yet registered in the general ledger with the calendar year. I also did statutory audit to certify that the register of participants is accurate and there have been no changes to be made. After that, I'd make and send the confirmations to the directors for acceptance.
Before my internship, I got considering: "Would there be amble opportunities for me to experience the life span of the auditor since I am only an intern?" This question was clarified after three months in CLSF. Indeed, I've gained new knowledge and skills that would prepare me well for the working environment.
I am more proactive in conditions of requesting questions whenever I experienced any concerns. This comes up because I hope to get more opportunities to learn and make the almost all of every opportunity. As a result, I would consolidate my doubts and ask whenever I encountered anything that is not familiar. Initiative starts off with "I" and it helps too much to take the effort to clarify concerns.
I keep an available mind about new audit methods as it is impossible for me to know everything. My first engagement was the most difficult and longest process to complete. I consulted my seniors and the task was made easier with them trying to explain to me on what I will do. I am thankful that these were always there to guide and assist me.
This was very different from my persona in school where I have a tendency to be quieter. I'd ask questions by the end of the lessons because I do not want to interrupt the school and I am frightened of asking irrelevant questions. As such, I would consult my friends first before seeking help from my tutors.
Working as an intern in addition has trained me to be more determined. "There is no such thing as failing, but only responses. " Every setback that I faced enables me to go on and become a more robust person. An example was after i was the auditor-in-charge for a tiny customer. When I saw the review points, I had not been disappointed as it was my first time attempting it. In fact, I was eager to know my problems and study from it. This evidently demonstrates I am someone who adopts a 'never say die' frame of mind where I am prepared to simply accept and learn from my mistakes. It offers me ability to boost as a person rather than giving up.
Similarly, I needed this frame of mind of willpower and determination to learn in institution. I had troubles coping with my studies in the beginning as I could not adapt to the Polytechnic life where they adopt lectures style. However, I tried out my best and gave myself ample time to get used to the coaching style. I used to be wanting to learn accounting modules as I enjoyed studying a subject that I like. Hence, I had been determined to prosper and my effort eventually paid as i was granted the Director's list for 2008 and 2009.
Building team heart is necessary for a team to get together to achieve the goal-quality audit. Teamwork is important, especially in an audit office, since we live grouped into different teams. Teamwork improves our skills of coordination, communication and in a way allows us to see the bigger picture.
I have learned to be an improved team player once i was first in an audit engagement with my 2 elderly people. I also realised the importance of trust when my associates are allocated to work on the various parts of the audit work papers. Hence, we must trust any particular one carries out his allocated job accurately especially when some parts of the working paperwork are linked together. For example, I was tasked to do 2 sections mainly, sales completeness test on the sales fee income and trade receivables confirmation. When I did so the section on the sales commission rate income, I had developed to rely on the section on trade receivables confirmation among the audit procedures is to confirm those unpaid invoice to operate receivables ageing for completeness. This audit method ensures that you can find existence of sales even though the amount is not paid.
Furthermore, I had been involved in a group demonstration where my associates have to present the MAPS on the topic of completion and finalisation of audit. We'd our first reaching and it was uncomfortable at first once we were not knowledgeable about each other. However, things were better after launching ourselves. I also realised a team requires a leader In order to progress. My senior led the talk and we started to talk about our opinions and applying for grants the display materials,
Similarly, in both task work and CCA, I have to cooperate with my team mates to attain common goals. I relished myself employed in clubs because we enjoy the berry of the labour along when everyone cooperates. I also believe two heads are much better than one as you will see always more ideas, which we're able to improve on and learn from one another, as compared to an individual. There's a saying that will go "T. E. A. M. - Jointly Everyone Achieves More!" In ways, teamwork causes effective learning and work allocation which is crucial in an operating environment.
Effective communication is a key aspect in undertaking audit work. Without it, no work could ever be accomplished. Having effective communication also helps to build good rapport with clients through audit fieldwork.
I have learned the significance of effective communication while i had to ask source documents from a Japanese consumer. As she could only understand basic English, I had to use words that will be more simplified to talk to her so that she could understand and get back to me. I used to be also questioned for the reasons of requesting invoices and sales deals from her and I needed to clarify to her. Hence, an integral challenge that I confronted would be requesting the right questions. It is merely through requesting the right questions and then hearing the replies that information is obtained on the issue being mentioned.
As such, hearing skills is an vital part of communication. Being an active listener permits me to comprehend better and know more opinions. This is evident while i was involved with my group display meeting. Rather than leading the complete discussion, I paid attention to everyone's views first before showing with them my thoughts. We integrated some views which we thought were useful and seek everyone's contract before reaching a conclusion.
Working as an intern helps me to improve my interaction and communication skills because I have to speak daily with my various professionals, seniors, and clients on the job. It is also unnoticeable which i tend to be conscious as i communicate with someone who is of an increased level. I'd always think and form the sentence in my mind before speaking to my seniors and professionals.
I am a person who is not effective in English vocabulary since young. However, I have attended many English speaking and writing lessons to improve my English dialect. Having signed up for business communication classes for three years has gained my confidence in public speaking and the capability to write more fluently and appropriately. In order to improve my English language, I would often reach office early on to keep myself modified with the recent media.
"Learning is constant and each keeps growing continuously. " For me personally, I think that ongoing training and skills development is crucial because a person who have the right combo of skills would increase a company's output. CLSF's director, Mr Tay, also stated that in a CPA firm, an individual becomes more valuable when he grows older as a consequence to encounters. I strongly agree with his assertion.
Within these three months, I have went to 4 workshops to update myself with the latest international commercial (INCO) terms, modified FRS 2010, Microsoft Term training for the prep of audit article and audit 1B.
The delicate skills that i have obtained would be the use of Microsoft Phrase to get ready audit report. I used to be taught to work with several useful functions that could assist me in making my amendments and these functions are the use of cell research specific amount formulae, using bookmark to web page link results from the Records to the Financial Statements and using the 'Index And Furniture' feature to generate the Table Of Contents of the audit survey. This workshop enabled me to understand what the formulas imply and how the figures are linked together. This makes it easier for me to know the way the remaining data in the information are affected when coming up with my amendments.
This is on the other hand in university where I had formed a component entitled Decision SpreadSheets where I learned more about Microsoft Excel applications such as creating pivot tables, macros and graphs. I was also trained of the several functions in Microsoft Excel like sum, if etc. In ways, I could apply the information technology (IT) skills that i have learnt for my audit work. This would help me to be a better and effective auditor in getting ready audit records.
As for the technical skills, I had been unveiled to the new version of MAPS in the audit 1B workshop. This workshop is very helpful as it provided me a clearer perception and a deeper understanding of the steps and reasons to perform audit steps in the different parts of the working paperwork. I got also educated on communication skills, extensible business confirming vocabulary (XBRL) and basic taxes.
This differs where I learnt more about the theory of audit in institution, as compared to the functional way of carrying out an audit in a working environment. Therefore, I could use my audit knowledge and apply in my audit work.
The event all began when the 2010 version of MAPS in the lotus notes (company's databases) was introduced. A lot of the audit programme forms were new, especially on materiality persistence. We would normally use the higher of net investments or total investments for the materiality limit. However, I got told to use normalised thorough income before tax so that I could test the income amount.
When I did the depreciation reasonableness test, I realised that the difference in depreciation price amount is material. Therefore, I had formed to make current time and prior 12 months adjustments to improve the depreciation expenditure as the client had over-depreciated in the last years. Then, I realised my unaudited figures for investment property, depreciation expenses and retained revenue were wrong. I immediately edited the business lead schedule and does my assertion of cash flows. The declaration of cash moves did not tie up despite attempting for a number of times.
I attempted the lead routine again and realised that there have been some errors which influenced my affirmation of cash moves. I consulted my senior and she told me about that i. e. deferred duty which I had not taken into account. After fixing the errors, I posted the audit data file when I all of the sudden realised that we forgot to change the net profit before tax shape in the income taxes programme form. I immediately rushed my work as I possessed yet to improve the figures in my lead schedules and all the statements and I needed to submit the document that day. After trying the program on taxes, I learned that there would be no impact on current taxes figures because fees are calculated predicated on rental income rather than net earnings before taxes.
After that occurrence, I advised myself to be more composed and meticulous. I will not hurry haphazardly but give myself ample time to take into account the impact of depreciation expense on the financial assertions i. e. expenses, taxes and retained cash flow first before editing my lead schedules and statements. This might save commitment.
If I ever before faced with this example again, I would figure out how to stay calm and take one step at a time. I'd ensure I've edited all figures in the lead schedules accurately by examining the audit program varieties to ensure that I've made my preceding year changes before concluding my assertion of cash flows