Posted at 10.13.2018
The merger of PwC & Lybrand in 1998 shaped PricewaterhouseCoopers (PwC), one of the "big four" businesses in Singapore and worldwide (Wikipedia, 2010). Increasing a revenue of US$2, 935 million in the Asia region for financial time 2010 (PricewaterhouseCoopers Global, 2010), PwC's principal activities include confidence, advisory and tax services, for its clients, in accordance with the latest generally accepted accounting guidelines. I am attached to assurance Operating Unit 5 (OU5), where this year 2010, the office has achieved the following performance:
$1, 083, 000
Billable time per month
Billable hours Calendar year- to-date
What books the organisation and its own people lies in the eye-sight, which is usually to be a head in making professional services, strategically resolving problems because of its clients, in order to enhance the ideals for the firm and its clients. Furthermore, the firm aspire to be a hub to catch the attention of, train and preserve talents from all over the world, where as many as 163, 000 experienced and innovative personnel in 151 countries play an important role in the creation and moulding of the PwC experience.
As observed in the PwC Experience's flowchart above, the company emphasises on the building the worth of people and associations within the staff and with their clients by understanding their needs and connecting with them. In addition they launched a new identity (custom logo) on 17 Sept 2010, which presents a continuing and paramount want to create values, obtaining goals and building great connections for its people and its own clients (PricewaterhouseCoopers Singapore, 2010).
The organisation chart of PwC Singapore is fastened in appendix A. In an proposal team, the company structure would be like the diagram below:
The culture of the company also helped in shaping the entire experience. The organization has an available door policy, which I found comfortable nearing my seniors and managers at any time. In PwC, the staff will be allocated to a career coach and buddy, whose responsibility includes guiding and advising their juniors in making choices or simply, to be a listening hearing in times of needs. Besides just work, PwC also give attention to work-life balance. Activities such as community services and Professional Public Accountants (CPA) games are organised to provide opportunities for marketing with some specialists in the industry and also to promote work-life balance.
Roles and Contributions
At the beginning of the attachment, I had been tasked with simple jobs such as call-over and casting of figures in the financial statements. Though these duties may seem trivial for some, they were necessary to ensure the precision of the statistics shown in the financial claims, and then for the call-over, to ensure that both copies were similar and the changes which were previously mentioned, were reflected in the latest copy.
During the planning for an engagement, I mapped and brought in the trial balance provided by your client into the data source system so that the team members would be able to extract statistics for the portions that they are in charge of. For the walkthrough, I enquired the clients on the system and known down for example, how a sale transaction would be processed from the begin to the finish point. Furthermore, I organized with the organization secretary to handle statutory review. Statutory review is carried out twice for an proposal. The first procedure would be through the planning stage, where in fact the purpose is always to gain an understanding of the changes in key management personnel and the resolutions handed from the finish of the last engagement till current yr. The second time would be completed after financial time end, which would help the auditors to discover whether any following situations such as acquisition of a business unit that could influence the audited characters.
After planning, the team would check out the client's spot to carry out fieldwork. For the accounts receivable section, I performed accounts receivable ageing test, by vouching the major debtor's invoices and re-performed the accounts receivable ageing. I got the number of days between your invoice night out and season end time, and minus away the credit conditions for each specific debtor, to find out the amount of aged days. After which, I grouped these into ageing rings of intervals of 90, that is, 1 to 3 months, 91 to 180 etc and compared the end results with client's classification. This step was done to check the dependability of the accounts receivable ageing evaluation report provided by your client which would support the substantive analytical review and other substantive analytical screening that were being performed on accounts receivable.
For the accounts payable section, I performed the test for unrecorded liabilities to assess if there is any understatement of liabilities, by vouching to the paid invoices after calendar year end to find out if they're current commitments and whether they have been saved in today's financial season. I also traced to the unpaid invoices after year end to ensure that they have been accounted for in today's year. If the liabilities havent been accounted for in the literature, liabilities would be understated.
For the preset property section, I performed reasonableness test on the depreciation charges, to ensure that depreciation, a form of accounting estimations has been provided accurately. Using the set asset cost at the beginning of financial season, I removed the fully depreciated and disposed assets and provided incomplete depreciation for the new improvements during the season. After which, I compared marketing campaign results with the client's portions. If depreciation charges have been underprovided, it would result in overstatement of the predetermined investments' balance.
After the finish of the fieldwork, we will have a follow-up treatment, to clear excellent things such as documents and questions not obtained during fieldwork or even to do succeeding reviews after the previous period. I performed accounts recoverability testing by vouching for following receipts after yr end. If there were non-recoverable volumes above the pre-set planning materiality, the team would have to discuss with the management to provide for provision.
In addition, I helped to draft the audit instructions and agreed upon techniques for other PwC companies overseas. PwC businesses in the CATSH (China, Taiwan, Singapore and Hong Kong) locations adopt the same audit methodology. This is because our client was designed in Singapore, but their accounting details were stored in overseas. Therefore, taking into consideration enough time and cost factors, we would demand the PwC company in the united states where the details were kept to carry out the audit for us and to sign an inter-office view.
One of the main lessons I have learnt so far is communication skills. In college, we were so used to communicating with our peers and professors casually. We need not prepare beforehand and may speak from our minds. However, from this internship, I came to comprehend that the way you talk and your message affects the communication with other people. Whenever we are out for engagements, we need to communicate and discuss among the list of team, such as on assembly time and venue, delegation of workloads and also to clarify instructions.
Nevertheless, for me, the most difficult form of communication is with the client. Every new engagement brings along a whole new team to interact for the client. We must be selectively and be alert to how and whatever we enquire your client on. That is especially important once we aren't in the client's place most of the times, therefore, we rely on the information that your client provides us with. Also, there might be miscommunication if the client misunderstood our questions.
I was given to check the control buttons for payment of bills. I vouched to the physical supplier's invoices, corresponding payment vouchers and saved the payment voucher number and telegraphic transfer number. I then found out that the repayment voucher was not in the usual 6 digits format starting number 6 6 and it was at the telegraphic copy format i. e. TT OCBC SG 123456. Being very baffled with the agreements, I approached the Finance Manager, to clarify my questions. I appreciated using the words "sequential order" and "TT quantity differs" in my own questions. The client immediately rebutted me, "You imply our repayment vouchers are not in sequential order?" Luckily, my team in-charge helped me out by clarifying my questions with the client. My original intent was to enquire the use of TT transfer number that differs from the bank's research and to find out the basis on using such formats. After some clarifications, the client described the change in the use of the forms from June 2010 onwards, a fresh format for the tracking of the payment voucher number, in the way familiar to them. For example, TOS 11 10 07 01 stands for TT OCBC Standard bank in SGD and where 11 is the money code for SGD, 10 being 12 months 2010, 07 being the month and 01 being the sequential numbering of the payment voucher. GIRO payment would have the format starting with 65 and repayment by cheque will have the numbering you start with 84. Out of this incident, I've learned to be tactical with my words and not mention words that may imply that your client was in the incorrect. Firstly, we should request the client to walkthrough with us on the machine. When they are finished with the explanations, we could enquire on the deviations from the overall procedures that they have briefed us on recently. I would also jot down the questions that I need to ask on a bit of paper, in order to avoid approaching the client frequently.
Relationship-building is paramount in the type of confidence, because we are not desk-bound careers and require regular travelling. I heard that a lot of clients do nothing like auditors and we'd often be scolded by them. However, I'd think often. I noticed that everything boils right down to how we control our relationship with this peers, colleagues and clients. I really enjoyed the associations that I distributed to my first engagement's consumer. Before the established working time, I loved to become listed on their staff at the pantry to chat and also distributed to them my working activities so far. The times that people have laughed were definitely fond stories. My seniors warned me that the Finance Director was a fierce person who was unwilling to help. However, I realised that after much relationships with him, he'd guide and joke with me. Even now, once i called back again to follow-up, the personnel recognised my tone of voice and dispatched me the remarkable documents within a short time. I never felt uneasy been accepted as a student. The relationship i retained with my seniors was also similar to a friend. We'd play hard and work hard at exactly the same time.
These have definitely trained me not sacrifice improve time used for building of interactions. The close relationships that you have got forged up to now would be good for you in the future. In school, many of us have Advancement and Organization (I & E) situations in calendar year 3 for our Interdisciplinary Studies (IS) modules. Several occurrences require the support in our friends, whether financial or in contribution. If we've cherished the human relationships with our friends, most of them would be happy to aid our events. No-one is alone. Therefore, it is important to meet new people, put in efforts in preserving these human relationships and these folks could possibly help us even after our studies or internship.
Being proactive in my own attitude and become responsible for the tasks allocated to me was another learning experience for me. I am a gradual learner and I will not allow this to influence the progress of the engagement team. Therefore, I browse the previous year's financial statements and checked out with my team in-charge at least a couple of days before the proposal when there is anything that I could be help of and also to discuss on my job scopes. These efforts paid off after i realised that I could relate what I have read within the prior year's data files to current year's audit, as we'd normally expect the style to continue. On top of that, going through the walkthrough performed by my elderly people has allowed me to learn the main element management staff that I may need to tackle during fieldwork and to familiarise with the filling system, in order to expedite the vouching process.
I believe that taking possession of the jobs given is important. It really is being responsible for yourself among others. When someone handles me a task, I would complete it as soon as possible, or if I am busy, I'd ask the other interns to aid. This is because the other get together have put their rely upon someone to help them to complete these responsibilities. If we are not responsible, our seniors would not want to entrust us with responsibilities and we'd miss these opportunities for learning. Similar to the learning activities in school, when we are assigned jobs by our lecturers, we should always devote efforts, rather than grumble and submitting substandard work, because the projects are designed to enable us to truly have a hands-on way on the concepts learned in lessons, and also to encourage us to do research and explore beyond the lecture notes.
During this internship, I became less reliant on my elderly people. For my first engagement, there have been only 4 people in the team, including myself. My team in-charge resigned prior to the end of the proposal and both my elderly people took twelve-monthly leave and study leave, going out of myself to do the follow-up for your engagement. My manager was too active to steer me. In the long run, I was delivered to do follow-up at the client's place by itself for two times. As I was tasked to do only vouching for certain areas during fieldwork, I do not need a good understanding of the client's business and businesses, as compared to my seniors and team in-charge who've handled the various sections and have liaised straight with the client's money director and director before. I sensed nervous, lost and I tried very hard to keep in mind what my seniors and manager acquired told me. I started on my work and reported to my director once every few time, to update her on my progress and obtain reviews from her on the work done up to now. I felt i was too covered by my seniors and in-charge previously, as they might check my work before submitting my work to the supervisor for review. For now, there was no one to check might work and I must think on my legs and complete them carefully before submission. As compared with the task work and tasks in school, we could seek our friends' help and lecturers' views before the final submission and don't need to get worried about making problems.
For my first engagement, one of the tasks i was designated to was to vouch the credit terms for the major debtors. As it was my first-time, I was nervous and pressured up in the deadlines. When asked by my team in-charge easily have completed all the vouching, I informed her that I've completed the task and she assumed me. However, to her dismay, she realised that the section was not completed when we returned to the office. I have neglected to vouch that particular section and my in-charge were required to call up your client to enquire on the facts one by one. This has definitely added on her behalf workloads when i recognized that the section was due for review by the director that day.
I thought that I have learnt my lesson from this incident. However, for the same proposal, but for the follow-up session, my associates were not around and my administrator got leave and later on fell ill for another 14 days before my follow-up lessons. My manager had told me to keep track of the confirmations and correspondences with the client and third parties while she was away. Upon receipt of the confirmations and correspondences, I have to revise in the control sheet, whether the confirmed balance is equivalent to the balance as shown in the accounts receivable and accounts payable list. When my manager came back from her medical leave, she alerted me that I have signed and crammed in a confirmation, which was actually came back to us, without any verification of the amounts, as the address for the intercompany in Italy was wrong. Since the signing of the accounts was agreed on 13 December 2010, we were working lacking time. My director reprimanded me for the carelessness.
I had taken immediate action by requesting our consumer to alert their intercompany in Italy to send a confirmation again, if not, at least, a scanned copy before the signing of the accounts. I repent for not learning my lesson previously as this is a repeat incident. Since then, I solved to be cautious in my own work also to check before distribution. My manager acknowledged that I have put in efforts in my future tasks ever since that incident.