INDUSTRIAL TRAINING REPORT 2012

NAME MATRIC PROGRAM ORGANIZATION

:MUHAMMAD WAQIUDDIN BIN SUHAIMI :1090113 :BACHELOR OF ACCOUNTING :ACT PARNTER :VIVIAN LEE YING YEE WAN NAWANG

INDUSTRY SUPERVISOR

UNIVERSITY SUPERVISOR :PN. WAN RASYIDAH BINTI

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

ABSTRACT
During these 6 months of training, I was exposed and experienced to lots of new things which are very valuable to me as I will apply all the knowledge in real working situation in the future. Undergoing an industrial training has become one of the curricular that college students are compulsory to attend. The motive is clearly to expose students and let them experience the environment of the real world of working before graduating. It is also to prepare students to face the real challenge and train them the analytical skill to solve critical problem when encountered. esides that, it can prepare students on how to polish their soft skill especially on how to communicate with others and learn to do work in a group. !t college students usually communicate with people around their ages but when working there are differences in ages and this re"uired communication skill. The period for completing industrial training is different according to course. #ost of the courses need to undergo 6 months training period in order to complete it as for others only $ months but the period of time undergo this training is not the measurement to ensure the students will get full benefit out of it. If the students itself doesn%t know how to grab the opportunity given even undergoing training for 6 months would be useless. Therefore it is important to make use of the chances given and make the best out of it as this experience is priceless and it wouldn%t be the same when we are working later. I have learnt a lot of valuable things while working here. I reali&e that learning theoretical is never the same when it comes to practice. There are a lot more to master than 'ust learning from book. (or example it is impossible to master the eti"uette of communicating with others from the book unless we put it in action. I also learned it is very important to know how to work as part of the team especially when you are working in a big organi&ation. In order to complete the task given timing is also another crucial thing to take care of. !s is it known, the world of working is a completely different phase compared to the time when we are studying) therefore by going for an industrial training it is in hope that the students are well prepared and have high confidence to serve the community. *tudents have to carry a big responsibility when working at industry and carry it with honesty and sincerity.

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

AC NOWLEDGEMENT
,raise to !llah for nearly six months I had undergone my internship which begins on early (ebruary this year till second week of -uly, I finally successfully completed my Industrial training report. I also would like to extend my thankfulness and gratefulness to the most precious persons in my life, my father and mother for all their moral support as well as financial support and also to my friends for reminding me to always be honest and trustworthy during my training here. !s for my supervisor from University *ains Islam #alaysia .U*I#/, ,n. 0an 1asyidah binti 0an 2awang, I thank you for all the guidance and supervision as it is very helpful for me in completing my report. 3ast but not least I would like to extend my gratitude to my industrial supervisor, 4ivian 3ee 5ing 5ee .audit department/ and (arhana inti (au&i .account department/ for all their advices, support and patiently guiding me through while I am working here as a trainee. 2ot forgotten to all staffs working at !6T ,artner. which I appreciate their kindness for helping and teaching me during my internship. The same also goes to all my other trainee colleagues. 7ven though some of the trainees come from different universities, but no boundaries are shown. !ll trainees keep helping each other completing their task.

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

TABLE OF CONTENTS
P!"# ABSTRACT AC NOWLEDGEMENT TABLE OF CONTENTS CHAPTER 1: INTRODUCTION 8.8 8.+ 8.$ 8.: 8.; 9b'ectives of Industrial Training *cope of Industrial Training Duration Importance of Industrial Training 9b'ectives of 1eport 1 2 3 $%&

CHAPTER 2:

TRAINING ORGANIZATION
+.8 +.+ +.$ +.: 9rgani&ation ackground #ission and vision *ervices 9rgani&ation 6hart

'%11

CHAPTER 3:

ACTIVITIES INVOLVED $.8 $.+ $.$ !udit work !ccounting work Taxation work

12%1&

CHAPTER $:

DISCUSSION :.8 :.+ :.$ :.: :.; enefits *ub'ect 3earned 1elated to 0ork 7nvironment 2ew Things 3earned ,roblems (aced *uggestion and 1ecommendation

1'%23

CHAPTER (: APPENDICES

CONCLUSION

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

CHAPTER 1 INTRODUCTION
*uccessfully undergoing the industrial training is re"uired for an !ccounting student to graduate with the !ccounting Degree from University *ains Islam #alaysia .U*I#/. This course acts as a learning platform for the student to face future career challenges in the accounting field. !t the same time students will be able to apply the theoretical principles that have been learned in lecture to a real work environment during industrial training. It is the best decision to put students into training before getting into real life situation because the students will be familiar with any scope of accounting fields especially in accounting, taxation, secretarial and auditing. During the industrial training, students will be exposed to the real working environment and there will be several differences with the study environment at university. !t the same time, students will face challenges and problems that they never encountered before. During the training period, students are bound by the rules and law of the firm, as well as #I! by law. 7arly training also can make students feel comfortable, thus they can prepare and cope with the clashes between in<class and real work environment in the future. !s a conclusion, industrial training offer several benefits to students especially concerning the real working environment. esides, they can expand their knowledge and make wise working decision in the future.

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

1.1 OB)ECTIVES OF INDUSTRIAL TRAINING

Industrial training is one of the necessities for the program practical training to fulfill the re"uirements for grading. The ob'ectives of industrial training are as follows= a/ 9rientation for students to feel the real working environment before graduate b/ To gain experience and knowledge that cannot be gained from lectures in the university. c/ To make students able to apply their knowledge and skills learnt during lecture in real work situation. d/ To demonstrate student%s capability at work and able to get an opportunity for 'ob placement. e/ To make students be able to experience the working condition rather than visuali&e it achelor of !ccountancy as

the course is one of the professional courses. Therefore, students are re"uired to complete the

1.2 SCOPE OF INDUSTRIAL TRAINING

a/ b/ c/ d/ 9bserving the whole operation and its flow of the company. Doing operation%s work that is involved by either using software or manual. 0ork that involving accounting, auditing and taxation. Discussion and meeting with superior

1.3 DURATION
The duration of industrial training as per stated by faculty is five .;/ months and two .+/ weeks.

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

1.$ IMPORTANCE OF INDUSTRIAL TRAINING

,ractical training is one of the curricular for the program achelor of !ccountancy.

*tudents are re"uired to complete the practical training to fulfill the re"uirements for grading. The importances of industrial training are as follows= a/ b/ It gives actual experience to the potential employees about the things they will be working on in future. It is a method to broaden trainee%s scope and to improve his skills and productivity which will be helpful for them in long run. c/ Industrial training gives trainees an opportunity to work in a professional atmosphere under the guidance of a professional supervisor. d/ Trainees can get the opportunity to talk to lots of people, particularly client and supervisor and gather more information regarding accounting, auditing and business field. e/ f/ It helps in building interpersonal skills as well as confidence. 5ou learn professionalism and basic eti"uettes on how to present yourself in a professional atmosphere.

1.( OB)ECTIVE OF REPORT

!fter having industrial training for almost six months, the information and all experience will be recorded and compiled into a report. The ob'ectives of preparing the report of industrial training are as follows= a/ To inform about the progress during the industrial training and the result of training in the related workplace The report helps to update on activities during internship training in details. *tudents need to write in all the daily activities in the log book and use the report as summary tools for the whole activities. !t the end of training, all result of training will be gathered in the report

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

b/

To highlight the challenges and problems faced by trainees during the industrial training

ased on the report also, it can be a medium for students to highlight any challenges and problems arises while undergo their training period. This will actually provide better information and rooms for improvement for each problems faced. 3ecturer also can use the information for the betterment of future trainees. c/ To share the lesson learnt from the industrial training

Industrial training is the best place for students in experiencing the working environment and later share the lessons learnt and experience to inspire future students. (uture students will be able to be prepared with the lessons and information given before starting their industrial training. *tudents can also share their thoughts on the real world business and also transfer the knowledge that they have gained. d/ To offer useful suggestions and recommendations for future improvement in industrial training 0hile students undergo their training, they can recommend or suggest on how the improvement shall take place in the future so that the next generation will be e"uipped ade"uately with all the knowledge and better facilities provided and effectively finish their training.

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

CHAPTER 2 TRAINING ORGANIZATION

2.1 ORGANIZATION BAC GROUND
!6T ,artners .formerly known as ,arker 1andall 6hew/ is one of the listed audit firm in #alaysia. This firm is currently administered by #s. !ngeline 6hew ,or 5an, 6hartered !ccountant. *ince from its creation, !6T ,artners has been offering five professional services namely, audit, accounting, taxation, secretarial and consulting services. !ct ,artners was established in 8@@> and it is known as 0isma 6hew A 6o. During 8@@@, another branch was set up in Teluk Intan, ,erak, which mostly the client is in construction business. In +BB8, the head office moved into 0isma 6hew A 6o. located in -aya. The two main services served by !6T ,artner namely, consulting and company secretarial, were spun off into !rris Croup of 6ompanies in early +BB$. The consulting service was channeled into !rris 6onsulting *dn. hd., while the company secretarial practice was in'ected into !rris #anagement *ervices *dn. hd. 9n 8> (ebruary +BB6, !6T ,artner entered into a ranch !ccession !greement with andar ,uchong

,arker 1andall #alaysia to become part of ,arker 1andall new member firm within #alaysia, within meaning of the #ember (irm !greement and as a member within the meaning of the #emorandum and !rticle of !ssociation of ,arker 1andall International. ,arker 1andall is a 6hartered !ccountant firm, which the principal professional activities include auditing, taxation, management consultancy, secretarial advisory, insolvency, listing exercise and related professional services. ,rior to 8B 9ctober +B8B, !6T ,artner had terminated the agreement with ,arker 1andall and later 'oins TI!C .The International !ccounting Croup/, which is an international @

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

network of high< "uality accounting firm. The network has established a global presence and now has a membership of more than 8BB firms in over 6B countries.

2.2 MISSION AND VISION

7very company in a business industry would have their own mission and vision as their guidelines in operating their business, and the company can be considered if they manage to achieve their mission and vision. The mission and vision as per stated in the website of !6T ,artner is) a/ W# !*# !+,-.-/01 !23 3#.#*+-2#3 I. II. b/ 0e seek to create a successful company for our clients and ourselves 0e believe that success begins by setting high and clearly defined targets W# !*# 4/2#1. !23 .#!+%/*-#2.#3 I. II. III. c/ 0e believe that honesty creates results. It also makes our company a better place to work and strengthens the relations with our clients and partners. It invites mutual inspiration and co<operation and not least common responsibility. W# *#15#6. #!64 /.4#* !23 .4# 7/*83 !*/023 01 I. II. d/ 0e have a fundamental respect for each other and consider our differences to be our strength and advantage. 0e are honest and straight forward. O0* 6/++-.+#2. I. 0hen we accept a 'ob, we put our heart and soul into our work regardless whether we work with our colleagues, our clients or our partners. II. 0e take initiative, responsibility and constantly strive to become even better at the things we are good at.

8B

INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

2.3 SERVICES
!6T ,artners, 6hartered !ccountants is member firm of The #alaysian Institute of !ccountants .#I!/ and an independent member of The International !ccounting Croup .TI!C/. TI!C is a global alliance of high<"uality, independent accounting firms with more than 8BB member firms based in over 6B countries. !s part of TI!C, !6T ,artner are at the forefront in helping businesses to deal with multiple foreign 'urisdictions, provide advice and guidance on local laws and regulations, tax issues, cultural implications and the establishment of appropriate entities abroad *ervices provided by !6T ,artner are as follows) a/ b/ c/ d/ e/ f/ g/ h/ i/ '/ k/ l/ !ccounting, !udit assurance, ,ersonal and corporation taxation, usiness recovery and insolvency, 9utsourcing, 6orporate training, 6orporate governance and risk management, *uccession planning, *tart<up business advisory, 6onsultancy, 6orporate finance and financial advisory, 6ompany secretarial services

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

2.$ ORGANIZATION CHART

D-*#6./* #r. 3oh 3im Dock

M!2!"#* #s !ngeline 6hew ,or 5an

A03-. D#5!*.+#2. #s. 4ivian 3ee 5ing 5ee #r. #uhamad *hahmi *uaidi #r. *cott #s. 1avethi

A66/02. D#5!*.+#2. #s. (arhana inti (au&i

T!9!.-/2 D#5!*.+#2. #s. 2urul 2adiah inti Eamri

S#6*#.!*: D#5!*.+#2. #s. -ann 3im Doi 6hin #s. *iti 2uraini inti 1usidi

C/2108.-2" D#5!*.+#2. #s. Ehou #ei

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

CHAPTER 3 ACTIVITIES INVOLVED

3.1 AUDIT WOR
7very company with operation has their own flows of work and the same goes to audit work. !s a trainee in a 6hartered !ccountant firm who is providing auditing assurances services, I had been exposed to the lines of work of audit processes. There are few steps before starting the audit, during audit and after audit. The processes are to make sure that the flow and result of audit assurance is reasonable and effective. efore starting the audit process, statutory audit of the company involved must be done. The purpose of statutory audit is to identify the principal activities of the company, whether it is the same for this year because some companies change their principal activity in the next year. !nother reason for statutory audit is also to check if the company increases their authori&ed or issued share. The third reason is to verify whether the company buy a new asset, sell or dispose existing asset, regardless fixed asset or current asset. 3ast but not least, the other reason is to indentify whether the company nominate or terminate a contract of its director. !ll of these situations are needed to be enclosed with supporting document. This is very important because any changes in said condition of the company will be disclosed in the report of the company for the year. The supporting document needed for statutory audit are annual return of the company, director%s resolution, minutes of annual general meeting, form :@, form :?!, form +:, and any other document or form involved, for instance selling and purchase agreement if the company buy a land or building. !fter that, client account must be checked through to see which transaction will be in the working paper. Usually transactions that will be included in the tax computation need a working paper to list the breakdown. (or example insurance and legal and professional fees the same goes to transaction with big amount. There are a lot of sections involved in audit working paper

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

such as cash and bank balance, trade receivable, trade payables, directors, operating expenses, revenue, and cost of sales. The opening balance in client%s account also must be tally with last year audited figure. If not, some opening ad'ustment needs to be done.

!s stated before, there are lots of sections in audit working paper. The sections are as follows= !; S#6.-/2 A <C!14 !23 B!2=;

(or section !, cash and bank balance in client%s account in the statement of financial position will be referred. The amount in the statement of financial position should be tally with the ending balance of bank statement of the last month in the company%s accounting period. If not tally, it might be due to unpresented che"ue and statement of bank reconciliation need to be attached, but if not tally with either one, there must be wrong transaction recorded. ,; S#6.-/2 B <T*!3# *#6#->!,8#1; (or this section, all the trade debtors of the company will be checked thoroughly. Trade receivables means that the company is doing a business related with its principal activities. Thus any unrelated business will be reclassified under sundry or other receivables. This section will be vouched against the debtors aging of the company until year end. 6onfirmation will be sent to any debtors with material amount. 6; S#6.-/2 C <O.4#* *#6#->!,8#1 !23 !+/02. /7-2" ?*/+ 3-*#6./*1;

This section will be included if the company has any sundry debtors, deposits prepaid expenses. In audit working paper, other receivables involved will be listed down in the working paper. Unlike trade debtors, other receivables is a transaction recorded which is not related to the company principal activities, regardless whether the transaction is with a person or a company. 3; S#6.-/2 E <P*/5#*.:@ 58!2. !23 #A0-5+#2.; In this section, auditor need to prepare the schedule of property, plant and e"uipment that company has. In this schedule it will show the calculation of the depreciation of the assets held by company as well as the cost of the asset and accumulated depreciation. !ny additional and disposal of assets will be included in the schedule. The depreciation must be correctly

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

calculated to show the correct amount of net book value of the assets in the accounting period. 6alculation of depreciation is very important because the expenses will be included in the tax computation.

#;

S#6.-/2 AA <H-*# 50*64!1# !23 F-2!26# 8#!1# /* ,/**/7-2"1;

Under section !!, a schedule of payment of hire purchase and finance lease must be prepared according to the agreement and payment statement. The schedule will be prepared until the last payment. Then, the last payment for current year will be vouched against the last statement of payment of current year from bank. Usually hire purchase agreement is when a company buys a motor vehicle, for example car and van. ?; *ection S#6.-/2 BB <T*!3# 5!:!,8#1; is almost the same with section . The difference is only section is for trade

payables. Trade creditors aging will be prepared and will be vouched against the amount in the statement of financial position on the credit side. !ll unrelated transaction with the principal activities will be reclassified into sundry payables. There is a case where trade creditors is in debit amount. This is because of early payment made by the company and advice from supervisor is needed before declaring the amount in the report. The confirmation also must be sent if the amount is material. 6onfirmation balance is sent to creditors to ensure that the balance stated in account is same as the amount debt to them. "; S#6.-/2 CC <O.4#* 5!:!,8#1 !23 !+/02. /7-2" ./ 3-*#6./*1; This section is almost the same with section 6, only the amount is in the credit balance. 9ther payables will be included if the company have any prepaid revenue and borrowings from other than bank .usually person or a company in the same group/. If the debt was brought from previous year, the status of the debt must be "ueried to client. 4; S#6.-/2 FF <I26/+# .!9#1@ 3#?#**#3 .!9!.-/2 !23 5*/>-1-/2 ?/* .!9!.-/2; In this section, the provision for taxation of the company must be checked first with tax department to make sure the company paid the same payment as in the receipt from Inland 1evenue oard, because usually company wrongly grouped the provision under income tax expense. Deferred tax will be included if the company has property, plant and e"uipment in the

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

business. Deferred taxation also can be resulted from accumulated losses carried forward to the next year. If the amount is negative, it will be grouped as deferred tax assets under non<current assets or otherwise, it will be disclosed as non<current liabilities. !s for income taxes, the amount of tax that needs to be paid will be calculated in tax computation.

4; S#6.-/2 FF <I26/+# .!9#1@ 3#?#**#3 .!9!.-/2 !23 5*/>-1-/2 ?/* .!9!.-/2; <C/2.-20#3; !ll deductible and non<deductible expenses will thoroughly check to make sure the tax computation is correct. The amount taxes then will be deducted with provision made for the year. If the balance is positive, it will be classified as tax recoverable under current assets and carried forward to the following year, or on the other hand, it will be classified under provision of taxation. -; S#6.-/2 BB <S.!.0./*: !03-.;

This is the section where it needed to be done before proceed to any process of auditing. Under this section, it shows the movement of shares during the year .if any/, the nomination and termination of contract of directors .if any/, changes in principal activity .if any/, purchase of new asset, sell or disposal of existing assets .if any/, and the changes of name or address of the company .if any/. !ll of this information including their supporting document can be ac"uired from the company%s secretary. C; S#6.-/2 10 <R#>#20#;

(or revenue, monthly breakdown of sales is needed for working paper. If the company has more than one sources of revenue, the amount will be total up in month, and the grand must be tally with the amount in the company%s statement of comprehensive income. The invoices of last three sales for the current year and first three sales invoices for the following year will be included to check whether the invoice number is continuous or not. This process is called sales cut<off test. Usually if the number is not continuous, it is due to cancelled invoices but the difference cannot be too big. =; S#6.-/2 20 <C/1. /? 1!8#1;

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,rocedure of auditing section +B is the same with section 8B. The purchase cut<off test also need to be prepared, but the invoice number will not be continuous because sometimes the company purchased from more than one supplier, thus the invoice number will not be continuous.

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S#6.-/2 30 <O5#*!.-2" #95#21#1;

This is one of the toughest section understatements of comprehensive income. efore proceed, auditor needs to determine which expenses will be on the working paper. Usually, the expenses that are related with tax computation will be in the working paper. The same goes to expenses with big amount. (or all tax related expenses, supporting document is a must if the document can be ac"uired from client. (or example, insurance expenses, legal and professional fees. !uditor must obtain the purpose of insurance expenses. If the expense is for business, then it is deductible. !fter finished all the working paper, the auditor will proceed to prepare first draft report. If the report has some mistake, the auditor needs to redo the report until there are no more mistakes. !fter that, brown folder will be prepared and sent to client. 1egularly the brown folder is prepared before meeting client.

3.2 ACCOUNTING WOR

In audit business field, some company provide accounting service and some do not. !t !6T ,artner, they provide accounting service, where they act as accountant for some that nominate !6T ,artner as their accountant. There are lots of accounting software being used in business, such as *F3 !ccounting *oftware, #59 !ccounting *oftware, U * !ccounting *oftware and #r. !ccounting *ystem. There is almost no difference between all accounting software as it served same purpose. !t !6T ,artner, accounting software used is #59 !ccounting *oftware. !ccounting is the process of recording the data or document that is provided by the client. efore starting the accounting work, the accountant need to check whether the opening balance in client%s account is tally with carried forward amount from last year report. If tally, then

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

accounting work can be proceed. (irst, the accountant will key<in all transaction that appeared in bank statement. Due to no information of all those transactions, if the company received money, it will be grouped under suspense received, or otherwise, it will be grouped as suspense expense.

!fter done key<in all those transaction, sales and purchase invoices will be recorded into software. The date, amount of transaction and name of customer or supplier of the company must be accurate because after done key<in in accounting department, the file as well as accounting file, such as aging report, trial balance, bank reconciliation and 'ournal will be transferred to audit department. !fter that, the accountant will enter the payment made and received of the year. The information can be obtained from che"ue butt, payment voucher, official receipts and cash books. !ll of these documents will be provided by the company. (rom there, the accountant delete all suspense account as all the information needed are already obtained. If there is still suspense account, the information regarding the account will be "ueried to the company. The hard part is when there is a transaction dealing in other currency, normally U*D. The accountant must ensure that the currency keyed<in into account agree with the payment the company made. !fter key in all the documents, the accountant will proceed to bank reconciliation. ank

reconciliation is the process to confirm the balance in the bank statement is same as the balance in book account. 9ther than that, bank reconciliation also provides the data regarding if there is any unpresented che"ue during the accounting period. The entire file then transferred to auditing department.

3.3 TABATION WOR

Taxation also one of the main services provided by most of audit firm. esides doing the audit and accounting work, trainee also needs to do some taxation work. 0hile auditing, we need to prepare the schedule of property, plant and e"uipment to calculate the capital allowances on the capital expenditures incurred during the year. !fter the audit work is done, tax computation schedule need to be prepared to see the tax charges for the year. The tax charges then will be subtracted by provision of taxation if the company provides it. 2ormally all

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

company need to provide for taxation because as stated under taxation law, it is compulsory, and the provision is based on last year profit. 7ven though the company incurred loss for the year, there is a chance that the company will be taxed due to deferred tax.

CHAPTER $ DISCUSSION
$.1 BENEFITS
a/ 7xperience of real working situation

*ome people said experiencing something is not the same with 'ust hearing it. Thus, during my industrial training, I manage to get a chance to grab some experience working in real life situation. 3ike I said 'ust now, things that happened around me throughout my training is almost everything not the same with what I imagined in university. 0e need to be mature in handling the workload and pressure or we would not be able survive in real life. Therefore, after having my industrial training, I should be more prepared as to compare to when I was still studying in university. I also reali&e part of my weakness because during training, I was guided by supervisor that speciali&e in auditing field, thus it shows me the part that I lack. This is the best opening and the greatest benefits that I ever had during my industrial training at !6T ,artner. b/ !pplication of knowledge gained

The ac"uired knowledge that I gained during my studies is very useful for me as I am able to apply it practically during my industrial training at Dani&a #anagement *ervices. It can bridge the gap between theory and practice as industrial training give me much more exposure in applying all the concept and theory that I have learned at university. 9n top of that, it also gives me much more understanding with what I have learned prior to my industrial training started as I have to apply it virtually.

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

c/

!ble to Cain 7xperience

Industrial training gives me lot of experience because I have to carry out the company audit, account and tax computation work wherein I have never done before in lecture. The first experience that I had during my industrial training is when my first task was handed to me, which is key<in a client business data into account. During my study, I had never done any accounting work with software.

In account department, I met lots of document I have never seen before, for instance, invoices, bills, bank statement and che"ue butt. !fter few months, I was transferred to audit department. During auditing, I learn on how to find mistakes that are made by the accountant in order to record the data. I need to check the whole company%s transaction thoroughly, from their assets, liabilities, e"uity, expenses, cost of sale and expenses. This auditing process usually takes about $ to : days to fully complete.

$.2 SUB)ECT LEARNED RELATED TO WOR

a/ 7nglish

ENVIRONMENT

2owadays, 7nglish is very important not only in business world, but in every place. This was resulted from 7nglish as G3ingua (ranca% in this modern world. During my training, every client even most of staff prefer to communicate in 7nglish. 3earning 7nglish in university is very useful and vital because most of the client prefers to communicate in 7nglish rather than communicate in #alay. !s a result of practices and learning 7nglish, it motivates me to speak in 7nglish well and confidence with them. b/ !uditing

!udit is the sub'ect that I have taken when I was at *emester $ until ; which is before I commence my industrial training at !6T ,artner. *ince I am undergoing my training at audit firm, audit is the most valuable sub'ect. esides auditing, I was taught about #I! by 3aw, which related to law for auditing. The law is concerning on which client should not be picked, situation before starting auditing, during auditing and even after auditing. !s auditor, we can only give reasonable assurance instead of absolute assurance as the auditor did not do the test on every

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

part of the company, where only sample was taken. It really is payback to any students if they focus in audit lecture even though the practicality is not the same but the principal is still there.

c/

!ccounting

!ccounting is the most relatable sub'ect that I have learned at my university because during my practical training, all the work that I have been assigned are related to account whether in auditing or tax. In audit, accounting knowledge is a must in order to understand the flow of transaction, which makes the sub'ect crucial in audit. !s part of my work, the entire soft documents that are given by the client are important to prepare their account for the respective year. Therefore, I am able to share my knowledge with the client and give advice to the client on how to reduce the expenses and which part needs to be fully utili&ed. d/ Taxation.

Taxation is a sub'ect that I have learned in *emester : and ; and this sub'ect is a re"uirement by public or private company. y having knowledge in taxation, I am able to discuss and provide some calculations on the tax computation for the client before sending all forms re"uired to Inland 1evenue oard. During tax computation, we need to be able to differentiate between deductible and non<deductible expenses, which means are the expenses are taxable or not and at what percentage. e/ 6ompany 3aw.

There are few types of companies in different business, for example manufacturing, construction, services and investment holding. In order to recogni&e all those types, knowledge of 6ompany 3aw is compulsory. This is because different types of companies served with different treatment for its accounting, auditing and even tax computation. In addition, preparation for statutory audit also becomes easier when the nature of the company is identified.

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

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usiness 7thic and 6orporate Covernance.

usiness ethics is a speciali&ed study of moral right and wrong that concentrates on moral standards as they apply to business institutions, organi&ations, and behavior. Thus, during the industrial training, we really learn few things concerning ethics in terms of systematic, corporate and also individual.

$.3 NEW THINGS LEARNED

!part from applying some of the sub'ects that I learned at my university, I also get an opportunity to learn many new things during my industrial training at !6T ,artner. (irst and foremost, I get to learn about company secretary, whereas I only learned accounting, auditing and taxation during lecture. *ome work relating to company secretary that I did during my training is keeping statutory record books and prepare a proper drafting and execution of agreements, contract and resolution. !part from that, I also learn on the procedure to register the company, renew the client%s company licenses and take the sign of commissioner of oath from lawyer. *econd new thing is I get to learn to use accounting software that I did not get to learn at university. The software is called #59 learn *aga U * software only. !ccounting *oftware. 0hile I studying at university, I software and I reali&ed ut, during my internship I use #59

that #59 is more user friendly than *aga U *. This software also helps me to understand the accounting theory that I learn while in the university while doing the client%s account. !part from that, I also learn on how to make transaction in a different currency, namely *CD .*ingapore Dollar/ and U*D .U* Dollar/. Due to different currency, I manage to reali&e that there is loss or profit on the foreign exchange.

$.$ PROBLEMS FACED

a/ *low in adapting the working culture .stressful and tense surrounding/

0orking environment and study environment is totally different with much more responsibility. This is because in while training, we are dealing in real business with real owner. Thus, the pressure is much higher as compared to in lecture. *ometimes unsupportive client also can be

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

stressful. (or example, if we "ueried to the client due to lack of information, sometimes the client took months 'ust to give feedback. b/ 3ow level of confidence to communicate

*ince trainee has not met any real client with real business during learning in university, it is a bit discomfited to communicate at first. The same goes to seniors, team leaders, supervisors and managers. Thus, the progression of work aborted. Dowever, after few meeting with client, the confidence start takes place.

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Difficulties in applying technical skills in the early of internship period

It took sometimes to apply all the theoretical skills we learned during study period since the way of doing the task will be different from what we have done in the university. Dealing with real life situation brings all part of work into new whole level. This is because all work done will affect the business of the company, and even the economy of the country which would affect the other citi&ens. Dowever, with thorough guidance from supervisors really helps trainees to effectively and efficiently apply technical skills into work. d/ 3ack of human resource

9ne of the main issues faced by !6T ,artner is lacking of human resource. That is the shortage of the staff in the company. 6urrently !6T ,artner have only five permanent employees from six from three main department, which are accounting department with only one staff, tax department with only one staff and the rest are under audit department. 0ith the total of clients listed under !6T ,artner, and time constraint is too strict and the workload is too much. !t the moment, there are more than two hundred companies listed under !6T ,artner with different type of principal activities. !s a result, the "uality of work of the employees would be affected due to stress and no time to take break. esides, client also sometimes fails or late to respond as to what the staff re"uested regardless of audit, tax, account or company secretary related work. $.( SUGGESTION AND RECOMMENDATION !fter my industrial training ended, there is certain suggestion and recommendations from my view that should be performed by !6T ,artner. I recommend that a full training should be

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

prepared by !6T ,artner to ensure that the trainees can fully understand and optimi&e their training period wisely and the supervisor in charge should be able to list and arrange the list of task that should be done by the trainees. This is to teach the trainees how to do the task given efficient and effectively in a timely manner. The other reason is the training prepared by !6T ,artner also too short and insufficient, which is only three days and after that, trainees were left with real client and chores. This resulted in hard to adapt with the nature of real working culture and difficulties to apply technical skill in early training period by trainees.

!part from that, I also recommend that !6T ,artner give a lot of opportunity to the trainees to give an exposure by letting them communicating with client. This is pertinent because the trainees will be able to deal with the customers directly and they can develop their self confidence in the working area to communicate with the other staff as well as doing the task assign. In furtherance, it guides trainees to become more independent in conducting their work. !s for shortage of employee, !6T ,artner really needs to find new worker that is capable of doing auditing, accounting or taxation. It will lead to less work load. Thus, it can increase the "uality of word by employees. 0ith current number of employee, they find it hard to follow the due date because of the work load and because of that, the work of employees will be given too trainees. There are some trainees with more than one company at a time. This will not result in good outcome. !s a conclusion, !6T ,artner needs to search for new employee. 3ast but not least, I have a suggestion regarding the industrial training system that has been implemented by University *ains Islam #alaysia .U*I#/ called e<3I system. (rom my observation, it is very complicated for the students and industry%s supervisor to check and login into the system to comments about the daily report and to insert their daily report into the system. This is because, some of the students do not have internet or wireless connection at their site as not every organi&ation will provide an internet connection to the trainees because most of the documents in the organi&ation%s system is private and confidential. Thus, students unable to update their report daily in the system and indirectly affect their work. Therefore, I recommend that U*I# should provide and implement a manual system to the students as it will ease both parties in conducting their work

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INDUSTRIAL TRAINING REPORT 2012 ACT PARTNER (AF: 001842).

CHAPTER ( CONCLUSION
!s a conclusion, practical training can give a lot of benefits to students. This training enhance students knowledge in terms of the typical audit engagement and audit procedure that being used in #alaysia, also understanding the importance of complying with audit procedures by the company in order to enables an auditors to express an opinion on the fairness of the financial statement and to ensure the financial statement are in conformity with generally acceptable accounting principles. It also indirectly is a self preparation for student to go through the real working experience in the future and to discipline oneself in the punctuality of time, taking order from the upper level and how to communicate with people. ,ractical training also may build the student attitudes more independent, higher self esteem and self confident and improve communication skill, because during six month student will meet the client like the accountant to discuss about client account, from that it will help student to build the good attitudes, able to present ideas betters and identify problems and resolve them. (inally, it is a really good approach for student to learn more and I think that I have met the ob'ective of practical training during this six months.

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