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Industrial training forms part of the university requirements where students are exposed to
face the real world of work in organisation. The idea of having students to undergo an
attachment programme with organisation is actually to assist them for employability once the
student graduated from UNiSEL. The early exposure of real work life situation is deemed
necessary as this prepares students not only acquiring the theoretical aspects of the
knowledge, but the most important is how this knowledge can be applied practically in real
workplace settings.


My industrial training was placed at Kreston John and Gan, which is a professional service
firm formed in 1990s following the restructuring of the firm of T H Liew & Co which traced
its origin to the early 1970s.


The objectives of the industrial training basically are to provide opportunity for students to
gain access to information on the current needs and requirements of industry, to enable
students to gain experience and exposure to the reality of working environment in
organisations and to develop students with the necessary technical and professional skills as
well as to apply the theories and concepts to real workplace situation.


In this firm, I was placed in the audit department of the firm which the general responsibility
given were audit of financial statements and statutory records maintained by company
secretary as well as reviewing the internal control system of clients. At the first place, I was
guided by the senior in doing the audit work since I only knew the theory of auditing and this
is the correct time to apply the theory that I learned in the real situation. However, day-to-day
there were a lot of knowledge and experience that I gained which it was a valuable things that
I’ve got during the training.

Each staff in audit department will be given a task according on their seniority or experience.
Normally, for new staff or trainee, they will get a dormant company to handle in the first
place. They will given time to complete the task and sent it for review to supervisor. The
supervisor will go through to the working paper and will jot down a few notes for us to amend
the working paper. For the first review we will print out the report in the rough paper, in order
to avoid wasted in paper. When the staffs have been done the amendment, he or she needs to
send the working paper for second review to the supervisor. For the second review we will
print out the report in the plain paper. Afterwards we need to submit the draft audited report
together with the copy of signing pages, letter of representation (LOR), and accounting entries
(AE) of the company to the client. I also need to prepared audit programme (procedures),
audit time budget, and audit fees will quote by the supervisor.


Kreston Malaysia is a group of professional service organisations made up of the following : -

• Kreston John & Gan

• Tacs Corporation Sdn Bhd

• Corporate Strategic Advisory Sdn Bhd


Kreston John & Gan is a professional service firm formed in 1990s following the
restructuring of the firm of T H Liew Gan & Co which traced its origin to the early 1970s.

Admitting the firm to Kreston International heralds a new chapter in the history of Kreston
John & Gan. It reaffirms and demonstrates our performance, strenghth and commitment to

Kreston John & Gan’s genesis and expansion are the result of a client-oriented service and the
ability to provide quality services.
The Kreston – JG combination is set to bring together the strength and expertise of the two
well known for commitment to excellence.


Tacs corporation Sdn Bhd was incorporated in 1974 with the object of carrying on business as
tax advisers, consultants and agents to any person, firm, corporation, government or statutory,
local or other authorities.

Its wholly-owned subsidiary, Tacs Corporate Services Sdn Bhd provides services of company
secretaries, nominee directors and share registrars to public listed companies.

At Tacs Corporation Sdn Bhd, a client relationship is a privilege built on trust. We understand
the importance of our role as key business advisor, and take your business very seriously. We
are prepared to respond to your long term business needs with a group of professionals who
are committed to success.


Coporate Strategic Advisory Sdn Bhd is a firm specializes in business risk management
advisory and internal audit consulting services.

Our consultants : -

- Are qualified professionals with internal auditing experience in various

- Have hands-on experience in setting-up, directing and managing internal audit
departments of public-listed companies in Malaysia.

- Have experience in the training and development of senior managers and

internal auditors.


The core business philosophy of the joint firms of Kreston John & Gan is governed by our
commitment towards three key principles:

2.3.1 Supporting Clients Achieve Their Business Goals

The joint firms aim to play a very meaningful role to help support its clients achieve their
business goals through the value added services which they offer. The joint firms recognize
the trust and confidence placed on them and of the role which they can play in contributing to
their clients’ achievements, as their clients’ continuing success provides one of the best
measures of their capabilities. The joint firms will, therefore, constantly strive to place
priorities and focuses in support of their clients in assisting them in improving their
performances, better realize their business potentials and achieve their goals.

2.3.2 Providing Quality, Reliable and Cost Effective Service

The joint firms believe the quality of their service is a reflection of their continuous
commitment towards meeting their clients’ expectations. The joint firms are professional and
responsible in their approach and will ensure that not only all services and advice to clients is
of the highest quality but also are timely and cost effective. Their service will be efficient and
responsive, with timely delivery and discharge of their responsibilities. The joint firms’ rates
will be fair, competitive and will commensurate with the expected benefits from their
expertise and involvement.

2.3.3 Developing Long Term Relationships

The joint firms seek to build long-term relationships that are mutually satisfying, beneficial
and lasting with all their clients. The joint firms will work diligently to know their client’s
business and to provide a high level of personalized service, with continuity, and with regular
communications to help develop a long-term understanding and relationship with their clients.
The joint firms will also continually keep abreast with their clients’ progress, to support them,
where appropriate, and also to upgrade and enhance their own capabilities to meet the client’s
future needs and expectations.


In audit department, the joint firms provide services such as:

3.2.1 Statutory Audits

One conducted to meet the particular requirements of a governmental agency. Where such
audits take place, the scope and audit programs are set by the governmental body. Banks,
insurance companies, and brokerage firms have statutory audits. Since the auditor's report
must conform to standards required by the governing agency, the statements and other
financial data generated from these audits may not conform to GAAP.

3.2.2 Due Diligence Audits

"Due diligence" is a term used for a number of concepts involving either an investigation of a
business or person prior to signing a contract, or an act with a certain standard of care. It can
be a legal obligation, but the term will more commonly apply to voluntary investigations. A
common example of due diligence in various industries is the process through which a
potential acquirer evaluates a target company or its assets for acquisition.

3.3.3 Management Audits

A detailed audit that concentrates on analysis and evaluation of management procedures and
the overall performance of an organization. A management audit is undertaken to discover
weaknesses and to institute improvements within the organization. Also called operational
audit, performance audit.

3.3.4 Internal Audits

Internal auditing is a profession and activity involved in helping organizations achieve their
stated objectives. It does this by using a systematic methodology for analyzing business
processes, procedures and activities with the goal of highlighting organizational problems and
recommending solutions. Professionals called internal auditors are employed by organizations
to perform the internal auditing activity.

The scope of internal auditing within an organization is broad and may involve topics such as
the efficacy of operations, the reliability of financial reporting, deterring and investigating
fraud, safeguarding assets, and compliance with laws and regulations.

Internal auditing frequently involves measuring compliance with the entity's policies and
procedures. However, Internal auditors are not responsible for the execution of company
activities; they advise management and the Board of Directors (or similar oversight body)
regarding how to better execute their responsibilities. As a result of their broad scope of
involvement, internal auditors may have a variety of higher educational and professional

Publicly-traded corporations typically have an internal auditing department, led by a Chief

Audit Executive ("CAE") who generally reports to the Audit Committee of the Board of
Directors, with administrative reporting to the Chief Executive Officer.

The profession is unregulated, though there are a number of international standard setting
bodies, an example of which is the Institute of Internal Auditors ("IIA"). The IIA has
established Standards for the Professional Practice of Internal Auditing and has over 150,000
members representing 165 countries, including approximately 65,000 Certified Internal
3.3.5 Investigations

Forensic accounting and investigation is the specialty practice area of accountancy that
describes engagements that result from actual or anticipated disputes or litigation. "Forensic"
means "suitable for use in a court of law", and it is to that standard and potential outcome that
forensic accountants generally have to work. Forensic accountants, also referred to as forensic
auditors or investigative auditors, often have to give expert evidence at the eventual trial. All
of the larger accounting firms, as well as many medium-sized and boutique firms have
specialist forensic accounting departments. Within these groups, there may be further sub-
specializations: some forensic accountants may, for example, just specialize in insurance
claims, personal injury claims, fraud, construction, or royalty audits.


The firm offer a wide range of professional services, including assurance, internal auditing,
accounting, taxation, financial, corporate secretarial and advisory services. All these services
are backed by highly trained full time staff and incoporate, wherever possible, the latest
technical developments in the profession.

Company believe that the annual assurance service is more than just a legal requirement. It is
our policy to ensure that the latest skills and technique of auditing are applied to all assurance

Our company assurance service includes the following : -

- Examintaion of the financial statements for the purpose of expressing our opinion
on the financial statements prepared for statutory purposes.

- Counseling on accounting and financial reporting issues both as to matters which

we will raise and as to questions posed by the clients.

Our function under the Companies Act is to examine the financial statements prepared by the
directors for presentation to the shareholders. The nature and extent of our tests will vary
according to our assessment of the client’s system of internal controls.

In accordance with normal practice in such examinations, we will not perform a detailed audit
of th transactions and therefore, our examnination could not be relied on to detect defalcation
or similar irregularities is placed on your accounting procedures and internal controls since
the extent of activities and volume of transactions make it impracticable, both from the stand-
point of volume and cost to have a detailed audit done by us. Any irregularities which may
come to our attention will be promptly reported to the client.

This company also submit to the client any suggestions which we might have for
strengthening and improving the client’s system of internal controls and accounting
procedures. We are also required to ensure that the financial statements are drawn up to
comply with the standards laid down by Malaysian and International Financial Reporting
Standards. Compliance with Financial Reporting Standars is mandatory and legally


Internal audit service is designed to give assurance that there are sufficient internal controls in
place to mitigate the risk associated with the organisation. Our approach remains risk-based.
This means we will get rapidly to th heart of the issues that affect the organisation. We will
continue to focus on clients’ system of internal controls in order to identify controls that are
effective and relevant.


In relation to taxation services, we provide advisory, planning and consultancy services,

prepare and submit income tax returns and represent clients both before tje Inland Revenue
Board and the Appeal Commisioners. All these require dtailed knowledge of the clients’
affairs for the clients to achieve the maximum benefits allowed by law.

We act as company secretaries and maintain the statutory records required to be kept by
companies under the Companies Act. We assist in the incorporation or acquisition of
companies and also provide services of nominee directors and share registrars for public listed


To assist our client, we are able to provide clients with assistance in the following areas : -

• Assistance for companies wishing to restrusture with a view

to mergers or acquisition

of companies

• Assistance for companies wishing to obtain stock exchange


• Preparation of project feasibiity studies.

• Preparation of project papers in connection with application

for banking facilities.

• Designing and implementation of computerised accounting


• Assistance in project and cash flow forecasting.

• Business and share valuation report

• Receivership and liquidations.


The firms have had servicing many clients, which cover most industries and services and
they vary in size from private individual to large group of companies, including public listed
companies. Currently, we are serving a wide range of clients : -

a) Aerospace educational institution

b) Building industries

c) Computer vendors and software houses

d) Civil engineering and construction

e) Consumer products

f) Cinemas and film production

g) Equipment manufacturing

h) Electrical and electronic engineering

i) Exhibition and interior architecture

j) Entertainment

k) Furniture manufacturer anddistribution

l) Housing and properties development

m) Insurance brokers

n) Investment holding

o) Medical centres and health care

p) Nonprofit organization

q) Plantation

r) Professional firms

s) Property investment

t) Rubber and palm oil industries

u) Retailing

v) Restaurant

w) Shipping

x) Tourism related activities


Generally, the responsibilities given to the students are:-

a) Audit of financial statements and statutory records maintained by company
secretary; and

b) Review of system of internal control.

5.1.1 Tasks during the Industrial Training:

UDA Holdings Berhad – a public interest
company owned by Ministry of Finance
which involved in several industry such as
property development, hospitality (hotel
division in Kuala Lumpur and Port Dickson),
June Joint Management Body (for Bandar Baru
Uda, Johor Bahru), and Mall Management
(Pertama Complex, Kuala Lumpur).

Pernec Corporation Berhad and its

subsidiaries – a subsidiary of Permodalan
Nasional Berhad (PNB) which involved in
July Information Technology (IT) industry.

Malaysian Financial Planning Council

(MFPC) – an association that provide
examination and courses to qualify as
August professional financial planner which will
carry the designation of Registered Financial
Planner (RFP).

DRB-Hicom – a Government Link Company

(GLC). Audit for plantation division in
Melaka (Ladang Gadek, Alor Gajah,

DRB-Hicom – a Government Link Company

(GLC). Audit for plantation division in
Melaka (Ladang Gadek, Alor Gajah,

September Amcorp Group Berhad – Audit its

subsidiaries which involved in investment
holding, property development, property
management (domestic and foreign which the
company have properties in UK).

Amcorp Group Berhad – Audit its

subsidiaries which involved in investment
holding, property development, property
October management (domestic and foreign which the
company have properties in UK).

Seng Tee Sdn. Bhd. – a property

management company (domestic and 1
November property in UK).
1) Calculation of Depreciation and
impairment of assets.
Non-Current Assets
2) How to do physical sighting.

Current Assets

- Receivables 1) How to check subsequent received.

- Cash and bank balances 2) Debtors’ confirmation.

- Prepayment 3) Bank confirmation.

4) How to treat prepayment.

Current Liabilities

- Payables 1) How to check subsequent payment.

- Short term loan 2) Interest on loan.

3) How to check the loan and sent


Non-Current Liabilities 1) How to check long term loan and sent


2) Interest on loan.

Equity 1) Check to register of members.

For the whole of my training, it was a really good experience I’d ever had because I learned
so much from all of the staff in this audit firm from the top level management to the lower
level management. I have gained so much knowledge and experience where it can be
guidance for me to go through the real world in working environment once I graduated. The
experience that I gained including the technical and professional skills where I’d improved
those skills such as communication especially in dealing with client, writing and management
skills. Besides that, during my training also I’ve been exposed to the system used by the firm
which make me easy to do the audit work rapidly and systematically. In addition, while doing
the audit work, I’ve been updated with the latest technology in term of the accounting
software used by the client for their management purposes. Since not all client come out will
clean accounts, so that the exposure to the work related problems and issues had developed
my thinking capabilities to solve such problems as well as the skilled given by the senior. As
a conclusion, I’d obtain a really great experience throughout my industrial training in this
audit firm which make me learned so much of things and eventually would make me ready to
come into the working environment later.