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    Ikhmil Farisz
    Sylvester Anthony & Co. was established in 1992 to provide assurance and taxation services. It now operates from two locations and serves 240 clients. The firm's founder, Sylvester Devaraj, has extensive experience working in audit and financial roles. As part of her practical training, the author gained experience in audit work, accounting, taxation, and secretarial duties. She prepared various documents including audit working papers, tax forms, and corporate secretarial filings. The author concluded that the six-month training provided valuable real-world experience that improved her skills and prepared her for a career in auditing.

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    Example Report

    Uploaded by

    Ikhmil Farisz
    133 views5 pages
    Sylvester Anthony & Co. was established in 1992 to provide assurance and taxation services. It now operates from two locations and serves 240 clients. The firm's founder, Sylvester Devaraj, has extensive experience working in audit and financial roles. As part of her practical training, the author gained experience in audit work, accounting, taxation, and secretarial duties. She prepared various documents including audit working papers, tax forms, and corporate secretarial filings. The author concluded that the six-month training provided valuable real-world experience that improved her skills and prepared her for a career in auditing.

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    Sylvester Anthony & Co. was established in 1992 to provide assurance and taxation services. It now operates from two locations and serves 240 clients. The firm's founder, Sylvester Devaraj, has extensive experience working in audit and financial roles. As part of her practical training, the author gained experience in audit work, accounting, taxation, and secretarial duties. She prepared various documents including audit working papers, tax forms, and corporate secretarial filings. The author concluded that the six-month training provided valuable real-world experience that improved her skills and prepared her for a career in auditing.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    133 views5 pages

    Example Report

    Uploaded by

    Ikhmil Farisz
    Sylvester Anthony & Co. was established in 1992 to provide assurance and taxation services. It now operates from two locations and serves 240 clients. The firm's founder, Sylvester Devaraj, has extensive experience working in audit and financial roles. As part of her practical training, the author gained experience in audit work, accounting, taxation, and secretarial duties. She prepared various documents including audit working papers, tax forms, and corporate secretarial filings. The author concluded that the six-month training provided valuable real-world experience that improved her skills and prepared her for a career in auditing.

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    of 5

    PAC 600

    BACKGROUND OF THE FIRM


    Sylvester Anthony & Co. was established on 1 st April 1992 by Mr. Sylvester Devaraj
    Anthony, to provide assurance and taxation services for small and medium sized clients. The
    practice is now being carried out at 2 locations; Kelana Jaya, as well as in Kuantan (which
    practice operates under the name of Span & Co.). We are currently providing assurance and
    taxation services to 240 clients of which 160 clients are serviced by our Kelana Jaya office and
    80 clients are serviced by our Kuantan office.
    Sylvester Devaraj started out as a tax clerk at Ernst & Young, Kuala Lumpur in February
    1980 where he prepared tax computations of clients, dealt with routine tax queries and was
    involved with estate duty planning of a prominent businessman. He was also involved in a
    review of the taxation affairs of a group of companies with a view of rationalizing the groups
    taxation affairs.
    In September 1982, Sylvester moved over to the audit department where he progressed
    to the position of an audit senior. He led and managed audit teams on assignments such as
    Sawarak Shell Bhd, Bank of America NT & SA, Malayan Breweries Sdn Bhd. And Timuran
    Holdings Bhd. Between October 1986 and October 1987, while retaining audit responsibilities,
    Sylvester took charge of the receivership and reconstruction of Gula Perak Bhd.
    From November 1987 to February 1990, Sylvester was accounting manager of Singer
    (Malaysia) Bhd. From March 1990 to March 1992, he was Group Financial Controller in
    Tradium Sdn. Bhd, a company with interests in fashion, timber and property development.
    Sylvester is a member of the Malaysian Institute of Accountants and has been so since
    1987. At Sylvester Anthony & Co, we have handled many audits of companies involved in
    trading, fashion houses and investment holding. We have also handled their taxation affairs as
    well as the voluntary liquidation of no less than 30 companies.
    1

    PAC 600

    SUMMARRY OF THE JOBS DONE


    1)

    Audit
    This company also seeks to provide auditing and business consulting services that are

    innovative, efficient and responsive to clients business needs and expectation. I have been
    exposed in doing audit working paper and audit report. Purpose prepared working paper is to
    analyze more detail every single items in financial statement. The amount in working paper will
    enter to financial statement. After finish prepared financial statement, the next job is to
    prepared audit report and this audit report will be bring together with financial statement and
    submit to supervisor for checking before handing to the auditor. In order to make audit report, I
    should refer to:FORM 49

    PARTICULARS IN REGISTER OF DIRECTORS,


    MANAGERS AND SECRETARIES
    ALLOTMENT OF SHARE.

    FORM 24
    FORM 9/ FORM 8
    MEMORANDUM OF
    ASSOCIATION
    ARTICLES
    OF
    ASSOCIATION
    FORM 32A
    TRANSFER OF SHARE

    Audit working paper consists of trial balance, detailed income statement, income statement,
    balance sheet, cash flow, statement of changes in equity, directors report, auditors report,
    notes to the account, tax computation, and calculation of capital allowance. Before started
    doing the working paper, I need to balance the trial balance first. Then I will continue to do
    detailed income statement and others. The directors report includes the principle activities
    conduct by the company, loss or gain for the year and the share held by director and signed by
    the director. Therefore, in the page of the auditors report includes of opinion by the auditor,
    auditors signature and also state the auditors responsibility. The audit working paper and
    audit report that I made during the practical training are:2

    PAC 600

    Danga Inn Sdn. Bhd (Dormant


    Company)
    Magna Embun Sdn. Bhd (Dormant
    Company)
    Magna Segmen Plantations Sdn. Bhd
    (Dormant Company)
    KU-DE-TA Sdn. Bhd
    NK Assets Management Sdn. Bhd
    Amazing Edge Sdn. Bhd
    Gemco Management Sdn. Bhd

    Gridvest Sdn. Bhd


    Susunan Klasik Sdn. Bhd
    Bumitricon Sdn. Bhd
    M & M Gifts Sdn. Bhd
    AAPS Avico Sdn. Bhd
    Abadi Dredging Sdn. Bhd
    Kilang Papan Paya Berenjut Sdn.
    Bhd.

    Tradestream Sdn. Bhd.

    2)

    Accounting Work
    During the practical training, I had train in using UBS software as accounting system.

    Accounting is a recording process of data that provided from client. All documents that
    received from client will be properly key in by using UBS software. The document such as
    official receipt, invoice, cheque books are provided by clients to do their account. But, I not was
    using the UBS system. I only do the account manually. It takes a few days to finish this
    account. First I need to do cash book in Microsoft Office Excel. Then, I will continue with trial
    balance.
    3)

    Taxation Work
    After finish doing account, we can know whether the company get profit or loss. When

    the companies get profit, automatically tax is compute. If the company suffered losses tax
    computation does not been compute. I also learned how to compute of capital allowance. In
    order to filling these forms such as form C, R, BE, B, and P I need to refer the balance sheet,
    profit and loss, administrative expenses, tax computation and calculation of capital allowance. I
    will print out as draft first before submits to income tax. After that, these forms are submitted to
    the income tax before the closing date. I also learned how to know do adjustments when the
    tax computation is wrong after submit to income tax. Besides that, I also went to LHDN to
    make tax payment for a company which is Meridian Boarders Sdn. Bhd.
    4)
    Secretary Work
    3

    PAC 600

    I also doing some of the secretary work such as sent letter, fax documents to client,
    answer calls, type formal letters, prepare courier slips and arrange pick-up and also photocopy
    documents. In secretarial practical, I have learned to prepare full set of secretary form that
    request by client. The form consists of Form 49 (Particulars in Register of Directors, Managers
    and Secretaries), Form 24

    (Return Of Allotment of Shares), Form 9/ Form 8(Certificate Of

    Incorporation) Annual Return, Memorandum Of Association & Articles Of Association. I also


    was preparing ROC documents, preparing forms and annual return and keeping the record of
    annual general meeting minutes in the minutes of the book. I will prepare the forms and
    documents to submit to Register of Company (ROC) if there are any changes in shareholders
    and directors, allotment of shares, transfer of shares and changes in share capital. I will send it
    to CCM at KL Sentral a few times in a month.

    CONCLUSION
    I would like to say that this six months training is indeed an eye-opener for me on how
    working in audit field would. I had no idea on how it would be until me when through this
    training. I learnt a lot of things which would have not learnt our normal lectures. It has indeed
    made me more mature in the way I think and make decision. I learnt new communication skills
    in how to deal with managers, clients and peers.
    Self confidence is a very important factor in this field. I am as a student aware that an
    auditor should always be very confident over what they say and do. I have also learnt how to
    4

    PAC 600

    deal with problems and pressure at work. It has taught me to be more patient and this has
    directly helped to improve my level of tolerance. Being a trainee, I always bear in mind that I
    am representing our university and it is my responsibility to ensure that my employers have a
    good impression of students from the Universiti Teknologi Mara (Cawangan Kelantan).
    In conclusion, given the privilege to do the Industrial Training for six whole months
    was indeed an advantage to me as I have benefited much. This practical training has helped
    bring the best out of me and it sure has made me a better being. The many experiences and
    knowledge I have acquired from this training as I have stated it in the previous pages were
    the biggest advantage for me. It was definitely very valuable to me as I will carry it with me till
    I can use it for my actual working life.

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