Toaz - Info 76885445 Final Report Industrial Training For Accounting Student PR
Toaz - Info 76885445 Final Report Industrial Training For Accounting Student PR
Toaz - Info 76885445 Final Report Industrial Training For Accounting Student PR
INDUSTRIAL TRAINING
(ITR 3514)
PREPARED FOR:
PREPARED BY:
MDA 09-01-022
12 SEPTEMBER 2011
INDUSTRIAL TRAINING ITR 3514
2.0 ACKNOWLEDGEMENT
In this past three months, I had undergone my industrial training in Robert Teo,
Kuan & Co located in Dang Wangi, Kuala Lumpur. The purpose of conducting this study
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is to fulfill the requirement for the Diploma in Accountancy, Kolej Profesional Mara Ayer
Molek (KPMAM).
Here, I would like to take this opportunity to thank you all the individuals that had
been supported and helping me in this past three months. Firstly, I would like to thank
my family who had been supporting me all this years. Thank you for all the tolerant that
you all gave to me.
Next, I would like to acknowledge the following people for their support and
assistance with this internship. I would like to specially thank my supervisor and audit
partner from RSM Robert Teo, Kuan & Co., Ng Thiam Liang and Ms. Tan Yen Feng from
Audit Department. The supervision and support that they gave truly help the
progression and smoothness of my internship program. Their co-operation is much
indeed appreciated. From the officers in charge of the trainee at RSM Robert Teo Kuan
& Co., Ms. Fanny Liang, I am grateful for your assistance and helpful support. I also
want to show my gratefulness to all the workers of Robert Teo, Kuan & Co., who spared
their precious time in helping me with my works and activities.
Last but not least I would like to thank all my colleagues’ friends at RSM Robert Teo,
Kuan & Co. especially the seniors, Low Sok Cheng and Kong Seow Teng for the help
and encouragement in finishing the works and tasks given. Without their helped, I would
not have gone through my practical training smoothly.
3.0 INTRODUCTION
3.1 About the Industrial Training
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Practical training is compulsory for all students in Kolej Profesional Mara (KPM)
which is a part of academic credit hour to have a diploma. As an accounting student,
they must undergone practical training for 3 months as per requirement of Kolej
Profesional Mara before they were qualified to receive a Diploma in accountancy.
With the combination of knowledge working experience during the 3 months training,
students are required to produce a written report.
Block A, No. 2,
Jalan Raja Abdullah Off Jalan Sultan Ismail,
50300 Kuala Lumpur, Malaysia.
Telephone & Fax. No. : 03 2610 2888 & 03 2698 6600
Type of Business &
Registration No. : Audit Firm & (AF:0768)
Status of Company : Partnership
Owner / Board of Directors : Dato’ Robert Teo Keng Tuan
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Audit Staf
INDUSTRIAL TRAINING ITR 3514
Mission
To provide quality service through high level thought, our professionals
commit their skills, world-wide standards, and a common work ethic of
innovative thinking to develop results for their clients.
Vision
To be a boutique firm of choice for individuals to love to work in, with local
expertise and international network, providing value added services to
clients, always over-achieving client delivery, whilst sharing profits with all
stakeholders and our people.
Values
RSM Robert Teo, Kuan & Co was found by Dato’ Robert Teo Keng
Tuan. He is now the owner and director in the RSM Robert Teo, Kuan &
Co. RSM Robert Teo, Kuan & Co is the 6 th largest accounting firm in the
world and have expand to around 76 countries in the world. RSM have
736 offices worldwide. The Headquarters branch for Malaysia is at Dang
Wangi Kuala Lumpur.
Furthermore, He also responsible to make sure that all the staff and
training students do their job in a given time. In addition, he also must
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5.2 Operation
For the operation side, RSM Robert Teo, Kuan & Co is a firm that
available gives their professional services of Audit & Assurance, Business
Strategies, Corporate Finances, Tax, Risk Management & Internal Audit,
Corporate Recovery & Insolvency, Operational Data Engineering,
Business Process Outsourcing, International Business Centre, and Public
Sector & Public Private Partnership. RSM also offers full range of
professional services which cater for businesses of any size.
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5.3 Marketing
In a marketing side, this firm use brochure and flyers to promote their
services to the public. They also having their own website for a public to
view and know about their firm existence. These firms also hire marketing
communication associates for:
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SPEECHES - Draft
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Another factor that the company can maintain until now is the business
is running automatically between the clients because they have introduced
this company to their friends. RSM also provides detailed strategies and
target – driven programmes for a wide range of clients and sectors,from
specific marketing activities to fully loaded marketing campaigns.
5.4 Finance
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In the finance site, the people that have the responsibility to control
firm cash flow in the firm Finance Manager. They will control all the cash in
and out from the firm. Before make or received a payment from clients,
she will get an approval from Dato’ Robert Teo Keng Tuan, the company
director to verify the payment first and signs if he agreed.
Usually this firm has use computer system to update and control
cash in and out from clients and firm. The system that they use is using
Microsoft Word and Microsoft Excel. All the clients can make a payment
either by cash or cheque.
This firm paid their staff salary through bank such as Public Bank,
CIMB, Maybank and others. It was an easy way to pay salary to the staff
because staff using many different kind of bank. Besides that, they were
also pay to the staff if they have taken overtime.
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I join RSM Robert Teo, Kuan & Co on 1 June 2011 until 26 September
2011 to gain more knowledge and experience. I think it was an amazing and
interesting practical when I have chosen audit firm as a place for my practical
training. It was a valuable experience that I ever had through.
On the first day after I arrived, I already got new task to do. I have to
prepare audit of statutory records for client’s company. After the first day onwards
until 3 months, I have learned a lot. I learned how to prepare audit statutory
records, how to find the annual returns, forms and minutes of meeting. Besides, I
also learned how to prepare the audit working paper for the financial year.
Working paper includes all information related to assets, liabilities, taxation,
equity, revenue and expenses. Apart from that, I have learned how to prepare
every details of the working paper such as how much assets include in the
client’s account.
Furthermore, I also learned how to prepare the audit programs. When the
first time I prepared the audit programs, I think that it’s hard to prepare. After
being taught by senior and colleague, I now can handle in doing the audit
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programs. I learned a lot in doing the audit programs. First of all, I learned how to
prepare letter of representation which is a summary of all the accounts. Second, I
learned how to prepare the instruction sheets. Instruction sheets include how
many costs include in audit the account. Besides from that, I also learned how to
planning the audit through the audit planning memorandum and audit planning
materiality schedule.
Moreover, I also learned how much audit fee charged for small company,
big company and also medium company through audit minimum fee computation
schedule. Moreover, I got a chance to prepare the financial statement but under
review of the audit partner. It’s the most interesting task that I have done.
Although I prepared many schedule, I found that adjusting and reclassification
journal entries is kind of interesting.
Besides preparing the audit programs and working paper, I also given a
chance in doing the tax job. I learned a lot while doing internship at audit firm. It’s
not very different from what I have learned in college. The difference is only
because, what I learned in college is in theory, and what I have done in industrial
training is explanation of that theory into the visualization form. From most of the
trainee in the firm, I think I got the opportunity to prepare the tax computation
schedule, capital allowances schedule, tax recoverable schedule, reconciliation
of qualifying and non qualifying expenditure schedule, deferred tax summary
schedule, deferred tax computation schedule and also disclosure items schedule.
While I’m doing my internship in RSM Robert Teo, Kuan & Co, I got many
opportunities and benefits. The company provides the annual dinner for staff in
the company and trainee were invited to the dinner. It was fun and great. The
company also provides activities like bowling contest, futsal contest, and also
watch free movie at cinema. I think it’s a great opportunity for me to be at RSM
because I think other company will not threat trainee like RSM do. Be as a
trainee at RSM boost my confidence level and make me easy to talk to the client.
Training at RSM make me a talkative person and more responsible to myself. I
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also become a punctual person in the office. Every day, I will arrive in the office at
8.30a.m and back to my home at 5.30 p.m.
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letter to the bank and also make me easy to prepare a letter for client
review. It’s fast and easy handling. So, I have to know and master the
Microsoft Office software.
7.3 TAXATION
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7.5 AUDITING
This subject I have learned in semester 2 and it’s very useful to me.
This subject exposes the students with more formal business
correspondence, speaking and writing needed for many different business
situations. This subject teach me on how to prepare a business letter like
query letter to the client. When my industrial training at RSM Robert Teo,
Kuan & Co, I have been ask to prepare a query letter to one of the
company client. It was great and I use all my knowledge I learned to
prepare this letter.
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After interview with audit partner, I found out that Tan Yen Fen has more
than 20 years experience in the field of audit and business consulting. She
started her career after graduating from University of Malaya. In 1993, she joined
Robert Teo, Kuan & Co as Manager and was subsequently admitted as partner in
the practice of RSM Robert Teo, Kuan & Co in 2001. Tan Yen Fen is a Chartered
Accountant of the Malaysia Institute of Accountants, a Bachelor of Accounting
from University of Malaya and Certified Financial Planner. She also participates
as a member of the RSM International FRS Champion Group.
She also have a wide experience in statutory audits of a variety of
businesses, which include housing developers, contractors, consultant architects
and engineers, professional valuers, investment holding companies, resort and
leisure management, solicitors, manufacturer, trading and retail companies,
education and training services, telecommunication services, management
services, friendly and charitable societies.
She also capable in reviewed the internal control system as well as
advising the clients on their compliance with Financial Reporting standards and
the Companies Act, recommendation and implementation of accounting systems.
She also has an experience as a Reporting Accountant in corporate restructuring
exercise on due diligence reviews, capital reductions, review of profit and cash
flow forecasts and proforma balance sheet.
Furthermore, she also experienced in undertaken financial due diligence
review, special financial reviews, review and reconstruction of financial
statements. Apart from that, she also had undertaken members’ voluntary
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winding up engagements and staff recruitment assignments. Even she has many
experience in the past, she is now very loyal to RSM Robert Teo Kuan & Co.
SUPPORTING STAFF
After Interview with the supporting staff, Rajamani A/L Ramiah, also
known as Raja in the office, now I know some about him. He join RSM
Robert Teo, Kuan & Co. on 5th January 2009 and now still working with
RSM until today. He is a friendly person, energetic, cool and innovative
person. His work is handling the administration work filing, ROC. Besides,
he also handles the client search (CCM), courier and posting, the
document of RSM. Even though he is a clerk at RSM, he got many other
works to do, like maintenance, follow up all the clientele files, handle all
files, keep all files in order and also record every person who take the file
so that the file will not be missing. He doing great with his job and love
every work he do.
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I choose Dato’ Robert Teo of the managing partner at RSM Robert Teo,
Kuan & Co as my role model. He is kind, energetic person, cool, hardworking,
talkative person, optimistic, friendly, and creative. He has more than 30 years of
experience in the fields of taxation, audit assurance and business consulting. He
started out his career in 1973 when he joined Turquand Barton Mayhew, London
(now known as Ernst & Young) and subsequently set up the chartered
accounting firm of Robert K.T.Teo & Co. in 1978. In 1990, he established the
partnership of RSM Robert Teo, Kuan & Co which subsequently became the
Malaysian representative of RSM International, the 6 th largest accounting and
consulting firm in the world.
When I first met him, I saw him like and normal person. But behind the
truth, he is a hardworking person, always met the big client to solve big problem,
travel around the world to audit the client company. I though one day I going to
be like him, a successful person. When I saw his professional qualification, I was
in shock and happy. He achieved in his life with become as chartered
accountant, member of MIA, fellow of institute of chartered accountant in
England and Wales, Member of certified public accountant, member of institute of
taxation (UK), member of International Fiscal Association, Malaysia branch and
many more.
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Lastly, I suggest that company should provide open classes to trainee to train
themselves in doing the audit task and to manage the account well without any errors
and mistakes.
In overall I am quite satisfied with the School of Management effort in making the
program perform smooth and successfully. However there were some part that has to
be improving, such as the school information and preference channel related to the
industrial training program, which now not quite satisfying. For example I am having
some difficulty to get confirmation from the school whether they have received my
interim report.
The Industrial training program introduces so much benefit to the students. First
of all is the communication skill. In brief of the communication skill, this program helps
the student to improve their English language and also self confidence during their
communication with the client and members in the office. In addition, this program also
help student to easy communicate with the people around and also give an advantage
in complete the audit task in proper way.
Furthermore, training program also helps the student increase their knowledge in
auditing, accounting, taxation and other subject besides knowledge while learning in
college. This means that students are able to gain knowledge while working in the firm
in terms of Information technology (IT), like computing such as Microsoft office,
accounting software, slide shows and others. These help the students to equip with the
latest skill and make them capable using the computer to finished their tasks.
Beside that, industrial training also helps the students to expose themselves in
the real working environment with real workload and responsibilities. This is the time
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where the students are able to apply their knowledge they have learned before into the
working job and gaining more useful lesson from the training.
Apart from that, these programs also inspired students to gain more effort to
success in their life because they sometimes know how hard to achieve some goals
while they in the job field. While they in the work field, they can ask the supervisor or the
manager to give an opinion about student’s attitude and work they done and also ask
them to give an advice on how to success in life. All of these will make us practiced to
be more discipline when working in the future undertakings.
Moreover, these programs also support the students in obtain the experience on
how the work might be done well, how to manage the quality of the work, tips and idea
by the senior employer and so much more. Besides this experience will never students
get while learning in college because what they learned in college only in theory terms.
Lastly, these programs also encourage the students to socialize with the office
members and how to behave with the seniors and superior while doing the job. This is
very importance because not all students have the guts to talk and communicate with
others workers especially that they are the same age as their father and mother. Due to
the fact that students mostly less talk to the others workers, this is a chance to know
everyone and make them apart of their life.
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CONCLUSION
They are a great opportunity having an internship programme in RSM Robert Teo
Kuan & Co. Besides the experience gained during the 12 weeks it is widen up my minds
on what is mean by working environment. I have covered the knowledge of auditing,
accounting and taxation during my time spent inside the company. Through this training,
I have learned much technical and non technical stuff. About non- technical stuff, I
learned such as way managing the relationship between workers and boss, the right
attitude in solving problem, and the way to deal with clients.
From safety briefings, I managed to follow all safety procedure and regulation set by
the organization. I complete my training program without any accident and completed
the task given in time. I learned how to do the audit programme, audit working paper,
how to solve the case, how to deal with client and so much more. All of this learning
make me realized that auditing is fun and interested although a lot of stress coming
through.
From other department, mostly I learned about how to get a tax computation,
form C, and form R from tax department. In addition, I also learned how to give a copy
of financial statement and also to ask for director signature from that department. From
secretary department, I also learned how to get the information for statutory records,
annual return and forms related.
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The most memorable parts that I gained during my training are the true friendship
express from the staff and my colleagues.
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