INDUSTRIAL TRAINING REPORT AT

CHENG & CO PLT

REVATHI A/P GANESAN

BACHELOR OF ACCOUNTING

FACULTY OF BUSINESS, ECONOMICS AND SOCIAL DEVELOPMENT

UNIVERSITI MALAYSIA TERENGGANU

2023
 INDUSTRIAL TRAINING REPORT AT

CHENG & CO PLT

By

Revathi A/P Ganesan

Industrial Training Report Submitted in fulfillment of

requirement for the degree of

BACHELOR OF ACCOUNTING

FACULTY OF BUSINESS, ECONOMICS AND SOCIAL DEVELOPMENT

UNIVERSITI MALAYSIA TERENGGANU

2023

2
 LETTER OF DECLARATION

I, Revathi Ganesan, hereby declare that the report for ACT 4992 is based on myoriginal
work except for quotations and citations which have been duly acknowledged. Everything
that has been written in this report is from my point of view based on the theory and my
observation during the training. Faculty of Business, Economics and SocialDevelopment is
not bonded with the contents of this report.

Signature

……………………….

Name: Revathi A/P Ganesan

Date:

Acknowledged by:

…………………………………….

Dr Shayuti binti Adnan

Supervisor from UMT

On behalf of the Industrial Training Coordinator

Faculty of Business, Economics and Social Development, UMT

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 ACKNOWLEDGEMENTS

Firstly, I would like to express my deepest acknowledgement to the Almighty for

granting me good health to undergo my industrial training for 24 weeks. At the
same time, I would also like to thank my parents for their unconditional support
and motivation given to me throughout the industrial training period.

Besides that, I would like to express my deepest gratitude and special thanks to
my supervisor Liew Siew Fei, the Audit Manager at Cheng & Co Plt, who despite
being busy with her duties, took time out to hear and guide me in the right path.
I consider myself as a very lucky person as I was provided with an opportunity to
be a part of the firm. Next, I would like to thank all the colleagues in Cheng & Co
Plt for their guidance and knowledge which was extremely valuable for both my
theoretical and practical studies.

Moreover, I would like to convey my special gratitude and thanks to Dr. Shayuti
binti Adnan, the industrial training coordinator and the respective academic
assessor Dr. Siti Nurain binti Muhmad, who has willingly guided me to complete
my industrial training. I would also like to express my deepest appreciation and
thanks to Department of Accounting, University Malaysia Terengganu that gave
me a lifetime opportunity and allowed me to go for the six months industrial
training. This six-month industrial training course is an incredible endeavor
because it gave me an incredible chance to experience real working life and as a
result developed a lot of knowledge and skills that are essential for a career.

Finally, thank you to everyone that directly or indirectly supported me during my

industrial training and made my industrial training period run smoothly without any
problem. I take this opportunity as a big milestone in my career development. I
will strive to use the gained knowledge, skills, and experience in the best way in
order to achieve my desired career goals.
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INDUSTRIAL TRAINING REPORT

AT CHENG & CO PLT

EXECUTIVE SUMMARY

5
 TABLE OF CONTENT

No Details Page
1. Letter of Declaration
2 Acknowledgements
2. Executive Summary
3. List of Figure and Tables
4. Chapter 1: Introduction to the Organization
1.1 Background of Accounting Firm
1.2 Details of the Organization
1.3 Organizational Structure
1.4 Job Scope
5. Chapter 2: Experience, Knowledge and Skills Learned
2.1 Knowledge and Skills learnt During the Practical Training
2.2 Application of Theories During the training and report the
relevance of the theories to the real practice.
2.3 Student's contribution to the Organization and vice versa,
networking during the training and problem encountered
2.4 Other Skills Acquired
6. Chapter 3: Analysis of the Selected Issue
3.1 Introduction to the Organization
3.2 Discussion of Issues
3.3 Recommendations
3.4 Additional knowledge and skills learned
from the issues.
7. Conclusion
8. References
9. Appendices

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 LIST OF FIGURES AND TABLES

Figures

Figures Title Page

1 Logo of company
2
3
4
5
6
7

Tables

Tables Title Page

1
2

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 CHAPTER 1

INTRODUCTION TO THE ORGANIZATION

1.1 Background of Accounting Firm

Cheng & Co Group was established on the year of 1993, 19th January. It is one of the
largest chartered accounting firms in Malaysia. The chairman of Cheng & Co Group
is Prof. Dato’ Dr. Chua Hock Hoo and Prof. Dr. Paul Cheng. There are several departments
in the firm which are the, tax department, secretarial department, business, business
process outsourcing department, consulting department, inbound and outbound investment
advisory department, wealth management department and China desk department.

As Malaysia's 134th largest, it has 1000 and more clients nationwide and can draw on their
strength through 13 offices spread across the country, with over 20 partners and 300 staff.
They have a strong and dynamic team of partners, principals, and directors who manage a
portfolio of mid to large private, publicly traded, and multinational companies in a variety
of industries. The company also assists clients in making wise decisions today that will
create long-term value for them in the future.

Cheng Co PLT vision is The Leading Home-Grown International Accounting Firm and the
mission One-Stop Professional Centre with Innovative Solutions for Excellence. At last, their
core value is on integrity, mutual responsibility and care, flexibility, innovation and
teamwork.

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1.2 Details of the Organizational

Figure 1: Logo of company

Name of Company Cheng & Co Plt

Address
City, No. 16-03A, Tower B, Vertical Business Suite II,
Avenue 3, 8, Jalan Kerinchi, Bangsar South, 59200
Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

Telephone number 03-2242 3780

Website https://chengco.com.my/
Company Number 201806002622
Year of Incorporation 2018
Date of Registration June 2018
Nature of Business
• Audit
• Tax
• Corporate advisory
• Risk consulting
• Growth consulting
• Wealth management

Type of business • Limited Liability Partnership

Business hour Monday-Friday (9:00 am to 6.00pm)
Saturday (Closed)
Sunday (Closed)

Table 1: Details of Organization

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1.3 Organizational Structure

EXECUTIVE TEAM • Tom Wong Khai Meng (Chief Executive Officer)

• Melissa Thoo Loy Hee (Chief Financial Officer)

• Alex Kang Sin Loon (Strategy Development & Hr Director)

• Dr. Ma Yue (Business Operation Director)

• Teo Yang Zhi (Business Development Manager)

• Aris Looi Pei Min (Senior Consultant)

AUDIT AND ASSURANCE • Tan Wae Leng (Managing Partner)

TEAM
• Liew Kwai Choy (Senior Executive Partner)
• Steven Yap (Senior Executive Partner)
• Hong Thuan Boon (Senior Executive Partner)
• Low Kok Fei (Audit Partner)
• Ng Kee Siang (Audit Partner)
• Sam Kang (Audit Partner)
• Hoo De Wei (Audit Partner)
• Jay Chang Jia Ler (Audit Partner)

TAX TEAM • Lam Kwai Soon (Managing Director of Tax)

• Jack Wong Wai Ying (Senior Tax Manager)
• Lau Hui Xian (Tax Manager)

INBOUND & OUTBOUND • Catherine Tan Thiam Lee (Business Advisor)

INVESTMENT ADVISORY
TEAM
CHINA DESK TEAM • Dr. Ma Yue (Business Operation Director)
• Teo Yang Zhi (Business Development Manager)
• Looi Pei Min (Business Development Senior Consultant)

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 WEALTH MANAGEMENT • Ng Chee Yong (Chief Executive Officer (CEO) of CC
TEAM Advisory)
• Stephanie Wong (Assistant Manager of Corporate Risk
Management)
• Tan Yi Shin (Senior Executive of Corporate Advisory)
BUSINESS PROCESS • Tai Ming Ming (Global Business Service Director)
OUTSOURCING TEAM • Leon Chow (Cloud Solution Consultant)
• Oh Kah Yein (Senior Payroll Consultant)

BUSINESS CONSULTING • Tay Lee Hoon (Executive Director on Global Advisory)

TEAM • Su Mei Yen (Head of Consulting Division)

Secretarial Team • Samuel Tiew Sze Hann (Head of Corporate Secretarial

Services)
• Sow Xin Yee (Manager of Secretarial Listed Division)
1.4 Job scope

Cheng Co Plt provides audit and assurance, tax, corporate advisory, risk consulting,
business outsourcing, growth consulting, wealth management and inbound and outbound
investment advisory services.

1. AUDIT AND ASSURANCE SERVICES

The audit department of Cheng & Co Group will be known as Cheng Co PLT. A
number of accounting and auditing services will be offered by Cheng Co PLT in
accordance with recognized standards such MFRS, IFRS, MPERS, and Audit Oversight
Board (AOB) by Securities Commission Malaysia. Moreover, to their clients who are
located in Malaysia or abroad, they will offer a wide range of qualified business
services.

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2. TAX SERVICES

It is impossible to split the taxation department from Cheng & Co. The tax experts
at Cheng & Co Taxation Sdn Bhd will assist clients in excelling in this time of fast
change by providing services in all tax disciplines. Business tax, international tax,
transaction tax, and tax-related issues concerning people, compliance and reporting,
and the law are areas in which Cheng & Co. has expertise.

3. SECRETARIAL SERVICES

As the secretary division of Cheng & Co PLT, Indah Secretarial (KL) is widely
known. Indah Secretarial (KL) Sdn Bhd will provide thorough information, such as
company registry information such as SSM, ROC and ROB, including the
comprehensive coverage in East Malaysia, banking payment history, litigation, and
trade references, to help clients decide whether to extend credit to or trade
business with this firm.

4. ACCOUNTING

Pro B Centre Sdn Bhd is a component of the Cheng & Co Group. Pro B Centre Sdn
Bhd has received MSC status as a registered company with the MDEC and HRDF. It
will provide customers a variety of company services, including IT services over the
previous several years, online tax review, HR solution, accounting, and bookkeeping.

5. BUSINESS OUTSOURCING

Cheng Co Plt has a specialized team that can handle the business and outsourcing
needs of their clients.

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6. WEALTH MANAGEMENT

Cheng Co Plt, through its associate A.D.Financial, offers specialized succession

planning, wealth preservation, and financial planning services to Malaysian business
owners and high-net-worth individuals and families.

7. INBOUND AND OUTBOUND INVESTMENT ADVISORY

Cheng Co Plt also assists their clients in avoiding all of the pitfalls of foreign
investment, such as unfamiliar laws, unique legal rules, bureaucratic licensing rules,
taxation, and accounting requirements.

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 CHAPTER 2

EXPERIENCE, KNOWLEDGE AND SKILLS LEARNED

2.1 Knowledge and Skills learnt During the Practical Training

2.2.1 Knowledge and skills learned during the orientation training period

During my first week working as an audit intern at Cheng Co Plt, I was required to undergo
a one-week orientation. I received a general introduction on what to expect throughout my
internship period during the one-week orientation. I gained knowledge on Cheng Co’s
audit approach. Under the Cheng Co audit approach, there are three phases in total:
Phase 1: Audit administrative; Phase 2: Audit Completion; and Phase 3: And Audit Planning.
Cheng Co chooses whether to accept the audit engagement during Phase 1 of the audit,
develops an overall strategy and plan for the audit, and then conducts risk assessment
procedures by evaluating and determining the risk of substantial misstatement.

To reduce audit risk to an acceptable low level, Cheng Co prepares overall responses and
further audit procedures during Phase 2 of the audit. These solutions are developed in
response to the evaluated risk of material misstatements and implemented. Cheng Co
reviews audit evidences gathered during phase 3 of the audit by assessing what extra work
has to be done. Finally, an opinion is formed in the audit report based on the results.

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 2.2.2 Knowledge and skills learned during my fieldwork

During my internship period I was under the one of audit manager named Liew Siew
Fei(Fion). Therefore, I gained some knowledge on finance audit for dormant and
active company. For Cheng Co PLT, we are using a system to do the audit which is really
a big relief as we can consistently update, edit and delete without any cost incurring. As
there some companies even in Big Four, they are practicing in manual way of the audit
working paper which cost them more on buying papers and more. The system that we are
using is CCH Pro System as it is used across the world as the system is updated and easy
to use for new learns like me. Sometimes we do face some difficulties in the connection as
it needs more data connection but with VPN Sophos the problem is solved as well.

Next, I gained some knowledge to select samples and perform vouching. Vouching
is done by examining documentary evidence to determine whether it correctly substantiates
entries made in the accounting records. Before starting the vouching process, we would
need to prepare the basis of sampling. First we would need to define the method of
sampling whether it is statistical or non-statistical. Secondly, we would need to define the
population which is the total value that is subject to sampling. Thirdly, we need to define
the sampling unit and finally define the basis of selection by allocating samples to different
classes of assets.

After the selection of samples, the source documents for each selected samples should be
found and photocopied for the auditor’s reference. This is to ensure that the stated
transaction in the client’s book exists. The transaction amount will also be traced to the
client’s bank statement. I also learned to cross reference the chosen transaction to
the bank statements using audit tick marks.

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2.2 Application of Theories During the training and report the relevance of the
theories to the real practice.

2.2.1 Companies Act 2016

The Companies Act of 2016 (CA 2016) regulates the incorporation of corporations and
establishes guidelines for the preparation and auditing of financial statements. Companies
that are incorporated under the Act are required by the Act to have their financial
statements audited in accordance with the Malaysian Approved Standards on Quality
Control, Auditing, Review, Other Assurance, and Related Services published by the Auditing
and Assurance Standard Board (AASB) of the Malaysian Institute of Accountants (MIA). In
the real practice, Cheng Co PLT would give their audit opinion on whether the consolidated
financial statements of the company that is being audited gives a true and fair view in
accordance with approved accounting standards and the requirements of the Companies
Act 2016.

2.2.2 International Standards on Auditing (ISA)

The term "International Standards on Auditing" (ISA) refers to professional guidelines

addressing the duties of the independent auditor when carrying out the financial audit of
financial data. Through the International Auditing and Assurance Standards Board, the
International Federation of Accountants (IFAC) publishes these standards (IAASB). In the
real practice, Cheng Co PLT uses ISA 500 to obtain audit evidence. Auditors acquire enough
competent evidence to form reasonable inferences that serve as the foundation for their
opinion. Additionally, ISA230 is used for audit documentation. All of Cheng Co’s audit
paperwork is created on time, and it serves as proof that the audit was prepared and carried
out in compliance with international standards on auditing.

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 2.2.3 Financial Statements Assertions

Expressing a view on whether the client's financial statements are presented properly, in
all material ways, and comply with GAAP is the main goal of a financial statement audit. It
is typical in the audit to provide a number of specific audit objectives for each amount
repeated in the financial statements in order to achieve this goal. These particular goals
are drawn from the management's assertions presented in the financial statements. There
are few financial statement assertions such as existence, completeness, valuation, rights
and obligations, presentation and disclosure and etc. In the real practice, these assertions
are used in the audit program. At Cheng Co PLT, a set of guidelines must be followed in
order for the audit to be carried out correctly.

2.3 Student's contribution to the Organization and vice versa, networking

during the training and problem encountered

2.3.1 Student’s contribution to the organization

As an intern, I was also required to go for fieldworks and outside audit at the clients place.
The reputation of the company will be significantly impacted by how I carry out my duties
at the client's location. To make sure Cheng Co would have a strong company reputation,
I made sure to keep a solid relationship with the clients and to complete my assignments
on time. The way I work will undoubtedly have a significant impact on how clients view
Cheng Co PLT.

In addition, in order to finish the engagements, my audit team and I put in extra time. I
occasionally received requests to work on two different engagements. I offered all my
support and put in extra time to complete all the tasks before the deadline. I approached
all my audit engagements with a positive mindset in order to complete it on time and at an
acceptable standard.

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 2.3.2 Organizations contribution to the student

Cheng Co Plt has given me this opportunity to do my internship at their reputable firm.
Cheng Co, which offers audit, tax, business advising, risk consulting, growth consulting,
and wealth management, is Malaysia's famous accounting firm. Doing my internship at
such a place would definitely look good on my resume. I could get job opportunities with
the experience and trainings that Cheng Co PLT has offered to me.

In addition, I developed connections with experts. My interpersonal and teamwork skills

were able to grow as a result. It is apparent that the organization has aided in my gaining
knowledge of how the auditing sector operates. My connections here and the knowledge I
have acquired from my experience will undoubtedly assist me to stand out from the crowd.

2.3.3 Networking during the training and problem encountered

At Cheng Co PLT, we can easily reach out to our seniors through Microsoft teams and they
were always there to help solve all our questions. The Partners and Managers were so
professional throughout my intern period. I was able to build social relationships with my
fellow teammates. Cheng Co PLT also organized few events that helped the networking
between all the peoples working there.

However, I also encountered some problems while working at Cheng Co PLT. It was quite
difficult for me to understand some work related issue when my audit team leader preferred
speaking in Mandarin. Furthermore, my manager was too busy and I had some difficulties
in getting his signature for my intern reports. I had to frequently remind him to get the
signatures.

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2.4 Other Skills Acquired

During my internship at Cheng Co PLT, I was required to use many Microsoft office
applications such as Microsoft words, Microsoft Excel, Microsoft SharePoint, Microsoft
Approvals, Microsoft Outlook and Microsoft OneNote. Using these Microsoft applications
has helped to improve my Microsoft office skills. I learned how to create pivot table to
analyze data using Microsoft Excel. A summary table can be made from a huge data
collection using pivot tables. At Cheng Co PLT. I also acquired the ability to submit claims
via Microsoft approved. I made appointments with clients and created emails on Microsoft
Outlook. Learning to utilize this many Microsoft applications can help me secure work after
my internship, as the majority of hiring managers demand that candidates have a basic
understanding of how to use Microsoft products.

Next, I would say that this internship has helped to improve my communication and
interpersonal skills. As an audit intern, I was required to follow up with my clients
frequently regarding matters pertaining to their audits. I developed a professional rapport
with my client and understood the value of paying attention. In financing auditing, every
statement made by the client on their financial information needs to be documented. I
developed the ability to keep up with the clients' specifics as attentive listening fosters
positive relationships with both clients and teammates.

Additionally, I often received two separate engagement jobs at once. I occasionally had to
put in extra time while sacrificing my sleep to do the job. But as time passed, I discovered
how to prioritize the tasks provided to me and set up a strategy to complete them on time.
I was able to get more organized and manage my time better because to this. These
abilities were crucial for me to have in order to organize my schedule and make sure I had
some alone time. In short, being an audit intern has improved my organization and time
management skills.

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3.0 ANALYSIS OF THE SELECTED ISSUE

3.1 Introduction to the issues

Before the introduction to the issues, there were many issues I faced during my
engagement, Green Packet & 24 dormant companies. The issues for this company was
regarding audit procedures and this is what normally we will face for all the companies but
it just differentiates as which part and steps are involved. According to the ACCA web page,
every audit procedure should state the assertion tested for the each working paper, the
audit procedures involved and the reason for the procedures are involved in the working
paper.

There are five main audit procedures which has been stated by the ACCA web page itself.
The first one is analytical procedures, then enquiry and confirmation directly for the third
party for example is inquiry to the bank regarding the account of the company and sends
bank audit confirmation letter. Next is inspection of records and assets, observation, re-
calculation and re-performance.

There are four main issues faced by myself during this engagement. The first one will be
inspection of documents such as vouching, scanning and tracing. Which is a
common procedure issue faced by all the auditors during the audit period. There are many
documents involved in this procedure as there are different documents involved for
different shipping methods. As the basic documents needed for vouching the local shipping
details are invoice, delivery order, and payment voucher.

The second issue is the inspection of tangible asset. As an auditor, it will be our
responsibility to do sighting of the assets of the company by making sure the assets are
available for the company’s usage and good in use. This will ensure the assertion existence
of the asset will be analyzed. According to Jennifer, the purpose is to verify that the
ownership of company claims to own. There are two types of sighting which are physical
sighting and online sighting. There are two types of sighting which are physical sighting
and online sighting. Normally, we will prefer to have physical sighting which can be 100%
sure of the condition of the assets. This online sighting was in use due to Covid-19 and the
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companies which are located away from the office. It is also includes the stock counting,
land sighting, PPE sighting and more.

The third issue is the confirmation which will be sent to the third party by the
auditors or the clients which is to have the confirmations on the balances have by the
client. There are different types of confirmations such as bank confirmation, payables
confirmation, receivables confirmation, related party balance confirmation and more.

The last issue is re-performance is the auditor's independent evaluation of client

accounting controls or processes that were initially carried out as a component of the
entity's internal control and accounting system. According to Radu and Ramona, re-
performance is to ensure that controls have been operating successfully, this entails doing
various reconciliations again as of the reporting date or at interim periods, such as
performing a bank reconciliation statement. Re-performance entails reviewing other
operations as opposed to recalculation, which requires rechecking a computation.

3.2 Discussion of issues

The main issue is the inspection of the documents for the transaction. As for these
34 dormant companies, there were not much documents as the companies did not have
any big transactions occurs. For two companies only were transactions made as they have
started some activities which is not regarding any revenue and income. The parent
company was having all the documents of the transactions including the supporting
documents as well. As there are a lot of holding companies to manage, their filling system
was not in a proper condition. Their internal controls were not in a proper condition as
their manual detective control needs to take care of more.

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Normally the auditors will request the documents for inspection thru an outstanding list
which will emailed to the clients after the sample selected. The companies were having
each files for these companies from the day the companies have been incorporated. As
they were having only one file together which the agreements, documents and all together,
they might have misplaced the other documents as humans are handling the files and
documents. In business, receiving the documents in softcopies and hardcopies so, the
client can send us the softcopies as they will receive from the third parties.

The second issue is the inspection of tangible asset. The main assets that these
companies have are the land which they have bought to build their own offices respectively
in the same area. Normally the land will be sighted physically by the auditors. During the
auditing duration, it was the pandemic session and I was not allowed to go for the physical
sighting. I clarified this matter with my audit manager and asked for some enlightenment
and she said that we can have the online sighting.

I contacted the Account Executive regarding this and she told me that it is not possible to
do the sighting even though in online as the management will not accept this. This is a
normal procedure that has been help for all the companies but she just denied and ask me
to use the old agreement and photos of the asset to do the auditing. Later, Audit Manager
called the client and arrange the online sighting for me to do the audit.

The third issue is the confirmation. As for this Green Packet and 24 dormant companies
have a lot of confirmations needed for the bank audit confirmations and related party
confirmation. Payables and receivables confirmations were not needed for as these
companies do not have any sales and purchase transactions. These confirmations usually
will take time to prepare as I need to check the balance figure given buy the customers
are correct or need to pass some adjustments from client or auditor’s side.

We will send the confirmations via email for bank and the directors. As for the bank part,
they have their own time limit to complete the bank status checking and verifies the
balance of the company and the results will be sent from the bank HQ and not from the
branch that the company opens the account as this will be a crucial process. To avoid
22
errors and frauds, the banks will transfer it to the HQ which causes of some time to prepare
it.

For the directors’ confirmation, we will send it to the clients the template and inform them
to fill it up and send us the confirmation within the particular timing. I was sending them
twice the email as the Account Executive was not aware of the changes in templates and
forgets the company’s stamp. This was delaying the process of the confirmation collection
as she sent us the hardcopies. As I was a trainee, she did not take it seriously to correct it
on time yet I manage to have a quick call with her and control the situation from worsening.

The last issue was regarding the re-performance. All the companies will have Company
Secretarial (COSEC) which is the service refer to the degree of administrative function
within an organization that assures excellent corporate governance, efficient
administration, and adherence to the laws, statutes, and regulations that regulate
commerce and industry. For these 24 companies, there were changes of the COSEC in the
middle of the financial year end. I do receive the annual return and the information for the
last year from the previous COSEC.

As for this auditing period, the client did not inform us that the COSEC has been changed
and I was using the last year’s information to do draft for the working paper. After I called
the COSEC regarding the documents, they told me that they were not the in charge
anymore. After I confront the Account Executive, she told me that she forgot to inform me
regarding the changes of COSEC. It really took a long time for me to gain the new COSEC
information and get those documents from them.

This has made me to do the audit for the statutory part twice due to the wrong documents
and lack of documents to support. This re-performance is a double work as I was doing
the work which I have already done in the past due to the carelessness of the client. This
has also made me to have a better understanding where I need to get the information and
need to inquiry the clients twice before doing the working papers.

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3.3 Recommendations

The advices for the inspection of documents are a common application that all the
companies need to apply to make sure the manual detective control will be in a good
condition.

The suggestion for the inspection of tangible asset is to allow the auditors to have an
online sighting of the assets even though the assets were in use for ages for the company.
This is because the asset can be unused or damaged during the year of financial or after
and before also is possible.

The recommendation I would suggest for the confirmation part is to have a better
communication will the auditor and have a talk or a text if the client is not understanding
the email sent.

The recommendation for re-performance is mainly on the updates that client receives
should be given to the auditors including the details of the new COSEC, banks, third parties
and other details which will help to smoothen the audit procedures and can help the audit
to have the documents requested on time as we will not being audited for the same
company always as this will help to reduce the fraud and risk from Cheng Co PLT side as
well.

3.4 Additional knowledge and skills learned from the issues

There are a lot of additional knowledge I have learnt from these issues and the extra skills
which can help me in the future as well. In every problem we will learn how to face is and
that’s where we can the solutions and we can learn new things as well. I am happy that I
was able to do the audit for the companies myself which helps me to learn a lot before the
actual audits which needs a lot thinking and decision makings involves.

As for this engagement, all the decision making was on me. I was able to discuss with
my manager and senior but at the end of the day, the whole thing depends on me. It was
really hard for me to take decision on my own but my decisions mostly returned out that I

24
was on the right track. This has built my self-confidence more as a professional and the
courage to make the right thing.

My communication an interpersonal skill has improved as a result of dealing with

challenging clients. I discovered that practically every circumstance I face as an auditor
should allow me to use my communication abilities. I think I was able to project the idea
that I was more than just an investigator for the audit firm, Cheng Co PLT that I work for.
This skill would help me during my real time employment as top audit firms highly value
accounting undergraduates with good communication skills.

Furthermore, I have also improved my time management skills. Time management

is essential in the auditing environment to achieve deadlines. A budget is created at the
planning stage of an audit, outlining the time for each part. Unexpected events frequently
occur during an audit, which may cause us, the auditors to miss the budgeted timeframes.
Therefore, I learned the importance of keeping track and prioritize all the audit tasks that
needs to be done as well as any information or outstanding documents that have been
requested but have not yet been received. By keeping a note on the relevant audit
information, I was able to monitor my progress and well as manage my time effectively.

On the knowledge part, MPERS was the big plus point for me as in university we were
focused on the MFRS and it was practiced for 4 years. As this MPRES is new to me, it is
really time consuming to understanding it better. Learning about MPERS is a new thing to
me which shows the different as we the expose was not that much to me to have a better
understanding like I have on MFRS. Even though not all the sections are in my mind yet I
am able to understand and apply it during my training. After I joined as the permanent
staff in Cheng Co PLT, they are having training for us which including quizzes, test and
Q&A sessions on this MPERS which can help me to have a better understanding in the
future. As I will be having the practical of the MPERS while studying it.

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CONCLUSION

I am very blessed and grateful to have this opportunity to complete my industrial training
successfully for six months in Cheng Co PLT as an audit trainee but it has truly been a
good experience for me as an accounting student. I was given a good chance to expose
myself in different types of companies such as constructions, manufacturers, trades, and
more.

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REFERENCES

1. Jennifer VanBaren. (2017). Audit Procedures to ensure the existence of Assets. The
Inventory Audit Process (bizfluent.com)

2. Radu, F. and Ramona F. (2011). Audit techniques and Audit evidence. Economy
Transdisciplinarity Cognition. Vol 14. Issue 1. pp 350-358. FIN-12-full.pdf (ugb.ro)

3. https://www.lookp.com/cheng-co-group

4. http://auditor101.com/bank-confirmation/ (2022)

5. https://chengco.com.my/wp/

6. Audit procedures | ACCA Qualification | Students | ACCA Global

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