Accountancy Internship Interim Report Accounting Essay

Background on company ( 300-400 words ) 337 words

Chio Lim Stone Forest ( CLSF ) was founded in 1985 and it started from a fabric Centre in Jalan Sultan to the present Wilkie Edge in Sophia route. CLSF is a member of RSM International, the 6th largest accounting and consulting houses worldwide, with 736 offices in 76 offices. Member groups in RSM International unite together to offer their clients the premier quality of services.

In Singapore, CLSF is the first Certified Public Accountant ( CPA ) house to be ISO 9002 certified and largest CPA house outside the Big 4. It has extended experiences with all sizes of clients but caters best to the mid markets in footings of giving consultative services. It besides offers a broad spectrum of concern services ( see Appendix 1 ) that caters to every phases of a concern ‘ growing. Their value system which consists of passion, proactive, practical, personal, doggedness, progressive and professional signifiers the steering rule of their service bringing.

CLSF has an unfastened platform where there is no bias towards any race, faith and linguistic communication. Having an unfastened platform is of import as it helps to make a harmonious working environment. In footings of the figure of employees, it has 572 staff from 17 nationalities, consisting of 19 spouses and 15 managers presently ( see Appendix 2 ) . With respects to the gross earned, it is ranked tenth among the member groups in RSM International ( see Appendix 3 ) .

In add-on, CLSF is committed to being a socially responsible corporation by lending back to the society through patronizing book awards, bursaries and giving contributions to charitable administrations.

What makes CLSF different from any large four houses is that it is ambitious-grown oriented. Constructing on proficient competency, proactive client service and an duty to unity and professionalism enables CLSP to supply value-added services to clients to assist their concerns turn. This can be seen from the fact that the figure of employees in the company grew by 17 % per annum for the past 22 old ages due to more and larger clients i.e. listed companies.

Description of job/work assigned ( 500-600 ) 594 words

I learnt to execute audit for an investing keeping company ( ELC Success Pte Ltd ) . At the start of audit, I prepared lead agenda utilizing the clients ‘ direction histories i.e. test balance study. Using old twelvemonth ‘s templet as a usher, I transferred the concluding audited figures to the last twelvemonth figures column ( 2009 ) in current twelvemonth ‘s templet and so identify in current twelvemonth ( 2010 ) figures under the unaudited figures. I would guarantee the figures in the several subdivisions such as hard currency and hard currency equivalents tied to both balance sheet and net income and loss study before I start my audit planning.

I read the old twelvemonth ‘s file to hold a better apprehension of the client and take note of any outstanding affairs for this twelvemonth ‘s audit. I so proceeded with the completion of be aftering signifiers such as battle hazard questionnaire, independency questionnaire, materiality finding signifier etc to understand the client ‘s concern. Engagement hazard questionnaire helps to place the hazard degree through factors like ownership, direction, concern environment, fiscal and liquidness considerations to find if we should accept/reject the audit. Independence questionnaire is an rating of the company ‘s conformity with ethical criterions and to guarantee that there are no menaces to independence. Materiality finding signifier paperss the computation of be aftering materiality which guides the extent of the audit processs performed. It enables us to suggest either adjusting or release audit accommodations based on the materiality bound.

After finishing the planning signifiers, I arranged for an internal planning meeting with my director. The meeting highlighted any affairs that I had to take note for this twelvemonth ‘s audit such as investing belongings, both current and deferred revenue enhancements and to reexamine my planning signifiers at the same clip. Once the signifiers were approved and signed by my director, I started my audit fieldwork by following the audit processs closely in the manual audit programme sheets ( MAPS ) on the assorted subdivisions like gross etc. I obtained the analysis of gross and checked the dramatis personaes. After which, I agree to the leger and cross mention the back uping analysis to the lead agenda. I besides reviewed and documented the client ‘s gross acknowledgment policy. For the subdivision on gross from the usage of assets, I performed rental reasonableness trial to prove the completeness for the measure of units of assets owned by the company and checked the entire gross by using the rates in the rental contract. In add-on, I scanned the diaries to place any major or unusual minutess.

After finishing the programme sheets on the different subdivisions, I drafted current twelvemonth ‘s fiscal statements, with the aid of an accounting guidelines book and old twelvemonth ‘s fiscal statements. I amended the dictions harmonizing to the book and updated the current twelvemonth ‘s figures based on the audited figures in the lead agendas.

In add-on, I was besides taught how to make an histories strike-off for a company that is weaving up ( Austro Asia Pte Ltd ) . The intent of making a strike-off is to shut and zero-rise all histories. I had to guarantee that all disbursals are taken up till the day of the month of the strike-off before shuting the histories. Hence, I would look at the bank statement for any motions in the cashbook. Then, I passed accommodations to enter any disbursals that were incurred i.e. filing, audit and XBRL fees but non yet recorded in the general leger for that twelvemonth. I besides did statutory audit to attest that the registry of members is accurate and there were no alterations to be made. After that, I would fix and direct the verifications to the managers for blessing.

Learning experiences & A ; accomplishments ( 300-400 words per subdivision )

Before my internship, I was believing: “ Would at that place be amble chances for me to see the life of an hearer since I am merely an houseman? ” This inquiry was answered after 3 months in CLSF. Indeed, I have gained new cognition and accomplishments that would fix me good for the on the job environment.

Interpersonal Skills 396 words

I am more proactive in footings of inquiring inquiries whenever I faced any uncertainties. This arises because I hope to be given more chances to larn and do the most of every chance. As such, I would consolidate my uncertainties and inquire whenever I faced anything that is non familiar. Inaugural starts with “ I ” and it helps a batch to take the enterprise to clear up uncertainties.

I keep an unfastened head about new audit processs as it is impossible for me to cognize everything. My first battle was the most hard and longest undertaking to finish. I consulted my seniors and the undertaking was made easier with them explicating to me on what I should make. I am thankful that they were ever at that place to steer and help me.

This was really different from my character in school where I tend to be quieter. I would inquire inquiries at the terminal of the lessons because I do non desire to disrupt the category and I am afraid of inquiring irrelevant inquiries. As such, I would confer with my friends foremost before seeking aid from my coachs.

Working as an houseman has besides taught me to be more determined. “ There is no such thing as failure, but merely feedback. ” Every reverse that I faced enables me to travel on and go a stronger individual. An illustration was when I was the auditor-in-charge for a little client. When I saw the reappraisal points, I was non defeated as it was my first clip trying it. In fact, I was eager to cognize my errors and learn from it. This clearly shows that I am person who adopts a ‘never say dice ‘ attitude where I am willing to accept and larn from my errors. It gives me ability to better as a individual alternatively of giving up.

Similarly, I had this attitude of finding and willingness to larn in school. I had troubles get bying with my surveies ab initio as I could non accommodate to the Polytechnic life where they adopt talks manner. However, I tried my best and gave myself ample clip to acquire used to the instruction manner. I was eager to larn accounting faculties as I enjoyed analyzing a topic that I like. Hence, I was determined to make good and my difficult work finally paid off when I was awarded the Director ‘s list for 2008 and 2009.

Teamwork 380 words

Building squad spirit is necessary for a squad to come together to accomplish a common goal-quality audit. Teamwork is of import, particularly in an audit section, since we are grouped into different squads. Teamwork enhances our accomplishments of coordination, communicating and in a manner allows us to see the bigger image.

I have learnt to be a better squad participant when I was foremost involved in an audit battle with my 2 seniors. I besides realised the significance of trust when my squad members are allocated to work on the different subdivisions of the audit work documents. Hence, we have to swear that one performs his allocated undertaking accurately particularly when some subdivisions of the working documents are linked together. For illustration, I was tasked to make 2 subdivisions chiefly, gross revenues completeness trial on the gross revenues committee income and trade receivables verification. When I did the subdivision on the gross revenues committee income, I had to trust on the subdivision on trade receivables verification as one of the audit processs is to verify those unpaid bill to merchandise receivables ageing for completeness. This audit process ensures that there is being of gross revenues even though the sum has non been paid.

Furthermore, I was involved in a group presentation where my squad members have to show the MAPS on the subject of completion and finalization of audit. We had our first meeting and it was awkward at first as we were non familiar with one another. However, things were better after presenting ourselves. I besides realised that a squad needs a leader In order to advancement. My senior led the treatment and we began to portion our sentiments and ideas on the presentation stuffs,

Similarly, in both undertaking work and CCA, I have to collaborate with my squad mates to accomplish common ends. I enjoyed myself working in squads because we enjoy the fruit of the labor together when everyone cooperates. I besides believe that two caputs are better than one as there will be ever more thoughts, which we could better on and larn from one another, as compared to an person. There is a stating that goes “ T.E.A.M. – Together Everyone Achieves More! ” In a manner, teamwork leads to effectual acquisition and work allotment which is important in a on the job environment.

Effective Communication 352 words

Effective communicating is a cardinal facet in transporting out audit work. Without it, no work could of all time be accomplished. Having effectual communicating besides helps to construct good resonance with clients through audit fieldwork.

I have learnt the significance of effectual communicating when I had to bespeak beginning paperss from a Nipponese client. As she could merely understand basic English, I had to utilize words that are more simplified to pass on with her so that she could understand and acquire back to me. I was besides questioned for the grounds of bespeaking bills and gross revenues contracts from her and I had to explicate to her. Hence, a cardinal challenge that I faced would be inquiring the right inquiries. It is merely through inquiring the right inquiries and so listening to the responses that information is obtained on the issue being discussed.

As such, listening accomplishments is an built-in portion of communicating. Bing an active hearer enables me to understand better and cognize more sentiments. This was apparent when I was involved in my group presentation meeting. Alternatively of taking the whole treatment, I listened to everyone ‘s positions foremost before sharing with them my ideas. We incorporated some positions which we thought were utile and seek everyone ‘s understanding before making a decision.

Working as an houseman helps me to better my interaction and communicating accomplishments because I have to pass on day-to-day with my assorted directors, seniors, and clients on the occupation. It is besides unobtrusive that I tend to be more witting when I communicate with person who is of a higher degree. I would ever believe and organize the sentence in my caput before speech production to my seniors and directors.

I am person who is non adept at English linguistic communication since immature. However, I have attended many English speech production and composing classs to better my English linguistic communication. Having enrolled in concern communicating categories for 3 old ages has gained my assurance in public speech production and the ability to compose more fluently and professionally. In order to better my English linguistic communication, I would frequently make office early to maintain myself updated with the recent intelligence.

Continuous acquisition and growing 394 words

“ Learning is ne’er stoping and each is turning continuously. ” For me, I think that uninterrupted preparation and accomplishments development is critical because an person who possess the right combination of accomplishments would increase a company ‘s productiveness. CLSF ‘s manager, Mr Tay, besides mentioned that in a CPA house, an single becomes more valuable when he grows older due to experiences. I strongly agree with his statement.

Within these 3 months, I have attended 4 workshops to upgrade myself with the latest international commercial ( INCO ) footings, revised FRS 2010, Microsoft Word preparation for the readying of audit study and audit 1B.

The soft accomplishments which I have acquired would be the usage of Microsoft Word to fix audit study. I was taught to utilize several utile maps that would help me in doing my amendments and these maps include the usage of cell mention specific amount expression, utilizing bookmark to associate figures from the Notes to the Financial Statements and utilizing the ‘Index And Tables ‘ characteristic to bring forth the Table Of Contentss of the audit study. This workshop enabled me to understand what the formulas mean and how the figures are linked together. This makes it easier for me to cognize how the remainder of the informations in the studies are affected when doing my amendments.

This is in contrast in school where I had a faculty entitled Decision SpreadSheets where I learnt more about Microsoft Excel applications such as making pivot tabular arraies, macros and charts. I was besides taught of the different maps in Microsoft Excel like amount, if etc. In a manner, I could use the information engineering ( IT ) skills which I have learnt for my audit work. This would assist me to be a more efficient and effectual hearer in fixing audit studies.

As for the proficient accomplishments, I was introduced to the new version of MAPS in the audit 1B workshop. This workshop is really utile as it provided me a clearer penetration and a deeper apprehension of the stairss and grounds to execute audit processs in the different subdivisions of the working documents. I was besides taught on communicating accomplishments, extensile concern coverage linguistic communication ( XBRL ) and basic revenue enhancements.

This is different where I learnt more about the theory of audit in school, as compared to the practical manner of executing an audit in a on the job environment. Therefore, I could utilize my audit cognition and apply in my audit work.

Relate an incident ( 300-400 Words ) 398 words

The incident wholly started when the 2010 version of MAPS in the Nelumbo nucifera notes ( company ‘s database ) was introduced. Most of the audit programme signifiers were new, particularly on materiality finding. We would usually utilize the higher of net assets or entire assets for the materiality bound. However, I was told to utilize normalised comprehensive income before income revenue enhancement so that I could prove the gross sum.

When I did the depreciation rationality trial, I realised that the difference in depreciation disbursal sum is material. Therefore, I had to do current twelvemonth and anterior twelvemonth accommodations to rectify the depreciation disbursal as the client had over-depreciated in the old old ages. Then, I realised my unaudited figures for investing belongings, depreciation disbursals and maintained net incomes were incorrect. I instantly edited the lead agenda and did my statement of hard currency flows. The statement of hard currency flows did non bind despite trying for several times.

I attempted the lead agenda once more and realised that there were some errors which affected my statement of hard currency flows. I consulted my senior and she explained to me about the point i.e. deferred revenue enhancement which I had non taken into history. After rectifying the errors, I submitted the audit file when I all of a sudden realised that I forgot to alter the net net income before revenue enhancement figure in the income revenue enhancements programme signifier. I instantly rushed my work as I had yet to alter the figures in my lead agendas and all the statements and I had to subject the file that twenty-four hours. After trying the programme on income revenue enhancements, I discovered that there would be no impact on current revenue enhancements figures because revenue enhancements are calculated based on rental income and non net net income before revenue enhancement.

After that incident, I told myself to be more composed and punctilious. I should non hotfoot randomly but give myself ample clip to believe about the impact of depreciation disbursal on the fiscal statements i.e. disbursals, income revenue enhancements and retained net incomes foremost before redacting my lead agendas and statements. This would salvage clip and attempt.

If I of all time faced with this state of affairs once more, I would larn to remain unagitated and take one measure at a clip. I would guarantee I have edited all figures in the lead agendas accurately by look intoing the audit programme signifiers to guarantee that I have made my anterior twelvemonth accommodations before finishing my statement of hard currency flows.

Appendixs

Appendix 1: Servicess

A

A

Chio Lim

Stone Forest

A Public Accounting Practice & gt ; & gt ;

.

Audit and Tax

Corporate Advisory & gt ; & gt ;

.

Corporate Finance

.

Transaction Support

.

CFO2SMEa„?

.

Crisis Management

.

Corporate Recovery & A ; Insolvency

.

Forensic & A ; Litigation Support

.

Business Evaluation

Corporate Risk Advisory & gt ; & gt ;

.

Corporate Risk Advisory and Sarbanes-Oxley

A Mergers & A ; Acquisitions Advisory & gt ; & gt ;

.

M & A ; A Advisory

.

Gross saless and Divestments

.

Acquisitions and Strategic Investments

.

Restructuring, Mergers, Joint Ventures and Strategic Alliances

.

Management Buy-outs and Buy-ins

.

Fund Raising and Refinancing

A Outsourcing Services & gt ; & gt ;

.

SWAT Accounting

.

Financing Crisis Management

.

Everyday Accounting

.

Payroll & A ; Payroll-related Servicess

.

Accounting Process Management

China Practice & gt ; & gt ;

.

Corporate Advisory

.

M & A ; A Advisory

.

Corporate Servicess

.

Payroll & A ; HR Services

.

Accounting Servicess

.

Tax Conformity Servicess

.

Tax Advisory

.

Business Assurance

.

Due Diligence

.

Liquidations & A ; Deregistrations

.

Internal Audit

A IT Services & gt ; & gt ;

.

Advisory Servicess

.

Sage Accpac ERP Solutions

.

IT Infrastructure and Training Servicess

Appendix 2: Number of Employees

States

Number of employees

Singapore

572

China ( Shanghai, Beijing, Suzhou, Shenzhen, Chengdu and Hangzhou )

260

Others

31660

Entire

32492

Appendix 3: Fee Income

States

US ( million )

United states

$ 2,652

Europe

$ 837

Asia Pacific ( including Singapore )

$ 349

Africa & A ; Middle East

$ 36.80 Bottom of Form