My Audit Internship Story - How Scary on My First Active Assignment !

𝐌𝐲 𝐀𝐮𝐝𝐢𝐭 𝐈𝐧𝐭𝐞𝐫𝐧𝐬𝐡𝐢𝐩 𝐒𝐭𝐨𝐫𝐲 - 𝐅𝐢𝐫𝐬𝐭 𝐀𝐜𝐭𝐢𝐯𝐞 𝐀𝐬𝐬𝐢𝐠𝐧𝐦𝐞𝐧𝐭

𝐖𝐡𝐨 𝐀𝐦 𝐈?

Just a brief introduction of myself, my name is Jorge and I am currently on an internship placement with KTP and Company PLT, where my role is that of an audit and tax intern. Till this date, I have been with the company for approximately four months and here is my story on my first active case.

𝐏𝐈𝐂 𝐎𝐧 𝐀𝐧 𝐀𝐜𝐭𝐢𝐯𝐞 𝐀𝐬𝐬𝐢𝐠𝐧𝐦𝐞𝐧𝐭

Back in December last year, I was assigned my first active audit and tax assignment, H?? T?? E?? Sdn Bhd. In all honesty, when I found out that it was an active company, I was rather nervous as I had little to no experience in doing audit and tax work for an active company, especially since I was mainly handling dormant companies prior to this.

I was worried that I could not meet submission deadlines as I anticipated that I would be learning and doing concurrently, hence taking up much more time that usual.

However, with assurances from my supervisor, Ms. Punetha, that I would have the necessary support when required, I steadied myself and began the work.

𝟔 𝐝𝐚𝐲𝐬 𝐀𝐂𝐂𝐀 𝐀𝐮𝐝𝐢𝐭 𝐒𝐞𝐦𝐢𝐧𝐚𝐫

Prior to receiving this assignment, I had attended the ACCA Technology Aided Programme (TAP) workshop, a 6 days course focusing on how to utilize Audit Express (AE) to comply with regulating standards in Malaysia.

I was hence able to put what I have learnt during the course into practice, such as incorporating the templates, generated by AE, into my working papers. An example would be the sales and purchases walkthrough test, which definitely would have been unfamiliar to me if not for my participation in the AE seminar.

Undoubtably, to some extent, I was able to apply what I have learned during the course of the audit work.

𝐌𝐲 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠

Since this was my maiden active assignment, there were numerous sections of the working paper which was unfamiliar to me.

Hence, my initial plan was to refer to prior year’s permanent audit file in trying to understand the underlying principle behind the working papers and how they were prepared.

Coupled with guidance from my mentor, Ms. Ma, on pointers to take note for each working paper, I was able to methodically complete the working papers one at a time.

Eventually, I was able to complete the relevant working papers for audit. It was indeed a tedious process for a first timer like myself.

𝐓𝐚𝐱 𝐔𝐥𝐭𝐢𝐦𝐚𝐭𝐞 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞

The other challenge I faced in this engagement was the tax work, especially when it comes to selecting the correct tax rulings to the type of expenditures incurred by the company.

No doubt, by the end of the tax work for this engagement, I believe that I have become more proficient in Brasstax since its functions were explored more extensively compared to the tax work for a dormant case.

Furthermore, I now have a better understanding of the expenses that are tax deductible and non-deductible along with those that qualify for special deductions. Throughout this tax work, I have learnt that tax is not as straightforward as many believe.

𝐅𝐢𝐧𝐚𝐥 𝐖𝐨𝐫𝐝𝐬 – 𝐀𝐩𝐩𝐫𝐞𝐜𝐢𝐚𝐭𝐢𝐨𝐧

If I had to summarize my thoughts and feelings for this engagement in one word, it would be “bittersweet”.

I process of doing the actual work was a rather stressful one since there were many unknowns to me.

Thankfully, I had the help of not only my mentor but also my colleagues such as Shi Qing, who untiredly cleared my doubts and guided me when needed.

I may have been the PIC for this assignment but without their collective help, I definitely would have not been able to complete this assignment in time.

This assignment has definitely taught me much and given me a more extensive insight to what audit and tax is really like. Certainly, there will be more engagements to come and I hope that drawing from this experience, I will be better positioned to handle them in the future.

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