It was my first time in a long time to be back at PwC's KL office and it was also my first time meeting my new supervisor in charge, Alvin, who is a Senior Manager. Since we were both not feeling well that day and the client's documents were not yet ready, we took the time to get acquainted with one another to create a better bond. Next, I did some research on the client to better understand their business. Their product mix consists of:
- surgical products (machinery)
- over-the-counter products (eye drops)
- prescription products (contact lenses)
Afterwards I learned how to do a Business Analysis Framework which is basically documenting down any recent changes in the company or the business environment in the audited year. I found it quite challenging to learn about the client as much as I can in such a short time span but my determination had impressed Alvin when I completed my work so quickly.
Afterwards I learned how to do a Business Analysis Framework which is basically documenting down any recent changes in the company or the business environment in the audited year. I found it quite challenging to learn about the client as much as I can in such a short time span but my determination had impressed Alvin when I completed my work so quickly.
Have yet received the client's management accounts so I edited confirmation templates to be sent out and "roll forward" data from the previous year to the current year templates. It was quite tedious work albeit simple because I had to roll forward data from many sections like revenue, payroll and operating expenses just to name a few. Some challenges I faced in completing this task would be the time constraints and overlooking any errors made. However, being the perfectionist that I am, I would double check all the entries to make sure everything was accurately recorded.
Friday
Alvin had notified me that the client was not yet prepared henceforth our visit to the client's place would have to be postponed to next Tuesday. This made me realize that in the working world, whatever is planned will not always follow through so one must be prepared for whatever is thrown and just make the best of any situation. So instead I was assigned to help out another team in the mean time.
Monday
It was yet another slow day hence Alvin suggested I do some reading on Test of Controls (TOC) because it was something I have never done before. TOC is an audit procedure that tests the effectiveness of the client's internal controls. Weak internal controls would require auditors to rely less on the client's system and more on substantive testing, which consumes a lot more time and energy. Once I understood what TOC is all about, I read up on the client's payroll related controls that cover the hiring and firing processes. From what I observed, the client had no issues with control in payroll. This represents one of the things I like most about Alvin as a supervisor, he likes to challenge me and encourage me to always learn about new things which helped me achieve Objective No. 2. It also shows the standards and work culture of a Big 4 firm (Objective No. 4).
Tuesday
I was borrowed by the Genting team and to my surprise the team was absolutely huge compared to my previous engagements. If I am not mistaken, they have a huge audit team because Genting has as many as 90 subsidiaries and they are classified as a CLAS job. The key challenge I had to face was fitting in with the already established team and my introverted nature made it quite hard.
It was yet another slow day hence Alvin suggested I do some reading on Test of Controls (TOC) because it was something I have never done before. TOC is an audit procedure that tests the effectiveness of the client's internal controls. Weak internal controls would require auditors to rely less on the client's system and more on substantive testing, which consumes a lot more time and energy. Once I understood what TOC is all about, I read up on the client's payroll related controls that cover the hiring and firing processes. From what I observed, the client had no issues with control in payroll. This represents one of the things I like most about Alvin as a supervisor, he likes to challenge me and encourage me to always learn about new things which helped me achieve Objective No. 2. It also shows the standards and work culture of a Big 4 firm (Objective No. 4).
Tuesday
I was borrowed by the Genting team and to my surprise the team was absolutely huge compared to my previous engagements. If I am not mistaken, they have a huge audit team because Genting has as many as 90 subsidiaries and they are classified as a CLAS job. The key challenge I had to face was fitting in with the already established team and my introverted nature made it quite hard.
Wednesday
Celebrated one of the team member's birthday at Pavilion so I took this as an opportunity to get to know the huge team better. This went in line with Objective No. 5. After lunch, I headed back to headquarters for a meeting with Taylor's Career Services, PwC's Human Capital and the other interns from Taylor's. Each of us interns gave a summary of our experience so far at PwC with what we enjoyed, disliked and what could be improved. Syerra, a recruiter, said she liked my answer where I said I would make the best of any situation even when I had to do mundane tasks or constantly change locations.
Thursday
My work for Genting involved keying in the adjustments for the consolidation worksheet, typing the minutes and casting the financial statements. I casted three different subsidiaries and although it seemed like a lot of work at first, I slowly got the hang of it and I believe it is now something I have mastered. One task that was familiar to me would be the Risk Assessment Analytics where I would compare the previous year data to the current year data similar to what I had learned in Semester 4 for Corporate Reporting 1. It felt really satisfying for once I get to apply the knowledge I gained in university to my work. It just goes to show how important it is to not just memorize what I learned in class just for the sake of spitting it back out in finals and then forgetting it completely.
Friday
In preparation of heading into the client's place the following week, there was a Kick Off Meeting between the audit teams from my company and its parent company. They are both considered CLAS jobs. The meeting was for the planning stage which I came to learn is a very important part before auditing any company. It was also my first time being invited to a meeting and usually interns do not get to come along due to fear of sensitive information being leaked. I was honored that Alvin allowed me to come along because I could then learn what goes on in a formal meeting plus how to conduct myself in such situations (Objective No. 2 & 3). In this meeting I discovered that my client had made a loss previously and changed a lot of its staff force while the parent company had face a fraudulent case which is why I have kept the names of both companies private. It would be highly unprofessional if I were to release such sensitive information.
I also got to meet the Engagement Leader, Executive Director and Manager and they gave us an audit timeline to follow as well as a reminder especially to us interns to be more meticulous when vouching since this is a higher risk company. Some of the tips the Engagement Leader gave was to pay more attention for transactions closer to the cut off date and that the supplier invoice should preferably be original instead of photocopied. At that moment, I could sense that this client would test how good a judgement I have as well as my attention to detail.
Celebrated one of the team member's birthday at Pavilion so I took this as an opportunity to get to know the huge team better. This went in line with Objective No. 5. After lunch, I headed back to headquarters for a meeting with Taylor's Career Services, PwC's Human Capital and the other interns from Taylor's. Each of us interns gave a summary of our experience so far at PwC with what we enjoyed, disliked and what could be improved. Syerra, a recruiter, said she liked my answer where I said I would make the best of any situation even when I had to do mundane tasks or constantly change locations.
Thursday
My work for Genting involved keying in the adjustments for the consolidation worksheet, typing the minutes and casting the financial statements. I casted three different subsidiaries and although it seemed like a lot of work at first, I slowly got the hang of it and I believe it is now something I have mastered. One task that was familiar to me would be the Risk Assessment Analytics where I would compare the previous year data to the current year data similar to what I had learned in Semester 4 for Corporate Reporting 1. It felt really satisfying for once I get to apply the knowledge I gained in university to my work. It just goes to show how important it is to not just memorize what I learned in class just for the sake of spitting it back out in finals and then forgetting it completely.
Friday
In preparation of heading into the client's place the following week, there was a Kick Off Meeting between the audit teams from my company and its parent company. They are both considered CLAS jobs. The meeting was for the planning stage which I came to learn is a very important part before auditing any company. It was also my first time being invited to a meeting and usually interns do not get to come along due to fear of sensitive information being leaked. I was honored that Alvin allowed me to come along because I could then learn what goes on in a formal meeting plus how to conduct myself in such situations (Objective No. 2 & 3). In this meeting I discovered that my client had made a loss previously and changed a lot of its staff force while the parent company had face a fraudulent case which is why I have kept the names of both companies private. It would be highly unprofessional if I were to release such sensitive information.
I also got to meet the Engagement Leader, Executive Director and Manager and they gave us an audit timeline to follow as well as a reminder especially to us interns to be more meticulous when vouching since this is a higher risk company. Some of the tips the Engagement Leader gave was to pay more attention for transactions closer to the cut off date and that the supplier invoice should preferably be original instead of photocopied. At that moment, I could sense that this client would test how good a judgement I have as well as my attention to detail.
No comments:
Post a Comment