Detail on weekly report

DATE
01/07/2011 Friday

ACTIVITY
Preliminary audit:Set up current audit file

DETAILS
Review the previous year audit file. Prepare the current year audit file and label it. The current year file consists of : Audit program

The audit program consists of audit planning and audit procedure. This will ensure us from not missing out anything and also complete the audit within the time given.

04/07/2011 Monday

Statutory audit

Arrange an appointment with the company sectuary to conduct statutory audit. Opening balance

The closing balance of the previous year. Its used to check the opening balance for this year. Tax computation

Previous year tax computation will be taken for reference. Prepare the confirmation letters for:-

Bank balance, higher purchase, term loan, fixed

05/07/2011 Tuesday

Conduct sales and purchase test

deposit, debtors and creditors. This file will be sent to audit senior for checking. Income:- tuition fee Samples of invoice taken randomly and vouched to receipts, bank statement, ledger and check for authorization. Any fees paid in advance should be reclassified to account payables. Other income:- rental income Rental income should not be more or less than twelve months. Thus the amount received should be the same every month. Any changes in the amount received should have its supporting documents or valid reason. Expenses Sample test is conducted on all expenses items that are related to tax computation. For example donation,

06/07/2011 Wednesday

insurance, quit rent and assessment, rental expenses and many more. Amount of sampling varies according to the total expenses. All wrong classification should be reclassified. Any unusual findings should be highlight to the seniors and correction should be made. Detail working:-

Name of company : Aviation precision resources ( APR) Aviation Training Centre (ATC)

The ledger, supporting documents and the samples are used to prepare the working sheets. For example (i). insurance expenses The amount paid, name of person in the agreement, type of insurance policy, duration of the insurance, and attach a copy of insurance policy. (ii) rental expenses Name of the owner, amount rent paid, address and rental agreement.

07/07/2011 Thursday

Tax computation and fill in form C and form D. Various Companies

08/08/2011 Friday

11/07/2011 Monday

Prepare the tax computation by keying in all relevant data. Excel sheet is used to prepare the calculation. All the income and expenditure are extracted from the audited report. Prepare capital allowance Prepare capital allowance based on previous year capital allowance schedule. Documents for additional assets will be extracted from the audit file. This is important to ensure the type of asset and the rate of depreciation to be charge. Review previous year tax computation Previous year tax computation will be reviewed and used as a comparative. Here, we could study if there are any major changes in the income or expenditure. Supporting Review the audit files for further detail information and the supporting documents. These documents are functional for special deductation. IRB installment or tax paid The amount of tax paid (installment) by client will be taken from the CP204 form and the receipts form IRB. Here we could conclude if there is over or under provision on tax payment. Draft of tax computation The draft will be sent to the client. If there is any adjustment, correction will be made. Final tax computation will be prepared. Fill in form C and form R With the final tax computation, previous year form C and form R and audit report will be used to fill in the form C and R.

12/07/2011 Tuesday

13/07/2011 Wednesday Preparing accounts using MYOB 14/07/2011 Thursday

Look in to previous year files. As a result, needed information will be absorbed. Example of

informations the amount of trade receivables, trade creditors and bank reconciliations. Review all

15/07/2011 Friday

Name of companies:Shankar Heart Specialist Destini Venture Sdn Bhd Media XPiosions

documents given by clients and create a plan. Opening balance should be prepared. Create an account using the MYOB software. Firstly, all company details will be keyed in. Secondly, the opening balance given by the auditors will be entered. All transactions will in keyed in according to the documents given. Finally, bank reconciliation will be done.

18/07/2011 Monday

19/07/2011 Tuesday 20/07/2011 Wednesday 21/07/2011 Thursday 22/07/2011 Friday 25/07/2011 Monday

26/07/2011 Tuesday

The statutory audit is done at the company

Conducting statutory audit Name of companies Alma advisory Sdn Bhd K-Fusion Sdn Bhd ATYZ Sdn Bhd

secretary. Check the statutory records are up to date. Check the register of charges for information on :FORMS Annual return INFORMATION The annual return is prepared annually and it gives us the needed information if there is any change in

27/07/2011 Wednesday

the number of share capital and the shareholders. We must ensure the SSM receipt is picked up. Form 24 Members registered and the number of shares Form 44 Form 11 Form 28 Form 32 A Form 48 A Registrar address Increase in paid up capital Increase in authorized capital Register of transfer Declaration by a person before appointment as secretary. Check authority for directors emoluments. As the information is extracted, mark C/B or O/B ticks on the register of members,

28/07/2011 Thursday

shareholdings and directors. During the accounting period if there are any changes pick up the related documents to be filled in the permanent audit file. Prepare the summary of the statutory audit.

29/07/2011 Friday

Processing

Preparation of final audit report. Prepare the final audit report to be given to the client. The number of report is prepared based on clients request. It is compulsory to prepare a report for the secretary to fill in and the tax agent. Statutory declaration which has been sign by the directors will need to go for attestation. The auditors report in the audit report will be printed on the letter head. Preparation of bills The bill includes the accounting fee, audit fee, government service tax, attestation fee and printing charges.