BUILDING THE SKILLS:

LEARNING EXPERIENCE AT A CHARTERED ACCOUNTANTS FIRM

Wan Zuraida Wan Yusoff

Tengku Besaruddin Shah Tengku Yaakob

Reviewer

Zulkepli Bin Marzuki, CA (M)

Senior Partner of MNZWAJA (Chartered Accountants)

CONTENTS

PREFACE

1

List of Figures: List of Tables:

1.1 Objectives of Lecturer’s Industrial Attachment Programme.

2

2.1 2.2

3 4 5 INTRODUCTION ORGANISATIONAL BACKGROUND AND STRUCTURE

Organisation History

Services Offered by the firm 2.2.1 Business Auditing and Advisory Services (BAAS) 2.2.3 Internal Audit Services 2.2.4 Shariah Assurance and Auditing. 2.2.5 Compliance services. 2.2.6 Tax Advisory and Zakat Services 2.2.6 Management Consultancy 2.3 Client Sector and Principal Activity

3.1 Auditing 3.2 Taxation 3.3 Accounting 3.3.1 Identifying and Analyzing Business Transactions

KNOWLEDGE AND SKILLS SHARED ACTION PLAN CONCLUSION

REFERENCES

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PREFACE

This book is written for the accounting students and lecturers to

empower their skill and knowledge in the accounting field. It is

based on the author’s internship experiences for 2 months in a

Chartered Accountants

Firm. Experiences gained during training gives true reflections in upgrading the skills required to be involved in the accounting profession. The theoretical knowledge is being practiced during actual work, however, some will face a lot of unpredictable situations that require a suitable approach in

completing the tasks. This book will help you to acknowledge what kind of situation you will be facing through that requires deeper knowledge practise in

a company.

The theoretical and practical knowledge gathered can have a slight difference where some practices are performed are not accepted theoretically. The book provides clear exposure to the accounting, auditing and taxation work in the firm. The contents are all based in

accordance with the author’s working experience in a Chartered Accountants firm. Experiential learning can be adapted based on the experiences gained in the industry which will enhance student’s knowledge and readiness to practice what they have

learnt.

“In its simplest form, experiential learning means learning from experience or learning by doing. Experiential education first immerses learners in an experience and then encourages reflection about the experience to develop new skills, new attitudes, or new ways of thinking.” (Lewis and Williams, 1994)

2ORGANISATIONAL

BACKGROUND AND STRUCTURE

I choose MNZWAJA Kemaman Branch as a place to gain my

experience because MNZWAJA is one of the industries that is

collaborating with Politeknik Sultan Haji Ahmad Shah (POLISAS). It was an established Chartered Accounting firm where the main office is in Kuantan, Pahang. MNZWAJA is one of the firms who has

a good relationship with POLISAS and had contributed a lot in

giving talks and seminars to the students. They always involved the student’s activities in POLISAS. I am proud to be part of this firm for only 2 months starting from 3rd July until 10th September 2017.

2.1 Organisation History

The accounting firm is

one of the challenge businesses in providing accounting services to individuals and companies. MNZWAJA is one of the bumiputra companies that has taken the challenge to be part of this business. MNZWAJA (AF001959) was incorporated on 7 November 2008 in lieu of the merging of three firms which is MNZ Associates (AF1012) established since 1994, Wan Ali Jaafar Associates (AF1074) established 1997 and MH Associates

Music and Ballet for year assessment 2016.

Preparing taxation computation for Creative Music and Ballet.

Prepared the taxation statement.

The 1 st draft of taxation statement review by Assistant Manager at Kemaman Sub Branch.

Make a few corrections and the 2 nd draft sent to MNZWAJA

Kuantan branch to review by taxation officer.

3.1 Auditing

There are six specific steps in the audit process that should be followed to ensure successful in auditing.

Figure 3. 1 : Work Process in Auditing

3.3.6 Adjusted trial balances.

An adjusted trial balance was printed after adjusting entries are made and before the financial statements are prepared. This is to test if the debits are equal to credits after adjusting entries are made.

Figure 3. 27: Reports prepared by the system.

“You can read books to gain knowledge….but you have to go through life to get experience ”

ey(2019)