UNIVERSITI TEKNOLOGI MARA

CAWANGAN MELAKA
KAMPUS ALOR GAJAH

BACHELOR OF ACCOUNTANCY
(AC220)

PRACTICAL WRITTEN REPORT

(PAC670)

PREPARED FOR: MISS SALINA BINTI ABDULLAH

PREPARED BY:

NAME : NUR XXXXXX

STUDENT ID : 2019XXXXX
GROUP : MAC2207D
DURATION OF TRAINING : 1 MARCH 2021 – 20 AUGUST 2021
DATE OF SUBMISSION : 17 JULY 2021
 ACKNOWLEDGMENT

‫بسم هلل الرحمن الرح يم‬

First and foremost, I thank to the Almighty for giving me high ability and health to complete my
Industrial Training program for Bachelor of Accounting (Hons) at Adam & Co, Bangi Branch. I
have completed industrial training in a period of 24 weeks from 1 March 2021 till 20 August 2021.
The internship opportunity I have with Adam & Co Bangi was a great opportunity as I get to
learned and developed my audit skills professionally. Hence, I considered myself a very lucky
individual because I was given the opportunity to be a part of an auditing team members of Adam
& Co. I am also grateful for the opportunity to meet the great and professional people who led me
throughout my internship period.

I am using this opportunity to express my feeling and thanks to Director of Adam & Co, Mr.
Adam Bin Selamat for giving me a chance to learn and grow by allowing me to carry out my
internship at their esteemed organization. I am so grateful to the entire team of Adam & Co who
have shared their expertise and knowledge so that I can succeed and complete my internship
period with flying colours. The knowledge I have gained has been widely shared by the great and
professionals people who led and guided me in various aspects of auditing work process which I
believe this will be a very valuable lesson and a guideline for my future work in a field of audit.

Therefore, I took this opportunity to thank my mentor, Mr. Muhamad Hafeez bin Roslan,
audit assistant who has led and taught me a lot throughout my industrial training period. He has
ensured and given the best supervision towards me to ensure that I am always growing and
develop my skills throughout the training. Not to forget, a special thanks to Ms. Nur Syazwani Binti
Md Azaham, senior auditor and Mr. Asyraf bin Zaharudin, audit assistant who have always
helping, advising, supporting, suggesting and sharing their valuable knowledge for me to produce
the best possible reports and works. They guided me from my earlier internship until my last day of
internship in various course which is audit, accounting and tax. The lessons and teachings they
given are very much appreciated and meaningful to me.

In addition, I would like to thank to my family, and my friends especially Putera Wan Ar
Rashidi bin Ruslan who had been supporting me throughout my internship. Thank you for all the
tolerant that you all gave to me. I also would like to thank to my internship friends who were willing
to teach and share their knowledge when I was still new in the field of auditing.

Last but not least, I would like to take this opportunity to express my gratitude to my
Industrial Training Supervisor and also my mentor, Ms. Salina Binti Abdullah who always checked
up on me and encouraged me to keep moving forward despite any hardship. These six months
experience and knowledge I have gained will always be the cherry on top of my life and a
motivation for me to face the future journey ahead. May all the kindness I received from these
amazing individuals will be repaid by Allah SWT.

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 TABLE OF CONTENT

Subject Page

1. Introduction 1
1.1 Objective of Industrial Training 2

2. Company Background
2.1 Adam & Co History 3-4
2.2 Company Logo 5
2.3 Company Profile 5
2.4 Company Main Activity 6
2.5 Vision & Mission 6
2.6 Organization Chart 7
2.7 Working Hours 8
2.8 Location 8

3. Summary of Duties 9-11

4. Logbook 12-40

5. Strength, Weaknesses, Opportunities, Threat

(S.W.O.T) Analysis of the company 41

6. Recommendation 42

7. Conclusion 43

8. Appendices 44-48
 1. INTRODUCTION

Internship is a platform for all university students to gain experiences in an actual

workplace. Internship give a good opportunity for students to learn, to gain experience and also
to make preparation for a challenging world of work. It is because real-life situations will be
different kinds of experiences. We will confront many difficulties and obstacle, and with an
experience student will be able to manage it very well and encourage ourselves to complete all
the process perfectly. Through this exposure, students will have better understanding towards the
real working environment. This training is part of the learning process. Due to that, the exposure
that uplifts the knowledge and the experience of a student needs to be properly documented in a
form of a report. Through this report, the experience gained can be delivered to their peers.

Accounting is summarizing of all transactions at one place to reflect a company’s financial

position. As students learned theories in colleges or universities, it makes them knowledgeable
but unless they know how to apply this knowledge in real scenario or the real working
environment, they cannot become a successful accountant. As the student of Bachelor of
Accountancy (honors), the purpose of internship report is to explain what I did and learned during
my internship period with Adam & Co. This report is compulsory for the partial fulfillment of
University Teknologi Mara internship program, and it focuses primarily on the assignments
handled, working environment, successes and shortcomings that the intern did encounter when
handling various tasks assigned by the supervisor.

I have decided to take the internship course to grab the golden opportunity to apply
theories and knowledge that I have in real working life setting. Through learning in university, I
learned about theories but by doing my internship here, I learned the practically approach on
dealing with a real world. Even though it was not that much, it is still having profound and
valuable result in many aspects of my life. In some way, through this internship, I also have
learned that I am still lacking as an individual and employee.

This industrial training really examines the understanding and responsibility in completing
the tasks given by the superiors. Specially it measures the creativity in conducting the task to
fulfill the firm and client wants and needed. This industrial training gives a good experience from
the view of apparatuses student’s knowledge in accounting aspects. Internship is the excellent to
build all those important connections there are invaluable in developing and maintaining a strong
professional network for the future.

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1.1 OBJECTIVE OF INDUSTRIAL TRAINING

Industrial Training is one of the requirements for all University Teknologi Mara, Kampus
Alor Gajah who are taking Degree Programs. The main purpose of Industrial Training is to apply
the skills that students have gained throughout their academic years, including the theoretical
knowledge, attitude of punctuality, critical thinking, understanding, problem solving,
communication skills, and also efficiency and effectiveness of students. It is a great platform for
students to unearth a few more potential that could be developed within them. On top of that,
students can enhance their knowledge and abilities at the companies that they are attached to.

In addition, industrial training also makes one’s understood the formal and informal
relationships in an industrial organization so as to promote favorable human relations and
teamwork. This disclosure will make the students really understand the situation work such as
working hours, work done, responsibility and trust given. This can give a true picture of working
conditions and thus provide opportunities for students to experience the challenging reality of
working life after graduated. Industrial training also provides a systematic introduction to the
ways of industry and developing talent and attitudes.

Apart from that, another objective of industrial training is ability to solve the problem.
Throughout industry training, students can complete and strengthen the existing ability and
confidence to overcome all the challenges faced. The students also can build the positive
manner with the high discipline on the employers, colleague’s, and society in general
 2. COMPANY BACKGROUND
2.1 HISTORY OF ADAM & CO
Adam & Co is a group consisting of professional chartered accountants, tax specialists,
company secretary and GST experts dedicated to advice and assist our client business with
three branches located in Setapak KL, Bandar Baru Bangi and Shah Alam. Their client
consists of companies of great variety of industries including manufacturing, property
developers, hotel management, IT, construction, service, trading and many more. Usually, all of
their clients will continue to get service from them for so many years after giving trust to Adam
& co since the first time. This is because Adam & co have the competency to provide
independent
professional services. With reasonable charges of fee, causes all of their clients have the
loyalty towards the company.

Adam & Co Bangi’s branch (AF 1250) is a firm of Chartered Accountant located in No.
29-1-1B Jalan Medan PB2B, Seksyen 9, 43650 Bandar Baru Bangi, Selangor. Adam & Co are
a member firm of the Malaysia Institute Accountants (MIA). The company have been growing
steadily and currently serve a diverse portfolio of clients, from small to medium enterprise
(SME) and have been established since 2000, which almost 21 years in this field. In Bangi
branch, it only focused on auditing and accounting, while in KL branch, they have tax advisory,
auditing and accounting. In Shah Alam branch focused on auditing only.

Adam & Co is medium firm that only have around fifteen to twenty employee and was
wholly owned by Malaysian, the key principle of their service centers on professional, high
ethical standards and attending to clients needed. Adam & Co create the value for clients,
bringing competitive advantage to their activities and also success in supporting their clients
who often require a comprehensive range of service that go beyond the traditional auditing,
accounting service.

At Adam & Co, they offer crucial financial advice and reliable support at every phase of
the business and commercial life. This company also envision to be a top accountancy and
consultation firm servicing a wide range of industries, organizations and commercial entities. In
order to achieve reliability, Adam & Co set their path to build continuing relationships and stay
well-meaning of their network of clients, their people and the industry’s trust.

Adam & Co’s main services were corporate finance, business advisory and assurance,
tax advisory and financial management. They understand how critical audited financial
statements are to the various stakeholders, including investors, shareholders, financiers and
more. They endeavor to always give our clients reliable, innovative and easy to understand
service. They strive to build long term relationships with its clients, no matter who they are, and
to continually improve their business and financial reporting, as well as keeping them abreast
of any accounting or regulatory developments that are relevant. A group of young and dynamic
professionals are always prepared to give assistance and support to client’s business through
their wide scope of services.

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 AUDITING

CORPORATE FINANCE
ACCOUNTING

TAXATION

Figure 2.1.1 shows Adam & Co’s main services

In order to maintain the quality of services and the technical competency of their staff,
they have identified the core skills that should be acquired by all of their personnel in the firm.
These skills would be developed through formal training sessions and on-the-job trainings. All
Adam & Co clients are entitled to the following standards from them; highest professional
performance and standard as required by the law and guidelines from Malaysian Institute of
Accountants.

Adam & Co also have company secretary, Israa Advisory Corporate which is located in
below Adam & Co Bangi’s branch office in No. 29-1-1B Jalan Medan PB2B, Seksyen 9, 43650
Bandar Baru Bangi, Selangor. They will upkeep and all the statutory books of their clients will
be maintained. Statutory Audit is a process of reviewing the integrity of a business’ accounts
for the assurance of customers, suppliers or potential investors, banks and other finance
providers. It focuses on the commercial issues and business processes which in turn,
determine the financial outcome. Besides, preparing and issue notice for meetings and
attendance to general and board meetings. They also help in company formation, in terms of
searching company’s name, assists in registration and other related services.

Figure 2.1.2: Adam & Co Bangi main building

2.2 LOGO OF ADAM & CO

2.3 COMPANY PROFILE

Registered Name Adam & Co

Firm No AF 1250

Firm Type Audit Firm (Chartered Accountants’ Firm)

Entity Type Sole Proprieter

Owner and Partner Adam Selamat Bin Musa

Mohamad Faizal Bin Abdul Fatah

Address No. 29-1-1B Jalan Medan PB2B, Seksyen 9, 4365

Bandar Baru Bangi, Selangor

Contact Details Tel : 03-8926 9480

Fax : 03-8922 2590
Email : admin@adamco.my
2.4 COMPANY MAIN ACTIVITY

The main activities are to provide independent professional services such as

accounting, auditing, consulting, taxation and secretarial services. Basically, their client will
outsource all of their financial information such as related documents, and any related
agreements regarding business to be recorded in accounting book keeping and to perform
expert audit services, as well as calculating tax for their clients. Adam & Co Bangi’s branch is
focus on assurance, advisory and consulting who are concerned not only with whether the
financial statements fairly present the financial position and result of operation, but also are
equally concerned with providing assistance that can ensure strategic planning of the
management or stockholders’ business goals. For tax advisory is based at Kuala Lumpur’s
branch. The services that companies provide are;

2.4.1 Tax Advisory

Tax compliance
Tax consultancy
Tax audit and investigation
Tax incentive and planning

2.4.2 Assurance, Advisory and Consulting

Special audit
Statutory audit
Internal audit services
Due diligences review
Business risk assessment and management
Internal control review and recommendation

2.5 VISION & MISSION

“We place a premium on timeliness, thoroughness and accuracy. We understand that keeping up
is not enough; we strive to stay ahead and lead the way.”
2.6 ORGANIZATION CHART

Partner 1 Partner 2
Adam Salamat Musa Mohamad Faizal Abdul Fatah

Senior Manager
Abdullah Marwan Ahmad

Manager
Emilliza Mustaffa

Assistant Manager
Suliza Abdul Wahab

Senior Auditor
Nur Syazwani Md Azaham

Nurliyana Muhammad Audit Assistants

Muhammad Irfan Abdul Nurul
Roshaidy Hafeez Roslan Asyraf Zainuddin Razak Fatin Nabila

Administration

Izdihar Siti Aisyah

2.7 WORKING HOURS

Monday to Friday 9.00 AM until 5.30 PM

Saturday and Sunday Off Day

Break Time 1.00 PM until 2.00 PM

2.8 LOCATION
 3. SUMMARY OF DUTIES

During my internship at Adam & Co, I was assigned to prepare audit reports for dormant, semi-
active, active company and large-scale company which consist of Government and Non-Government
Organisation Company. The tasked given will be conducted after I finished preparing financial
statements. I will have to carry out audit procedures and prepare the audit report.

Besides, there is other tasked that I have to complete such as casting the audited financial
statements, do some filing for current audit file and also ensure all important document has been
properly kept and complete in the audit permanent file. I also do confirmation letter such as cash and
bank, trade receivable, trade payable, other receivable, other payable and amount owing. It is a part of
an auditor’s job scope. All the confirmation letter will be sent to client for their actions and preparation.
In audit file, there is many sections that need to be included.

I will receive the job allocation which my manager will manage the task and allocate the work
among staff and trainee before I start the auditing. Manager will distribute the work to
staff and trainee based on the job status that will be sending every Friday.

My mentor, Mr. Muhamad Hafeez bin Roslan and other permanent staff will help me on doing my
work during my internship. At the first, they will explain to me the job scope and sent me the audit
working paper. My mentor teaches me to make the easier task first before going to do heavier tasks. I
have to make a copy of last year audit report for reference. I have been taught to make scooping and
materiality which the auditor will get their performance materiality of the company to do the testing on
its account. I will key in the item in the management account that was provide by client in scooping and
materiality. After were done, I will submit to assistant manager for her approval.

I have to collect and find the evidence in the supporting document based on sample required. It
depends on company how they manage their documents. I also communicate with the client and ask
them all the information that I need for our audit purposes. This is has made me understand why I
need the evidence and basic audit process. The most important thing is I need to understand that the
purpose of audit planning that includes sampling and risk assessment. The supporting documents that
need to be collect by the auditor are payment voucher, official receipt, delivery order, purchase order,
bank statements, bank reconciliation and petty cash.

After found the evidence I have to make a copy of the supporting document to be include in the
audit file. I also must ensure the amount on general ledger and supporting documents given were
tallied. If I did not receive the supporting document, I have to make outstanding matter list for client’s
action and also include the issue in audit and accounting issue. Evidence is the most important things
in auditing because from that I can detect if there have material misstatement. Lastly, another way of
audit testing is by observing the tasks, procedures and conditions. This method will be used as the last
choice because it requires to travel the client’s business premise to conduct audit testing.

I also experienced an audit fieldwork for several companies where we make a request to go to their
premises and conduct an audit. Some companies had not allowed us to bring out their documents.

9
The audit fieldwork is done to collect evidences as supporting documents, asking the staff, review
procedure

10
manuals, learn the company business processes and assess its internal control. During the audit,
financial records and statements are verified to ascertain correct accounting and all transactions are in
compliance with regulations. The time taken for audit fieldwork is depend on the company whether it is
a big or small company. Some company allowed us to bring out their document, hence, I need to make
a checklist of the documents received.

The documents need to be collected are based on the item I did. For property, plant and equipment,
I will request the fixed asset register, asset sighting and payment voucher for additional assets. For
expenses, I will request the payroll summary, EPF and SOCSO forms, EIS forms and rental
agreement. So, the conclusion is every item have specific documents that are relevant.

I have been taught by my mentor how to prepare the working paper. Every item has a difference
working paper. I will analyze the data that I got from the management account and the document that I
took from the audit fieldwork. I have to made sure the amount on general ledger with the invoice is
tally. If there is error in client’s management account, I can ask the accountant directly to get the
clarification. I have been expert in profit and loss items. For balance sheet, I also do the working for
trade receivable, other receivable, other payable and property, plant and equipment. I also been taught
how to do scooping and materiality, conformation letters and outstanding matters that need to be sent
to client for their actions. I also assist my mentor or senior to do their working.

I also did the statutory audit for several companies. I have to make an appointment with the client’s
company secretary to collect the documents that need to include in section D; share capital and
permanent audit file. I also do the audit working on section D based on the statutory documents.

After the audit working paper is complete, I need to send the audit working paper to my mentor or
audit assistant manager to make a review of my audit work. The audit working paper need to be done
in five working days. The working will be given back to us and it need to be amended if there are any
changes or comments. After receiving the first review, I have to amend the workings and audit report
before submitting to second review. After make amendment, the audit report needs to give to trainee
for casting and to senior for proofread. After that, I need to submit to senior manager for his approval
before release the draft report or final report to client.

Next, I have to prepare the draft package after the approval from senior manager. The draft
package that I have prepared was cover letter print by using company’s letter head, draft audited
report, adjustment journal entries, outstanding matter, audit and accounting issue, letter of
engagement, letter of representation and 7 copies of signing pages. I will send the draft package to
client for approval before I finalise the report. If client agree with the draft audit report, I will proceed to
finalise the report. Otherwise, I will need to amend first before the final report came out.

I will receive the signing pages that need to be signed by the director of the company after the client
approved the draft audited report. I will make sure that all the confirmation letters have been received
before final. I will need to get the commissioner oath for the statement by director to finalise the
audited report. I also have to make a confirmation with company secretary for the chop date. After all
the procedure settle, I will prepare 7 copies of audited report which three of its original report to client,
two original report will be send to company secretary, one will be send to tax agent and one for our
audit purpose. In a period of 5 months, I had completed audit final report for four companies.
 Requesting document

Drafting report Review and casting

Vouching & cross reference

Sending & obtain audit confirmation

Figure 3.1.1 shows the audit process

4. STRENGTH, WEAKNESSES, OPPORTUNITIES, THREAT (S.W.O.T) ANALYSIS OF THE
COMPANY

Based on my observation during this whole internship duration, I noticed that Adam &
Co. have several strength, weaknesses, opportunities and threat. The reason I mentioned all of
these is because as a trainee, I have experienced more workload compared to other trainees
that is in the same batch as I am. Not only that, the opportunity that I have during these 6
months of internship have really opened my eyes regarding the auditing firm especially on
these four criterias. Hence, I have prepared a S.W.O.T analysis which concluded my whole
observation in the table below.

STRENGTH WEEKNESSES

 Well trained management  Shortage of permanent employee

 Customer loyalty  Trainee dependent on majority
 Organized documentation of company workload
 Provide training procedure for new  Majority trainee compensating on
assistant permanent employees’ workload
 Good working environment  Stiff competition from other leading
 Employees assist each other with full industry.
support  Weakness in retaining talents due to
 Firm acquiring talent with ease changes of employees regularly
 Lack of employees’ incentive
 Obsolete auditing software/system

OPPORTUNITIES THREAT

 Product and services expansion  Lower profitability

 Immense opportunity emerging  Cheaper technology
economies  High competition in market
 Emerging markets and expansion  Competitors with better software and
within Malaysia technology
 Increasing demand for compliance  Economic slowdown
solution  Higher retaining rate of talent by
 Increasing in employee recruit another competing audit firm

13
 5. RECOMMENDATION

I recommend to further strengthen the management of a company, the measures to be

implemented is the task entrusted to the employee. Every employee should be given clear and
accurate description of the time and the tasks assigned to them so that confusion does not
occur among the workers wish will create problems that can affect the quality of work.

The top company management must always perform a comprehensive monitoring more
frequently. It allows the workers who have problems to communicate directly with the
authorities so that the management can consider all grievances and complaints from the
workers. Preparation of a systematic and efficient management should be placed in the highest
level of management that will not cause difficulties which ultimately will affect production.

Adam & Co is a good place for students to have their internship as auditor and
accountant. From my experience, I’m very happy with the staffs are friendly to each other and
not being emotional but as professional and very helpful towards me as an intern, thus, making
it much easier for me to engage with the company and the surroundings.
 6. CONCLUSION

In conclusion of industrial training at ADAM & CO had given me some exposure in a

real working environment. This is good for me as a student to be exposed in the early stage so
that I can learn to be better in increasing marketability after graduate. The main objective of the
industrial training is to provide an opportunity to undergraduates to identify, perceive and
practice in the real working arena. The only chance that an undergraduate has to experience is
through industrial training period. I feel and I know that I got the maximum use out of that
experience.

Besides, I have learned about how important the time was and also made me realize
even more that time is very important in business. I have acquired a new knowledge while
working in the Audit Department that we need to manage time properly, complete the work
perfectly and be punctual on time. This is a wonderful experience and valuable knowledge
bestowed upon me. Therefore, I am very grateful for the opportunity to undergo industrial
training properly, the training industry itself is a highly effective curriculum adopted by the
University Technology Mara (UiTM) in producing students who are skilled, high quality and
competitive in any field and provides a new experience in the field of employment.

As a result of the program, I am now more confident to build my future career.

Throughout the industrial training period under this company, a lot of things I had learned and
practiced during the implementation of the tasks that have been given. I have also gained
experience in communicating with those involved and able to know about the real working
environment and common problems in auditing firm.
 7. Appendices

Appendix 1: Example of Current audit file

Appendix 2: Example of Permanent audit file

 Appendix 3: Example of document of statutory audit

Appendix 4: Example of Voucing, Cross-reff, sampling and stamping audit workdone

17
Appendix 5: My office at Adam & Co. (Bangi)
Appendix 6: I went for asset sighting at Islamic Relief Malaysia on its assets.
Appendix 7: Asset sighting at Wamy Bhd of its assets.