PRATICAL TRAINING REPORT

PTS 3218

AZMAN AHMAD & CO

Lot 03-17B Tingkat 3,
Kompleks PKNS,
40000 Shah alam,
Selangor.

Prepared by :

NUR ZAREEM BINTI AHMAD TAZLI

Prepared for:

4122009221

INTRODUCTION
The purpose of Industrial Training is to expose students to real work of environment,
experience and at the same time to gain the knowledge through hands on observation and
job execution. From the industrial training, student will also develop skills in work ethics,
communication, management and others. Moreover this practical training program allows
student to relate theoretical knowledge with its application in the manufacturing industry.
Internship provides a variety of benefits for students who want to broaden their chances for
landing a job and jump-starting for careers.

The Objectives of Industrial Training:

Provide student the opportunity to test their interest in a particular career before

permanent commitments are made.

To develop skills in the application of theory to practical work situations
To develop skills and techniques directly applicable to their career
Internship will increase a students sense of responsibility and good work habits
To expose student to real work environment, experience, gain knowledge in writing

report in technical work or projects

Internship students will have higher level of academic performance
To build the strengths, teamwork spirit and self confidence in student life
Student will be able instilled with good moral values such as responsibilities,

commitment and trustworthy during their training

To build good communication skill with group of workers and learn to learn proper
behavior of corporate life in industrial sector.

Company background

Firm name:

AZMAN AHMAD & CO .

Established:

12 November 1997

Partner:

Dr Norazman bin Ahmad C.A(M), FCCA, AICA

Principal:

Fakhruddin bin Kambali C.A (M), B.Acc (Hons) UUM, AICA

Services :

Auditing, tax consultancy, accounting and management consultancy

No of employee:

14

First of all, I will briefly explain about the company background, service
offered, staff and the company working environment. This company was founded by Dr
Norazman bin Ahmad in 1997. Since then, the company begin to expand step by step.
Initially, he provides services to families and contacts, but after years of hard work and
sincerity Azman Ahmad & Co begin to spread their wings to a higher level. Until now, more
than 10 legal firms appointed Azman Ahmad & Co as their auditor, government bodies such
as Perbadanan Kemajuan Kraftangan Malaysia (KRAFTANGAN), hundreds of privately
owned company, corporations and unions.
Basically there are 4 major services offered by Azman Ahmad & Co. There
are auditing, accounting, tax consultant and company secretary. However in 2009, the
company no longer provide company secretary service due to several problems. There is
sufficient number of staff that qualified to come out with independent and true & fair view of
judgement on auditing and accounting. A few numbers of senior staff also will guaranty
better consultation outcome.
Out of 14 employees in Azman Ahmad & Co, 7 of them owned Charted
Accountant (CA) title and yet more to come. This will create high level of professionalism at
Azman Ahmad & Co and it benefits me as practical student that is eager to learn deeper on
this field. 2800 square feet of office of 14 employees offer comfortable and spacious working
environment. There are bonded like family and respect each other. The partners, Dr
Norazman Ahmad never scold or pressure his employees to meet the deadline. This has
created mutual understanding among them.
This is only the surface of Azman Ahmad & Co background. I am sure there
are lots more to tell about the company but from my point of view, I believe that is enough to
educate the reader regarding the place that I carry out my practical training.

My experience
I decide to carry out my practical training at Azman Ahmad & Co for the
reason that small medium audit firm will educate me sufficient amount of knowledge
regarding accounting and I can practice my accounting knowledge that I have learned.
Besides that, it located nearby my place that enables me to save on my travelling cost and
other cost as well. Sincerely this is my first experience working in this field. I learned lots of
new things, actual audit and account preparation as well as tax computation.

I spend my first two weeks on casting audited financial statement given by

my supervisor that is En Shahril. This task consists of review any error, omission and
irregularity in the audit report. Cross check balance sheet, profit & loss statement, statement
of changes in equity, cash flow statement and notes to the accounts. If I am not mistaken I
covered more than 20 companies on my casting task. Most of the companies are privately
owned. From my point of view, this task enables me to get used to audited financial
statement, the calculations and the format of audited financial statement itself.

After casting task, they request me to do extended trial balance of Intan Jaya
Teknik Sdn Bhd for the year ended September 2010 and Puri Resources Sdn Bhd for the
year ended December 2010. They gave me full set of accounts that generated by those
company that consist of profit & loss statement, balance sheet and ledger. From that, I need
to create trial balance by using excel. Three main columns need to be shown, figure as per
client, adjustment and figure as per audited. Since they only hand to me set of accounts, I
managed to made several adjustment such as audit fee, accounting fee, and depreciation. I
found it not too difficult because it does not include any alien transaction.

After 1 month as practical trainee, I went to A & E system to do my first stock

stake job. I go along with senior auditor that is my supervisor En Shahril. There was a big
warehouse that holds large number of stocks and parts. My task is to ensure all the item
listed in the inventory list are there as reported. It was a good experience, because we need
to work together with all the staff in order to search for every single item. We need to
exchange a few words, be watchful and be professional in performing the task because A &
E system is an international company that pays huge amount of audit fee. Same goes to
other company that I have done.

Tax computation is one of my preferred matters over here. What I learn

during my studies in diploma and degree is exactly the same, but the different is I do it for
real and will be use by the client, CCM and LHDN. Tax computation involve calculating their
capital allowance by constructing of fixed asset schedule, tax payable to the company and
notes in details of expenses that related to tax. In addition, after finished calculating tax
payable, I need to fill up FORM C and FORM R. I managed to complete the entire task
successfully with the assist of audit and tax supervisor Ms Seri.
They used UBS accounting software in creating full set of client account. It is
similar to MYOB software that I learned in diploma back then. We need to key in all the
transaction made by the company. Most important, we need to be familiar with double entry.
This is because, every transaction represent 2 entries. After come to an end of key in the
transaction, bank reconciliation is a must to ensure all the transaction made trough the bank
are there and synchronizing the accounts with bank balance. We need to make an
adjustment to the account such as depreciation, audit fee, accounting fee, hire purchase,
closing & opening stock, taxation and lots more. For me, we need to understand accounting
concept, if we dont it will be difficult for us to prepare full set off account. The most difficult
part for me is the adjustment and alteration of account. It is because we need to calculate it
first before we key it in. Calculation is based on precedent documentation and we need to
comply with FRS.
During my practical training I did several audit jobs including step audit.
Usually I go together with my senior auditor. This my first time working as an auditor and I
believe it is interesting even thought the task is time-consuming. Woking in different
environment and with different individuals makes me more mature in handling the situation.
The job include check the opening balance, ageing report, inventory listing, bank statement,
expenses related to tax purpose and many more. Frequently single audit job require us to
stay for several days at client office to gather information. Preparing audit reports for client
also need a strong accounting knowledge because we need to prepare balance sheet, profit
& loss statement, statement of changes in equity cash flow and workings based on set of
account prepared by the client. Lots of adjustment and alteration need to me made.
As conclusion, I found that this practical training benefit me, no doubt about
it. I learned lots of new things and good exposure to the real world. Now I know the flow of
accounting and why it is important. During my 6 months of training I come across 3 major
topic that are accounting, auditing and taxation. I have no complaint over this company and
have no regret. Thank you.