Internship Report at Sekhar ; Tan

Bachelor of Accounting (Hons) Practical Training Final Report In Messr. Sekhar & Tan From 1st June 2010 to 30th November 2010 By Megat Zahid bin Amirnuddin 1041111700 Supervisor: Siti Azilah Abstract Acknowledgement Introduction About Messr. Sekhar & Tan Established in 1993, Sekhar & Tan has since grown rapidly into a practice with more than 50 professional staff, and offers a range of professional services which include auditing, taxation, accounting, management consultancy and corporate services. Sekhar & Tan belief in building strong business relationships with clients.

As a result of the dedication to the clients and profession, Sekhar & Tan have gained a reputation as business consultants of uncompromising integrity, reliability and efficiency. Sekhar & Tan offers only the highest standards of professionalism, exceptional personalised service and commercial expertise. Key Personalities Raymond Tan CA(M), FCA, CPA Mr. Tan qualified as a Chartered Accountant from the Institute of Chartered Accountants in England & Wales in United Kingdom in 1974 and upon his return to Malaysia in 1975, he became a partner of Law & Co.

In 1988, he was the Managing Partner of Touche Ross & Co/Mustapha Law in Malaysia. He resigned from the merged practice of Deloitte Touche Tohmatsu/Kassim Chan & Co in 1993 and co-founded Sekhar & Tan. Mr. Tan has extensive experience in audit and corporate advisory services, having been in practice throughout his career. The principal industries that he has been involved in are manufacturing, public transportation, plantations, property development and timber.

He is also involved in providing corporate finance services such as mergers and acquisitions and restructuring of both quoted and unquoted companies. In addition, Mr. Tan has also undertaken numerous receivership and liquidation assignments. T V Sekhar CA(M), CPA Mr Sekhar, co-founder and tax partner of Sekhar & Tan, is a Certified Public Accountant with more than 30 years’ experience in taxation consulting. He was the Head of Taxation Department of Touche Ross ;amp; Co from 1989 to 1993. He has served as a member of the Malaysian Institute of Taxation’s technical committee.

His responsibilities in Sekhar & Tan’s tax division include the review and implementation of schemes for tax-efficient restructuring of businesses, international tax planning, tax investigations, appeals and general tax consultancy for clients involved in varied industries. Besides direct taxation, Mr Sekhar also advises on specific indirect tax issues, service tax, duty drawback and appeals. David Siew CA (M), CPA(M), CPA (Aust. ) David Siew joined Sekhar ;amp; Tan as its Managing Partner at the beginning of 2009.

Prior to that he was a Partner of BDO Binder and has served as its managing partner from 1999 to 2007. David is a member of the Malaysian Institute of Accountants (MIA), the Malaysian Institute of Certified Public Accountants (MICPA) and CPA Australia. He qualified as a Certified Public Accountant with MICPA in 1976. Besides having extensive experience in public accounting practice, David has served for 4 years as the Finance Director of a major diversified corporation that is listed on the Main Board of Bursa Malaysia.

He has also been appointed as a Special Administrator for various public listed companies pursuant to the Pengurusan Danaharta Nasional Berhad Act, 1998 and successfully restructured them for relisting. David is a member of the Developing Nations Committee of the International Federation of Accountants (IFAC), a member of the Practice Review Committee of the MIA and the Public Practice, Technical and Financial Statement Review Committees of MICPA. He had served for 2 terms as a member of the Financial Reporting Foundation. Datuk Mohd Saian Ridzuan PGDK, JMN, KMN, AMN

Datuk Mohd Saian Ridzuan, a member of The Association of Corporate And Certified Secretaries (UK) joined Sekhar ;amp; Tan in Jun 2006 as an Executive Director. He had previously worked with the Inland Revenue Board (IRB) of Malaysia for 36 years and the last post he held before retirement in April 2006 was the Deputy Director General in charge of Operations, Technical, Legal and Information Communication and Technology. He was responsible for the planning and implementation of the Self Assessment System in IRB both for Company and Individual Taxpayers.

He has vast experience in Tax Audit and Investigation being the Head of Investigation himself prior to his appointment as the Deputy Director General. Tan Sri Datuk Ahmad Don B. Sc. Econs (Hons) (Wales) FCA, CPA Tan Sri Datuk Ahmad Mohd Don joined Sekhar ;amp; Tan in May 2003 as a Director. Tan Sri graduated in Economics and Business from University of Wales, Aberystwyth and as a Chartered Accountant, he had previously worked in both the public and private sectors. He was with Malayan Banking Berhad for 12 years and held the position of Group Managing Director from 1991 to 1994.

He was the Governor of Bank Negara Malaysia from 1994 to 1998. Currently, he also holds directorships in J. P. Morgan Chase Bank Berhad, KAF Investment Bank Berhad, Hing Yiap Knitting Industries Bhd, United Malacca Berhad, MAA Holdings Berhad and Hap Seng Plantations Holdings Berhad. Ng Wu Hong, Benny Mr. Ng has more than 25 years of financial services experience spanning from corporate banking, corporate and trade finance to investment banking products, stock-broking, M;amp;A, MBO ;amp; capital restructuring since he graduated in 1980 from Deakin University Australia with a Bachelor of Commerce degree.

He worked with The Chase Manhattan Bank Kuala Lumpur for more than 6 years, gaining knowledge and experience in corporate banking, corporate and trade finance. He spent a year working in Australia for a Chase subsidiary and later moved to Bankers Trust Company Singapore to specialise in private banking in 1987. After a 5 year stint with Bankers Trust, Mr. Ng joined Merrill Lynch International Bank Singapore as an Associate Director. After a year, he was promoted to Executive Director, in recognition for his successful efforts in marketing Merrill’s multi array of products to wealthy Asian clients in the Asia Pacific region.

In 1994, Mr Ng joined Sarawak Securities, a major stock-broking in Malaysia as its CEO. Within a 5 year period, Mr. Ng chalked up pre-tax profits amounting to RM250 million (US75 million). Currently, Mr. Ng acts as a consultant to Sekhar ;amp; Tan in areas such as MBO, M;amp;A, corporate finance and capital restructuring. Ng Yew Hoon Mr Ng, a member of the Malaysian Institute of Taxation is a Senior Tax Consultant of Sekhar ;amp; Tan since year 2003. He graduated from University of Malaya in 1969. Currently, he is an approved tax agent by the Minister of Finance under Section 153 of the Income Tax Act, 1967.

He has 32 years working experience with the Inland Revenue Board (IRB) of Malaysia. Areas of experience include taxation of companies, individual tax, petroleum income tax and investigation works. Retired from IRB as Director of Investigation ;amp; Intelligence Division in the Head Office in January 2003. The duties as head of division include training and supervision of tax investigation officers throughout the country. Yau Yok Seong CA(M), CPA, CFP Mr Yau, a Chartered Accountant joined Sekhar ;amp; Tan in June 2004 as a senior audit manager.

He had previously worked with a reputable international accounting firm for 9 years. He has extensive experience in audit, corporate acquisitions, investigation and restructuring exercises. He has also undertaken numerous receivership and liquidation assignments. Report On my first task, I was sent on field to conduct a statutory audit on ABDA Aviation Sdn. Bhd. and ABDA Holdings Sdn. Bhd. ABDA Aviation is a company that render airfreight services while ABDA Holdings Sdn. Bhd. is the subsidiary of ABDA Aviation Sdn. Bhd. hich involves in letting of property, agent in airfreight and general trading. The statutory audit was done in Megan Avenue 2 at Jalan Yap Kwan Seng in Kuala Lumpur while the audit was performed in Petaling Jaya. I was assigned in the auditing work on the expenses and as well as the fixed deposits and term loan for both companies. As ABDA Aviation Sdn. Bhd. is involved in letting of property, I was also assigned in the disposal of asset that was done during the year. ABDA Aviation Sdn. Bhd. rents out one of its properties and I was assigned in the revenue testing for the rent.

Prior to the field audit, I was trained in the preparation and amendment of the financial report. My first amendment of the reports was Rockgains Sdn. Bhd. , a company involved in property holding. Later I was introduced in the preparation of bank confirmation for the clients. I was assigned to prepare a letter of confirmation on the balance of the account for the client which will be later use to confirm the bank balance in the audit work. The companies that I was assigned to prepare the bank confirmation was Pelita Jauhari Sdn. Bhd. an investment holding company, S. T.

Ong ;amp; Sons Holdings a property investment holding company, Asiavest Management Services Sdn. Bhd. a shipping company, and Bermojaya Sdn. Bhd. a property developer company. I was later assigned in to the Malaysia Land Properties Sdn. Bhd. audit team. Malaysia Land Properties Sdn. Bhd. is a property development and an investment holding company which is located in Jalan Munshi Abdullah in Kuala Lumpur. The company has 32 subsidiaries company (Illustration 1) and the operations of those subsidiaries diverse from investment holdings to money lending operations. The CEO of the company is Tan Sri Dato’ David Chiu.

The immediate holding company is Mayland Developments Pte Ltd in Singapore. Firstly, I was assigned to prepare the financial report of two holding companies of the Malaysia Land Properties Sdn. Bhd. which is Supreme Expansion Sdn. Bhd. and Supreme Formac Sdn. Bhd. , both of which is an Investment Holding company. Later, I was task to prepare the financial report for two of the Malaysia Land Properties Sdn. Bhd. subsidiaries which is Mayland Valiant Sdn. Bhd. , a property development company and Mayland Lending Sdn. Bhd. a company which operates a money lending operation.

On the week three of my internship, I was paired with one of the audit senior to conduct revenue testing on Renown Point Sdn. Bhd. a company which rent out properties. The task was done in a field audit in Desa Park City located in Damansara Jaya. One of the properties that Renown Point Sdn. Bhd. rents out is to a steamboat restaurant operator. The rental is charged on a fixed basis but will increase once the threshold of the revenue increased over a certain amount. The duty that I handled was checking into receipt issued by the steamboat restaurant to assure that the revenue earned is correct.

The months which the revenue earned exceeded the threshold, I was required to do a checking on the rental paid by the restaurant operator. I was also required to check into the bank statement of the restaurant operator to assure that the credit card revenue received to assure that there is no misstatement involved. The receipt and the bank statement that I checked was from June 2009 to May 2010. The following day I was assigned to amend the report on the subsidiaries of the Malaysia Land Properties Sdn. Bhd. One of the financial reports amendment was Mayland Avenue Sdn. Bhd. property holding company which is planning to construct a building in Precinct 20 in Putrajaya. Another subsidiary company that I was required to prepare the report was Mayland Home (MM2H) Sdn. Bhd. a construction company which is part of the Malaysia My 2nd Home project by the government. I was also tasked to amend the report on Mayland Parkview Services Sdn. Bhd. a company which provides accommodation service on the Mayland Tower in Jalan Munshi Abdullah. Afterward, I was assigned to help on the Rexit Berhad group, a company which is listed on the second board of Bursa Malaysia.

Rexit Berhad is an investment holdings company while its subsidiaries involves in outsourcing services and in software development. Rexit International Sdn. Bhd. is a company main activity is involving in the provision of shard and outsourcing services to insurance companies outside of Malaysia. Rexit Solutions Sdn. Bhd. is a company which operates in sales of application software solution and related product and services. Rexit (M) Sdn. Bhd. is a provision of software technical and consulting services and finally Rexit Software Sdn. Bhd. a company in research and development of application software solution and related services.

The first duty I was required to do was to prepare the bank confirmation for the Rexit Berhad group. I was however omitted from the field audit as I was required to assist in the Renown Point Sdn. Bhd. I continue to do revenue testing for Renown Point Sdn. Bhd. this time with an desert shop which operates in the Perdana Parkcity townhall in Damansara Jaya. This time the revenue testing was done in the office of the shop located in Kepong. Again, my task required me to check on the receipt issued by the shop for the whole year from June 2009 to May 2010.

I also assisted my senior on the cash deposit receipt from the bank to assure that the cash bank is correct and that there is no misstatement in the bank account. I was also required to calculate the revenue earned for the month in which the revenue exceeded the threshold limit. There was no irregularity detected in the revenue testing calculation. Later on back in the office I continued to amend the report on the Malaysia Land Properties Sdn. Bhd. group. In the middle of week five of my internship I was team up with my senior to do a stock take in Mersing, Johor.

The client that we required to do the stock take was Forum Havanita Sdn. Bhd. The client is engaged in the hospitality services and operates in Hotel Havanita in the middle of the town in Mersing. It took a 5 hours drive from Kuala Lumpur to reached the client’s place. We were warmly greeted by the staff there. On the first day of the stock take we surveyed and took pictures on the surrounding areas of the hotel for future records and also the air conditioner pump which was replaced last year to assure that it was still working. On the second day of the stock take we went and count the number of beer cans in the bar.

We noticed that once can is missing and this was immediately reported to the supervisor who then quickly made the necessary adjustment. Later we went and check on the whiskey and wine bottle. The task that we did was quite unique was the measure of each bottle is used using a special ruler made specifically for each of the bottles. There was no irregularity detected in the measurement of the liquid in the bottles. We then went into the store located at the back of the hotel and did a stock take calculation of the stored wine and whiskey bottles.

It took about 30 minutes to do the stock take for whole store. The beverages counted was equal to list given by client. There was no error detected. Later that day we went in to the office and did the counting of the cigarette that was displayed on sale. Little work was to be done as there was only ten cigarette box that was for sale in the cashier. We sighted and noted in the list. We later went into the karoeka lounge to inspect on the equipment and the TV. There was two karaoke lounge in the hotel but one of the room was closed since the TV was broken.

All of the other equipment was working fine. We then moved on into the kitchen to check on the fridge that keeps the beef and vegetables before cooking. All of the utensils and the fridge was working fine in the kitchen. Later we went into the main lounge and counted the beverages drink in the counter. We also counted the whiskey and wine bottle that is ready to be served to the guests. We did not notice any particular differences and we noted down in the list. That evening we sat down in the manager office and ask her about the flow process of the stock entry of the beverages.

We asked about from the moment of the order of the beverages until the end sales to the customer. We then went on to check on the two cars which was listed down in the list. We were told by the manager that both cars has been sent back to Kuala Lumpur headquarters at the request of the directors. Initially we were also required to do another stock take on a nearby cafe owned by the hotel but we were told by our supervisor that it is unnessasary. The end of the stock take was done with the inspection of the rooms that the hotel provides.

We went and survey the from the luxury room to the value room in the hotel. We took pictures for the future records. On the week six of my internship, I was send together with my senior to do a field statutory audit for the Rexit Berhad group. All of the four companies statutory audit was done in Kuala Lumpur. As the company is a listed company in the Mesdeq board, it took us two days to fully complete the statutory audit. I assisted my senior in the statutory audit for Rexit Berhad and Rexit International Sdn. Bhd. in the first day and on the second day I was task to did the statutory audit onRexit (M) Sdn.

Bhd. , Rexit Solutions Sdn. Bhd. , and E. Resources. com. Later on, my senior and I was called to a meeting by my supervisor. We were told that the secretary for Malaysia Land Properties has resigned and the company is required to submit the annual return for all of the subsidiaries company to avoid punishment from the Companies Commision of Malaysia (CCM). The duty to file the annual return was then fall upon me and my senior as our firm has taken the initiative to prepare the annual return for the Malaysia Land Properties Sdn. Bhd. subsidiaries.

We were brief by the secretarial office on the preparation of the annual return. Me and my senior later went back to the Maytower in Jalan Munshi Abdullah and begin the secretarial work of preparing the annual return. I was task to prepare the annual return for the 20 companies of the Mayland subsidiaries. It took us a whole week to finish up the annual return before it was ready to be submitted to the CCM. At the end of the week seven, I was assigned in the administrative work for the Woon Brothers Development Sdn. Bhd. and Woon Brothers Holdings Sdn.

Bhd. Both companies is a construction company which is based in Johor Bahru, Johor. I took upon the filing duties and the preparation of files for both the companies. I also help on the administrative work on Melur Ikhlas Sdn. Bhd. and Fantastic City Sdn. Bhd. both of which is a property holding company. On week eight, I was assigned to another senior audited to assist her in a field audit located at Jalan Ampang. The client that we were assigned to was Trend Matrix Enterprise Sdn. Bhd. which involves in operating a cafe and restaurant bar.

The subsidiaries of the company involves in Investment Holdings. We were required to do the audit for 3 financial years since the company never closes its account prior to this year. I was assigned in the audit of other expenses, bank and cash balances, other operating expenses, and search for unrecorded liabilities. I was required to check on the journal recorded by the client. The task took almost the entire week as the account and journal recorded was not arranged in a proper order which was time consuming. I did a materiality check of RM20,000 for the other expenses for the client.

There was no irregularity except for the reduction in the entertainment band hired when the client decidedto decrease the cost for performer. Upon returning to office, I continued with the amendments of reports for the Malaysia Land Propeties Sdn. Bhd. and also the administrative work for Woon Brothers Holdings Sdn. Bhd. On the following week I was assigned to Resam Jaya Sdn. Bhd. The Company is involved in investment holdings but has been inactive for the last year. The members have decided on a voluntary liquidation and I was to handle my first liquidation company on Resam Jaya Sdn. Bhd.

I was then approached by the supervisor to help on the secretaril duties for the secretary. I took this opportunity and accept the offer to learn more from the secretarial side. My first secretarial duty was to file the financial statements and annual return to the CCM. The first company was Secfin Sdn. Bhd. which is a company which provides secretarial services to corporate office. The annual return is a document which states the nature of business of an organization, the details of its directors, secretary and shareholders. It is to assure that the company activity is in line with their Memorandum of Association.

As the financial year passed, every organization must submit their annual return as well as their financial report to the SSM for approval and filing. I was then required to file and submit the financial statements and annual return for Metrokeys Sdn. BHd. which is a property management company. Aside from filing the annual return and he financial statements I was also required to prepare the Director Circular Resolution (DCR) for companies which have decided on certain matter regarding the organization. An annual return of a Company consists of the following general information:  * Registered office address Business office address * Branch office address * Principal business activities * Total authorised capital registered * Total paid-up capital * Charges registered with SSM (i. e. company assets pledged) * Company directors * Appointed company secretary * Shareholders The annual return signed by a director or by the manager or secretary of the company shall be lodged with the Suruhanjaya Syarikat Malaysia (SSM) within one month or in the case of a company keeping pursuant to its articles a branch register in any place outside Malaysia within two months after the annual general meeting. List Of Tables List Of Diagram

x

Hi!
I'm Jesse

Would you like to get such a paper? How about receiving a customized one?

Check it out