Audit Internship Weekly Reports - Finance Internship Reports

This document presents a series of weekly reports from an audit internship, covering weeks 1, 2, and 3. Each weekly report follows a structured format, detailing the specific duties performed, new tasks undertaken, and the application of technical knowledge and skills in the workplace. The reports also include personal insights gained during the week, reflecting on learning experiences and observations related to the audit process. Key areas of focus include verifying transactions, assessing internal controls, reviewing financial records, and ensuring compliance with accounting practices. The reports cover various aspects of auditing, such as vouching, asset verification, liability assessment, and cash management. References to relevant books and journals are also included, providing a comprehensive overview of the audit internship experience. The reports highlight the practical application of auditing principles and the development of critical skills in a real-world setting.

Audit Internship
Weekly Reports
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Contents
Week: 1...........................................................................................................................................3
Week: 2...........................................................................................................................................5
Week:3............................................................................................................................................7
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INTRODUCTION
Auditing is comprehensive and objective analysis of a firm's documents, claims, reports,
activities and results (financially or otherwise) for a specified reason. The Auditor
considers and acknowledges the proposals before for investigation in any auditing
scenario, collects evidences, evaluates same and, on these grounds, establishes his
judgments which is conveyed thru audit report (Ngoepe and Ngulube, 2016). The study
contains week reports of internship which specifies the tasks, objectives and key finding
related to audit of firm.
Weekly Report
Internship
Week:
1
Specific description of:
Your duties this
week.
 To verify that all the relevant transactions are correctly entered in
accounts books or not.
 To determine whether historical evidences confirms documented
transactions or not.
 Validate that all documented evidences are authenticated only in
relation to the business transactions.
 To evaluate whether transactions are irregularities or fraudulent
free.
 To ensure that the vouchers are correctly handled in all internal
control system stages.
New task this
week.
 Data compilation and review for the detection of inadequate
supervision, duplication of activity, extravagance, theft or violation
of laws , rule and policies.
 Check and confirm whether entries are recorded as per capital and
revenue type or not (Santos, Inácio and Marques, 2019).
 Verify the exactness of accounting entries and transactions.
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 Report and suggest recommendations to procedures and financial
practices to managers on asset usage and audit performance.
 In order to report transactions, audit account records and
accounting processes for reliability, consistency and the application
of accepted accountable practices.
 In event of negligent misstatement in vouching process, Auditor will
be held accountable; if he done so carelessly, he could not
withdraw from his responsibility.
Application of
technical
knowledge and
skills in workplace
tasks with
effective results.
 Ensures enforcement by reviewing documents, reports, business
processes and documents of existing internal control system.
 Checks assets and liabilities through matching records with items.
 Finishes documentation of audit by checking reports and findings.
 The appropriateness of internal management mechanisms is
measured by execution of examination questionnaires.
 Conforms by reviewing existing and emerging safety regulations
with federal and municipal security regulatory requirements;
enforces compliance with requirements; informs management on
appropriate steps.
 Prepare separate evaluation and monitoring reports of data and
patterns compiled, analyzed and summarized.
 Prepare, review and check annual accounts, balance sheets and
other documents that use approved budgeting that reporting
planning information techniques.
Your personal
insights into the
week (learning,
new experience…
etc)
Following are key insights into this week, as follows:
 An auditor does never opt to carry out a performance review
without an appropriate internal management mechanism in the
company.
 Cash purchase shouldn't ever be reported twice, as in cash
purchasing first, and secondly in credit purchase.
 For a predetermined time-period the vouching must be
completed at once in single sitting.
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 For certain activities an auditor may refer the proposal as adopted
at company meetings.
Any other
additional
information or N/A
if not relevant.
 Reviewed the accounts' records and examine them whether they
are on behalf of Director, Owner, Partners or some other company
staff.
 Tested that every authorized officer of organization shall have
adequate approval of vouchers.
 Investigated the absence of vouchers in the register.
Weekly Report
Internship
Week: 2
Specific description of:
Duties this week.  Confirmation of presence/existence of assets by physical
observation and inspection.
 To ensure the correct accounting of assets in the record books.
 This is not just duty of Auditor to vouch/verify entries found in
the accounts, as vouching could not confirm the presence of the
relevant assets or liabilities at balance sheet level (Huo, Jiang,
Tan and Tao, 2019).
New task this
week.
 Legislative and official assets related documents are inspected
to confirm the real asset ownership.
 It has been confirmed that the assets are not subject to of lien
charge.
 We have acquired a lenders/creditors schedule as well as
compare them with balances of ledger reports and financial
statements issued from lenders/creditors.
 In context of outstanding claims, the we received a report
from responsible company director indicating the account has
been taken on all costs which are payable.
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 Conduct physical verification of stock and inventory items.
 Conduct Sudden cash inspection and match with cash register
at a random day.
Application of
technical
knowledge and
skills in workplace
tasks with effective
results.
 Until finally passing some object, we have inquired with the
utmost concern about the grounds of value of all the assets and
liabilities being used embraced by firm.
 Commonly, liabilities are recognized on face value. Liability
verification is relevant as those of assets, since every under-
statement or negligence thereof will have a vital impact on the
outcome of the firm as well as on financial situation. Normally
liabilities are likely to be smaller and otherwise predetermined in
existence and, as being such, they present less problems to an
examiner than assets.
 Direct communications with debtors is only way to assess if
balance sheets are correct, true and unquestionable.
 Debtors/trade payable from whom balances clarification is
requested shall be decided by Auditor as to the manner of
seeking clarification. Confirmation process can be held within a
fair time from year ending.
 Debtors/trade payable from whom balances clarification is
requested shall be decided by Auditor as to the manner of
seeking clarification. Confirmation process held within a fair time
from year ending.
Personal insights
into the week
(learning, new
experience…etc.)
 We have been fully satisfied that, at balance sheet date,
these were prepensely recognized or reassessed on scientific
princes to embody their reasonable and accurate value
to business.
 However, there is no aspect of the usual role of we have to
valuate assets or liabilities themselves.
Any other
additional
 The validity of liabilities or financial obligations relies on the
effectiveness of the transactions.
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information or N/A
if not relevant.
 Furthermore, to check the quality of the sales, the auditor will
equate the amount of gross income to be acquired with those of
the past years.
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Weekly Report
Internship
Week:
3
Specific description of:
Duties this week  To ascertain that cash balance, transactions and related
financial
 Events are free from material misstatements and showing true
values.
 To cross check the balances stated in ledgers and vouchers
to ascertain That balances are properly carried forwards and
all the adjustments in ledgers are correct and as per
compliance with appropriate accounting practices.
New task this
week
 Opening cash account balances reflects cash balance at the
beginning of year, which is checked from previous fiscal
year's financial statements.
 Check all the cash receipts and cash paid entries related to
cash collected from debtors and cash paid to suppliers.
 Obtain balance confirmations from trade debtors and trade
payables (Allford, 2016).
 Computation of interest sum received and interest sum to be
received must be credited to the account received.
 Try and make sure completely separate accounting for all
the capital receipts and earnings receipts is carried out.
Dividend or benefit or losses on investment selling is receipt
of income, and proceeds from investment expense sales will
be counted as receipts of money.
Application of
technical
 Special concertation towards: teeming and lading process, as
cash received from every client not entered in the books
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knowledge and
skills in
workplace tasks
with effective
results.
and cash obtained from same client in a subsequent instance
or other client reported in books and so forth, is an incredibly
common form of misappropriation.
 The bills or expenses paid after date of Balance
Sheet reviewed with submissions passed in Cashbook.
 Verify bank statement, when dividend is credited explicitly
to bank account.
 Equities interest may be vouched under the equities schedule.
 Fixed-deposit interests can be ascertained by bank
statements and tax deducted.
 interest collected from external parties to whom firm has
provided loan can be authenticated along with from party
account statements.
 provision must be made in respect of interest accrued and not
due.
 The accounting records should correctly account for interest
received and accrued.
Your personal
insights into the
week (learning,
new
experience…etc)
 Auditing fees has been debited in terms of the income and
expense account in same period for which audit is carried out.
There is no question that the key accounting process ends
at close of financial period and that the annual statements are
completed in the following financial year, but this is a
generally recognized procedure. This is also asserted
that auditing fee could be debited over next year, in
which auditing work is actually carried out, to profit and loss
account/report.
 For future, contingent liabilities may be incurred or may not
have been liable for future, depending on the case. Of
instance, if any entity files a complaint against the company,
there are options, it could be in favour of the firm or it could be
against product, in which it determines against the
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firm, company may have to pay that amount of litigation that
the court determines. Contingent liabilities also are said to
have been possible obligations.
Any other
additional
information or
N/A if not
relevant.
 When in the present financial year purchased items are
being received as well as invoices for same are issued in next
year, the transaction must be debited and accrued liabilities
must be paid.
 Wages and salaries are usually paid for last month
of accounting year in next finance year. Auditor will report
that last quarter's salaries and wages will be debited to pay
and benefits account and allocated to payable account
towards wages and salaries (Yudowati and Alamsyah, 2018).
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REFERENCES
Books and Journals:
Ngoepe, M. and Ngulube, P., 2016. A framework to embed records management into
the auditing process in the public sector in South Africa. Information
Development, 32(4), pp.890-903.
Santos, C., Inácio, H. and Marques, R.P., 2019. An Overview on Mobile Cloud
Computing: Impact on the Auditing Process. In Organizational Auditing and
Assurance in the Digital Age (pp. 120-136). IGI Global.
Huo, H., Jiang, T., Tan, S. and Tao, X., 2019. Efficient public integrity auditing with
secure deduplication in cloud computing. International Journal of Embedded
Systems, 11(6), pp.764-777.
Allford, L., 2016. The auditing of process safety. Journal of Loss Prevention in the
Process Industries, 43, pp.747-752.
Yudowati, S.P. and Alamsyah, A., 2018. Big Data Framework for Auditing
Process. International Journal of Engineering & Technology, 7(4.38), pp.908-
911.
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