PAC 600

BACKGROUND OF THE FIRM

Sylvester Anthony & Co. was established on 1 st April 1992 by Mr. Sylvester Devaraj
Anthony, to provide assurance and taxation services for small and medium sized clients. The
practice is now being carried out at 2 locations; Kelana Jaya, as well as in Kuantan (which
practice operates under the name of Span & Co.). We are currently providing assurance and
taxation services to 240 clients of which 160 clients are serviced by our Kelana Jaya office and
80 clients are serviced by our Kuantan office.
Sylvester Devaraj started out as a tax clerk at Ernst & Young, Kuala Lumpur in February
1980 where he prepared tax computations of clients, dealt with routine tax queries and was
involved with estate duty planning of a prominent businessman. He was also involved in a
review of the taxation affairs of a group of companies with a view of rationalizing the groups
taxation affairs.
In September 1982, Sylvester moved over to the audit department where he progressed
to the position of an audit senior. He led and managed audit teams on assignments such as
Sawarak Shell Bhd, Bank of America NT & SA, Malayan Breweries Sdn Bhd. And Timuran
Holdings Bhd. Between October 1986 and October 1987, while retaining audit responsibilities,
Sylvester took charge of the receivership and reconstruction of Gula Perak Bhd.
From November 1987 to February 1990, Sylvester was accounting manager of Singer
(Malaysia) Bhd. From March 1990 to March 1992, he was Group Financial Controller in
Tradium Sdn. Bhd, a company with interests in fashion, timber and property development.
Sylvester is a member of the Malaysian Institute of Accountants and has been so since
1987. At Sylvester Anthony & Co, we have handled many audits of companies involved in
trading, fashion houses and investment holding. We have also handled their taxation affairs as
well as the voluntary liquidation of no less than 30 companies.
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SUMMARRY OF THE JOBS DONE

1)

Audit
This company also seeks to provide auditing and business consulting services that are

innovative, efficient and responsive to clients business needs and expectation. I have been
exposed in doing audit working paper and audit report. Purpose prepared working paper is to
analyze more detail every single items in financial statement. The amount in working paper will
enter to financial statement. After finish prepared financial statement, the next job is to
prepared audit report and this audit report will be bring together with financial statement and
submit to supervisor for checking before handing to the auditor. In order to make audit report, I
should refer to:FORM 49

PARTICULARS IN REGISTER OF DIRECTORS,

MANAGERS AND SECRETARIES
ALLOTMENT OF SHARE.

FORM 24
FORM 9/ FORM 8
MEMORANDUM OF
ASSOCIATION
ARTICLES
OF
ASSOCIATION
FORM 32A
TRANSFER OF SHARE

Audit working paper consists of trial balance, detailed income statement, income statement,
balance sheet, cash flow, statement of changes in equity, directors report, auditors report,
notes to the account, tax computation, and calculation of capital allowance. Before started
doing the working paper, I need to balance the trial balance first. Then I will continue to do
detailed income statement and others. The directors report includes the principle activities
conduct by the company, loss or gain for the year and the share held by director and signed by
the director. Therefore, in the page of the auditors report includes of opinion by the auditor,
auditors signature and also state the auditors responsibility. The audit working paper and
audit report that I made during the practical training are:2

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Danga Inn Sdn. Bhd (Dormant

Company)
Magna Embun Sdn. Bhd (Dormant
Company)
Magna Segmen Plantations Sdn. Bhd
(Dormant Company)
KU-DE-TA Sdn. Bhd
NK Assets Management Sdn. Bhd
Amazing Edge Sdn. Bhd
Gemco Management Sdn. Bhd

Gridvest Sdn. Bhd

Susunan Klasik Sdn. Bhd
Bumitricon Sdn. Bhd
M & M Gifts Sdn. Bhd
AAPS Avico Sdn. Bhd
Abadi Dredging Sdn. Bhd
Kilang Papan Paya Berenjut Sdn.
Bhd.

Tradestream Sdn. Bhd.

2)

Accounting Work
During the practical training, I had train in using UBS software as accounting system.

Accounting is a recording process of data that provided from client. All documents that
received from client will be properly key in by using UBS software. The document such as
official receipt, invoice, cheque books are provided by clients to do their account. But, I not was
using the UBS system. I only do the account manually. It takes a few days to finish this
account. First I need to do cash book in Microsoft Office Excel. Then, I will continue with trial
balance.
3)

Taxation Work
After finish doing account, we can know whether the company get profit or loss. When

the companies get profit, automatically tax is compute. If the company suffered losses tax
computation does not been compute. I also learned how to compute of capital allowance. In
order to filling these forms such as form C, R, BE, B, and P I need to refer the balance sheet,
profit and loss, administrative expenses, tax computation and calculation of capital allowance. I
will print out as draft first before submits to income tax. After that, these forms are submitted to
the income tax before the closing date. I also learned how to know do adjustments when the
tax computation is wrong after submit to income tax. Besides that, I also went to LHDN to
make tax payment for a company which is Meridian Boarders Sdn. Bhd.
4)
Secretary Work
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I also doing some of the secretary work such as sent letter, fax documents to client,
answer calls, type formal letters, prepare courier slips and arrange pick-up and also photocopy
documents. In secretarial practical, I have learned to prepare full set of secretary form that
request by client. The form consists of Form 49 (Particulars in Register of Directors, Managers
and Secretaries), Form 24

(Return Of Allotment of Shares), Form 9/ Form 8(Certificate Of

Incorporation) Annual Return, Memorandum Of Association & Articles Of Association. I also

was preparing ROC documents, preparing forms and annual return and keeping the record of
annual general meeting minutes in the minutes of the book. I will prepare the forms and
documents to submit to Register of Company (ROC) if there are any changes in shareholders
and directors, allotment of shares, transfer of shares and changes in share capital. I will send it
to CCM at KL Sentral a few times in a month.

CONCLUSION
I would like to say that this six months training is indeed an eye-opener for me on how
working in audit field would. I had no idea on how it would be until me when through this
training. I learnt a lot of things which would have not learnt our normal lectures. It has indeed
made me more mature in the way I think and make decision. I learnt new communication skills
in how to deal with managers, clients and peers.
Self confidence is a very important factor in this field. I am as a student aware that an
auditor should always be very confident over what they say and do. I have also learnt how to
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deal with problems and pressure at work. It has taught me to be more patient and this has
directly helped to improve my level of tolerance. Being a trainee, I always bear in mind that I
am representing our university and it is my responsibility to ensure that my employers have a
good impression of students from the Universiti Teknologi Mara (Cawangan Kelantan).
In conclusion, given the privilege to do the Industrial Training for six whole months
was indeed an advantage to me as I have benefited much. This practical training has helped
bring the best out of me and it sure has made me a better being. The many experiences and
knowledge I have acquired from this training as I have stated it in the previous pages were
the biggest advantage for me. It was definitely very valuable to me as I will carry it with me till
I can use it for my actual working life.