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Delima Essay

2313 words - 10 pages

7

A Delima
i\{ustapa Kamal Mohd Razali

AiniAman
Azbir Abu Bakar Yasmiza Long

Zayed engaged the external Auditor Aziz & Co (Chartered introduced by his friend to perlorm the statutory audit fbr the period 2003 to Accountant), 2006. That rvas the first audit experience for Encik Zayed and Puan Hashimah and it rvas a dif&cult learning experience. The Auditors expressed their intention to qualify the Financial Statements due to several unresolved issues. Holvever, Encik Zayed and Puan Hashimah tried to negotiate with the Auditor to not qualify the Financial Stateinents, failing which Encik Zayed planned to terminate the auditor's appointment and appoint a new "friendly party" apditor. ...view middle of the document...

The company activities had expanded into provision of engineering sewic*s as part of their business diversrfication and expansion plans. The compan-v's coiporate mission was to become a leading serrice contractor and provicie quality products a*d excelient services. Since 2006. the company had been awarded with several engineering projects and its cumulative revenue for 2004 and 2005 were nearly RM1.0 miilion and RMI ^7 rnillion respeclively. Appendix A to D presents Delima Enterprise Sdn Bhd Unaudited Financiatr Statements as at 31 May 2004 to 3 i May 2005.

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The compaty had r:raintained a very lear organisation (refer to Appendix E) with basic functionai positions, with Encik Zayed as the Managing Director and his wife Puan Hashimah as the Chief Operating Officer. The other personnel were Puan Baiqis, the Operations Manager ancl Encik Salam, the Human Resource and Administration Manager. Both Puan Balqis ald

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Encik Salam were famil1, members of the Directors. Encik Zayed and Puan Hashimah were self-made business o\vners with only secondary school background and likewise, Puan Balqis and Encik Salam. In May 2006, the company had empioyed Cik Amy, a young Accounting graduate as Finance Executive responsible for maintenance of the accounting and financral matters, including the preparation of accounts. Prior to CikAmy's appointment. Puan Hashimah was responsibie for all finance related matters. Cik Amy graduated from a local university since April 2006 and had no working experience. in May 2006, the company had secured a contract ivorlh RM750,000 to be impiemented over a duration of sjx months. Due to shortage of funds, the cornpany had submitted appiications to Malayan Banking Berhad and CIMB BankBerhad for banking facilities totaling RM1 million. The banks required the company's Audited Financial Statements for the last trvo years, and this rvas when Encik Zayed, realised that the company had not perfor:med the statutory audit. A fiiend had introduced to Encik Zayed an audit firm and shortiy after- Aziz& Co (Chartered Accountant) u,as engaged to perform the audit. The audit was targeted to be completed at the
earliest possible to meet the bank's requirement.

Accounting Systemso Information and Records
A11 accounting records were maintained using the standard financial software "MYOB". The programme was not integrated lthe data was not processed and generated automatically between

;everal modules namely Procurement, HR, Accounts Payables (AP), Accounts Receivables tAR) and Cash Book (CB)]. At every end of the accounting period, information summary generated by all purchases, accounts receivatrles and payroil transactions rvere updated and dntered into the general ledger (GL) system.

'!he Sales'invoices were lnanualiy produced when orders weie recaived and the job rvas e*mpleted, u.hile the manual sales invoices \.vere not pre-numbered. One copy of the saies trrr-oices r,vas attached to the...

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