UNIVERSITY OF ZIMBABWE

FACULTY OF COMMERCE

INDUSTRIAL ATTACHMENT LOG-BOOK

NAME OF COMPANY/ORGANISATION.. Nolands Chartered Accountants

NAME OF STUDENT:……………………… Magosvongwe Everjoy

REG NUMBER:……..………………………. R183102F

DEGREE PROGRAMME:…………………. BACHELOR’S IN ACCOUNTANCY HONOURS DEGREE

PERIOD OF ATTACHMENT:..…………… January 2020-

NAME OF SUPERVISOR:…………………. Miss Sibusiso Dube

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DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

FEBRUARY INDUCTION From the provisions of my contract and company policies, I

learnt that, as a student, I am expected to act in accordance
WEEK 1 Started my attachment on 23 January 2020 and attended with professional code of ethics, to maintain standards of moral
induction training behaviour and to follow protocol wherever it applies. The
We were told about the firm and its values induction week also helped me ingratiate myself with my
workmates more quickly and reduced any discomforts I had
Presentations were done by various personnel from about being a new employee.
departments within the organisation.
I became motivated to apply the all the theory I had learnt from
During induction one gets an appreciation of the rules and college in any future engagements I was to be a part of.
regulations of the organization regarding employee
conduct, working hours and dress code.

Became familiar with the organization products and

services offered, the roles and functions of each
department.

 I got a brief overview of the audit process, from pre-

engagement meetings to engagement planning, to
performing a test of controls that determines the level of
audit risk, to performing of a wide range of substantive and
analytical procedures on the transactions of a client, and
finally expression of an opinion on the audited financial
statements.
 I was allocated to a laptop that I would be using and I was
told that for any defects and malfunctions, l would report it
to my supervisor, Mr. Nesbert Fiyanda who is also in charge
of the firm’s IT.

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  I signed my contract form after my induction, which
outlined my duties and responsibilities as a student attaché

WEEK 2

AUDITEE-PEACE SECURITY
- Activities undertaken under operating expenses
It is key to understand the entity that one is workig on. This
helps one understand the rules and regulations that govern the
companys operations.
• Prepared the lead schedule
It was also important to understand the Nolands audit
Lead schedule is the starting point for anysection to be
standards and expectations. Received couching from my audit
audited. Agreed the balance as per lead to the trial balance
senior, who explained what is expected when auditing
and investigated any variances.
operating expenses and cash and bank balances

• Tested operating expenses transactions

Selected a sample of transactions to test by utilising target

When auditing, third party evidence most preferable, hence the
and non-statistical sampling techniques. Targeted high
use of bank confirmation letters.
value expenses which were above materiality. Sent out the
audit selection to client and started vouching selections as Proffessional scepticism is key as client may manipulate cash
they were received. and bank balances.

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 When vouching, I would consider if expenditure was
correctly classified, ie, is it not capital in nature, date of
invoice, amount paid to supplier, VAT treatment and also There was need for continuos follow ups for the client to
test if supplier had a relevant ITF263 certificate. provide supporting documents. Got an appreciation of why
companies need to be registered for tax ITF263 certificates.
These certificates certiy that a company is complient and this
relieves them from a 10% withholding tax charge.

Nolands has customized templates for vouching expenses , this

made the process easy to grasp and execute.

WEEK 3 It is key to understand the entity that one is workig on. This
helps one understand the rules and regulations that govern the
companys operations.
Activities undertaken under cash and bank It was also important to understand the Nolands audit
standards and expectations. Received couching from my audit
senior, who explained what is expected when auditing
• Prepared the lead schedule operating expenses and cash and bank balances

Lead schedule is a summary of all the accounts under a

certain financial statement line item. When preparing the
lead schedule, I would check if all the balances in the trial
balance are present in the lead schedule and agree prior
year figures to the prior year working papers.

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  Test financial position of depositories

Considered the creditability and global ratings of a bank.

This is done to gain confidence that a bank is financially
sound and can make funds in ones account available when My audit senior continuously reviewed my work, checking if I
needed. was doing the right thing.

I appreciated the audit team for its random and constant check-
ups on my work to see if I was not having problems and to
inspect if I was doing the work right.

• Tested bank reconciliations

Testing accuracy of bank reconciliation statements

prepared by the client. Agreed bank reconciliation balances
to the respective ledger and bank statements.Any
reconciling items were investigated and requested for the
appropriate supporting documents.

• Confirmed bank accounts

Prepared bank confirmation letters and had the client sign

them as a way of authorizing the bank to disclose banking
details of the client to us, the auditors. Sent out bank
confirmation letters to the different banks the client is
registered to.

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 Activities undertaken trade payable

-Performed audit procedures on the Organisation`s

creditors` balances at year end.
-Traced for debit balances on the payables age analysis so
as to reclassify them as debtors.
-Agreed creditors’ year end outstanding balances to the
Trial Balance, Supporting Documents and General Ledger
for accuracy and completeness.
-Close supervision was of great importance in carrying out
-Documented this information on working papers for
audit procedures as this was my first time doing this section
filing as part of our audit evidence.
of testing assertions for trade payables.
Nolands Office
-It is recommendable to send trade payables confirmation
-Printing, referencing and filing working papers.
requests as early as possible so that the audit field can be
completed with work being done on confirmed balances as
this evidence is much more reliable and accurate.
- I appreciate the fact that I had an opportunity to learn about
trade payables circularization practically applying the
knowledge obtained at the university.

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WEEK 4

AUDITEE-SILVEIRA Continued receiving coaching from my team mates and I

gained confidence on what I was working on.
Activities undertaken under property, plant and equipment

• Lead schedule

As with other financial statements line items, the lead is

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 the starting point. Agreed the balance as per lead to the
trial balance and investigated any variances.

• Obtain movement schedule and detailed listing

Prepared the movement schedule of PPE. This helps

understand the nature of assets additions and disposals
made during the financial year.

• Understand and evaluate accounting policy

Involves testing the accounting policy adopted by the client

for their PPE. Tested if accounting policy is being applied
consistently and appropriately according to IAS 16.

• Test depreciation expense

Recalculated depreciation expense for all assets. This

addresses the cut-off, accuracy, valuation and completeness
assertions.

• Test additions

Agreed additions to supporting documents, (invoices).

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 Tested authorization on acquisition and ensured that
additions were capital in nature and were recorded
correctly. Followed through the transaction to the asset
register.

• Test residual value of assets

Assets did not have any residual value. No testing

performed.

• Impairment assessment

Assesed if there were any indicators of impairment on

assets. Made reference to market value, adverse
technological, market, economic or legal changes,
increases in interest rates, obsolescence or physical
damage, etc.

From the assets that I physically verified, I did not find any
indications of impairments hence further procedures were
not necessary.

• Identify wheter fully depreciated assets are still

being used

Identified fully depreciated assets that were still being

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 utilized. Raised a report to management recommending the
entoty to dispose or revalue fully depreciated assets.

Cash and Cash Equivalents

 Made follow ups with the banks and documented

what was received.
 Carried out a surprise cash count and performed a
roll back

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

MARCH Property, Plant and Equipment

WEEK 1  Physical Verification of assets.

Physically inspect PPE to test existence and looking out for

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 impairment indicators. Traced the existence of PPE from
asset register to the floor as well as from the floor to the
asset register.

Obtained vehicle registration books to test for rights and

obligations over assets. Conducted a deed search were I
would look for the Ariseeds tittle deeds at the Deeds office
and test ownership of land.

Cash and Cash Equivalents

 Made follow ups with the banks and documented

what was received.
 Carried out a surprise cash count and performed a
roll back There is always need to make serious follow ups with bank
confirmations and after receiving the confirmation one should
make a follow up call for sender verification.
Operating Expenses

 Made follow ups with the client on open items.

Requested for the outstanding documents and
vouched these.

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WEEK 2

Follow-ups

Since all selections had been made, started follow ups on

outstanding documents from all sections.

Constantly reminded client to avail all supporting

documents requested.

Documented all invoices received accordingly and closed

most outstanding work papers.

Made follow ups with other banks that had not yet sent
back bank confirmation forms.

WEEK 3

Revenue

 Vouched outstanding items from client.

 Test Sales Cut-off

Tested cut-off to check weather revenue has been recorded

in the correct accounting period. Obtained the last five

invoices for the financial year end under audit and the first
invoices for the new financial year. Tested if revenue was

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 recognised in the correct accounting period.

 Test Completeness of Revenue Transactions

Requested stationery register from client which shows the

invoice codes and serial numbers allocated to each depot.

Obtained information on last invoices used from stock

sheet cut off documents.

Randomly selected invoice numbers from all depots and

matched them to information in the detailed listing

Testesd if all transactions were recorded in the sales ledger.

Accounts Payable

• Search for unrecorded liabilities

Selected a sample of payments from the bank statements

for two months subsequent to year end, and inspected
supporting documentation to ensure that the
invoice/transaction was recorded in the correct accounting
period.

WEEK 4

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 DCA

Expenditure Vouching
-Obtained expenditure detailed ledgers for all expenditure -My supervisor constantly reviewed my work and reminded me to
line items. exercise high level of skepticism and to use professional
-Performed comparative procedures for year on year judgement in carrying out all audit procedures.
expenditure balances and made enquiries for explanations on -On this section I still recommend clients to provide expenditure
unusual changes in expenditure between the two years (2018 supporting documents without delay as this delays the completion
& 2019). of work.
-Separated material and immaterial expenses basing on the -I appreciated the cooperation I received upon making enquiries
calculated materiality values and traced these to with the accounting department.
corresponding supporting documents.
-investigated reasons behind all unusual changes between
the two years` balances.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

APRIL Due to the corona virus pandemic, we started working

from home.
WEEK 1

Notes Payable and long term debt

Made follow ups on sent confirms. Since most people were

now working from home, I received confirms through

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 email. Had to test authenticity of confirms rceived, called
the different creditors to verify sender of emails.

Search for unrecorded liabilities

Encouraged client to send through outstanding documents.

Documemnted invoices received.

Assisted team members with vouching of any outstanding

documents.

WEEK 2 The audit was in the final stages and open items were
being closed. Started working on verification and
disclosures.

Report to management

Gathered all deficiencies noted during the audit and gave

detailed information on each.

Described the weakness noted, identified the possible risks

and implications and gave recommendations to the client.
Were necessary, adjustments were proposed and a
document listing adjustments proposed was drafted by my
senior.

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 Verify Presentation and Disclosure

This testes whether all items have been listed correctly and
appropriately in the financial statements. Obtained the
companies draft financial statements and agreed all line
item balances to the balances audited.

Any variances were investigated and adjustments made

accordingly. Tested if adjustments proposed by us and
accepted by client, had been accounted for in the financial
statements.

WEEK 3 Work done was continuously reviewed by the engagement

manager and had to address coaching notes on all sections
worked on. Coaching notes included cleaning out
documentation and filling in all blanks.

WEEK 4 Audit files were reviewed by our Manager and the During the final review, I learnt that I need to take full
Engagement Partner whilst I embarked on new clients. I responsibility of my work and be answerable to the work
had to answer questions pertaining to the sections I had performed. I also learnt that one has to be thorough and alert
worked on and had to attend to the review notes raised by when taking down details inorder to avoid errors.
my manager.

Where review notes were not clear, asked for assistance

from my audit senior.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

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MAY Was allocated to a new client, Zambezi Society.I was to Got an appreciation that every client has its own different way
work on materiality calculation, cash and cash equivalents, of operating hence the need to keep an open mind and not to
WEEK 1 equity, property, plant and equipment, operating and nun- make assumptions based on previous clients.
operating expenses,income and consolidated financial
statements for the client.

Obtained an understanding of the entity, its operations and

the different laws that govern it.

WEEK 2 Calculation of Performance Materiality.

First, I identified the users of financial statements

Obtained all the revenue from premiums receivables and
deducted the premiums payables to determine gross revenue.
Calculated Overall Materiality as 0.5% of revenue.
Calculated Performance materiality as 70% of overall
materiality.
Calculated clearly trivial as 5% of performance materiality
WEEK 3 OPERATING EXPENSE OCCURRENCE
Selected a sample of expenses which to test per Nolands
methodology and: This activity was now easier since I had done this section a ot
a) Tested the castings and calculations in the general ledger of times .
accounts;
b) Followed through to supporting documentation;
c) Agreed details such as supplier name, date, amounts, etc;
d) Tested the mathematical accuracy of source documents;
e) Ensured that expenses do not include capital items which
should have been capitalised;
f) Ensured correct treatment of VAT;
g) For cheque payments, inspect the cancelled cheque for details

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 such as payee name, dates, amounts, authorised signatures and
unusual endorsements. For other payments obtain evidence that
payment was made to the correct supplier or service provider.
No substantive analytical procedures were performed since the
situation did not demand such. I was satisfied with the
procedures I had performed.

WEEK 4 PROPERTY, PLANT AND EQUIPMENT – IMPAIRMENT This exercise was a bit since I applied theory to practise in a
Assessed whether there was an indication that an asset or group professional environment.
of assets may be impaired reference to market value, adverse
technological, market, economic or legal changes, increases in
interest rates, obsolescence or physical damage, etc.
From the assets that I physically verified, I did not find any
indications of impairments hence further procedures were not
necessary.i however found that their assets were depreciated
fully but still in use so I recommended that revaluation was
supposed to be carried out according to ISA 16

Cash & Cash Equivalents

- Collected bank statements, bank reconciliation statements
and cash count certificates from the accountant.
-Bank authority template was sent to the company`s
banks to obtain confirmation on bank balances and
authorized
signatories.
-Did the year on year comparison procedure on year end cash
and bank balances to investigate and take note of any unusual
movements.

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 -Performed a bank reconciliation to verify the bank -Bank reconciliation statement were readily available and this
reconciliation balances produced by the client. made my work less time consuming.
-Performed reconciling items vouching for one particular -However, I noticed that cash counts certificates were not being
statement which had a balance that was not agreeing to prepared on a monthly basis which is a weakness in the controls
the Trial Balance listed balance. surrounding cash and cash equivalents which needs

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

JUNE Debwe& Partners Legal Practitioners My supervisor introduced me to the audit of Legal
-Collected the Trust's books. Practitioners` books and reminded me to exercise
WEEK 1
-Sent a bank authority and representation high level of
letter templates skepticism throughout the whole audit field.
to the client. -These accounts have less activity as compared to
-performed procedures on the Trust's receipts other
and company accounts therefore only a few relevant
payments to test whether the Trust has been audit
banking its procedures are carried out.
receipts timeously, using receipt books and - I was told by my supervisor that computation of
bank the
statements. creditors` reconciliation was the most important
-Also tested if the Trust receives any interestby procedure
tracing there is and that I had to enquire of any deficits
noted
any interest received amount listed on the Trial
balance to -I discovered that if all books are recorded and
the Bank Statement. sequentially
-Performed procedures to reconcile the Trust's referenced it becomes easier to trace receipts and
creditors payments

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 on the Creditors Listing against the monthly without facing any challenges.
closing - Follow up by making phone calls to the Legal
balances on the Bank Statement to check Practitioners`
whether there bank and emailing ensured quick responses with
are any surpluses or -Also checked whether regards to the
there are any debit balances on deficits bank confirmation requests sent.
throughout the year under -I recommend that bank confirmations be
review. responded to so that
the bank balances can be confirmed and obtain any
creditors list and if there was any need to raise information to
journals to do with loaned out funds before the release of the
rectify any misstatements identified. final
-Also confirmed whether the Trust had loaned certificate so that a report to the Legal
out any of Practitioners under
its funds. review can be raised when the need arises
-Tested for the completeness and valuation of
bank and
cash balances using the Trust's bank
reconciliation
statements and agreeing them to the Cash
Book and Bank
Statements.
-Drafted the Certificate for the Trust after all
procedures
have been completed and all follow ups have
been
responded to.

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WEEK 2 Report to management This was an intresting execise since I had to consolidate all
sections on my own then submit to my supervisor.
Gathered all deficiencies noted during the audit and gave
detailed information on each.

Described the weakness noted, identified the possible risks

and implications and gave recommendations to the client.
Where necessary, adjustments were proposed and a
document listing adjustments proposed was drafted for use
in the consolidated financial statements for the client

WEEK 3 Preparation of financial statements

WEEK 4 NEC COTTON

Property, Plant & Equipment

--Collected the asset register, vehicle registration books for
company vehicles, Trial balance (TB) and Ledgers. -Quality of work improved due to the repetition of this section as
-Used asset register and TB balances for PPE comparatives. I was now correcting prior mistakes noted by my supervisor in
-Traced the existence of PPE from asset register to the floor reviewing work done.
as well as identifying any impairment on existing assets. -My supervisor constantly supervised me throughout the
-Recalculated depreciation, additions and disposals. procedures to check if I was in the right direction in carrying out
-Carried out physical verification of assets. PPE procedures.

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 -Vouching asset additions with their respective source -I noticed that the issue of not updating asset registers was a
documents to examine the occurrence of their acquisition. recurring weakness which I recommend that management
should correct as values of their assets may be misstated thereby
affecting their financial position as an ultimate result.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

JULY Cash & Cash Equivalents My supervisor continuously reviewed my work, checking if I was
-Collected bank statements, bank reconciliation statements
carrying out my work properly and taking note of important audit
WEEK 1 and cash count certificates from the accountant. trails in this cash and bank section.
-Bank authority template was sent to the company`s banks to - Repetition of these procedures improved the quality of work
obtain confirmation on bank balances and authorized which meets the Nolands Chartered Accountants objective of
signatories. maintaining quality work for the its clients.
-Did the year on year comparison procedure on year end cash -I recommend companies to prepare bank authority requests on
and bank balances to investigate and take note of any unusual time so that bank balances can be confirmed on time for the
movements. preparation of fair and reliable financial statements
-Performed a bank reconciliation to verify the bank
reconciliation balances produced by the client.
-Performed reconciling items vouching for one particular
statement which had a balance that was not agreeing to the
Trial Balance listed balance

WEEK 2 Expenditure Vouching

-Carried out expenditure vouching.
-Doing this expenditure vouching repeatedly improved my skills
-Performed a comparative procedure for prior and current
in testing assertions to do with expenses thus; time spent on
year balances to investigate whether there were any unusual
expenditure vouching was minimized as an ultimate result.
movements.
- Expenditure selection was based on calculated materiality to - My supervisor constantly reviewed my work and recognition of
test for accuracy, completeness and validity. work done motivated me to do my work thoroughly, not allowing
any room for making unnecessary mistakes which can be

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 -Separated material and immaterial expenses basing on the avoided.
calculated materiality values and traced these to
corresponding supporting documents.

WEEK 3 Trade Receivables

-I was assigned to work on the NEC Cotton trade receivables. -Since I was repeating trade receivables audit procedures I now
-Requested for trade receivables age analysis, detailed knew what was expected to be done and which assertions to test
ledgers, trial balance, subsequent bank statements and thus improving quality of work done.
supporting documents for subsequent receipts, from the -My supervisor constantly reviewed my work throughout the
Accounting Department. audit field.
-With the trial balance, detailed ledgers and audit prior year -I recommend that confirmation requests be sent on time so that
working papers, I was able to perform the analytical audit confirmed balances may be received on time so that audit work
may be completed using correct balances and investigate reasons
procedures which include performing comparatives
behind any variances if any way before final accounts are
procedures for year on year trade receivables balances prepared.
I appreciated the cooperation I received from the accountant in
Made enquiries with the accountant on whether there were
any trade receivables that were used for collateral security. making enquiries as responses were clear .
-Investigated on whether there were any trade receivables -I however recommend that if it is possible, specific working
with credit balances at the end of the year under review and paper templates may be drafted for unique clients like travel
reclassified the total to creditors.
-Also made enquiries for credit balances which were over the agents as there is need to adjust audit procedures to suit their
calculated materiality value to obtain reasons for the unique accounting package so that at the end of the day high
existence of this credit balance. quality results will be produced.
-With the subsequent bank statements, I tested receivables for
completeness, tracing whether the 2019 trade receivables had
made any payment towards the settlement of their accounts to
date.
-Sent trade receivables` confirmation letters to a few debtors
with high values for them to confirm their outstanding
balances so as to confirm whether they are in
agreementwith trade receivables` balances listed on the age

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 analysis.

WEEK 4 Dzimba Jaravazi Legal Practioners Repeating the same procedures using knowledge gained from the
-Collected the Trust's books. first audit of Legal Practitioners books made this audit less
-Sent a bank authority and representation letter templates to complicated for me.
the client. -My supervisor constantly reviewed my work to check for any
-performed procedures on the Trust's receipts and payments errors and to remind +of the importance of exercising high level
to test whether the Trust has been banking its receipts of skepticism throughout the whole audit field work.
timeously, using receipt books and bank statements. -I appreciate the fact that I learned something new through
-Also tested if the Trust receives any interest by tracing any carrying out procedures for Legal Practitioners books for
interest received amount listed on the Trial balance to the instance, if the Legal Practitioners are receiving an income in the
Bank Statement. form of interest from loaned out funds, a separate account for the
-Performed procedures to reconcile the Trust's creditors on interest received must exist.
the Creditors Listing against the monthly closing balances in -I recommend that whoever will be responsible for the
the Bank Statement to check whether there are any surpluses preparation of bank confirmation request to do so immediately
or deficits throughout the year under review. as the auditor in charge of auditing their books sends them the
-Also checked whether there are any debit balances on the bank authority template so that responses from the respective
creditors list and if there was any need to raise journals to
banks can be obtained on time. If responses are available on
rectify any misstatements identified.
-Also confirmed whether the Trust had loaned out any of its time, certificates will therefore be issued on time and meet the
funds. set deadlines.
-Tested for the completeness and valuation of bank and cash
balances using the Trust's bank reconciliation statements and
agreeing them to the Cash Book and Bank Statements.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

AUGUST AUDITEE- CAPITOL REINSUARANCE Meetings held amongst the audit team engaged with a client give
-Documentation of minutes amongst audit team. direction to everyone within the team with regards to how field
WEEK 1 Property, Plant & Equipment work is to be done; allocation of work also makes the audit work
-Collected the asset register, vehicle registration books for easier.

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 company vehicles, Trial balance (TB) and Ledgers. -Using these minutes enables supervisors to assess work done.
-Used asset register and TB balances for PPE comparatives. -I recommend that effort must made by every audit team member
-Preparation of a PPE lead schedule and the movement to attend these entry meetings so that everyone knows what
schedule of year on year comparisons of trial balance figures he/she is expected to be doing throughout the whole audit field.
for Cosmos Capital assets total year end balances. Through the inspection of the company`s vehicle registration
-Traced the existence of PPE from asset register to the floor book I noticed that one of it vehicles was not registered in the
as well as identifying any impairment on existing assets.
name of Cosmos Capital and for that reason a point had to be
-Recalculated depreciation, additions and disposals.
-Carried out physical verification of assets. raised to management through the Report to Management
-Vouching asset additions with their respective source (RTM) for rectification.
documents to examine the occurrence of their acquisition.

WEEK 2 Test of Controls -I appreciated the fact that the company was following company
-I tested controls followed when a client raises an insurance policies as they were stated in the accounting manual.
claim. -However, to adjust to this dynamic technological era, I still
-Requested for settled claims` registers to select a few claim recommend companies to constantly adjust their accounting
files and follow through control functions stated in the
manuals; writing off outdated procedures and updating the
Company`s Accounting Manual.
-Inspected for the existence of claim files and all necessary manual with any new significant changes
documentation for instance in the case of a motor vehicle
involved in an accident; a police report, copy of driver`s
license and three repair quotations are required.

WEEK 3 Payroll -Since I was working on a section that was

-Performed audit procedures on the completely new on
Organization’s payroll this client`s audit my supervisor assisted me with
Trial Balance line items. carrying out
-Checked whether the Organization was all necessary audit procedures and this made the
remitting NSSA work less
and PAYE (Pay As You Earn tax) deductions on complicated for me and I appreciated the fact that
time as I was

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 required by the Companies Act and the Income learning something new and quite helpful in my
Tax Act. field of
-Also recalculated these deductions to identify study.
any -Whilst carrying out payroll procedures I got the
liabilities that might exist. chance to
-Performed audit procedures on employee files gain more knowledge with regards to how PAYE
selected and NSSA
randomly on the payroll summary reports for deductions are remitted and the risks associated
the period with not
under review. remitting these statutory deductions timeously.
-With the employee files I tested for the -I recommend that our audit clients must be time
existence of conscious
employee Curriculum Vitae, Qualification when it comes to the remittance of PAYE and
certificates, NSSA
Signed Contracts and National Identity Cards. deductions to the respective authorities, that is,
-Salary amounts on the Signed Contract of Zimbabwe
Employment Revenue Authority (ZIMRA) and National Social
must tally with the basic salaries stated on the Security
Organisation`s Payroll Summary sheets Authority (NSSA) to avoid incurring any financial
penalties.
-It is also the responsibility of the auditors to
always raise a

point to management when the client is not

complying with
Expenditure Vouching the statutory requirements
-Carried out expenditure vouching.
-Performed a comparative procedure for prior

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 and current -Doing this expenditure vouching repeatedly
year balances to investigate whether there improved my
were any skills in testing assertions to do with expenses
unusual movements. thus; time spent
- Expenditure selection was based on on expenditure vouching was minimized as an
calculated ultimate result.
materiality to test for accuracy, completeness - My supervisor constantly reviewed my work and
and validity. recognition
-Separated material and immaterial expenses of work done motivated me to do my work
basing on the thoroughly, not
calculated materiality values and traced these allowing any room for making unnecessary
to mistakes which
corresponding supporting documents can be avoided.

Cash & Cash Equivalents

-Collected bank statements, bank
My supervisor continuously reviewed my work,
reconciliation statements
checking if I
and cash count certificates from the
was carrying out my work properly and taking
accountant.
note of
-Bank authority template was sent to the
important audit trails in this cash and bank
company`s banks
section.
to obtain confirmation on bank balances and
- Repetition of these procedures improved the
authorized
quality of work
signatories.
which meets the Nolands Chartered Accountants
-Did the year on year comparison procedure on
objective of
year end
maintaining quality work for the its clients.
cash and bank balances to investigate and

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 take note of any -I recommend companies to prepare bank
unusual movements. authority requests on
-Performed a bank reconciliation to verify the time so that bank balances can be confirmed on
bank time for the
reconciliation balances produced by the client. preparation of fair and reliable financial
-Performed reconciling items vouching for one statements
particular
statement which had a balance that was not
agreeing to the
Trial Balance listed balance.

WEEK 4 Trade Payables

-Performed audit procedures on the
-It is recommendable to send trade payables
Company`s creditors`
confirmation
balances at year end.
requests as early as possible so that the
-Traced for debit balances on the payables age
audit field can be
analysis so
completed with work being done on
as to reclassify them as trade receivables.
confirmed balances as this
-Agreed creditors’ year end outstanding
evidence is much more reliable and
balances to the
accurate.
Trial Balance, Supporting Documents and
General Ledger -Quick responses will also allow more time
for accuracy and completeness. for the auditors to
-Documented this information on working investigate and obtain reasons for variances
papers for filing

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 as part of our audit evidence if any are noticed.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

SEPTEMBER Pelum

WEEK 1 Payroll
-Requested for payroll summary reports, NSSA
-I now have knowledge of the risk that
and
companies face by not
ZIMRA payment supporting documents,
remitting statutory deductions on time.
employee files
Companies incur
and detailed ledgers for all Payroll line items.
financial losses as they might face penalty
-Performed salary analytical audit procedures
charges.
using the
- I therefore recommend that companies
payroll summary reports and agreeing totals to
must remit all
the trial
statutory deductions on time and it is also
balance and detailed ledger.
the responsibility of
-For the statutory deductions I investigated on
the auditors to notify clients if they have
whether
identified any
Nyati Travel & Tours was remitting Pay As You
payment anomaly through the Report to
Earn
Management
(PAYE) on time to ZIMRA and also
remitting NSSA
payments on time on the 10th and 15th of
the next month

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 respectively.

Bank reconciliation statement and cash

counts were readily
Cash & Cash Equivalents
available and this made my work less time
- Collected bank statements, bank
consuming.
reconciliation
-However, I noticed that some of these bank
statements and cash count certificates from
reconciliation
the accountant.
statements were not being reviewed which
-Bank authority template was sent to the
is a weakness in the controls surrounding
company`s banks
cash and cash equivalents which needs
to obtain confirmation on bank balances and
managements` attention.
authorized
-Therefore, I recommend management to
Bank reconciliation statement and cash always make sure
counts were readily that a person senior to the preparer reviews
available and this made my work less bank reconciliation
time consuming. statements on a monthly basis and this
-However, I noticed that some of these person must be
bank reconciliation independent of the preparer (Segregation of
statements were not being reviewed duties).
which is a weakness in the

WEEK 2 Nolands office

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 Filing of working papers is a bit time
consuming therefore a
Filing of the Expenditure vouching, Cash
practice of paperless auditing can be of
& Cash
great help to the audit
Equivalents and Trade payables working
firm to improve on efficiency.
papers and
-This process of filing working papers is a
referencing.
way of keeping
-Proof reading of the report to
audit evidence and they automatically
management (RTM).
become the starting
-Handing the file to the engagement
point of the next audit field for that same
partner for review of
client.
work done by the audit team.

WEEK 3 Zitiwu Since I was repeating trade receivables

audit procedures I
Trade Receivables
now knew what was expected to be done
-I was assigned to work on the Travel Agent`s
and which assertions
trade
to test thus improving quality of work done.
receivables.
-My supervisor constantly reviewed my work
-Requested for trade receivables age analysis,
throughout the
detailed
audit field.
ledgers, trial balance, subsequent bank
-I recommend that confirmation requests be
statements and
sent on time so
supporting documents for subsequent receipts,
that confirmed balances may be received on
from the
time so that audit
Accounting Department.
work may be completed using correct
-With the trial balance, detailed ledgers and
balances and investigate

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 audit prior reasons behind any variances if any way
year working papers, I was able to perform the before final accounts
analytical are prepared.
audit procedures which include performing
comparatives
procedures for year on year trade receivables I appreciated the cooperation I received
balances from the accountant
in making enquiries as responses were
Made enquiries with the accountant on
whether there clear.
were any trade receivables that were -I however recommend that if it is possible,
used for collateral specific working
security. paper templates may be drafted for unique
-Investigated on whether there were any clients like travel
trade receivables agents as there is need to adjust audit
with credit balances at the end of the procedures to suit their
year under review unique accounting package so that at the
and reclassified the total to creditors. end of the day high
-Also made enquiries for credit balances quality results will be p
which were over
the calculated materiality value to obtain
reasons for the
existence of this credit balance.
-With the subsequent bank statements, I
tested receivables
for completeness, tracing whether the
2017 trade
receivables had made any payment

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 towards the settlement
of their accounts to date.
-Sent trade receivables` confirmation
letters to a few
debtors with high values for them to
confirm their
outstanding balances so as to confirm
whether they are in
agreementwith trade receivables`
balances listed on the
age analysi

WEEK 4 Expenditure Vouching I realized that when supporting documents

-Obtained expenditure detailed ledgers for all are available and
expenditure are filed in a sequential order, expenditure
line items. voucher selection
-Performed comparative procedures for year becomes easier for both the auditor and the
on year client.
expenditure balances and made enquiries for - I recommend the use of the Nolands
explanations Chartered Accountants
on unusual changes in expenditure between new working papers for expenditure
the two years vouching as it provides
(2016 & 2017). uniformity as procedures followed will be
-Separated material and immaterialexpenses the same forevery
basing on the client therefore quality is improved.
calculated materiality values and traced these
to

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 corresponding supporting documents.

I now have knowledge of the risk that

companies face by not
remitting statutory deductions on time.
Payroll Companies incur
-Requested for payroll summary reports, NSSA financial losses as they might face penalty
and charges.
ZIMRA payment supporting documents, - I therefore recommend that companies
employee files must remit all
and detailed ledgers for all Payroll line items. statutory deductions on time and it is also
-Performed salary analytical audit procedures the responsibility of
using the the auditors to notify clients if they have
payroll summary reports and agreeing totals to identified any
the trial payment anomaly through the Report to
balance and detailed ledger. Management.
-For the statutory deductions I investigated on
whether
Nyati Travel & Tours was remitting Pay As You
Earn

PAYE) on time to ZIMRA and also

remitting NSSA
payments on time on the 10th and 15th of
the next month

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 respectively.

Filing of the Expenditure vouching, Cash

& Cash
Equivalents and Trade payables working
papers and
referencing.
-Proof reading of the report to
management (RTM).
-Handing the file to the engagement
partner for review of
work done by the audit team.

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

OCTOBER

WEEK 1

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WEEK 2

WEEK 3

WEEK 4

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

TRAINEE SIGNATURE: WORK SUPERVISOR’S SIGNATURE:

NOVEMBER

WEEK 1

WEEK 2

WEEK 3

WEEK 4

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DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

DECEMBER

WEEK 1

WEEK 2

WEEK 3

WEEK 4

TRAINEE SIGNATURE: WORK SUPERVISOR’S SIGNATURE:

DATE DESCRIPTION OF WORK DONE TRAINEE COMMENTS& RECOMMENDATIONS

JANUARY

WEEK 1

WEEK 2

WEEK 3

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WEEK 4

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