W9 Day 45 of Nana's Internship

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Week 9 Day 45 (06 Jun 2025)


Activity


- Continued keying in the audit schedule, covering from Trade Debtors to Accrual Expenses.

- Adjusted journal entries in the SQL system after discovering that Ms. Chan had missed updating the opening balance. This adjustment was necessary to correctly calculate the gain or loss on foreign exchange involving USD transactions.


Key Learning


- Learned how to cross-check account balances and prepare audit schedules to support the accuracy and completeness of financial statements. This process also helps auditors trace and verify figures easily.

- Understood the critical role of foreign exchange adjustments, especially in businesses with international transactions. Even a minor error in the opening balance can lead to significant misstatements in forex gain/loss figures.

- Improved my understanding of how currency fluctuations can impact financial records and the need to reference the correct exchange rates when making adjustments.


Reflection


Today was both meticulous and enlightening. I spent the day working on the audit schedule, which required summarize data from various accounts like Trade Debtors, Accrual Expenses, and more. It was a good opportunity to ensure that all balances matched their supporting documents and were accurately reflected in the system. Later, while reviewing USD-related transactions, Ms. Chan noticing that the opening balance related to USD was not properly updated. This had caused the forex gain/loss calculation to be incorrect. After a short discussion, I went back into the journal entries to make the appropriate corrections. I now see how important it is to keep track of exchange rates and maintain accurate beginning balances—especially when dealing with multiple currencies. This task challenged my attention to detail, but it also gave me a deeper appreciation for the complexity of real-world accounting. I'm glad I could identify and fix the error, and I feel more confident handling similar adjustments in the future.

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