Detecting and Correcting Common Errors in Accounting

12-13 Nov, 2025, CONCORDE HOTEL KUALA LUMPUR

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T.THARMASEELAN
Chartered Accountant (M)
Fellow Of The Association Of Chartered Certified Accountant (UK)
MBA (Wales) in Marketing
HRDF certified Trainer
Certificate IV in Training and Assessment (AIM)

 

Tharmaseelan C.A (M), F.C.C.A, MIAE has vast experience in the field of Accounting, Taxation, Internal Control Systems and Finance for almost 25 years in an international accounting firm and local consultancy firms.

 

His career spanned across wide working experience and exposure in Accounting, Taxation, implementing Internal Control Systems and Finance in consultancy firms, a leading hotel in Langkawi and in a leading
hotel training college. He has also developed Business, Accountancy and IT Programs with various
colleges, and these programs are validated by foreign universities and professional Bodies.

 

He was attached to a medium size audit firm as a Senior Audit Assistant before he moved over to an
established international tax company where he held the position as a Tax Senior. He then joined an
established professional firm as the Tax Manager where he oversaw the computation, submission and
resolving tax issues for clients.

 

His tenure with an established Consultancy as a Senior Consultant gave him the opportunity to designed internal
control systems & implemented it. He also advised his clients on compliance with accounting standards and tax
regulations. His last position prior to going into practice was as the Associate Director of The Business School where he was responsible for restructuring the Business School and identifying
suitable courses and obtaining accreditation from various bodies and universities.

 

He is currently in practice offering his expertise and knowledge to corporate and professional clients, locally and worldwide. His specializations are in designing and setting up of Accounting, Taxation, Finance, Internal Control and Operational Systems as well as in performing Operational Audits. His well-esteemed clients include those in the hospitality, education, manufacturing and service-based industries.

 

As a qualified Accountant, he is actively involved in conducting audit and financial courses. His experience brings him to faraway countries such as Vietnam, Brunei, Singapore, Nepal, Uganda and Rwanda to train Accounting and Financial Professionals.

 

He is currently the principal consultant of his own consultancy firm and a director of a growing tax and secretarial firm.

He is also a regular training facilitator for
1. Malaysian Institute of Accountants
2. Certified Public Accountants of Australia

 

Venue Details

CONCORDE HOTEL KUALA LUMPUR
2 Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia,
Phone : 03 2144 2200

https://kualalumpur.concorde hotelsresorts.com/

Contact us

Juliany,
03 2283 6109
juliany@ipa.com.my

Phoebe,
03 2283 6100
phoebe@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Jane,
03 2283 6101
Jane@ipa.com.my

ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my

FOCUSING ON
  • Overview of Common Accounting Errors
  • Classification of Accounting Errors
  • Identifying Errors Through Routine Checks
  • Using Reconciliations to Detect Errors
  • Internal Controls for Early Error Detection
  • Correcting Errors in the Accounting Records
  • Ignoring Substance Over Form Principle
  • Not Splitting the Non-Current Liabilities
  • Failing to Report Transactions Between Related
    Parties
  • Incorrect Estimates of PPE’s Useful Lives
OBJECTIVES

Understand the common errors that may occur in presenting financial statements and learn how to avoid them.

A company’s financial statements will be used by many parties, including the stock exchange, financial institutions, investors, shareholders, the tax office, and auditors. It is therefore important to ensure that your financial statements are in compliance with the Malaysian Financial Reporting Standards (MFRS), in order to avoid incurring large penalties.

Gain an understanding of the errors that commonly occur in presenting financial statements and learn how to detect and correct them.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Ensuring Financial Statements are presented in accordance with reporting framework.
  2. Identifying critical areas where errors normally occur.
  3. Applying fundamental concepts to transactions.
  4. Applying proper classifications for transactions.
  5. Ensuring proper estimates are used in recording transactions.
WHO SHOULD ATTEND
  • Corporate Financial Advisors
  • Accountants
  • Finance Managers
  • Finance Executives
  • Account Managers
  • Corporate Planners
  • Company Secretaries
  • Financial Analysts
  • Administration Managers
METHODOLOGY
Interactive learning session with Course Leader-led facilitation, live Q&As, with Case Studies.
DAY 1
9:00

Overview of Common Accounting Errors

  • Understanding types of accounting errors
  • Impact of errors on financial statements
  • Common causes of accounting errors in practice
10.45

Classification of Accounting Errors

  • Errors of omission and commission
  • Errors of principle and original entry
  • Reversal of entries and compensating errors
12.00

Identifying Errors Through Routine Checks

  • Using the trial balance to detect discrepancies
  • Cross-checking supporting documents and ledgers
  • Identifying red flags in reconciliations and reports
1:00 Lunch
2:00

Using Reconciliations to Detect Errors

  • Bank reconciliation process and anomalies
  • Accounts receivable and payable reconciliations
  • Inventory and fixed asset reconciliation issues
3:45

Internal Controls for Early Error Detection

  • Segregation of duties and approval processes
  • Control checklists and workflow reviews
  • Role of internal audits and external reviews
5:00 End of Day 1
DAY 2
9:00

Correcting Errors in the Accounting Records

  • Steps in correcting identified errors
  • Journal entries for correcting errors
  • Adjustments in current vs prior periods (IAS 8 / MPERS Section 10)
  • Reclassification and restatement procedures
10.45

Ignoring Substance Over Form Principle

  • Finance lease contracts
  • Operating lease contracts with non- cancellability features
  • Difference between MFRS 16 and MPE
  • Sale and repurchase contracts
  • Sale and leaseback contracts
  • Any contract with embedded derivative features
12.00

Not Splitting the Non-Current Liabilities

  • Provision for employee benefits
  • Asset removal obligations, or liabilities for decommissioning, restoration and similar (especially when decommissioning takes
    place over period longer than 1 year)
  • Lease liabilities
  • Bank and other loans
  • Liabilities from issued debentures or bonds
1:00 Lunch
2:00

Failing to Report Transactions Between Related Parties

  • Matter is so sensitive that MFRS 124 was issued specifically for guidance
  • How to avoid this mistake
3:45

Incorrect Estimates of PPE’s Useful Lives

  • When purchasing PPE, it’s important to determine how long it is to be used or its useful life
  • Intangible assets and useful life
  • How to avoid this mistake
  • Errors in depreciation and amortization
5:00 End of Course