Practicum Report - Final
Practicum Report - Final
Practicum Report - Final
In partial fulfillment of the requirements for the Degree of Bachelor of Science in Accountancy
CALUAG, RENALYN MATOS CRUZ, RICHARD EVANGELISTA DOMINGO, HAZEL ANN HERRERA EUGENIO, JEFFREY SANTIAGO NALUS, JOHN MICHAEL CEDRIC NOCEDAL VILLANUEVA, DANNY MERCADO
Batch 2014
40 E San Guillermo St. Karuhatan, Valenzuela City 1605, Philippines Ph Fax Email : (632) 277 8921 : (632) 293 0273 : [email protected]
COMPANY LOGO
A L I N D O G A N, TA T E L & C O.
C E R T I F I E D P U B L I C AC C O U N TA N T
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ACKNOWLEDGEMENT
Before anything else, the interns would like to give a heartfelt gratitude to the Pamantasan ng Lungsod ng Valenzuela for providing us this Internship Program, which is originally not included in our curriculum, which enables us to experience what the real life job setting is.
Moreover, words of appreciation is not enough to express how thankful we are to Alindogan, Tatel and Company, Certified Public Accountants lead by Mr. Ramir C. Alindogan and the rest of the staff for accepting us with open arms and helping us grow in this field of endeavor.
Likewise, our deepest gratefulness is on Ms. Agnes V. Manito for the never ending support she has given us in this whole Internship journey.
We are also gratified by the countless love and our families have given us all the way and for providing us all the needed support for us to succeed in this program.
Lastly, we are glorified by the strength and courage our God Almighty has shown us to outperform all the trials, overcome every hardship and surpasses this program.
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TABLE OF CONTENTS
TITLE PAGE
1 2 3 6 8 9 10 11 12 15 16 19 20 24 26 29 31 33 35 41 48
COMPANY LOGO ... ACKNOWLEDGEMENT I. COMPANY PROFILE A. DECLARATION STATEMENT B. HISTORY OF THE FIRM C. MISSION STATEMENT D. VISION STATEMENT .... E. LIST OF SERVICES . F. OFFICE ADDRESS . G. PARTNERS PROFILE ACCOUNTING FLOW AND INTERNAL CONTROL A. FIELDS OF WORK B. ACCOUNTING PROCESS C. INTERNAL CONTROL D. COMMUNICATION WITHIN THE ORGANIZATION . E. CLIENT REALTIONS . F. EMPLOYEE RELATIONS . PEOPLE MET IN THE COMPANY . .. ....
II.
STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS ANALYSIS A. COMPANY B. TRAINEE SUGGESTIONS AND RECOMMENDATIO . A. FOR THE COMPANY . B. FOR THE FUTURE PRACTICUM STUDENTS . C. FOR THE INTERNSHIP PROGRAM . .
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VII.
IX.
APPENDIX A. RECOMMENDATION LETTER B. PRACTICUM INFORMATION SHEET C. INTERNS WORK PLAN D. PERFORMANCE EVALUATION E. SUMMARY OF DAILY TIME RECORD (DTR) F. CERTIFICATION G. DIFFERENT ACCOUNTING FORMS H. CURRICULUM VITAE
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I.
COMPANY PROFILE
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C E R T I F I E D P U B L I C AC C O U N TA N T
Mr. Ramir C. Alindogan Atty . Romulus V. Tatel
A L I N D O G A N, TA T E L & C O.
W ilfredo W. Abarro
Associates
Rodolfo Sagayap Rosalina R. Panoncio Jaysam Bajamonde Erick John Quismundo Andrea Gutual Eloisa S. Marcos
BOA Accreditation No. 1877- 2011 BIR Accreditation No.05-003288-1-2012 SEC Accreditation No. 590-A
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DECLARATION STATEMENT
Almost all Taxpayers exert efforts to pay lower taxes. The Government,
on the other hand, performs all legal means to raise its collection. Almost all business entity exert efforts to positively project that the company is profitable and going concern while the stakeholders and the public on the other hand demand transparency. These two clashing sides can be brought into agreement only if the Taxpayer/client realizes that he should do his share in supporting the government, which allows him to exercise property ownership and profitable pursuits. Equally important, however, is that the Government must encourage commerce and the taxes it imposes should not discourage business activities. Thus, somebody independent, who can simultaneously be an agent of both must assist and reconcile these two opposing objectives either by way of assistance in tax services engagement, consultation and formulation of accounting system in management services engagement or render a highly objective and independent opinion in audit engagement which the general public demands at all time These are the Accountants. Being known as business advisors and auditors, we should share our expertise to help our client comply, succeed and prosper. Only then can this country sustain its development and progress..only then can we also prosper.
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The Firm came into existence in 1998 with only one client engaged in food business. After five months since then, four more clients who are into car dealership and repair, water refilling station and trading were added. Years later, an architecture firm, engineering construction, schools, drugstores, bakeshop, freight forwarding, printing shops, multinational company engage in food supplement, beauty salons, cooperatives, mining, garments and furniture manufacturing, security agencies, gasoline station, call centers and other companies trusted the Firms services.
Positive about its future, the Firm is looking forward to be one of the respected accounting/auditing firms in the country in the years to come.
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MISSION
A partner of the business enterprise - small & big alike. Giving
assurance, reviewing and prepare budget reports, government compliance & other requirements with equal regard to government objectives and clients going concern.
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VISION
To become one of the pillars in the accounting/business assurance industry in the country; to be socially conscious and active with separate tax, assurance, bookkeeping & consultancy departments having an offices with the key cities in the Philippines and with tie up with foreign counterpart in each and every nation which follow international accounting and auditing standards; To serve the business community with excellence and independence in all aspects of the accountancy profession.
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LIS T OF S ERVICES
I. ASSURANCE & DUE DILIGENCE SECTION 1. 2. 3. II. External Internal Agreed-Upon Procedure
TAX SECTION: 1. Computation and Filing of Taxes: -Value Added Tax (VAT) -Percentage Tax -Income Tax -Withholding Taxes -Real Property Tax 2. Tax Consultancy/Planning/Advisory -Legal Tax Savings/Minimization/Avoidance -Estate, Donors and Income Overview/Tax Planning -Tax Free Exchange -Processing of Land Titles/Ownership
III. BOOKKEPPING SECTION: 1. 2. Bookkeeping of Companys Business Transaction Computation and Filing of Mandatory Employee Benefits (SSS, Phil health and Pag-Ibig)
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VI. CORPORATE LEGAL SECTION 1. 2. Review and Preparation of Corporate legal Documents Consultation on all Corporate Matters
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EXTENSIONOFFICE
Room 5B18 Franchesca Building Scout Borromeo Street corner Edsa Quezon City, 1605 Philippines Ph: (0917) 886-9857 (0917) 805-0303
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P A R T N E R S P R O F I L E
RAMIR C. ALINDOGAN
Certified Public Accountant Bachelor of Laws PERSONAL CIRCUMSTANCES
Date of Birth: November 01 Status: Married to Dr. Rosamel M. Alindogan,OD Children: Osbert - 14 years old Ranier - 12 years old Zabdiel 4 year old Telephone Number: 2798222 Mobile Number: 09178050303 E-mail address: [email protected]
EDUCATION
2010-Adamson University/Manila Law College Bachelor of Laws 1997- University of the East Recto, Manila Bachelor of Science in Accountancy 1997- Ft. Bonifacio/Camp Campinpin Makati City/Tanay, Rizal Military Science and Tactics (every semestral break) Taft Ave/Quiapo., Manila
WORK EXPERIENCES
2005-Present Saint Claire School Inc. Rehabilitator/Financial Consultant 1998-Present Managing Partner Alindogan, Tatel & Co. Quezon City
Services: Marketing & Management Consultancy 40 E San Guillermo St. Karuhatan, Valenzuela City 1605, Philippines
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AWARDS & ACHIEVEMENTS RECEIVED Tertiary: 1993 -1994 University Scholar in Accountancy 1994 -1996 Library Working Scholar 1995 -Top 1 Military Science 23 (Region IV) 1997 -Panorama College Editor Secondary: 1993 1st Honorable Mention 1993 Editor-in-Chief (School News Organ) 1993 Director-Teatro Kalinangan (School Official Theater Arts Organization) 1993 Champion Inter School Essay Writing Contest 1993 Champion-United Nation Quiz Bee PROFESSIONAL & FRATERNAL AFFILIATION Philippine Institute of Certified Public Accountants (PICPA) Association of Certified Public Accountant in Public Practice UE Knights Incorporated Member/Coordinator
40 E San Guillermo St. Karuhatan, Valenzuela City 1605, Philippines Ph Fax Email : (632) 277 8921 : (632) 293 0273 : [email protected]
Member Member
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AFFILIATIONs Member: Integrated Bar of the Philippines, Pasig Chapter (IBP) Member: Philippine Institute of Certified Public Accountants (PICPA)
SPECIALIZATION Litigation and Dispute Resolution; Tax Law; Criminal Law; Civil Law; Commercial and Corporate Law; Labor and Employment; and Real Estate and Property Law. Email Address: [email protected]
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FIELDS OF WORK
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Assurance engagement means an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria. Assurance service is an independent professional service, typically provided by Certified Public Accountants, with the goal of improving the information or the context of the information so that decision makers can make more informed, and presumably better decisions. Assurance services provide independent and professional opinions that reduce the information risk (risk that comes from incorrect information). Audits can be considered a type of assurance services. However audits are only designed to test the validity of the financial statements. Under an assurance engagement, accountants can provide a variety of services ranging from information systems security reviews to customer satisfaction surveys. Unlike audit and attestation services that are often highly structured, assurance services tend to be customized and implemented when performed for a smaller group of decision makers within the firm. Often managers must make decisions on things they have incomplete or inaccurate data for, and decisions made on such data may be incorrect and increase the overall business risk. In this respect, assurance services can be very helpful in reducing such risk and help managers or decision makers make more confident decisions within a given firm. This is similar to audits in that investors will choose to invest in a firm that is publishing financial statements that have been audited by an independent firm. Assurance services can test financial and non-financial information; due to this assurance services can be classified as consulting services. However, assurance services are not considered consulting because in consulting services generally, an accountant uses their professional knowledge to make recommendations for a future event or a procedure, such as the design of an information system or accounting control system. In contrast, assurance services are designed to test the validity of past data of the business cycles. Although there is no boundary to what an accountant can test in assurance services, a practitioner is discouraged from accepting an assurance engagement in which his firm or previous experiences does not provide them with enough expertise to make a professional opinion on the given data. Assurance services done by accountants differ from non assurance services. Other examples of assurance services include:
Accounts receivable review Business risk assessment Comfort letter Customer satisfaction survey Information systems security review Internal audit outsourcing
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Tax Preparation Services The act of writing and sometimes filing a tax return for an individual or corporation in exchange for a fee. The individual or corporation must turn over relevant information to the provider of tax preparation services in order to ensure the return is accurate. Both individual accountants and large firms may offer tax preparation services. Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services. Tax preparation may also be done by a licensed professional such as an attorney, certified public accountant or enrolled agent, or by an unlicensed tax preparation business. Because United States income tax laws are considered to be complicated, many taxpayers seek outside assistance with taxes (59.2% of individual tax returns in 2007 were filed by paid preparers). The remainder of this article describes tax preparation by someone other than the taxpayer. Some states have licensing requirements for anyone who prepares tax returns for a fee and some for fee-based preparation of state tax returns only. The Free File Alliance provides free tax preparation software for individuals with less than $58,000 of adjusted gross income for tax year 2010. People who make more than $58,000 can use Free File Fillable Forms, electronic versions of IRS paper forms. Both the brand-name software and online fillable forms are available only at the Internal Revenue Service. Tax advisory service includes analyzing financial and tax problems, formulating solutions and making recommendations designed to provide advice on taxation for clients ranging from individuals to business. A tax advisor helps an entity translate personal and/or business goals into targeted action steps designed to maximize the entity's tax position.
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ACCOUNTING PROCESS
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The accounting processes of Alindogan, Tatel and Co., CPAs are illustrated below:
A. During the accounting period: Identification of events to be recorded Recording of quantifiable transactions in the Books of original entry or Journals Journals Entries areposted to the Books of Final entry or Ledger
B. At the end of the accounting period: Preparing the unadjusted trial balance Preparing the adjusting entries Preparing the financial statements Preparing the closing entries Preparing a post-closing trial balance
The firm has also accounting flow for the Documents received from the clients which include: Files for Photocopy Files for Sorting Preparation of BIR Relief Files for Voucher (with VAT) Files for Voucher (without VAT) Files for Quickbooks encoding Files for Transmittal
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INTERNAL CONTROL
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PAYROLL
The cutoff date of payroll of ATC s every 15th and 30th day of the month and their payday is on 5th and 20th day of the month. Employees payroll is usually set by its founding partner, Mr. Alindogan who is the one in-charge of keeping all the records regarding payroll e.g. daily time record (DTR). The DTR of ATC is not just composing of time in and out of employees. Hence, it includes additional columns for the task done, clients name attended, and remarks. This is actually part of the internal control of the firm since the purpose of their designed DTR is to determine who among the employees is responsible in case of wrong outputs. Like with other companies, ATC offers complete benefits to their employees. The firm also gives additional compensation to those who are in field works, and as well in every busy season such as of filing and payment of Income Tax Return.
PETTY CASH
As part of the internal control, the firm keeps small amount of cash in hand, much termed as petty cash, for their small transactions. The purpose of petty cash is to expense the food and transportation of their employees who are in field, and as well for advances to client and to their employees. The petty cash is secured by one of their accounting staff who acts as the petty cash custodian who is at the same time, responsible for documenting the petty cash outflow and replenishment, and preparing for daily cash report. Its documentation is properly recorded using an Excel file.
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For every cash receipts of ATC, the firm usually does not issue official receipt but they are sending bills to their clients instead. Afterwards, in every cash or check receives from the client, they immediately deposits it to their bank account in which Mr. Alindogan will note when will be the clearing day. For every cash disbursements, on the other hand, the firm issues check for their outflow transactions such as paying bills to Meralco, Maynilad and PLDT.
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Theres a lot of means of communication that can be used within the organization. They can use electronic mails, phones and as well to fax. A meeting can also be conducted within the group to the boss or within employees alone.
In case employees want to raise concern regarding their salary rate or to any other concerns, they should perform a small conversation or meeting among themselves first before they take this up to a higher authority. Of course, their concern is still upon approval by the management. In case the management already had a decision, it will be discussed it first to an employee-representative. Then the employee-representative will discuss it to all other employees.
For those employees who are in the field works, they are required to leave an update to the management every now and then at least everyday. If there are problems or questions, just ask it directly to the one in higher authority or if ever to Mr. Alindogan.
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CLIENT RELATIONS
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Clients play a vital role in ATC so maintaining harmonious relationship to them is inherent for the employees. The firm can consider clients as their lifeblood since all of their receipts and income are coming from them. However, the firm cant deny the fact that they might lose some of their clients at some later dates. But its alright according to the firm because they believe that in every lost, there is a replacement and come back.
In case there is conflict and complaints from the clients, the first person can communicate the problem is to the officer-in-charge of ATC. But in case he/she cant handle the circumstances, Mr. Alindogan will be the one who will grip the problem. If the fault of the problem came from ATC and is proven, the charge will be directed to Mr. Alindogan, otherwise to client.
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EMPLOYEE RELATIONS
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The relationship between employees is way to be pleasing. Every year, all employees get a chance to have an outing vacation together with their family during summer in which all are expensed by the firm. Aside from summer outing, they get an opportunity to be involved to their Christmas party and sports game such as basketball, bowling and badminton.
Most of the employees stay longer to the firm because they are challenged to do their tasks and they are yet satisfied to what they receiving from the firm. Another thing, all of the employees have the privilege to be trained continuously through seminars. They are also trained by their boss. Mr. Alindogan tends to teach his employees and let them to understand what they must be doing and must not. By way of these things, employees tend to be accountable at all times.
In case an employee commits a fault, he/she is the only one responsible for that. There is also policy that an employee should follow. If he/she frequently comes late to work, he/she will be first talk by Mr. Alindogan and if he/she continues to come late, a memo will be sent and/or worse, retirement.
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ORGANIZATIONAL CHART
Mr. Ramir C. Alindogan, CPA
(Founding Partner)
Rodolfo Sagayap
Jaysam Bajamonde
Eloisa S. Marcos
Andrea Gutual
Jelly Lorenzo
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3.
RENALYN M. CALUAG
40 E San Guillermo St. Karuhatan, Valenzuela City 1605, Philippines
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RICHARD E. CRUZ
40 E San Guillermo St. Karuhatan, Valenzuela City 1605, Philippines
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JEFFREY S. EUGENIO
40 E San Guillermo St. Karuhatan, Valenzuela City 1605, Philippines
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DANNY M. VILLANUEVA
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DESKTOP PC
USED IN:
FAX MACHINE
USED IN:
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TYPEWRITER
USED IN:
TELEPHONE
USED IN:
Telecommunication
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WEAKNESSES
Lack of professional CPAs in the firm Secluded location of the office Seasonal nature of tax business
I N T E R N A L
OPPORTUNITIES
Combined bookkeeping, tax ad audit functions Loyal clients Ability to network to other small businesses to develop a market Reputation created in the industry
THREATS
Easy-to-use online software Brand recognition Competition with other small firms
E X T E R N A L
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STRENGTH
Ability to follow instruction well Initiative to learn
WEAKNESSES
Easily got irritated when things are unorganized I panic when I ran out of time
I N T E R N A L
OPPORTUNITY
User-friendly softwares for bookkeeping, tax and audit functions Kind and approachable immediate heads and officemates Textbooks and other materials that serve as guide Air-conditioned room
THREATS
More skilled trainees Difficult tasks Ambiguous instructions Malfunctioning computers Outdated softwares & applications Not-well lighted room Poor environment
E X T E R N A L
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STRENGTH Extra-ordinary multi-tasking, and deadline meeting talent Can work as a team member as well as independently Self-motivated and fast learner Ability to take decisions quickly and appropriately Good in working with computers and accounting applications
WEAKNESSES
Lack of Self-Confidence on asking questions related to task given Sometimes come to office late
I N T E R N A L E X
OPPORTUNITY
User-friendly softwares for bookkeeping, tax and audit functions Kind and approachable immediate heads and officemates Textbooks and other materials that serve as guide Air-conditioned room
THREATS
More skilled trainees Difficult tasks Ambiguous instructions Malfunctioning computers Outdated softwares & applications Not well lighted room Poor environment
T E R N A L
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STRENGTHS
WEAKNESSES
Hard to do physical tasks Sometimes feeling dizzy Sometimes come to office late
I N
Knowledgeable in bookkeeping, tax and auditing Flexible Computer literate Self-motivated Ability to maintain high level of confidentiality
Leadership skill
T E R N A L
OPPORTUNITIES
User-friendly softwares for bookkeeping, tax and audit functions Kind and approachable immediate heads and officemates Textbooks and other materials that serve as guide Air-conditioned room
THREATS
More skilled trainees Difficult tasks Ambiguous instructions Malfunctioning computers Outdated softwares & applications Poor environment
E X T E R N A L
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STRENGTH
Keen knowledge in basic and advance accounting, finance, banking and other related fields. Knowledgeable in essential computer software. Proficient in communication and organizational skills. Good presentation and analytical skills.
WEAKNESSES
Handful times late. Impatient Poor eye condition
I N T E R N A L
OPPORTUNITY User-friendly softwares for bookkeeping, tax and audit functions Kind and approachable immediate heads and officemates Textbooks and other materials that serve as guide Air-conditioned room
THREATS
More skilled trainees Difficult tasks Ambiguous instructions Malfunctioning computers Outdated softwares & applications Poor environment
I X T E R N A L
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STRENGTHS
WEAKNESSES Sometimes come to office late Not interested to some task given Eye Deficiency (near sightedness)
I N
Sound knowledge in bookkeeping, tax, auditing and other related discipline Computer Literate High Interpersonal skill Flexible Discreet
Skeptic
T E R N A L
OPPORTUNITIES
THREATS
More skilled trainees Difficult tasks Ambiguous instructions Malfunctioning computers Outdated softwares & applications Not well lighted room Poor environment
E X T E R N A L
User-friendly softwares for bookkeeping, tax and audit functions Kind and approachable immediate heads and officemates Textbooks and other materials that serve as guide
Air-conditioned room
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STRENGTHS
WEAKNESSES
OPPORTUNITIES
User-friendly softwares for bookkeeping, tax and audit functions Kind and approachable immediate heads and officemates Textbooks and other materials that serve as guide Air-conditioned room
THREATS
More skilled trainees Difficult tasks Ambiguous instructions Malfunctioning computers Outdated softwares & applications Not well lighted room Poor environment
E X T E R N A L
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A.
For the company it is our pleasure that you accepted us to work for you in a short period of time. You dont only teach us how this life as an employee goes but you show us how must we live if we were in that position - as accountant in the near future. We must say that we are now equipped, the idea youve share serves as another stepping stone departing to the place where we should be. Established is an understatement for you. You really are strong and well maintained partnership but still this generation are demanding and seeking for something new. Aiming to be one of those soaring firms must start within the people, the way they clad; a uniform could be the key. Another is the technology, we advise you to invest for it. The workplace; yes you had an air conditioner yet not all employee benefits from it. The cabinets, we propose you to obtain one large metal filing drawer that could accommodate all the papers of the clients and another one for the office supplies which way far from those who work for them to avoid disturbance while working. Adding up the suggestion it will only lead to one Renovation. The most suitable time for this is at no busy season. The act of being polite has its limit. We just hope that youre not like a man today whos uncouth y et you are lurking from the background standing still, even you can do something, a site from watching those who you compete achieving their peek. Still, we are extending our deepest gratitude unto you for all the things we gain, the trust you lend and the on the house food you share.
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B.
When looking for a job, one of the first things that we look for is the sufficiency of the salary, accessibility of the workplace and the condition of the working environment. We aspire with the expectancy that finding a suitable job that will match our capabilities is of an easy road to take. However, the reality dictates that all of it was like catching a shooting star in a cloudy sky. So we would like to encourage all the future practicum students not to be so particular and selective of the company that you will be engaged with. Although picking the best company to deal with is crucial, the Internship program was created not for the students to find which business organization provides the highest allowances to suffice their daily needs, the best facilities to work on, and easiest location to access but for the Interns to develop a good sense of professionalism in spite of having no allowances at all in a not so ideal office and in a long travelled fieldwork. It is also of great importance that the Interns are not picky of the tasks they are assigned to. Whatever it is, do it in the best possible way that you can, bearing in mind all the theoretical learning that the classroom type of education has partakes unto you. Always be observant and keen on the new things and new lessons your on-the-job-training will bestow. Moreover, the Internship program is an opportunity to grow not just professionally but also interpersonally and emotionally by working with new different types of people with different personalities. Always remember that the Internship program is not a game to play but an opportunity of a lifetime to chase. It is a chance given to prosper in the field of endeavor you have chosen and for the students to realize all the consequences and benefits of working in the real corporate arena in the near future after they graduated. It will not always be an easy road but for sure, it will always be worth it.
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C.
Six years ago, the Pamantasan ng Lungsod ng Valenzuela has established an Internship Program for its graduating students. From the first batch of graduating students of the Pamantasan up through the recent graduates, they all went through the Internship Program. The Internship Program was established for the students to apply all their learning in the four cornered classroom to the actual work field and for the students to experience the actual settings in their respective work of discipline to become physically, mentally, emotionally and socially ready when they become a real and actual employee after their graduation. Considering the time since the establishment of the Internship Program in the Pamantasan up to now, the program must be well organized enough to accommodate properly all the students and also the employers to be selected by the interns. From the orientation of the students to passing of final requirement for the program, it must be really organized and stable. Six years of implementing the program is enough to create routines, traditions, and customs in the program to be followed by the next batches of interns. Actually, the program is solid enough for the students to benefit and learn from it. They have an orientation to communicate to students what program they are entering, what is the purpose of the program, how long the students will take the program and what they should do and should not do during the program. The Pamantasan is also providing a list of companies who are accepting interns, it is for the benefits of students who cant find a company for his/her internship. The Pamantasan has also a complete set of black and white documents to be used all throughout the program, before the start of the program (such as, Recommendation Letters, Waivers, etc.), during the program (like Midterm and Final Performance Evaluation, Interns Work Plan, etc.) and after the program (Practicum Report). The Pamantasan also provide a time wherein the interns and their adviser meet up to have their weekly update and report so that the Pamantasan can still keep in touch to its students even though they are outside of the school premises and also to know if the students are encountering problems and to solve such problems right away. The Pamantasan is requiring the students to have their OJT Uniform so that they become more presentable and to represent the Pamantasan in formal and proper way. And like I mentioned above, one of the final requirement of the Internship Program is the Practicum Report, it is for the students to assess themselves on what they learned on the program and it will also serve as a guide for the next batches of students who will take the Internship Program. And there are some policies, rules, regulations, routines, customs, and traditions that the Internship Program in the Pamantasan ng Lungsod ng Valenzuela has that I did not mention and to sum it up we can say that the Internship Program in the Pamantasan is very good and quite ideal enough.
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But the Internship Program for us in the College of Accountancy is another story especially on our batch. We understand that we are the first batch of accounting students who took up the Internship Program of Pamantasan and we are so privilege to that because some schools who offer Accounting courses do not implement that kind of program for their students. Actually, Internship Program was not written in our course syllabus, it was just decided by authorities of the Pamantasan and Accounting Department to implement such program to us since all courses in the Pamantasan are taking the program and such program is one of the requirements of the Pamantasan before a student can take his/her graduation and lastly the program will really benefits us. We took up the Internship Program this summer of 2013 and it was announced to us at last week of February, so the preparation of the management and the students were not that good enough. We lacked on our time to prepare and have out OJT uniform but at least we somehow manage to made one with a good quality, of course with the aid of proper authorities in the Pamantasan and our OJT Adviser. We also lacked on the documents required and needed in the program, based on the orientation we have, we really dont know if such documents are still needed and who will make such documents and until the end we did have nor made those documents. Unlike the other courses, we did not have our weekly report/class with our OJT Advisers and so there was no proper updating and communicating of what was happened all throughout the program. With regards to Practicum Report, were not well informed on how to do that, we based our work on the Practicum Reports made by the last batch on interns. Flaws are inherent in any programs or activities and it is not preventable but at least it can be minimized. With proper planning, preparation and implementation, the Internship Program for BSA Students and any other programs may become organized and will run properly with fewer flaws. With that note, we highly recommends that the authorities in Accounting Departments must strictly follow the rules, regulations, policies, routines, traditions, and customs which were established by the Pamantasan in their Internship Program for the past six years.
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Experience is our best Teacher. No wonder this On-the-Job Training helps me realize things and teach me lessons beyond the usual. Discussion in the classroom are just theory, it do helps a lot, but in the end its you who choose what will you do in a particular job and that is Professional Skepticism. I know that this field is way different compare to others and that dissimilarity makes it more challenging for me because it always made me think out of the box. The very first thing I learned is to have a very long patience, patience waiting for the bus patience to those commuters who doesnt care if they hurt someone. Second was to adjust yourself to any situation, the nature of the client of the firm varies so as their approaches in every transactions. Next is find an easy way to make the work lighter, find a shortcut, literally, in using software or excel it could lessen the time you stay in a assigned job. That was some, other knowledge was for me grow mentally, socially and the very heart of this OJT, professionally.
Renalyn M. Caluag
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They say that nothing beats experience, as other people would say, as the perfect learning tool. For some students, on-the-job training gives them a taste of the real world, a glimpse of what lies ahead after they graduate. These students share what they learned from their on-the-job training experiences, from a few tricks of the trade and bittersweet lessons, to the life principles they can live by. I have lots of memorable experiences. One is traveling, which is not normally in my line of work including the unforgettable Cash Audit we made in Aurora. And also, I usually travel to different cities/town to file or to pay different BIR and SEC documents including remittances of SSS, PHIC, and HDMF. Based on what I experience on our 200 hours On the Job Training, I learned its best to do and show your best. Being knowledgeable alone is not enough. It is important, but it is no guarantee of success. One must also be hard working and should practice self-discipline. Sacrifice is important, too. Ask your boss if they have some work for you to do. You never know; they might hire you after the internship or in the future. I think studying is harder than working, though; the real world is easier than college.
Richard E. Cruz
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This internship program taught me not only in terms of academics and technical things but most importantly, in terms of interpersonal and the lessons in life that is needed to obtain by a professional and that for me, even in hundreds of years will passed, the set of standards of this lessons in life will not be revised, amend or changed even though there will be a new set of standards in accounting that will be subject to changes when there are new discoveries and policies that is needed by the businesses. My experiences in internship taught me so many things that I have to learn in our profession. In the company where I am assigned, I was able to apply the knowledge and information I have acquired in our classroom. And for that, I take this opportunity to grow as an accountancy student. Ive realized the difference between studying and working in reality. My experiences helped me a lot to discover and measure my ability and what I have learned in school. This internship program taught me on how to be independent in some situations that needs decision making and in tasks that I need to do in myself alone. To be cautious is also an important factor in our profession particularly in the reports and audit findings that weve made. We have to make sure to the information that we will submit because it can greatly affect in the decision making process of the company. The significance of managing time is also one of the lessons Ive learned. Also, the program made me realized that in life, you have to do your best when there is an opportunity that will be given to you because you will never know if there will be second chances. Love for work is the most important thing that I have learned in this program because if you love what youre doing, youll never get tired and you will give your time, skills, effort just to make sure that you will produce a best output and for me, the best output is the one produced with love. Also, this will give a sense of fulfillment and enjoyment. I am thankful for a 2-month experience which I will treasure for a lifetime.
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Leadership plus friendship equals Internship. My whole journey in this training helped me developed and enhanced my proficiency in Accountancy profession. It does not only facilitate good leadership but also strengthen friendship with the people I have dealt with. Because of this internship program, I was able to grow professionally. I made big mistake before but it did not discouraged me from doing my best in other engagement. I learned to fortify my skills in bookkeeping by discovering that in this field, patience is really a virtue and prudence is an important back up in every accounting process I had encountered. On the other hand, professional skepticism is of big importance in the field of auditing. I learned that an assurance engagement is no joke and encompasses all the knowledge I had learned in classroom. Our on the job training also taught me to be interpersonally inclined specially dealing with real professionals. Its really different in a classroom setting but somehow, I was able to manage it successfully. Having this glimpse of what the real corporate/business arena felt like is very praise worthy. Im so thankful to be given the chance to work within an Accounting firm that opened my eyes to see some of the relevant things future accountants will be destined to do. I felt so privileged to be assigned in different clients location especially the out-of-town cash audit in Aurora and Plant Observation in Antipolo, not to mention the other engagement weve tried in Quezon and Paranaque City. My stay in the firm is not without flaws. I admit I did some mistakes and disappoint my professor/immediate head and I apologize for that. But at the end of the day, my heart is still full of endless gratitude for helping me grow and partaking to me countless learning that for sure, Ill treasure and always bear in mind.
Jeffrey S. Eugenio
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Experience is the best teacher and my experiences for being an intern for almost two months taught me so many things. It helps me improve my physical, mental, emotional and social attributes and helps me to become ready to face the world outside the four cornered classroom. And it also helps me to assess if my knowledge in my discipline acquired for four years is enough to put me in the actual work place. The best thing that I learned for being an intern is the feeling or experience in the actual workplace. Unlike in the classroom settings, I must be more careful because I cannot rewrite and revise my work and submit another one. Each and every work that I will do is actual and not an assessment. I'm facing a boss, not a teacher. I'm with my officemates, not my classmates. And there is a very big difference when you are in the actual workplace compared when you are in the school. Fortunately, I'm employed with a accounting/auditing firm that renders bookkeeping, tax and auditing services to its clients. And so most of the works that were given to me were about bookkeeping, tax and/or audit. And as a result, I learned on how to do bookkeeping functions like familiarizing in different source documents, preparation of vouchers, manual and automated journalizing of different transactions, preparation of worksheets, financial statements and supporting schedules, familiarizing in SSS, Philhealth, and Pag-ibig and etc. I also learned to do tax functions like familairizing in different BIR Forms, computing different kind of taxes, manner of filing and paying taxes and etc. And lastly I also learned to do audit functions, like formulating audit program, preparation of Internal Control Questionnaire, knew how to audit inventories, knew how to do system audit and etc. My head also introduced to me different softwares for different functions I mentioned above. Aside from technicalities I also learned other things. One of it is to value time more, in the school it is somehow okay if you come late to your class but in the office it is not. I also learned to become more humble in a sense that I learned to ask if I don't know something in my assigned task. I also admired all my officemates because most of them are managent course graduate and not accounting and yet they are more knowledgable in accounting works and concepts than us, they are really so great! Maybe not all my learnings in my internship experience was not stated here but one thing is for sure, all of my learnings are priceless and most of it are cannot be learned in classroom and cannot be taught by teacher, only experiecne can.
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Working in the corporate world is not an easy job. You will be challenged to perform given tasks immediately, to accomplish works out of limited resources, as well to execute assignments by way of time pressures. You might also be able to experience waking up early in the morning, stuck in the middle of traffic during rush hour and thinking youre running out of time coming to office punctually. These are actually some of the dilemmas I encountered during my On-The-Job Training. As a matter of fact, this made me realize that the approach we usually gain in school is completely different to approach in actual works. In school, I am the only one who can handle my time but during the actual job, my time is not mine; it is for the company Im working. In school, I can gain knowledge through books and teachers but in the real world, it is through experience. This made me realize that elders are definitely right saying, Experience is the best teacher. In a span of two months (my OJT days), I experienced a lot of obstacles on how to manage my time and effort and it is actually not a joke. During those times, I am not only an on-the-job trainee but also I am the president of the largest accountancy organization of the Philippines in which planning stage is very crucial. Nevertheless, it did not compromise my time as a trainee of the respected accounting firm in Valenzuela. As a trainee/employee and as a student leader, I can say that I am very fortunate since I can teach myself on how to balance in different terms. I can say now that I can balance my time well effectively and efficiently. Thus, I am very much thankful that our university offers this kind of program that serves as a training ground and helps us, accountancy students, to have a glimpse on what we might experience in the real world after graduation/boards. It also helps me as a student leader on how to communicate well to our corporate sponsors, to my future bosses and how to become an effective future boss/partner. I can now say that I am ready to move my first step to become an effective and efficient employee in the future and to be promoted at some later dates. I am ready to pass the board and be employed. I am ready!
Danny M. Villanueva
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