Interniship Description Essay Example
Interniship Description Essay Example

Interniship Description Essay Example

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  • Pages: 9 (2428 words)
  • Published: June 9, 2017
  • Type: Case Study
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Academic Paper I. Interniship Description A. ABOUT THE COMPANY Reyes Tacandong and Company (RT&Co. ) is a new player on the Filipino audit and advisory services market. It was created end of June 2010 by 9 partners formerly from SGV / EY, the leader of the market in the Philippines. Reyes Tacandong and Company is specialized in Audit, Advisory and Tax services. Partners leading the firm benefit from an excellent reputation and strong legitimacy on the Filipino market. The firm’s President, Roman Felipe S.

Reyes has more than 30 years of audit experience in both the Philippines and the United States. B. THEIR STORY They are a group of Filipino professionals, recognized in the industry as authorities in Due Diligence, Tax, Advisory, Audit Services, known for our enviable track record. They are founded on age-old corporate values, imbibed and practiced even before the compa


ny was formed. They are steeped in the fundamentals of their practice and adhere to high standards of excellence and professionalism, yet responsive to the ever-changing dynamics of Philippine business.

Because of who they are, and how they work, they are determined to become the preferred solutions provider of top corporations, financial services firms, government entities, non-profit organizations, entrepreneurs and high net-worth individuals. C. ORGANIZATIONAL STRUCTURE ROMAN FELIPE S. REYES Chairman Founding member and the firm’s visionary. After a 4-year stint with Ernst & Young New York as a supervisor, Manny joined SyCip Gorres Velayo & Co. (SGV & Co. ) in 1979. He was promoted to partner in 1984 and held the position for 25 years.

He was a senior partner and vice-chairman for client services. Manny is known to lead teams in providing technical knowledge t

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address special issues associated with clients' complex industry risks & regulations. He was head of SGV. 's Japan Business Services as well as head of the firm's highest revenue generating business unit. Manny has a bachelor’s degree in commerce, major in accounting from San Beda College in 1972 and a master’s degree in business administration, concentration in finance from the University of Detroit. PROTACIO T. TACANDONG

Chief Operating Officer [pic]Founding member and the firm ’s pathfinder. Cocoy was made a partner at SyCip Gorres Velayo & Co. (SGV & Co. ) in 1989 and assigned as partner-in-charge of the SGV & Co. Davao branch. Four years later, he was made partner-in-charge of all Mindanao branches and supervising partner for the Visayas branches From 1999 to 2009, Cocoy was chief finance & administrative officer and head of SGV & Co. branches. He was also chairman of the operational excellence committee and member of the operations, management, and people first committees.

He is a graduate of the University of San Carlos, Cebu City, where he obtained his bachelor’s degree in commerce, major in accounting in 1971. He earned his master in management degree from the Asian Institute of Management. Cocoy actively participates in the business development of Mindanao by serving key positions in various trade and business associations such as being president of Davao City Chamber of Commerce & Industry, Rotary Club, Mindanao Business Council and Philippine Business for Social Progress (PBSP).

He has also served as national president of the Philippine Institute of Certified Public Accountants (PICPA) from 2008 to 2009. The firm is composed of 11 partners and continuously growing number of staff such. It plans to recruit

100 staff in its first year of operation. The three-year plan is to hire 250 staff, which would place Reyes Tacandong and Company among the leading mid-tier firms. Reyes Tacandong and Company’s partners all controversially left SGV, alleging there had been management interference from Ernst & Young’s (E) Far East practice.

SGV is a member of the Big Four network but all firms operating in the Philippines are bound by strict protectionist laws that safeguard domestic firms against foreign influence. D. THEIR VALUES These are what they believe in, what they embrace. They guide them and sustain them. They are what made them who they are today, and what they have become. CREDIBILITY EXCELLENCE LEADERSHIP INTEGRITY PROFESSIONALISM PASSION RESPECT COMMITMENT NURTURING STEWARDSHIP TEAMWORK

RELIABILITY DISCIPLINE BUSINESS SMART E. MISSION/VISSION MISSION : Provide trustworthy solutions that drive healthy and sustainable  business growth. VISION : The most trusted and most preferred provider of Due Diligence, Tax, Advisory and Audit Services in the Philippines. F. SERVICES DUE DILIGENCE TAX ADVISORY AUDIT |External Audit |Tax Compliance Review |Tax Advisory | |Compilation and Review Services Tax Planning Studies |Corporate Services | |Accounting Consultation |Preparation of Tax Returns |Tax Advocacy | |International Accounting |Staff Loans |Estate/Family Wealth Planning | |Standards Conversion and |Tax Due Diligence Reviews |Financial Valuation | |Advisory |Tax Seminars |Financial and Business Analysis | |Regulatory Compliance |Special Tax Studies |Governance & Risk Services | |Extended Audit Services |Independent CPA Verification |Business Advisory Services | | | |Best Practices | | | |Benchmarking | G. COMPETITORS ? Sycip Gorres Velayo & Co. (SGV & Co. ) – affiliate of Ernst & Young ?

Manabat Delgado Amper & Co. (formerly C. L. Manabat & Co. ) – affiliate

of DTT ? Isla Lipana & Co. (formerly Joaquin Cunanan & Co. ) – affiliate of PwC ? Manabat Sanagustin & Co. (formerly Laya Mananghaya & Co. ) – affiliate of KPMG ? Punongbayan & Araullo H. STRENGTHS Most of the RT. partners are accounting board top notchers or have received accolades locally. But what makes this new firm different is its deep reverence for age-old corporate values. “We aim to bring back the ideals from the days when we started out as new accountants. When professionalism meant not only submitting audited financial statements but also being responsive to clients’ needs.

Many of these top corporations have also grown partly due to the guidance and disciplined action of their partners in the accounting profession. ”, remarked Reyes. Chief Operating Officer Protacio T. Tacandong, himself a business leader and former president of the Philippine Institute of Certified Public Accountants (PICPA), remarks on the establishment of the firm that, “Due to the breadth and depth of expertise our partners have, we assure our clients of the highest level of quality, personalized service from start to finish, thoroughness and reliability in our work. Our strengths as a firm are in our people and our promise of a better understanding of our clients’ businesses.

Reyes Tacandong and Company operates as a fully-Filipino firm, taking pride in our strict adherence to the Constitution and existing professional regulatory rules and guidelines. ” RT. is firm on practicing the highest standards of excellence and professionalism yet responsive to the ever-changing dynamics of Philippine business. This makes them the preferred business solution provider of top corporations, financial services firms, government entities, non-profit organizations, entrepreneurs and

high net-worth individuals. RT. also offers its services for cross border transactions as it is a correspondent firm of Mazars in the Philippines. Mazars is an international, integrated organization, operating in 56 countries.

Through joint ventures and correspondence agreements with other groups, Mazars also has connections with 17 additional countries. I. PROJECTS AND TASKS COMPLETED First Week This week I stayed at the office. I did some footing and cross referencing of financial statements, Filed and organized files, physical inventory of the supplies and encoding of data. I also distributed pay slips for the staff which gave me chance to personally meet and socialize with them. I also got to work with the Internal Accounting department of the company and I did some administrative accounting. I computed for the VAT and did the reimbursements of the employees. Second Week This week we went to Subic for our field work.

We got to experience some perks of being sent to the client. Time was really flexible because even though we would start working late morning, we end way pass 5pm. We did a lot of vouching while we were there. We encoded the check numbers, the dates, the Journal voucher number and made sure that the amounts were correct. I also did identification of what methods were used by the client to record their assets, if they used the expense or asset method. I found it really hard at first so I asked one of the auditors because I really can’t understand and she also forgot that we didn’t learn audit yet. It was then cleared because there was third party involved.

This week was really fun and one

of the greatest moments during my internship because I got to travel to another place and the staff of the client and the people from RT were so nice that they somewhat gave us a tour of Subic. Third Week For this week I was sent alone to Subic. I found it really challenging for me because I have to do things on my own like going to the terminal early dawn and returning to the boarding house late in the evening. I practically did the same things. I vouched and confirmed amounts that were already encoded in the files of our auditors. I had to this file that took me 3-4 days to finish because the files of the client were not that organized and there were just too many amounts to couch and I have to do it all alone. Even though I was sent to there alone It was still fun because I already had a bond with the auditors.

Are ages were near with each other and we had a lot of similarities so it wasn’t hard to bond with them. Fourth Week This week I got assigned to JCCI in Ayala Ave. The thing I liked being designated here is that I get to see the actual life in the city because in Rockwell it was so peaceful and we didn’t have to commute to go home. This time we had to experience what they call the rush hour and the traffic jam that was so unbearable. I also loved this team because we always have joke time and the superiority was never there. Work here was much harder compared to

the earlier weeks because the team was already pressured because it was only 1 week before the submission.

I did vouching of checks and journal vouchers. But it was not only short files but they let us vouched all the checks for the whole year. It was about 800+ and we finished it about a day and a half. I also did the disclosure checklist of one of the subsidiaries of the client and it was really hard and long but I managed to finish it. We were also given the chance to do the ITR of 21 companies and it was fun but a bit scary because you have to be careful of the data you encode and it should match the lead schedules that our auditors gave us. Fifth Week This was our final week with RT and it was also 5 days before the big day(April 15). We stayed already in the office.

The first few days we didn’t have anything to do because the staff were doing the final Financial statements and we had to wait. But when it was 2 days before April when we really got to see what it’s like when it’s the busy season. We footed and cross referenced day and night. Some even were the same company over and over again until all the corrections were seen and changed. Everyday was overtime and the office was still jam packed even if it’s already 11pm. Some even never got out of the office for three days. Work usually came in the late afternoon or evening so we had to stay. April 15 was also our last day in the

office and there was a party there.

We already said goodbye to the staff that we worked with and it was really sad because all of us had a bond with the teams that we were assigned to. We took pictures and PTT even gave us a goodbye message and interview. II. Reflective Summary A. What were your personal and professional goals in this ecperience? First of all was experience. Second was being Independent and third was Motivation. B. What work or management styles did you encounter in your practicum? What was your relationship like with your supervisor and co workers? What have you learned about your own work style or work ethic? The staff worked efficiently but they also took breaks ofcourse.

They usually head to social networking sites like Facebook and Twitter to relax their minds with all the analyzing and computations. The staff and supervisors in RT were very young and cool so we get a long well. We joke around and tell stories while working. The atmosphere when we work is just so light because they always make sure we are comfortable and okay. Through the 5 weeks of staying in the office we created a bond with the people we worked with and people in the office. They were all welcoming that’s why I miss them. I learned that I procrastinate a lot and I should be efficient with my time. C. How did this practicum relate to your studies and future career choices?

Did this practicum clarify your choice or make you re think your career? This practicum gave me a glimpse on what I might possibly be doing a few years

from now. It served as a pre training already. This career is a mix of fun and hard work at the same time. I just don’t know if I would be able to handle stress like the people in the office did. This practicum and being a part of RT I believe gave all of us a great impact and gave us a preview of what we really want to do in the future and what we should do while we’re still in College. D. What matters on public practice did you encounter? Is your classroom training similar to what you encountered in the practicum?

Or is there a gap that needs to be bridged? Classroom training is not similar to actual practice. I’ve learned a lot from the practicum that the school never taught me. We should enhance computerized accounting because the staff of RT are all advanced and really good at it. Not only with basic Excel formulas but also with their presentation that I’ve never imagined can be done in Excel before. It’s much easier in school because almost all data are given unlike in actual practice that you have to do it and gather it on your own. I really can’t tell if there’s a gap because we haven’t taken up our $th year subjects but I can say is that there’s room for improvement.

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