A Case Study on AMYU & Associates as Host Company in the SAP 2018

Table of Contents
ACKNOWLEDGEMENT ................................................................................................ 2
COMPANY PROFILE ..................................................................................................... 2

CLASSROOM LEARING USED DURING THE ON-THE-JOB TRAINING .................... 9

ISSUES AND CONCERNS ABOUT THE HOST COMPANY ......................................... 9

SUMMARY OF ACCOMPLISHMENTS ........................................................................ 10

RECOMMENDATIONS TO IMPROVE HOST COMPANY ........................................... 11

RECOMMENDATIONS TO IMPROVE THE STUDENT APPRENTICESHIP PROGRAM

...................................................................................................................................... 12

ATTACHMENT A -ENDORSEMENT LETTER DULY SIGNED BY HOST COMPANY 12

ATTACHMENT B – RESUME (IABF Prescribed Format) .......................................... 12

ATTACHMENT C – Daily Time Record Duly Signed by Immediate Supervisor ..... 12

ATTACHMENT D – Journal/Certificates of Attended SAP Activities ...................... 12

ATTACHMENT E – Certificate of Completion .......................................................... 12

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ACKNOWLEDGEMENT
First and foremost, we would like to thank our supervisor, Ms. Jona Callueng,
and our adviser, Ms. Rowena Rufo. Without their assistance and dedication, we would
have never been accomplished this training. We would like to extend our deepest and
sincerest gratitude for their support and understanding over the course of the training.

We would also like to extend our deepest and sincerest gratitude to our dear
parents who provides us financial support to compensate the requirements and moral
support to accomplish this training on time.

Most importantly, we would like to thank God Almighty for giving us the strength,
knowledge, ability, and opportunity to undertake this training and to persevere and
complete it satisfactorily. Without His blessings, this training would not have been
possible.

COMPANY PROFILE
THE FIRM
A.M. Yu & Associates is primarily engaged in accounting practice, auditing profession
and any related service within any place in the Philippines. During its formative years,
the expansion of services and operations was made possible and the firm has
embarked on achieving higher goals and accomplishments. Globalization has forced the
firm to comply and adopt the new International Accounting Standards (IASs) and
International Financial Reporting Standards (IFRSs) which were required by different
regulatory bodies. A.M. Yu & Associates has become accredited with the Professional
Regulation Commission Board of Accountancy, Securities & Exchange Commission,
and Bureau of Internal Revenue.
Mr. Anecito Yu, who is recognized in the industry as authority in taxation, takes pride in
leading an accounting firm that offers a wide range of accounting, audit, tax, and
management consultancy services. As managing partner, he devotes his full time and
innumerable experience to the operations of the firm.

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In its humble beginnings, the idea of establishing an accounting firm was the brainchild
of the late Mrs. Jane Yu, being a bright and successful Certified Public Accountant
herself. Established in 1986, it was operated as an individual professional practitioner.
Soon handling more clients than she alone can handle, she started expanding
operations. In 2002, four years after the death of Mrs. Yu, the firm was officially
registered with the Securities & Exchange Commission (SEC) as A.M. Yu & Associates,
a General Professional Partnership which was managed by Mr. Yu along with Mr.
Edmundo Domingo and Mrs. Adelaida Non as the original partners.

Now, A.M. Yu & Associates is composed of more than forty staff and seven partners &
principal. It is continuing to expand its value-added services and seeks for further
accreditation and affiliation not just to maintain its track record but also to become
globally competitive. The firm is committed to ensure that it adheres to the highest
standards of service and professional conduct.

VISION
A.M. Yu & Associates will be a globally competitive firm of Certified Public Accountants
offering diverse services recognized by local and international business community.

MISSION
A.M. Yu & Associates are committed to providing out clients excellent & quality services
that adhere to the highest standards of the accountancy profession

STRATEGIES
 Commitment to quality assured services
 Development of a dynamic array of services to encompass tax, assurance,
business support, and management advisory
 Use of updated information systems and facilities
 Development of a core of dedicated and competent professional staff
 Establishment of a competitive compensation package and growth plan

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 Continuing program of professional education

 Build trust, teamwork, social responsibility, and positive attitude on work

VALUES
I HELP I CARE VALUES
Integrity Innovative
Hardworking Committed
Excellent Accountable
Loyal Result-oriented
Professional Empowered

SERVICES
 Tax
 Assurance and Audit
 Advisory
 Business Support

TAX SERVICES
The firm’s core specialty revolves around tax. The partners are well-versed of both local
and international tax issues and are always ready to help clients meet the challenges of
doing business in a very competitive environment. The experienced corps of
professionals provides a proactive approach to tax planning and strategic tax
efficiencies. Our tax services include, but are not limited to:
 Tax function outsourcing
 Tax review and compliance
 Professional tax advisory, opinion, and studies
 Tax planning, analysis, and strategy
 Tax assessment settlement assistance
 Request for tax rulings
 Application for tax refund/credit
 Tax administration compliance

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 Tax trainings and seminars

ASSURANCE AND AUDIT SERVICES
The audit services include the examination of financial statements for the purpose of
expressing an opinion on the fairness of the presentation in accordance with the PFRS.
Attendant to this attest functions are the assistance provided to clients in complying with
the reportorial requirements of regulatory bodies and the preparation of management
letter containing our memorandum of observations regarding our analysis of the
financial structure and performance of the client and recommendations for improving
their existing accounting procedures and internal controls. The assurance and audit
services include, but are not limited to:
 Financial audit
 Special audit
 Review engagements
 Due diligence and acquisition audits
 Quality assessments

ADVISORY SERVICES
The advisory services evolved in response to the diverse needs of clients for
professional services beyond the normal scope of tax and auditing services. The
advisory services professionals are equipped with extensive experience to successfully
cope with the demands of management for consultancy services in the areas of:
 Internal audit
 Enterprise-wide risk management advisory
 Business process review
 Compliance audit
 Fraud risk assessment
 Fraud examination and forensic accounting
 IT general controls and IT application controls reviews
 Corporate finance
 Project feasibility study
 Mergers and acquisitions
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 Capability enhancement trainings and seminars

 Compilation engagements
 Agreed-upon procedures

ASSURANCE AND AUDIT SERVICES

Business support services cater to companies who need assistance with managerial or
accounting-related functions. It can provide support to the clients by focusing on
accomplishing tasks of certain functions while it let them focus on their personal
business growth. This includes:
 Accounting process outsourcing
 Assistance in preparation of financial and other statutory reports
 Assistance in filing of tax returns and payment of taxes
 Start-up registration assistance
 Renewal of government registration assistance
 BOI application assistance
 Increase in capitalization assistance
 Dividends processing assistance
 Payroll computation
 Accounts reconstruction
 Physical count and reconciliation of inventories and fixed assets

THE PARTNERS
Anecito M. Yu, CPA
Managing Partner

University of San Carlos ‘78

Bachelor of Science in Commerce, Major in Accounting
Magna cum Laude
Mr. Yu started his career in FNCB Finance, Inc. in Cebu City under Citi Corp.
Group as a Branch Assistant. Later on, he transferred to Manila to work for the Bureau
of Internal Revenue (BIR). He spent seventeen (17) years there and rose to the ranks of

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a Revenue Officer 3. Upon the death of his wife, he retired from the Bureau and started
to practice public accounting. Having spent more than thirty (30) years in the profession,
Mr. Yu earned extensive experience in accounting, tax, auditing and advisory services.
And being a former BIR employee, he specializes more on tax-related services and
other special tax cases. He is a member of the Philippine Institute of Certified Public
Accountants (PICPA).

Miguela G. San Pedro, CPA

Partner

University of the East ‘82

Bachelor of Science in Commerce, Major in Accounting
Ms. San Pedro was admitted to the partnership in 2005. She once worked with
and was mentored by Mr. Yu in a private lending firm prior to the establishment of A.M.
Yu & Associates. With over fifteen years of extensive experience in the accounting
profession, Ms. San Pedro dedicates most of her time in public accounting practice and
specializes on business support services of the firm. She is an active member of the
Philippine Institute of Certified Public Accountants (PICPA).

Evelyn M. Dinglasan, CPA, MSTax

Partner

Philippine College of Commerce ‘77

Bachelor of Science in Commerce, Major in Accounting
Manuel L. Quezon University ‘97
Masters of Science in Taxation
Upon graduation, Ms. Dinglasan worked for the government in the Ministry of
Local Government as a Cooperative Officer. Later on, she transferred to the Bureau of
Internal Revenue (BIR). She spent twenty-two and a half years in the BIR and retired as
a Supervisor (Revenue Officer 4) from the Large Taxpayers Division. On September of
2008, Ms. Dinglasan joined A.M. Yu & Associates. Being well-versed with tax issues

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and concerns, she currently heads the company’s operations related to tax. She is a
member of the Philippine Institute of Certified Public Accountants (PICPA).

Arturo Q. Andino, CPA, LLB

Principal

Saint Louis University ‘63

Bachelor of Science in Commerce, Major in Accounting
Saint Louis University ‘78
Bachelor of Laws
Mr. Andino was a former Assistant Division Chief of the Bureau of Internal
Revenue (BIR). He co-authored several manuals of the BIR such as the BIR Collection
Manual, Audit Manual, and ITS Operations Manual. He was also a resource lecturer for
the Audit Technique Course, Revenue Officers Course, and Collection Course of the
BIR. Upon reaching the age of 65, he retired from the BIR and was offered to join the
partnership. Mr. Andino is an expert when it comes to tax issues. He currently heads the
special tax cases and assessments handled by the firm.

Pablo B. Cahucom Jr.

Principal

University of Mindanao ‘91

Bachelor of Science in Commerce, Major in Accounting
Mr. Cahucom started work at a private lending firm for over 5 years and has
worked under the supervision of Mr. Yu. He later joined the firm and after more than 10
years of valuable service, he climbed his way up to be a principal – the highest rank a
non-CPA could reach in the firm. He specializes in tax and business support services.

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CLASSROOM LEARNING USED DURING THE ON-THE-JOB TRAINING

1. DOUBLE CHECKING
we double check the information in the excel with the information in the form 2307
papers.
2. PRACTICE ANSWERING IN THE WORKSHEET
with this, we easily accomplish the task about bookkeeping of general journal books,
cash disbursement books and cash receipt books, and posting to the general ledger
books.
3. TECHNIQUES USED TO ANSWER ACCOUNTING-RELATED PROBLEMS
with this, we easily get the right amount of tax base in the task because sometimes the
tax base in the file is not correctly stated with the equivalent tax amount.
4. INITIATIVE TO LEARN
presenting students with the tools, which they are asked to finish the task. If, to finish
the task immediately, students should learn the shortcut keys in the tools (e.g. Microsoft
Excel).

ISSUES AND CONCERNS ABOUT THE HOST COMPANY

1. LACK OF COMPANY ACITIVITIES
The fieldworks, seminars, trainings, etc. is not enough to suffice the professional needs
of the employees and OJT students. It might result to increased expenses
(compensation to customers for less quality service), and loss of customers (untrained
employees cannot produce high-quality services. It lacks adequate knowledge and skills
to provide satisfactory customer services which will result to dissatisfied customers).
2. ROUTINARY TASKS
The tasks given to the OJT students do not have variations compared to the auditing
firms. It might be one of the factors that potential students consider in not applying to
the said host company. It might not also attract best employees in the long run.
3. UNKNOWN COMPANY
The host company is not known to the students. It takes word-of-mouth information to
know about the host company. In this technological savvy generation, it is important that

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the host company should have the tools (websites, social media accounts, etc.) to
inform the public.

4. POORLY PERFORMING INTERNET CONNECTION

The host company must invest in their network connection. Failure to do so can and will
lead to slow downs and interruptions to workflows that may potentially have a significant
negative impact on their bottom lines. One effect would be diminished productivity
(employees can hardly be expected to complete their work when they’re waiting around
all day for the network to catch up to speed). Next effect would be poor employee
morale (When the network is slow it causes great frustration and employee morale to
tank). Lastly, revenue will take a hit (beyond your employees’ inability to complete their
work and morale taking a nosedive, slow internet causes lost profits).
5. OLD MODEL LAPTOPS
The host company should upgrade their office equipment, specifically the laptops. It can
cause ineffective to employees especially when the task is needed urgently.

SUMMARY OF ACCOMPLISHMENTS
1. BOOKKEEPING OF RECORDS
Bookkeeping is the recording of financial transactions, and is part of the process of
accounting in business (Wikipedia). It refers to the organization and storage of
accounting and financial documents such as ledgers, journals, financial statements,
income tax records, and more. Bookkeeping of journal and ledger of companies like D’
Araneta Corporation, Baliwag Incorporation, and Reynald Tire Supply. With proper
bookkeeping, companies can fulfill tax obligations, improved management and financial
analysis, and proper and easier reporting to investors.
2. SUMMARY ALPHALIST OF WITHHOLDING AGENTS OF INCOME
PAYMENTS SUBJECTED TO WITHHOLDING TAX
Taxes are essential and indispensable to the continued subsistence of the government.
Without taxes, the government would be paralyzed for lack of motive power to activate
or operate it. Taxes are lifeblood of the government, and their prompt and certain
availability are an imperious need. Upon taxation, depends the government’s ability to

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serve the people for whose benefit taxes are collected. BIR Form 2307 or Certificate of
Creditable Withheld At Source shows the income subjected to expanded withholding tax
paid by the withholding agent. BIR Form 2307 in the books of accounts of the taxpayer
is accounted for as an asset. They are considered as income tax prepayments – being
deductible from income tax due of the taxpayer during a quarterly or annual income tax
return. They function as income tax credits or what you can consider advance income
tax of the payee. We have accomplished the SAWT of BIR Form 2307 of this
companies (HH Astro Sales Corporation, Anti-crime Corporation, Wilken Corporation,
Western Marketing Corporation, Western Grand Central Co. Inc., Simplex Industrial
Corporation, Reynald Tire Supply, SIdel Industrial Packaging Corporation, and Valiant
Paper Asia – Pacific Corporation).

RECOMMENDATIONS TO IMPROVE HOST COMPANY

1. COMPANY ACTIVITIES
The host company should have fieldworks for the upcoming OJT students to experience
firsthand and to enlighten the upcoming OJT students about the Accounting and
Auditing works related to the clients like going with the employees whenever they have
fieldwork to other clients. They should also have seminars and trainings for the OJT
students to be able to attract probable key and promising Commerce-related students
for the employment. Through this, students and employees need this for their
professional competence and career development.
2. TASK ROTATION
They should plan the tasks given to the upcoming OJT students to help develop
significant skills and to make the upcoming OJT students appreciate their chosen
career. For example, rotating the task (bookkeeping for Monday, double-checking of
other tasks for Tuesday to Wednesday, and excel tasks is for Thursday to Friday. Vice-
versa for next week) weekly.
3. KNOWN TO PUBLIC
The host company should at least have a website for their current and upcoming clients,
OJT students, employees, and stakeholders. With this, they can provide information
about the company in a broad manner. They can also attract more clients which can
lead to higher sales and growth for expansion.
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4. INTERNET CONNECTION AND OFFICE EQUIPMENTS

The host company need to consider improving internet connection and replacing old
and ineffective office equipment. If it done so, it can eventually lead to online accounting
and bookkeeping software and application, text and video conferencing tools for instant
business communication, and payment gateway and online payment system to accept
and send money using the internet.

RECOMMENDATIONS TO IMPROVE THE STUDENT APPRENTICESHIP PROGRAM

The partnering of companies by the Institute of Accounts, Business and Finance
should also include Accounting and Auditing-related firms. We observe that most of the
partner companies are Business Management-related companies.

The school should be the one partnering, collaborating, and endorsing to the
companies because the students are having a difficult time to find a host company that
will accommodate them. Through this, it will be a win-win situation for the students, the
school, and the companies because it could save money and time.

The Student Apprenticeship Program should include an interview etiquette

training program or a refresher program for interview before going to different
companies. Through this, the students will have an edge during their interview
performance.

These Attachments are all on the orange Clear book:

ATTACHMENT A -ENDORSEMENT LETTER DULY SIGNED BY HOST COMPANY . 12

ATTACHMENT B – RESUME (IABF Prescribed Format)

ATTACHMENT C – Daily Time Record Duly Signed by Immediate Supervisor

ATTACHMENT D – Journal/Certificates of Attended SAP Activities

ATTACHMENT E – Certificate of Completion

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