RAYMART M.

COPIAR ROGATIONIST COLLEGE –

SILANG

RAMON F. SINAG, CPA ACCOUNTING

INTERNSHIP

WEEKLY ACCOMPLISHMENT

WEEK 4

The fourth week of our OJT is somehow different compared to the first

three weeks that we had encountered in our internship since there is a change

when it comes to our line of work and the task assigned to each one of us. These

coming weeks is concerned regarding the audit of the institution that is why we

are more exposed to the nature of audit work as well as the reliability and

correctness of our work is needed to be on point in order to create an output that

is presentable and understandable to the client more specifically to the board of

trustees of the institution and its management since they are critical to the

decision making and daily operation of the company. In connection to the work

that I have done for the last three weeks, it was already given a remark and was

very helpful in some parts of the report as well as in some necessary statements

of account. For this week I am tasked to organize the general journal, ledger and

the adjusting entries as well as see if any adjustments and correction are needed

in order to see the work that my co – OJT have done in their own assigned task.

Moreover, the main work that is expected of me is to create a lead schedule of all

the necessary accounts that is very important in the audit process of the

institution.
 The first thing that I did for this week is to check and organize the general

journal since it is one of the crucial parts of a report and a foundation of all the

work that is needed to be created as it is connected to the general ledger,

adjusting entries as well as some financial statements of the institution.

Therefore, in order to have an organized and proper way of journalizing all of the

transactions that the company had over its fiscal year operation, I had to check

each account and back track to see if they are properly recognized. It is a good

thing that one of co – intern have already properly recorded the transactions that

is why it did not give me any hard time collating all information that is needed for

the general journal.

The general ledger also form part of the report as the adjusting entries and

some necessary adjustment will be based from the information that it contains. I

had to check the validity of the ledger because the adjusting entries it also

needed for the trial balance which is needed to create the lead schedule for

balance sheet and income statement. I was able to check all the adjusting entries

and somehow correct some misstatements as well as validated the amount in

order to avoid wrong balance at the end of the report. It is also my work to collate

the adjusting entries that my co – OJT students is creating and make a client

adjusting journal entries which is a pivotal part in the lead schedule as it will

determine the adjusted ending balance of each account that is needed for the

notes to financial statements. Moreover, I also check the ending balance of each

account in the trial balance in connection to its individual sheets presented in the

excel because some of the accounts are not properly computed and not
recognized in its normal balance that is why it created huge disparity in its debit

and credit side, but with all the necessary adjusting entries that is recognized it is

really helpful since it some amounts and accounts are on their proper balance

and does not create any difference which is immaterial for the institution.

As per the main task of creating the lead schedule for the financial

statements of the institution, I have already started it and created some part

since I still needed the work of my other co – OJT students because they are

connected to the financial statements and the report that I am doing. The lead

schedule that I am doing is a working paper that lists the detailed general ledger

accounts comprising a line item in the financial statements. The total on a lead

schedule should match the total for the corresponding line item in a client’s

financial statements. A set of working papers that I am creating for an audit will

likely have lead schedules for many balance sheet line items, such as cash,

investments, receivables, prepaid expenses, fixed assets, payables, debt, and

equity.

For this week’s tasks that is assigned to me, I learned that this schedule is

typically constructed in a spreadsheet format, and contains cross-references to a

series of underlying working papers that provide additional detail regarding each

of the accounts stated in the schedule. Moreover, I have come to know that a

lead schedule is quite useful for giving structure to audit documentation, making

it easier to read as well as for its understandability for any users of information.

Lastly, even though the task is quite out of my context and difficult to construct, I

really tried my best with all the guidance and support of my supervisor as he
really instructed us properly and gave necessary deliverables and data to

accurately finish our tasks.

ACTUAL WORK PHOTOS

WEEK 5

It is the fifth week of our OJT and just like the other weeks we started it by

having a meeting with our OJT Supervisor in order to discuss matters that

concerns the work that we submitted last week. Likewise, the work that I

submitted regarding the organized general journal, ledger and adjusting entries

were presented and my supervisor gave his own remarks in order to improve

more the presentation but as a whole it is already correct when it comes to the

amount and transaction recognized in each report. He also gave his partial

analysis on the lead schedule that I have started last week, since it is not yet

finalized due to some adjustments coming from the different tasks that is

assigned to each one of my co – OJT students, but more so it is a good thing that

I have started something last week and already created spreadsheet as well as

format and formula to supply the information that I will be collating this week

coming. Basically, this week I am tasked to create the lead schedule for the

financial position of the institution and also analyze the clients adjusting journal

entries because it is needed for the computation of the adjusted ending balance

of each account which is a line item of the balance sheet and soon will form part

of reconciling items in the statement of cash flows which is one of the financial

statements of the company.

I started this week by collating all the specific assigned tasked and create

the clients adjusting journal entry thus referencing it to the trial balance of the

previous year. The information and data that is given to me by the other OJT’s is
incomplete since their work is also difficult to comprehend and requires time to

finish as well as proper analyzation of data but in order to maximize the time for

the whole week, I make use of the available information and data that I have in

order to primarily start the lead schedule since it needs time and accurate

presentation of amount for the audit process and documentation. I have already

the data for all the receivables as well some of the bank statements and ending

amount of trial balance that is why I make some computations for the adjusting

entries and also for the related transaction of each account. For the whole week,

I had to make some adjustments for each corresponding accounts each day

since there are necessarily important for the accuracy and also, they are coming

from my co – OJT student’s tasks which is really a part of the lead schedule for

the financial position.

Moreover, I have transferred all the transactions and data to one of the

spreadsheets in order to make the presentation and calculation more easily and

precise. I recalculated some ending amount from the trial balance and then

transferred it to the lead schedule report even though I have encountered

problem in the course of it due to some accounts having an abnormal balance

which is not a proper way of accounting. In connection to this, in order to correct

the abnormal balance of some accounts, I had to check the general journal and

track back some accounts to its own transactions. The clients adjusting journal

entries that I have gathered is at some point insufficient and cannot guarantee

the proper amount at the end of the computation but as I progress in my

assigned tasks, I was able to see what is lacking and wrong on some of the
computations that is why I maximize the opportunity to correct those mistakes

and make necessary adjustments to the accounts which is not in their proper

accounting records.

The whole week is somehow is very challenging since it really tests my

knowledge and capability as an OJT student because of the workload that I have

and the difficulty of the tasks which I do not have any background on doing the

lead schedule for the financial position but good thing that with the help of my

supervisor and with constant communication to them I was able to come up with

the schedule on time considering its proper presentation and amount provided in

it. Even though it is only an internship, I have come to see the real audit work and

experience it through the tasks and activities that is assigned to me making me

more aware of the possible work that I will be having in the future that is why it is

a good experience to make something difficult like this because I know that this is

the work that I am having after I graduated. The lessons that I have gained for

the whole week is truly remarkable and can be applied for the upcoming week

since there are a lot of tasks that is more difficult to understand and comprehend.

In addition, the knowledge that I have received for this work is not just for the

OJT but also can be useful in my jobs knowing that I am satisfied with the work

that I have submitted and created this week.

ACTUAL WORK PHOTOS
WEEK 6

The sixth week of our on – the – job training is just the continuation of the

work that I had last week which concerns the lead schedule for all the financial

statements. We started the week with the remarks and corrections coming from

my supervisor in order to improve the lead schedule that I have submitted last

week and also to adjust the necessary clients adjusting journal entries since

there are lots of additional data and information that should be analyze thus

considering each assigned tasks to my co –OJT students as there are a lot of

possible changes and updates on their own work. In connection to the lead

schedule for the financial position that I have submitted last week, there are

some minimal errors that my supervisor had required me to adjust and correct

since they are needed for the accuracy of the report.

Moreover, there are a lot of adjustments that I have overlooked and did

not include in the presentation of the schedule which makes some of the ending

balance incorrect and not in their normal state. Based from the feedback that I

have received from the tasks I have submitted, this week I was ask to make the

necessary adjustments and corrections on the financial position and as well as

the trial balance which is part of the lead schedule thus adjusting some accounts

based on the additional adjusting entries that I will be receiving each day since I

needed to update those accounts and transactions up to date to make timely

reports and statements. In addition, I was given a supplementary work which is

also to create the lead schedule for the comprehensive income statement of the
institution considering the tuition fees and other income that relates to the

transaction of the school as well as expenses which is needed for their daily

operation.

In order to start the week, the first thing that I did is to follow the guidelines

and instructions that my supervisor gave to me with regards to some mistakes

and errors that I have with the lead schedule for the financial position considering

that it is a good step in making a more improve and accurate report on the

financial statements. I was able to take note all of the essential modifications on

my work and apply it to my current assigned task since it should be polish and

the amount must be in their proper accumulation without disregarding the

accounting rules and also the audit work and process. In addition to the changes

that I made on some very important accounts, I had to see if they are really

material to the company knowing that this could affect their daily transactions and

operation thus making a constructed decision making considering the reports and

outputs that I am producing every week. Furthermore, the lead schedule for the

financial position of the company was finalized and adequately supported by the

important adjusting entries that I have collected each day on the individual task

that is designated for us and arriving at the correct balance of each line items of

financial position which includes the assets, liabilities and equity of the company.

Moreover, the main task for the whole week is to create another lead

schedule which is for the comprehensive income statement of the institution

considering their revenue from the tuition fees as well as other income from

some of their daily operations and also their expenses and disbursement for the
entire school year making their processes possible to its students and staff as

well. Likewise, the lead schedule for the income statement is no different from

the financial position which submitted first that is why I patterned my work to my

previous lead schedule making it easier for me to supply all the needed data and

amount. Consequently, there are also major adjustments and modifications on

some accounts since they are temporary accounts that should be closed at the

end of the reporting period. I had to make the same process as to the latter lead

schedule, gathering the clients adjusting journal entries to some income and

expenses accounts. It is a good thing that before the week end, I have already all

the data for the income statement thus submitting the lead schedule on time and

making sure that all the amounts are valid and with reference to the deliverables

that I have on hand.

Indeed, the work of the real audit is challenging considering the difficulty

and mastery that I should have in order to understand all the processes from one

account to another but with the help of my other co – OJT students and their

consistent on time submission of their own work, it was able to ease the

extremity of the work that is assigned to me. Similarly, I was able to apply all of

the lessons and instructions that I have received from my supervisor during the

discussions which also helps a lot in the completion of my work for the week. In

conclusion, the trainings and real – life lessons that I have gained through this

internship will be very useful in the real audit work and the industry that I will be

taking in the near future and certainly I know that I can offer more effort as I

continue my OJT to its last week.

ACTUAL WORK PHOTOS
WEEK 7

Our on – the – job training is supposedly only until the 6 th week in order to

complete the 240 hours required time for the internship but due to some events,

we have extended for 1 week in order to finish the notes to financial statements

which is truly the end result of our work and the report that we should be

presenting to the management of the institution. I was instructed that this week is

the real audit work that is why we will be more exposed on its processes and its

proper way of presentation making us more aware of the real situation in our field

of work. Meanwhile, both of the lead schedule for the financial position as well as

for the comprehensive income statement were already finalized and modified

with some adjustments coming from the remarks of my OJT supervisor. The data

and amounts that are recognized in both of the lead schedules will be utilized in

the preparation of the notes to financial statements which is my main task for the

whole week as our OJT comes to an end. Additionally, in order to complete the

whole report and financial statements of the institution, I was given an added

work which is to make the cash flow statement of the company for the entire

school year showing its running balance of cash at the year – end considering

the different receipts and disbursement in its operating, investing and financing

activities. In this 7th week of my internship, I was expected of a good outcome

and reports capitalizing all the resources and data that I have for the entire

duration of the training. I should be able to do the real audit work and process

thus apply it to all of the reports that I will be making but more importantly to the

notes to the financial statements.

 Furthermore, to completely ensure that all of the amounts and accounts in

every transaction presented in both of the lead schedules are properly recorded

and recognized based on its nature and effects to the operation of the company, I

recalculated and see if there are still adjustments that are needed to be modified

in order to increase the accuracy and validity of the reports. I was also able to

analyze the lead schedule for the financial position which helps in checking if

there are abnormal balances on each account thus securing that their amount is

material for the company and not unreasonable presented. Likewise, the lead

schedule for the income statement is also validated since it will show the

performance and flow of income inside the institution hence guaranteeing that

they are gaining income from its operation.

Moreover, after finalizing both of these lead schedules I have started

creating the cash flow statement of the company which is one of the important

financial statements because through this report, I can show how the institution

utilize its inflows for the entire school year without getting compromise with all the

disbursements and expenses that they are incurring every day. In addition,

through this statement the management will have an overview on the different

activities such as operating, investing and financing in which they capitalize all of

their inflows, therefore, generating the cash available at year – end. Finally, with

the data that I have I been able to finish the notes to financial statements

considering both of the lead schedules because I based all of the amounts in the

ending balance of each account in that report then transferring it to the notes in

which some accounts should presented for audit purposes.

 The notes to the financial statements disclose the detailed assumptions

that we made by preparing the company’s income statement, balance sheet and

statement of changes of financial position. The notes are essential to fully

understanding these documents as well as the audit work that is done by an

auditor with regards to the operation and transaction of a certain company.

Indeed, notes to the financial statement are supplemental notes that are included

with the published financial statements of a company. These notes are used to

explain the assumptions used to prepare the numbers in the financial statements,

as well as the accounting policies adopted by the company.

Furthermore, I have witnessed that when conducting an audit of the

financial statements, the auditor should conduct a thorough investigation of all

the information contained in the financial statements, including the notes to the

financial statements. The notes to financial statements determine if the

accounting policies used are appropriate, properly applied, and are reflected in

the reported results of the company thus the notes may also provide information

on underlying issues relating to the overall financial health of the company. In

summary, this entire work that I have for the whole week is of great experience

and lessons since it is the real audit processes and work which is practice in my

own field of great. I am glad that through the help of my supervisor I was able to

properly do the audit as well understand how this processes works in the real job

because with all the experiences that I have for this OJT this assures that they

prepared us in a more competitive environment and job in the industry that we

will be having in the future.

ACTUAL WORK PHOTOS