Report

Republic of the Philippines
UNIVERSITY OF EASTERN PHILIPPINES

University Town, Northern Samar, Philippines
Web: http://uep.edu.ph; Email: uepnsofficial@gmail.com
COLLEGE OF BUSINESS ADMINISTRATION
Name of Trainee: Montes, Miko B.

Course Program: BS Accountancy
Name of Supervisor: Repolidon, Ageline P.
Position of Supervisor: Proprietor
Department and Company: Ageline L. Padilla-Repolidon Accounting and Auditing
Firm
Evaluation Period: From 10/04/2023 To 12/21/2023 Total Hours: 400 hours
List of Accomplished Tasks
✔ Manual Bookkeeping
✔ Recorded transactions in Cash Receipts & Disbursement Journal, posted
accounts to General Ledger and Prepared General Journal of the 6 non- VAT
Registered clients.
⮚ Recorded transactions in the Subsidiary Sales & Purchases Journal, posted
accounts to the General Ledger, and Prepared the General Journal of the 12
VAT-Registered clients.
✔ ST. SCHOLASTICA'S HOSPITAL, INC
✔ Corrected the errors found in the books of the client, particularly in the cash
books.
✔ Prepared worksheet paper of transaction (trial balances and adjusting entries
and completing the accounting cycle from July to September 2023
✔ Made distinction on the VAT AND NON-VAT Transactions recorded in the
cash books.
✔ Prepared VAT Schedule listing both sales (Output VAT) and purchases (Input
VAT)
✔ Sorted and checked of amounts from the supporting documents for July to
September official receipts such as petty cash vouchers, check
disbursements vouchers, IOU, and bank deposit slips
✔ Prepared basic bank reconciliation from July to September 2023
✔ Prepared the following monthly financial statements from July to September
2023:
▪ Statement of Financial Position
▪ Statement of Activities
▪ Detailed Notes to the Financial Statements
✔ Prepared Budget Performance Report (BPR) from July to September 2023
⮚ DTI PowerPoint Presentation and Handouts
✔ Prepared the PowerPoint Presentation for the Workshop titled: BASIC
ACCOUNTING for Non-Stock & Non-Profit Associations
✔ Assisted Mrs. Ageline Repolidon on the 2-day Workshop Seminar by
assigning me to facilitate the respective member of the association
SAMAHAN NG MGA ILAW NG BRGY TOOG in the setting of books of
accounts up to the preparation of trial balance during the seminar
⮚ ST. MICHAEL DIAGNOSTIC LABORATORY

✔ Prepared corrections of assets and expenses lead schedules as well as
adjustments on the correct capital investments
✔ Prepared the following comparative financial statements as for the periods
2022 and up to November 30, 2023:
1. Statement of Financial Position
2. Statement of Operations
3. Statement of Cash Flows
4. Statement of Changes in Equity
5. Notes to the Financial Statements
✔ Prepared Statement of Management Responsibility for the periods 2022 to
2023
⮚ Familiarized and Sorted various VAT AND NON VAT clients and update
the BIR Returns Monitoring sheet consisting of VAT Returns (2550 Q),
Income Tax Returns ( 1701Q AND 1702 Q), Monthly Creditable
Withholding Tax – 0619, Quarterly Withholding Tax (1601 Q), BIR Form
No. 2200-M, and BIR Form No. 1601C for QUARTER 1 TO 3 IN 2023 of the
following clients:
Types of Clients TYPE OF BIR FORM Number of Clients
VAT 2550Q, 20
1701Q/1702Q,0619e,
1601Q,1601C,2200M
NON-VAT 2551 Q, 1701Q/1702Q, 28
0619e,
1601Q,1601C,2200M
⮚ Printing of Tax Return Receipts, E-submission validation reports for VAT
returns, quarterly withholding tax returns and income tax returns
⮚ Make email accounts for both VAT and NON-VAT clients
⮚ Performed an audit in the accounting software (QNE) by establishing the
ending balances in the year 2022, making adjustments, and correcting
entries in the financial statements. and transaction-based audit based
on the Bir returns for the 13 VAT Clients
⮚ Conduct a comprehensive QUALITY ASSURANCE REVIEW (QAR) of the
12 VAT clients.
The phases performed in these types of reviews consist of the following:
⮚ Chapter 1: Planning and Preparation
▪ Objective Definition: Clearly define the objectives and scope of the review.
▪ Client Background: Understand the nature of the VAT clients, their industry,
and specific requirements.
▪ Risk Assessment: Identify potential risks associated with the clients and their
VAT processes.
▪ Documentation Gathering: Collect relevant financial documents, invoices, and
transaction records.
▪ Regulatory Framework: Familiarize yourself with the latest VAT laws and
regulations applicable to the clients.
⮚ Chapter 2 ( Detailed Procedure): Execution and Analysis Phase
▪ Data Sampling: Select a representative sample of transactions for detailed
examination.
▪ Compliance Testing: Assess whether the clients are complying with VAT laws
and regulations.
▪ Transaction Accuracy: Verify the accuracy of recorded transactions and the
calculation of VAT.
▪ Internal Controls: Evaluate the effectiveness of internal controls in place to
ensure VAT compliance.
▪ Discrepancy Identification: Identify any discrepancies, errors, or
non-compliance issues.
▪ Root Cause Analysis: Determine the root causes of identified issues.
▪ Impact Assessment: Assess the impact of the identified issues on financial
statements and compliance.
⮚ Chapter 3 (Conclusion):Reporting Phase and Documentation and Archiving
Findings Documentation: Prepare a detailed report outlining the findings of the QAR.
Recommendations: Provide recommendations for improvements and corrective
actions.
Client Presentation: Present the findings and recommendations to the clients.
Report Documentation: Properly document all aspects of the QAR, including
methodologies, findings, and recommendations.
Archiving: Archive the QAR documentation for future reference and audit purposes.
These are properly documented in the Quality Assurance Review Forms.

Duties and Responsibilities
Listed below is an enumeration of the duties, and responsibilities that I have
been assigned as an accounting intern at Ageline L. Padilla-Repolidon Accounting
and Auditing Firm and that I am expected to accomplish within the schedule and
duration of my practicum:
1. Manual Bookkeeping of Non-VAT and VAT- Registered clients. Is the process
of manually documenting or recording business activity transactions in
accounting books such as Cash Receipts and Disbursement Journals,
Subsidiary Journals, General Ledger, and General Journal.
2. Updating the Books of the clients.
3. Preparation of Workshop presentation on the Basic Accounting for Non-Stock
and Non-Profit Association by preparing a PowerPoint Presentation and
Handouts and onsite facilitation of respective association during the seminar
for a two-day workshop on Financial Statement Preparation and Basic
Accounting for Associations and Cooperatives
4. Conduct a substantive audit and preparation of Financial Statements and
Budget Performance Report (BPR) from July to September 2023 of ST.
SCHOLASTICA'S HOSPITAL, INC.
5. Preparation of a 2-year comparative financial statements and preparation of
Statement of Management responsibility of ST. MICHAEL DIAGNOSTIC
LABORATORY.
6. Printing of BIR Confirmation Documents and Update of BIR RETURN
Monitoring Sheets of Various Clients.
7. Transactional Based Audit based on BIR RETURNS using an accounting
software called the QNE Accountant’s Programs Software.
8. Update on the General Ledger and General Journal of all accounts and
making month-end adjustments and establishing beginning balances of the
financial statements for 2022 using the accounting software QNE
Accountant’s Programs Software.
9. Conduct a Quality Assurance Review for the 12 VAT Clients.
Noted by:
Ageline P. Repolidon, CPA
Proprietor

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Republic of the Philippines

UNIVERSITY OF EASTERN PHILIPPINES

COLLEGE OF BUSINESS ADMINISTRATION

Name of Trainee: Montes, Miko B.

List of Accomplished Tasks

✔ Recorded transactions in Cash Receipts & Disbursement Journal, posted

⮚ Recorded transactions in the Subsidiary Sales & Purchases Journal, posted

✔ ST. SCHOLASTICA'S HOSPITAL, INC

✔ Prepared worksheet paper of transaction (trial balances and adjusting entries

and completing the accounting cycle from July to September 2023

✔ Made distinction on the VAT AND NON-VAT Transactions recorded in the

September official receipts such as petty cash vouchers, check

disbursements vouchers, IOU, and bank deposit slips

✔ Prepared basic bank reconciliation from July to September 2023

✔ Prepared the following monthly financial statements from July to September

▪ Statement of Financial Position

▪ Detailed Notes to the Financial Statements

✔ Prepared Budget Performance Report (BPR) from July to September 2023

⮚ DTI PowerPoint Presentation and Handouts

✔ Prepared the PowerPoint Presentation for the Workshop titled: BASIC

ACCOUNTING for Non-Stock & Non-Profit Associations

✔ Assisted Mrs. Ageline Repolidon on the 2-day Workshop Seminar by

assigning me to facilitate the respective member of the association

SAMAHAN NG MGA ILAW NG BRGY TOOG in the setting of books of

accounts up to the preparation of trial balance during the seminar

⮚ ST. MICHAEL DIAGNOSTIC LABORATORY

✔ Prepared corrections of assets and expenses lead schedules as well as

adjustments on the correct capital investments

✔ Prepared the following comparative financial statements as for the periods

2022 and up to November 30, 2023:

1. Statement of Financial Position

3. Statement of Cash Flows

4. Statement of Changes in Equity

5. Notes to the Financial Statements

✔ Prepared Statement of Management Responsibility for the periods 2022 to

Income Tax Returns ( 1701Q AND 1702 Q), Monthly Creditable

Types of Clients TYPE OF BIR FORM Number of Clients

NON-VAT 2551 Q, 1701Q/1702Q, 28

⮚ Printing of Tax Return Receipts, E-submission validation reports for VAT

returns, quarterly withholding tax returns and income tax returns

⮚ Make email accounts for both VAT and NON-VAT clients

⮚ Performed an audit in the accounting software (QNE) by establishing the

ending balances in the year 2022, making adjustments, and correcting

entries in the financial statements. and transaction-based audit based

on the Bir returns for the 13 VAT Clients

⮚ Conduct a comprehensive QUALITY ASSURANCE REVIEW (QAR) of the

The phases performed in these types of reviews consist of the following:

⮚ Chapter 1: Planning and Preparation

and specific requirements.

▪ Documentation Gathering: Collect relevant financial documents, invoices, and

regulations applicable to the clients.

⮚ Chapter 2 ( Detailed Procedure): Execution and Analysis Phase

▪ Data Sampling: Select a representative sample of transactions for detailed

▪ Transaction Accuracy: Verify the accuracy of recorded transactions and the

▪ Internal Controls: Evaluate the effectiveness of internal controls in place to

ensure VAT compliance.

▪ Discrepancy Identification: Identify any discrepancies, errors, or

▪ Root Cause Analysis: Determine the root causes of identified issues.

▪ Impact Assessment: Assess the impact of the identified issues on financial

statements and compliance.

⮚ Chapter 3 (Conclusion):Reporting Phase and Documentation and Archiving

Recommendations: Provide recommendations for improvements and corrective

Client Presentation: Present the findings and recommendations to the clients.

Report Documentation: Properly document all aspects of the QAR, including