Case Study Sample Ojt 1

FAR EASTERN UNIVERSITY
Institute of Accounts, Business, And Finance

Student Apprenticeship Program
KPMG R.G. MANABAT & CO.
A Case Study
Presented to
the Faculty of Accountancy Department
Institute of Accounts, Business, and Finance
Far Eastern University – Manila
In Partial Fulfillment
of the Requirements for the Degree
Bachelor of Science in Accountancy
By
JHUSTYN RAE K. BAGATSING

ALEXA JOY S. HIPOLITO
MARITES R. MONTEHERMOSO
KYLIE BRAE G. TIRI
10 December 2021
TABLE OF CONTENTS
TABLE OF CONTENTS ........................................................................................................................... ii

ACKNOWLEDGEMENTS........................................................................................................................ iii
COMPANY PROFILE AND INDUSTRY ANALYSIS ............................................................................... 1
CLASSROOM LEARNING APPLIED TO ON-THE-JOB-TRAINING ...................................................... 4
COMPARISON BETWEEN THEORY/CONCEPTS TAUGHT IN CLASSROOM AND EXPERIENCE
DURING ON-THE-JOB TRAINING .......................................................................................................... 8
ISSUES AND CONCERNS ABOUT THE HOST COMPANY ................................................................ 10
As Internship Host Company ........................................................................................................ 10
As Industry Player ......................................................................................................................... 10
RECOMMENDATIONS TO IMPROVE HOST COMPANY .................................................................... 12
SUMMARY OF ACCOMPLISHMENTS .................................................................................................. 14
Personal Accomplishments ........................................................................................................... 15
Career Accomplishments .............................................................................................................. 17
ATTACHMENT A: ENDORSEMENT LETTER DULY SIGNED BY HOST COMPANY ........................ 19
ATTACHMENT B: RESUME .................................................................................................................. 20
ATTACHMENT C & D: BRIEF JOB DESCRIPTION OF APPRENTICE & STUDENT’S TRAINING
PLAN....................................................................................................................................................... 30
ATTACHMENT E: JOURNAL ................................................................................................................ 33
ATTACHMENT F: SAMPLE OF WORK DONE (NON-CONFIDENTIAL) ............................................. 91
ATTACHMENT G: PERFORMANCE EVALUATION FORM ................................................................. 92
ATTACHMENT H: CERTIFICATE OF COMPLETION C/O HOST COMPANY .................................... 96
ATTACHMENT I: EVALUATION FOR SAP ADVISER AND HOST COMPANY ................................ 100
ATTACHMENT J: CERTIFICATES OF ATTENDED SAP ACTIVITIES.............................................. 102
ATTACHMENT K: SUMMARY OF OJT HOURS................................................................................. 115
KPMG R.G. MANABAT & CO. Page | ii

ACKNOWLEDGEMENTS
The success of finishing this Accounting Internship and case study became
possible with the help and support of various individuals.
It is with great thanks to Almighty God for giving us gifts of wisdom, intelligence,
and strength, and for guiding us all throughout the process of our internship program and
in the accomplishment of this case study. All of these became possible by His guidance
and unending grace, which allowed us to bravely surpass all the challenging situations
encountered in this journey.
We would also like to genuinely extend our sincerest gratitude to: First, Far Eastern
University, especially to the Institute of Accounts, Business, and Finance department for
bridging us, interns, to KPMG R.G. Manabat & Co who is one of your partner companies.
This gave us an exceptional opportunity and experience to represent our school, FEU, to
one of the most prestigious professional services firms; second, the People, Performance
& Culture (PPC) Department of KPMG, especially to Ms. Hannah Carmela T. Relao and
Ms. Althea L. Mangasar for being our facilitators for the whole internship program. Their
assistance and guidance made it easier for us to successfully finish our on-the-job
training; third, the Advisory, Audit and Assurance, Tax, and Technology Consulting
Department, especially to the facilitators who were very hands-on for mentoring, teaching,
and guiding us throughout our stay in your firm. The values and training they have instilled
in us will really prepare us for our future endeavors as professionals in the business world;
and lastly, our Accounting Internship adviser, Ms. Yolanda A. Baccay, CPA, MBA, LLB,
for her extraordinary guidance and patience in assisting us from the start until the end of
KPMG R.G. MANABAT & CO. Page | iii

the duration of the internship program during this semester. Her support and valuable
time in providing insights really made it easier for the completion and success of this case
study.
KPMG R.G. MANABAT & CO. Page | iv

COMPANY PROFILE AND INDUSTRY ANALYSIS
Company Profile
Mission
KPMG R.G. Manabat & Co.’s mission is to
turn knowledge and understanding of information,
industries and business trends into value for their
firms' clients, people and the capital markets.
Vision
The goal of KPMG R.G. Manabat & Co. is not to be the biggest professional
services firm; its goal is to be the best professional services firm. And they define this in
a very tangible way through its vision of being the Clear Choice.
History
KPMG R.G. Manabat & Co. was founded by Roberto G. Manabat and Emmanuel
P. Bonoan in 2007 as one of the strongest and fastest growing member firms of KPMG
in the region, driven by dedication and an unwavering commitment to excellence.
About KPMG
KPMG member firms operate in 153 countries, collectively employing more than
207,000 people, serving the needs of businesses, governments, public-sector agencies,
and non-profits.
KPMG R. G. Manabat & Co. adopts a global approach spanning professional
disciplines, industry sectors and national borders. The company takes pride in imparting
KPMG R.G. MANABAT & CO. Page | 1

knowledge that adds value to their clients' businesses. Also, they have been ranked
number one for overall quality for global financial services consulting.
Industry Analysis
KPMG R.G. Manabat & Co. is an official member of KPMG network that originated
in 1987 from the merger of Peat Marwick International and Klynveld Main Goerdeler along
with other more member firms. KPMG PH specifically offers audit, tax, and advisory
services to its clients. As aligned to their global network, the firm commits to quality and
consistency to earn the public’s trust, aim for clients’ successes, and purposely serve the
communities they work for. Giving emphasis on valuable knowledge-imparting to its
clients’ businesses, R.G. Manabat & Co. continues to adhere to its global approach in
providing services.
The firm has been recognized by the International Tax Review in the Philippines
in the following areas:
1. Tier 1 Tax Practice
2. Tier 1 Transfer Pricing Practice
Moreover, they have also ranked first for overall quality for global financial services
consulting. The global firm has also increased its market share in auditing thousands of
corporations leading them to becoming one of the most trusted pioneer
accounting/auditing firms in the Philippines. Additionally, since they are considered as
one of the Big 4 Accounting Firms in the World, the public continues to put their trust in
KPMG PH.

Considered as one of the best accounting and auditing firms in the Philippines
along with other firms such as SGV. & Co., Navarro Amper & Co., Isla Lipana & Co.,
Punongbayan & Araullo, and Roxas Cruz Tagle & Co., KPMG PH has its expert partners
and principals who offer wide-range audit, tax, and advisory services. The firm also takes
pride in integrating technology in the services they provide to their clients with the help of
Robotic Process Automation (RPA) which helps companies build an effective technology
strategy.
For the Audit and Assurance Industry, KPMG PH specifically uses “KPMG Clara”
- a smart audit platform - to have a better audit engagement performance. It puts great
emphasis on greater transparency, real-time collaborations and interactions,
transformative capabilities, insights-driven and efficient operations, globally consistent
execution, and a more meaningful engagement experience with their teams.
Moving onto the field of Tax, KPMG R.G. Manabat & Co. provides tax advisory
services for both multinational and domestic clients. Their services consist of providing
opinions on tax implications, contract review, tax planning, and tax structuring. As
mentioned above, KPMG PH is recognized by International Tax Review in the Philippines
for their exceptional expertise in the Tax Industry Services.
Lastly, for the Advisory services, the firm caters its clients’ needs with regard to
overcoming growth and governance challenges through the help of its highly experienced
professionals. In order for the company to improve in terms of its performance and decide
on important business matters, KPMG PH assures that the knowledge, skills, and
capabilities they provide their clients are of substantial reliance.

CLASSROOM LEARNING APPLIED TO ON-THE-JOB-TRAINING
The importance of On-the-Job-Training is the exposure and experience of students
in a professional setting to apply the theoretical knowledge they have learned from school.
Theoretical knowledge solely would not suffice to make students progressive with their
understanding and skills, they should know how theoretical knowledge is applied in a
professional setting to hone and enhance their expertise.
On-the-Job-Training helps students in applying theoretical knowledge to real life
situations in the corporate world, which results to practical learnings in performing and
contributing acquired skills to the company.
Advisory. During the second semester of our second year and first semester of
our third year in college, we took Strategic Cost Management, Financial Markets and
Financial Management as our courses. In these courses, the discussion focused on
Management Accounting wherein basic concepts and techniques in decision making and
performance measures were emphasized. During our on-the-job-training, we performed
different types of advisory procedures, such as Deal Advisory, Management Consulting,
and Risk Consulting. Our first task for Deal Advisory is to perform basic valuation, financial
modelling, and capital budgeting for the financials of the company. In Management
Consulting, we did a process review of the inefficiencies by the company in order to drive
improvement in some functions and software licenses of the company. In Risk Consulting,
we had a walkthrough preparation by creating a matrix, assessing control design and
implementation, sampling, defining the test attributes, and reporting and solving potential
issues.

Financial Statement Analysis and Investment, and Risk and Rate of Returns are
part of the concepts that we have learned in school which helped us to accomplish our
tasks. In Financial Statement Analysis, we learned how to compute for the horizontal,
vertical, and ratio analyses, at the same time understood the meaning of the outcome of
analysis. We were able to apply our theoretical knowledge about analyzing the net
present value, interest rate of return, payback period, discounted payback period and
capital structure of the company.
Auditing. For two semesters during our third year in college, we were able to take
Auditing and Assurance Principles: Concepts and Applications as our courses. In the first
semester, we focused on discussing auditing theories wherein we tackled the Philippine
Standard on Auditing (PSA) while in the second semester, we focused on discussing
auditing problems wherein we solved and analyzed case studies. During our on-the-job-
training, we experienced auditing several industries such as Banking, Insurance and
Shared Services and Solutions Center (SSC). We also had an audit practice set wherein
we performed audit procedures for a company that is engaged in retail and wholesale.
After our exercises, we also had quizzes regarding the procedures that we performed.
For our tasks in auditing industries of bank, insurance, and shares services and solutions
center, we performed numerous procedures such as checking the appropriateness of
accounts, checking for the compliance to the regulation, cut-off testing, and more to test
the completeness, accuracy, existence and rights and obligations, and valuation
assertions of the companies. On the other hand, in our audit practice set, we performed

all the phases of of audit starting from pre-engagement procedures to completion
procedures.
Audit of Assertions is one of the topics we discussed in our auditing courses.
During our classroom discussions, we have been taught the assertion in different assets
such as property, plant and equipment, investment, cash and cash equivalents, etc. We
were able to apply our theoretical knowledge about audit procedures such as test of
details and substantive testing. Aside from applying our theoretical knowledge to practice,
we were also able to obtain additional learnings from our supervisor and facilitators on
how auditing really works in the corporate world.
Taxation. In the second semester of our second year, we took the course Income
Taxation. Furthermore, during the first semester of our third year in college, we took
Business Taxation as our course. In Income Taxation, the discussion focused on the
basic concepts of taxation, individual taxpayers, and business taxpayers wherein we
determine the purpose of taxation and identify the situs of taxation to distinguish if a
taxpayer is obliged to pay taxes. While in business taxation, the discussion focused on
succession, estate taxes, donor’s tax, value added tax, other percentage taxes,
documentary stamp tax and tax remedies. During our on-the-job-training, our tasks were
to prepare quarterly VAT and Expanded Withholding Tax returns of the company using
the BIR Form Nos. 2550-Q and 1601-EQ. Additionally, we also prepared a draft for the
third quarter income tax return (ITR) using BIR Form No. 1702Q. We also had a task
wherein we need to compute the Donor’s Tax, Capital Gains Tax and Documentary
Stamp Tax of the company. In our income taxation courses, we have learned how to

compute taxes, while we have learned to compute donor’s tax and documentary stamp
tax in business taxation as well as filling up the BIR Form No. 1801. We were able to
apply our theoretical knowledge about filling out the basic information in BIR Forms such
as Tin I.D., amended return, etc. Aside from the knowledge we have learned in school,
we experienced filling out different BIR Forms used in tax returns digitally.
Microsoft Office. Usage of Microsoft office is prevalent in school regardless of the
year level. During our first year of college, we used MS Word to construct essays, MS
Excel to perform the accounting cycle, computed for Statistical Analyses, and utilized MS
PowerPoint in creating presentations for reporting. We frequently used MS Excel to
journalize, post, adjust trial balance, plot trend analysis etc. to make our work easier and
more efficient. During our on-the-job-training, we had tasks which we need to present
financial records through statistical graphs such as bar graphs and scatter graphs. We
also learned important Excel formulas, such as VLOOKUP, SUMIF, and IF functions –
which were very helpful for us to work efficiently. We also utilized pivot tables to highlight
the information that we needed for a specific year. We also applied our knowledge in MS
PowerPoint to create a creative presentation every time we need to report our case study.
Aside from these Microsoft Office Software, we have also learned about Power BI, one
of the Microsoft Office software, where data visualization is created and presented in a
more in-depth manner.

COMPARISON BETWEEN THEORY/CONCEPTS TAUGHT IN CLASSROOM AND
EXPERIENCE DURING ON-THE-JOB TRAINING
During the 3-month course of our internship program, we were able to put into
practice the theories and concepts we have learned in school. From all the internship
activities with regards to Tax, Audit, and Advisory, we were able to gain substantial
information and experiences which improved our knowledge and skills as accountancy
students. Along with these, we were able to note some significant similarities and
differences between the learnings in practice and our classroom experiences.
Tax. Unlike in classroom set-up discussions, where we were only taught the
important formulas, techniques, and problem assumptions meanwhile, we were taught in
KPMG how to apply these in different situations per client. We were also taught on how
to fill out BIR forms with the use of MS Excel. Though the process or way of solutions in
the classroom and in practice is the same, the fact that we were able to utilize Excel in
KPMG, made our learnings even better and practical.
Auditing. In classroom discussions, we were only taught comprehensive auditing
problems but not really giving much emphasis on the importance of understanding the
concepts behind such, which we have experienced in KPMG. In the firm, we were able to
utilize Microsoft Excel in conducting the audit procedures and we were also thoroughly
taught of the significant auditing concepts we must understand for us to truly exhibit a
sound professional judgement. The importance of materiality for all accounts was always
inculcated in our minds, as well as how valuable it is for auditors to always have a
questioning mind.

Advisory. This area in the industry is not given much emphasis in the academe.
We would always just focus on solving problems relating to management advisory, but in
KPMG we learned how important this area is for all businesses/companies. It is important
to understand the concepts with regards to advisory for it serves as the guide path of
firms in achieving their goals and objectives. In KPMG, we were taught basic and some
complex advisory cases with the use of MS Excel.
Audit Working Papers. Moreover, since we are boxed in just answering
comprehensive problems in school, we were not really taught on how to apply these in
creating working papers. In KPMG, aside from solving problems in case studies
containing different client situations, we were also able to learn how to compose working
papers which is one of the primary tasks of auditors in the industry. With this, we were
given a chance to improve our writing and presentation skills as well since we were always
tasked to report such working papers.
In sum, the major difference we have noted is the utilization of Microsoft Excel in
work versus in school. We were only taught the conventional way in school, but during
our internship program in KPMG, we were able to learn how to use MS Excel in the Tax,
Audit, and Advisory industries which we think is a very essential experience for us. As we
venture soon in the corporate world, it will be an advantage for us because we already
know how to use such software/applications.

ISSUES AND CONCERNS ABOUT THE HOST COMPANY
As Internship Host Company
KPMG R.G. Manabat & Co. has been an excellent training ground for us, interns.
There was a well-planned internship program during our Distance Learning Internship
Program. However, the following are some issues and concerns that were noted during
the apprenticeship program: (1) the firm’s allocation of time duration per activity on the
case studies and practice sets was sometimes not suitable/enough for the level of
difficulty of the activity; (2) some case studies were not updated and was only corrected
after clarifications raised by the interns; (3) and due to the two aforementioned concerns,
there were several overtime beyond the OJT hours (9:00 AM to 6:00 PM) made, including
the quizzes that were supposed to be answered within the OJT hours.
As Industry Player
Strengths
1. KPMG member firms operate in 153 countries, collectively employing more
than 207,000 people, serving the needs of businesses, governments, public-
sector agencies, and non-profits.
2. KPMG is one of the Big Four professional services firms who provides audit,
tax and advisory services as it works closely with its clients, helping them to
mitigate risks and grasp opportunities.
3. KPMG R. G. Manabat & Co. has highly skilled workforce from diverse public
and private sector backgrounds of our Partners and Principals, coupled with
their extensive training, and backed up by the wide knowledge resources and

network of KPMG professionals, allow the firm to give real-world solutions to
our clients' increasingly complex business and regulatory issues
4. As one of the fastest-growing KPMG practices in the Asia Pacific region, KPMG
in the Philippines has been recognized by the International Tax Review as a
Tier 1 Tax Practice and Tier 1 Transfer Pricing Practice in the Philippines.
KPMG R.G Manabat & Co. has been ranked number one for overall quality for
global financial services consulting.
5. KPMG has been actively involved in sponsorship and partnership of many
events from different universities.
Weaknesses
1. Reputational risk and issues in other member firms.
2. Due to the firm’s high reputation and established brand, the professional
service fees are not always economical.
3. Heavy workloads of auditors and CPAs.
Opportunities
1. With the continuous demands, the firm has the opportunity to grow, develop,
and expand in the market and industry.
2. Continuous improvement on its technology-based solutions and services.
Threats
1. Presence of highly competitive members of the Big Four and other professional
services firms.
2. Unprecedented recessions would hinder the growth of the firm.

RECOMMENDATIONS TO IMPROVE HOST COMPANY
KPMG R.G. Manabat & Co. gave us, interns, the opportunity to experience working
in one of the big accounting firms in the Philippines. This experience helped us identify
which field we will be focusing on as soon as we graduate. The company helped us to
grow and develop our theoretical knowledge and skills by applying them in different
practical situations. However, there are still areas to be improved in order to conduct
internships more effectively.
First, there should be more real-life cases for interns in the Distance Learning
Internship Program (DLIP) to further improve the interns’ learnings and experiences as
simulated case studies will not suffice in applying the theoretical knowledge of interns.
This will also grant the students a deeper glance of how it really works in practice.
Next, the case studies and presentations should be updated and must contain little
to no corrections. Additionally, the company should reconsider the duration of time per
activity, especially that they already have the idea now on how long interns take these
activities.
Moreover, as an effect, the company activities’ schedule should be strictly
followed. There were times that we were having overtime, although we were not required
to work beyond the daily required hours. We would like to learn from the facilitators,
however other agendas would be compromised due to the sudden overtime.
Fourth, the discussion of facilitators about case studies in the plenary should be
structured clearly so that the working hours of interns in answering the case studies would

not be extended beyond working hours. This will also help in producing better outputs for
the interns since they were given clearer instructions by the facilitators.
Fifth, we also recommend that they expand their connections with local chapters
and universities in order to reach a wider audience/student. This will help students know
more about the firm and help the firm to build their branding especially to the future
professionals who will be joining them in the next years.
Lastly, for the Virtual Learning Internship Program (VLIP), before giving tasks,
there should be a proper and formal orientation in order for the interns to know better of
their duties and responsibilities. There should also be a systematic supervision per intern
for them not to be confused from whom to have their timesheets signed from. Interns
under the VLIP should also be discouraged from working overtime since this is beyond
their duties and responsibilities.
As Industry Player
The firm provides employees with excellent career opportunities and experiences
that enhance their technical abilities and personal qualifications. However, as part of the
big four, they are expected to have more clients and more comprehensive duties in the
industry. With this, during busy seasons where work-life balance could be difficult to
attain, the management should consistently check on their employees’ well-being and
discourage working on weekends. This recommendation may increase employee
satisfaction which could help the firm in retaining staff. Moreover, a satisfied employee
provides exceptional work. Hence, KPMG RG Manabat & Co. would continuously be able
to deliver quality service to its clients.

SUMMARY OF ACCOMPLISHMENTS
The bridging theory and practice program of KPMG RG Manabat & Co. has
provided internship opportunities to hundreds of students from different universities
across the country. It allows students to acquire corporate experience by assigning tasks
that will test their creativity and analytical thinking with the help of motivated and dynamic
professionals from the firm.
The firm's Distance Learning Internship Program (DLIP) strives to provide students
in-depth knowledge and experience in audit, tax, and consulting services through case
studies and practice sets. The experiences and knowledge gained will be useful in
preparing for future employment. It will assist students in determining which areas of
public practice they thrive at and best suit their abilities. Whilst for the Virtual Learning
Internship Program (VLIP), this helped in honing the interns’ skills in working with KPMG
R.G. Manabat & Co.’s employees in terms of auditing real clients. The acquired
experiences in this program gave a better glance on how accountants/auditors should
work in practice.
During our internship at KPMG RG Manabat & Co., we completed various tasks
and attended training which allowed us to attain both professional and personal
accomplishments.
Trainings attended include:
● Risk Management training
● Shaping the Future of Accounting Through Technology
● Essential skills training

Completed tasks were as follows:
● Audit case studies (Audit of insurance, banks and shared-services company)
● Tax case studies (Personal and corporate tax)
● Advisory case studies (Management consulting, risk consulting and deal
advisory)
● Audit practice sets w/ oral presentation (from pre-engagement to completion
stage)
● Performance of audit procedures for actual clients
With all the challenges and failures that we have encountered during our
internship, we can say that we are now future-ready. Our technical abilities and personal
skills which are relevant to our chosen field have improved, making us prepared for our
profession in the next few years. We have finally figured out that we are on the right track
as we enjoy the entire experience in the audit firm and feel self-fulfillment as we were able
to comprehend and complete each task.
Personal Accomplishments
Our entire experience did not only strengthen our technical abilities, and it also
honed our soft skills which are truly essential in any kind of profession. Some of these
are:
● Interpersonal skills. All our tasks were done by a group which consists of 10
students coming from different universities. Difficult tasks turned out easy as we
were able to effectively work with each other. With more than two months of
working with other students, we were able to build strong connections.

● Communication. Our communication skills, both oral and written, have improved.
We believe that the presentation during the practice sets and interactions with our
group mates enhanced our ability to express our ideas and thoughts. We somehow
overcome the fear of presenting reports to a huge number of audiences.
Additionally, communicating with real audit supervisors, managers, and partners
also improved our skills for we learned how to professionally interact with them.
● Willingness to learn. It is true that each day is a new learning opportunity. At
KPMG, we were able to show our willingness to learn as we are always open for
any challenging task in exchange for the knowledge and skills that can be gained.
● Attention to details. This is one of the relevant skills in the accounting profession
that we have developed particularly during the practice sets on controls testing and
substantive testing. We have reviewed source documents and data provided by
the clients and note inconsistencies and misstatements. This would help us in
achieving accuracy in all the tasks that we do.
● Critical thinking. Challenging tasks in audit, advisory and tax which requires
proper analysis, interpretation and recommendation enhanced our ability to think
rationally. We were able to understand each case through the facts given and the
knowledge we have.
● Time management. With tasks that require longer hours yet given a limited time,
we learn how to effectively and efficiently manage every second to ensure that we
will be able to deliver our work punctually.

Career Accomplishments
KPMG RG Manabat & Co. helped us build a strong foundation for our future careers.
We gained professional skills, experience and competencies that would greatly be
beneficial to us today and in the coming years.
● KPMG taught us how to effectively use the excel functionalities in practice. During
the first week of our internship, facilitators discussed the formulas that are
frequently used by the auditors during the actual engagement. They let us practice
excel functions (e.g VLOOKUP, If and ifs functions, pivot table and etc.) using the
given working papers. With these, we were able to gather insights on how we can
be time-efficient during the audit engagements.
● Microsoft Power BI was introduced to us during the first week of our internship. It
is a tool used to connect data from different sources and create visuals to ease the
analysis of data. We were able to explore or try its functions and visualization
models. This would help us in presenting and discussing analysis reports that
would probably be one of our responsibilities once we enter the corporate world.
● We experienced providing recommendations to taxpayers and preparing tax
returns during the simulated tax case studies. We were able to learn how to
analyze tax implications and gain an overview of the common tax queries
encountered under the tax advisory services.
● Through the advisory case studies, we obtained an understanding of the basic
valuation methodologies and basic financial model theories and tools used in
capital budgeting. Also, we had an overview of how a business process review is

performed. We were tasked to provide recommendations on which among the
projects should be accepted through the use of NPV, IRR and discounted payback
period. And on the business process review, we identified deficiencies/gaps in the
client’s accounting cycle and provided recommendations on those weaknesses.
● The audit case studies, and practice sets gave us a thorough understanding of the
procedures performed in different stages of audit from pre-engagement up to
completion. We learned how to determine materiality, identify significant accounts
and test the relevant assertions. We were also reminded of the important details
to check in reviewing the documents provided by the client. And, most importantly,
we were able to practice professional skepticism and professional judgment, which
are key concepts in audit, in identifying whether misstatements noted are
considered material or not.
● Accounting standards such as PFRS 9, PRFS 15, PAS 2 etc. were
comprehensively discussed by the facilitators. This adds up to the knowledge
gained in school.
● We were exposed to the working papers of auditors in documenting the procedure
performed. Auditors always remind us of this statement, “if it is not documented,
the work is not done.” If we plan to enter public practice, we now have an idea on
how to properly document our audit work.

ATTACHMENT A: ENDORSEMENT LETTER DULY SIGNED BY HOST COMPANY

ATTACHMENT B: RESUME










ATTACHMENT C & D: BRIEF JOB DESCRIPTION OF APPRENTICE & STUDENT’S
TRAINING PLAN



ATTACHMENT E: JOURNAL

Institute of Accounts, Business and Finance
STUDENT’S JOURNAL
Name: Bagatsing, Jhustyn Rae K. _______ Name of Company: KPMG R.G. Manabat & Co.
Degree or Program: BS Accountancy _ Department: DLIP &
VLIP_______________________
Instructions: Describe briefly tasks performed during the day. State the nature of the work performed,
lessons learned, challenges hurdled and other insights.
WEEK 1: FROM August 23, 2021 TO August 27, 2021

General Orientation
TASKS PERFORMED Risk Management Training
(General overview about
risk management)
Excel Training (Data
Analysis using Excel and
Power BI)
Essential Skills Training
(Reflective)
Basic knowledge in Excel
RELATED/REQUIRED SKILLS and Power BI (specifically
using Slicer)
People, Performance and
COORDINATING DEPARTMENT Culture (PPC) Department
OR COMPANY REPRESENTATIVE
Small group and big group
COMPANY ACTIVITY discussions
Short activity about
analyzing data using
SUMIF Function, IF
Function, VLOOKUP
Function, Pivot Tables, and
Slicer.
For the first week of my
PERSONAL INSIGHTS internship in KPMG R.G. Manabat
& Co., I learned how important it

is to know about the basic Excel

functions as well as using Power
BI in analyzing data. Moreover, I
also appreciate our Essential
Skills Training where we were
thought of how integrity,
empathy, and collaboration are
all important in the workplace.
STUDENT’S SIGNATURE: ADVISER’S SIGNATURE: ADVISER’S REMARKS:
WEEK 2: FROM August 31, 2021 TO September 3, 2021

Insurance Case Study
TASKS PERFORMED Shared Services Center
(SSC) Case Study
Bank Case Study
Personal Income Tax Case
Study
Basic Excel knowledge
RELATED/REQUIRED SKILLS Journal Entries mastery
Sufficient knowledge in
recognition and
measurement of accounts
Professional judgement
Basic skills in computing
Personal Income Taxes
Communication Skills
Teaching Managers/Facilitators
COORDINATING DEPARTMENT from Insurance, SSC, Bank, and
OR COMPANY REPRESENTATIVE Tax industries
Case Study: Auditing
COMPANY ACTIVITY Insurance Premiums
Case Study: Controls
Testing and Substantive
Procedures in auditing SSC
Case Study: Auditing Real
and Other Properties
Acquired (Banking
Industry)

Case Study:
Preparing/filing personal
income taxes through BIR
forms and Excel
During my second week, I was
PERSONAL INSIGHTS refreshed of my knowledge in
Intermediate Accounting 1-3,
auditing Theories and Problems,
as well as in Income Taxation. It
was challenging at first especially
for the Insurance industry since I
only have a brief background
about this industry, but with the
help of our teaching managers, I
was made aware of its
procedures and important
accounts. I personally enjoyed
doing our case study for the Bank
Industry for I was able to apply
my knowledge in Intermediate
Accounting 1. Furthermore, since
these case studies are done by
group, I was able to enhance my
communication skills as well.
WEEK 3: FROM September 6, 2021 TO September 10, 2021

Personal Income Tax Case
TASKS PERFORMED Study
Corporate Taxes Case
Study

RELATED/REQUIRED SKILLS Professional judgement
Basic skills in computing
Personal Income Tax and
Corporate Taxes
from Tax Department

COORDINATING DEPARTMENT
Case Study: Preparing/filing
COMPANY ACTIVITY personal income taxes and
corporate taxes through BIR
forms and Excel
I was personally challenged in
PERSONAL INSIGHTS computing the taxes for personal
income tax. Nonetheless, my
groupmates were able to
enlighten me and help me in
analyzing the cases given to us. I
also learned a lot in terms of filing
taxes through BIR Forms.

Deal Advisory Case Study
TASKS PERFORMED Management Consulting
Case Study
Risk Consulting Advisory
RELATED/REQUIRED SKILLS Data Analysis Skills
Professional judgement
Communication skills
Professional/Formal
Writing Skills
COORDINATING DEPARTMENT from Advisory Department
Case Study: Financial
COMPANY ACTIVITY Modeling & Capital
Budgeting, and Basic
Valuation (Computation of
IRR, NPV, Payback Period,
range of values using cost
and market approach)

Case Study: Business

Transformation (identify
current state process of
business,
recommendations for the
performance of business)
Case Study: Process
Understanding and
Walkthrough Preparation,
Test of Design and
Implementation, Test of
Operating Effectiveness,
and Reporting and
Resolution of Potential
Issues
Compared to the audit and tax

PERSONAL INSIGHTS case studies, advisory case
studies were easier. It focuses
more on our critical thinking skills
in assessing the
recommendations to the
companies as part of the advisory
department.

Learn about the prominent
TASKS PERFORMED financial scandals all over
the world
Interview Audit Partners
that served as a simulated
pre-engagement activity
Presentations about
Materiality, Identification
of Significant Accounts,
Risk Assessment
Procedures, and
Understanding the Entity

Perform Audit Procedures

specifically Pre-
engagement activities and
planning stage
Analyze and audit financial
statements
Complete working papers
Professional/Formal
Writing Skills
Presentation Skills
Journalizing mastery
Accounting
skills/knowledge
Auditing skills/knowledge
COORDINATING DEPARTMENT from Audit Department
Constructing interview kits
COMPANY ACTIVITY for clients
Practice sets regarding
pre-engagement and
planning stages of auditing
Big group discussion
(presentation of
answers/audit findings)
Since this was our first week in
PERSONAL INSIGHTS conducting practice sets, it was a
bit challenging given that we
have time limits per procedure.
At the same time, we are trained
to work efficiently and
productively because we are
expected to present at the end of
each module. Members in the
group also have equal chances of
becoming a leader each different
procedure. With my group, I am
always the one assigned in
making our PowerPoint

presentations which really helps

in developing my efficiency and
ability to work under pressure. I
have also experienced presenting
during this week which
heightened my presentation and
communication skills. Presenting
audit findings were a bit
challenging given that we were
not sure whether we did the right
procedures, but for me, it also
helped me gain confidence with
my auditing skills.
WEEK 6: FROM September 27, 2021 TO October 1, 2021

Identified fraud risk factors,
TASKS PERFORMED assertion level fraud risks,
and significant account
disclosures
Test of Operating
Effectiveness of a revenue
account
Complete working papers
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Conduct a test of operating
COMPANY ACTIVITY effectiveness for the

revenue account of the

client (practice set)
I already had a brief background
PERSONAL INSIGHTS about the tasks since we already
performed Test of Operating
Effectiveness during our 4th
week. Moreover, I also got to
know more about the significant
risks per account during this
week which I already had some
knowledge because of our
auditing subjects. In this
internship program, I am able to
compare how different and
similar it is, at some points,
based on how it is taught in the
academe versus how it is done in
practice.
WEEK 7: FROM October 4, 2021 TO October 8, 2021

Performed audit
TASKS PERFORMED procedures for the
Inventory Cycle
Inventory Process
Understanding and
Relevant Updates
Determine the client’s
inventory account’s What
Could Go Wrongs
Performance of Test of
Design and
Implementation
Performance of different
substantive testing for the
revenue account (trend
analysis, cutoff testing, test
of details)

Completed working papers

for inventor and revenue
accounts
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Creativity in making visual
data
Data analyzation skills
Identification of What Could Go
COMPANY ACTIVITY Wrongs, performance of Test of
Design and Implementation,
conducting of substantive testing
through practice sets
The substantive testing was

PERSONAL INSIGHTS particularly one of the
challenging procedures I have
encountered since the start of
our practice sets. Nonetheless, I
was able to learn how to
interpret and conduct trend
analysis through this module. I
have also learned that in auditing,
you are not ought to perform all
the substantive procedures, but
rather you must perform even
just one that could potentially
tick all the marks for the other
significant accounts as well. This
profession really requires
professional judgement.

TASKS PERFORMED Completed working papers

for Accounts Receivable
Account
Performed substantive
procedures for Inventory
and Cost of Sales Account,
and also completed
necessary working papers
Bank Reconciliation
(substantive testing for
Cash and Cash Equivalents
Account)
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Completion of working papers,
COMPANY ACTIVITY auditing procedures for
Information Provided by the
Entity, re-performance of bank
reconciliation
These practice sets were
PERSONAL INSIGHTS sufficiently helpful for me to
acquire the skills needed in
practice in terms of auditing cash

and cash equivalents account,

accounts receivables, and
inventories. Auditing inventories
was the most challenging module
by far since the procedures were
more complex, nonetheless I
really learned a lot.
TASKS PERFORMED Completed working papers

for Cash and Cash
Equivalents
Performed substantive
procedures for material
non-significant accounts
Introduction to completion
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Completion of working papers,
COMPANY ACTIVITY auditing procedures for
Information Provided by the
Entity, performance of
substantive testing
These modules helped me
PERSONAL INSIGHTS understand the concept of
materiality better, as well as it

gave insights on how the audit

process is completed.
TASKS PERFORMED Detected audit

misstatements
Analyzed subsequent
events
Tackled about risks and
other matters
Constructed an auditor’s
report
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Practice Sets about audit
COMPANY ACTIVITY misstatements, summary of risks
and other matters, subsequent
events, auditor’s report
Compared to the previous

PERSONAL INSIGHTS activities, this contained more of
writing-related activities as this is
already the last part of the phases
of audit.

WEEK 11: FROM November 3, 2021 TO November 5, 2021

TASKS PERFORMED (Reflective)
Assessments
Closing Socials
RELATED/REQUIRED SKILLS Mastery of all the modules
People, Performance and

COORDINATING DEPARTMENT Culture (PPC) Department
Reflective talks/trainings
COMPANY ACTIVITY Final assessment (Exam)
Since this is the closing proper of

PERSONAL INSIGHTS the Distance Learning Internship
Program, it was more of a
reflective week where we had the
chance to interact for the last
time with all our co-interns.

Virtual Internship
TASKS PERFORMED Program Trainings
Substantive Testing
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge

Audit BDU 2
Completing working papers,
COMPANY ACTIVITY specifically performance of
substantive analytical
procedures for the expense
accounts
The start of my virtual learning
PERSONAL INSIGHTS internship program was a bit
challenging for I am now handling
real clients, which is why I had to
be more careful with all the
procedures I am making.

Substantive Testing
TASKS PERFORMED Flowcharting
Process Understanding
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Audit BDU 2
procedures for the expense
accounts, as well as conducting a

process understanding by doing

flowcharts
I enjoyed doing flowcharts
PERSONAL INSIGHTS because I was able to apply my
knowledge back in Accounting
Information System

Substantive Testing
TASKS PERFORMED Flowcharting
Process Understanding
Sanitizing of schedules
Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Audit BDU 2
procedures for the expense and
revenue accounts, as well as
conducting a process
understanding by doing
flowcharts, and sanitizing of
schedules provided by client in
order to assess if there are any
offsetting made

I experienced doing 4 different

PERSONAL INSIGHTS tasks this week which made me
learn a lot. It made me enjoy
auditing and made me inspired to
apply in the audit industry as
soon as I graduate.
WEEK 15: November 29, 2021

Substantive Testing
TASKS PERFORMED

Professional/Formal
Writing Skills
Presentation Skills
Accounting
skills/knowledge
Audit BDU 2
procedures for the expense and
revenue accounts
During my last day, I was just
PERSONAL INSIGHTS tasked to polish my completed
working papers and compile it for
my supervisors’ references. It
was an insightful experience for
me even though I just got to
experience working with real
client accounts for just 3 weeks.



STUDENT’S JOURNAL
Name: ALEXA JOY S. HIPOLITO Name of Company: KPMG R.G Manabat & Co.
Degree or Program: BS in Accountancy Department: Distance Learning Internship
WEEK 1: FROM AUGUST 23, 2021 TO AUGUST 27, 2021

Practice sample excel functions
TASKS PERFORMED Participate during the training
Explore MS Power BI
Analytical skill
RELATED/REQUIRED SKILLS Proficiency in MS Excel
Listening and Collaboration
COORDINATING
People, Performance and Culture Department
DEPARTMENT OR COMPANY
Learning and Development Department
REPRESENTATIVE
Orientation and Welcome Socials

Risk Management Training
COMPANY ACTIVITY
Shaping The Future of Accounting Through Technology
My first week at KPMG was quite chill but insightful. I can feel the good
working environment as people from the firm are encouraging and
always open to questions and concerns. During the first day of our
internship, we were able to understand the firm’s background and the
PERSONAL INSIGHTS career opportunities under public practice. And the trainings that we
attended on the following days enhanced both our technical and soft
skills. I was able to learn the use of different excel functionalities in audit,
try Power BI which is helpful in analyzing data and know the qualities of
a remarkable champion.

WEEK 2: FROM AUGUST 31, 2021 TO SEPTEMBER 3, 2021
Audit of Insurance
Premium cut-off testing
Identifying negative premiums
Identifying reinsurance premiums ceded without direct premiums
Recomputation of unearned premiums reserve using the 24th
method
Recomputation of reinsurance premiums ceded
TASKS Audit of SSC
PERFORMED Performed test of the operating effectiveness of the key control
based on the selected sample by completing the working paper
Completed working papers by performing the substantive testing
for Revenue
Audit of Banks
Performed the procedures for completeness, existence, accuracy,
rights and obligations and valuation of the Real and Other
Properties Acquired or ROPA and made proposed adjustments.
Analytical skill
RELATED/ Proficiency in MS Excel
REQUIRED SKILLS Ability to work with people
Time-management
COORDINATING
Audit Partners and senior manager from different BDUs
REPRESENTATIVE
COMPANY
Audit Case Study (Insurance, bank and Shared-services companies)
ACTIVITY
This week is a challenging one. I encountered difficulties in performing

audit procedures because the accounts that we tested in the audit of
specialized industries are not familiar to me, particularly the accounts in
an insurance company. Of the three case studies, the audit of insurance
PERSONAL
is the most difficult, while the audit of banks is the easiest. I have really
INSIGHTS
learned a lot this week regarding auditing of peculiar accounts such as
ROPA and premiums. Aside from the audit experience, my social skills
are somehow improving since we work with different people from
different schools.

WEEK 3: FROM SEPTEMBER 6, 2021 TO SEPTEMBER 10, 2021

Analyzed issues associated with an international assignment
Preparation of transmittal letter and tax return
Preparing tax advice regarding the tax implications of different
TASKS PERFORMED
scenarios.
Computed EWT, VAT, Income Tax including the 8% option, DST, and
CGT
Analytical skill
Problem-solving
RELATED/REQUIRED SKILLS
Ability to work with people
Time-management
COORDINATING
Tax Committee
REPRESENTATIVE
Tax Case Study

Personal Income Tax
COMPANY ACTIVITY Corporate Taxes Part 1 (VAT, EWT, Income Tax)
Corporate Taxes Part 2 (Donor’s Tax, CGT, Documentary Stamp
Tax)
In comparison to the previous week’s case study, the activities are

simpler. Even though the scenarios given were only simulated, I was able
to utilize what I've learned in taxation subjects and experience giving tax
PERSONAL INSIGHTS
advice to fictional taxpayers. Also, I gained an overview of the work
under tax advisory. Some topics that I am confused about were
enlightened, particularly, the withholding taxes.


Risk Consulting
Process Understanding and Walkthrough Preparation
Completing a Risk and Control Matrix
Assessment of Control Design and Implementation
Management consulting
Document Current State Process and Highlight Areas for
Improvement for purchasing, receiving, and payment processing
TASKS PERFORMED Identify gaps and develop recommendations
Review of software asset
Deal Advisory
Make a recommendation on which among the two projects
provided should be accepted using the capital budgeting
techniques.
Conduct a valuation of the company using the cost and market
approach
Analytical skill
Problem-solving
RELATED/REQUIRED SKILLS Critical Thinking
Ability to work with people
Time-management
COORDINATING
Advisory Managers
REPRESENTATIVE
Advisory Case Study
Risk Consulting
COMPANY ACTIVITY Deal Advisory
Management Consulting
For me, this week is the most interesting so far. I enjoyed the activities
and the discussion with the facilitators coming from different advisory
departments. I learned how the different valuation methods and capital
PERSONAL INSIGHTS
budgeting techniques are applied in practice. And I was able to gain
insights about the common issues/queries encountered by people
under the advisory services.


Watch and understand the different financial scandals
Interview a KPMG Partner
Determine the materiality
TASKS PERFORMED Identify the significant accounts
Review the minutes of meeting of BOD
Perform planning analytical procedures
Understand the entity and its environment
Analytical skill
RELATED/REQUIRED SKILLS Communication Skills
Time-management
COORDINATING
BDU 1
REPRESENTATIVE
Practice Set 1- Introduction to financial statements audit
COMPANY ACTIVITY Practice Set 2- Pre-engagement activities
Practice Set 3- Planning the audit
I gained a better understanding of the concepts and processes learned

in auditing as we apply them in the audit practice sets assigned to us. I
learned how to identify whether an account is significant or not and
determine the materiality of a certain account. I was also able to take
PERSONAL INSIGHTS
note of the issues to consider during the review of minutes of meetings
and the entity’s operating environment. The facilitators
comprehensively discussed how the pre-engagement and planning
activities are performed during actual engagements.

WEEK 6: FROM SEPTEMBER 27, 2021 TO October 1, 2021
Identify significant risk including fraud risk

Understand the prior year documentation of revenue process of
the company and identify relevant question to the process owner
to improve the working paper
TASKS PERFORMED
Identify the relevant updates in the revenue process of the client
Perform test of design and implementation on the revenue process
Perform test of operating effectiveness of one of the key controls
in the revenue process (walkthrough)
Analytical skill
COORDINATING
BDU 1
REPRESENTATIVE
Practice Set 3- Planning the audit (Significant Risk)

COMPANY ACTIVITY
Practice Set 4- Controls Testing (Revenue Process)
I have acquired an overview of how planning and controls testing are

performed in practice. And we were able to apply the learnings gained
in auditing such as the identification of significant risk and test of design,
PERSONAL INSIGHTS
implementation, and operating effectiveness of processes. Moreover,
we were also exposed to various working papers prepared by auditors
to document the procedures performed.


Perform test of design and implementation on the revenue process
Perform test of operating effectiveness of one of the key controls
in the revenue process (walkthrough)
TASKS PERFORMED
Trend Analysis
Cut off testing
Test of details
Analytical skill
RELATED/REQUIRED SKILLS Attention to details
COORDINATING
BDU 2
REPRESENTATIVE
Practice Set 4- Controls Testing (Inventory Process)

COMPANY ACTIVITY
Practice Set 5- Substantive Testing (Revenue)
I gained better appreciation of the concepts learned in school by

applying them in practice. With this week’s tasks, I learned the different
substantive procedures performed to test the relevant assertions of
significant accounts including the documentation process. I enjoy doing
PERSONAL INSIGHTS the task assigned to us. It feels fulfilling to be able to utilize the learning
that we had in our auditing subjects. Activities given to us were not
particularly challenging which is why we have plenty of time left and
with that, I think it would be better to add additional tasks or reduce the
time allocated for these modules.

WEEK 8: FROM OCTOBER 11, 2021 TO OCTOBER 15, 2021

Vouching invoices
Aging Analysis
Test of Quantity and costing of inventory
TASKS PERFORMED Test of LCNRV
Analyze issues related to damaged and obsolete inventories
Bank reconciliation
Translation of foreign denominated currency
Analytical skill
RELATED/REQUIRED SKILLS Attention to details
COORDINATING
BDU 2
REPRESENTATIVE
Practice Set 5: Substantive Testing (Receivables, Inventories and

COMPANY ACTIVITY
Cost of Sales & Cash and Cash Equivalents)
Just like the activities performed during the previous week, I have
learned how to perform and document substantive audit procedures for
PERSONAL INSIGHTS significant accounts such as receivables, inventories, and cash. The task
performed helped us appreciate the importance of professional
judgment and professional skepticism in actual audit engagements.


Vouching
Perform analytics on the advertising and promotions account
Corroborate evidence for the movement of capital stock and
TASKS PERFORMED retained earnings
Recalculate depreciation of PPEs
Examine monthly tax return
Reassessment of Materiality
Analytical skill
Attention to details
Professional skepticism
COORDINATING
BDU 2
REPRESENTATIVE
Practice Set 5:Substantive Testing (Material Non-significant
Account)
COMPANY ACTIVITY
Practice Set 6: Completion Stage of Audit (Reassessment of
materiality)
I was able to know the important substantive procedures and

documents in testing the material non-significant accounts such as
salaries, PPE and retained earnings. I also learned the importance of
PERSONAL INSIGHTS
reassessment of materiality as well as the procedure performed during
the completion phase of the audit. This proves that planning is not a
discrete process but rather a continual process.


Preparation of management letter
Calculate debt-equity ratio and debt-service coverage ratio
Perform role play on how audit team address the issues relating to
debt covenants
TASKS PERFORMED
Perform role play of an actual closing meeting with client’s
management
Identify appropriate opinion to different scenarios and draft the
audit report
Analytical skill
RELATED/REQUIRED SKILLS Communication Skills
Time-management
COORDINATING
BDU 2
REPRESENTATIVE
COMPANY ACTIVITY Audit Practice Set (Completion Phase continuation)
As discussed by the facilitators, the tasks that we performed during this

week are the function of managers and partners. I have obtained
knowledge on how management letters and audit reports are prepared,
PERSONAL INSIGHTS and I was able to understand when to disclaim an opinion and issue
unqualified, qualified, or adverse opinion. Facilitators also gave us an
overview of the subjects discussed during closing meetings and taught
us the proper filing of audit documents.

WEEK 11: FROM NOVEMBER 3, 2021 TO NOVEMBER 5, 2021
Listen and participate on essential skills training

TASKS PERFORMED
Final Assessment
Analytical Skill
RELATED/REQUIRED SKILLS Listening
Communication
COORDINATING People, Performance and Culture Department
DEPARTMENT OR COMPANY Learning and Development Department
REPRESENTATIVE
Essential skills training

COMPANY ACTIVITY
Closing socials
My internship at KPMG RG Manabat Co has come to an end. There were

no other technical tasks performed during the last week of my
internship. The essential skills training is inspiring. It taught us how to
PERSONAL INSIGHTS become a high performer at work through our essential personal skills
such as critical thinking, communication, resilience, and time
management. And with all that we have accomplished, I can say that we
are now future-ready.


STUDENT’S JOURNAL
Name: Marites R. Montehermoso____ Name of Company: KPMG RG Manabat & Co.

Degree or Program: BS Accountancy__ Department: Distance Learning______________
WEEK 1: FROM August 23 TO August 27

Orientation Used Excel and Power Bi
TASKS PERFORMED Conceptualization of Project application
App.Mural.co and
Menti.com activity
Communication Skills Understanding of excel and
RELATED/REQUIRED SKILLS Speaking Skills power bi application
Data analysis
Ms. Sharon G. Dayoan Ms. Althea Mangasar
COORDINATING DEPARTMENT Ms. Joselle Anne Marie G. Ms. Hannah Relao
OR COMPANY REPRESENTATIVE Sanchez Ivan Cuaresma
July Rhayne Tayoto Ms. Ranea Bolanos
Ms. Marijune Mallari
Internship Orientation Leading and Upskilling our
COMPANY ACTIVITY Quality Risk and Next Champions (LAUNCH)
Management Discussion training.
Shaping the Future of Audit Process Discussion
Accounting Through
Technology
I learned so much for this
PERSONAL INSIGHTS week, we did learn technical
skills and we also learn about
the importance of personal
skills for us to enable to
become a remarkable
person.

WEEK 2: FROM AUGUST 31 TO SEPTEMBER 4

Insurance Industry Audit
TASKS PERFORMED Shared Services Audit
Banking Services Audit
Analyzation Skills
RELATED/REQUIRED SKILLS Collaboration Skills
Proficiency in Microsoft
Excel
Managers of Auditing
COORDINATING DEPARTMENT Department
OR COMPANY REPRESENTATIVE Ms. Althea Mangasar
Ms. Hanna Carme Relao
Case studies Question and answer about the
COMPANY ACTIVITY Debriefing of the answers insurance, shared services and
for the case study banking industry in terms of
auditing.
For this week, I learned I also learned to collaborate with
PERSONAL INSIGHTS about audit in practice, how my groupmates even though I
to audit different industries don’t know them because they
and how to apply excel came from different universities.
functions in audit. I also
learned what are the crucial
part in auditing and should
give more attention to.
Since it is a group case
study,

WEEK 3: FROM SEPTEMBER 6 TO SEPTEMBER 10

Continuation of Banking We fill up tax return such as
TASKS PERFORMED Industry Case Study BIR Form No. 1702Q, 1700,
Personal Income Taxation 2316, 1601-EQ, 2550Q.
Case Study We proposed advice to
Two Corporate Taxes Case clients whether to choose
Study OPT or Regular Tax through
We calculate donor’s tax, memo
capital gains tax, and
documentary stamp tax
Problem-solving skills
RELATED/REQUIRED SKILLS Analyzing Skills
Collaboration Skills
Writing skills
Tax Department
COORDINATING DEPARTMENT Ms. Althea Mangasar
OR COMPANY REPRESENTATIVE Ms. Hanna Carme Relao
Three Case Studies
COMPANY ACTIVITY Ice breaker
For this week, I learned I also learned how to properly

PERSONAL INSIGHTS the difference of academics make a transmittal letter and
and practice when it comes to memorandum for clients.
taxation because filling up
forms and solving taxes in
books are different. My
collaboration skills were also
tested this week because we
had group disagreement in
some part of case studies
such as in classification of
taxpayers and the inclusions
in computing of taxes.

Continuation of
TASKS PERFORMED Corporate Taxes 2 (Donor’s
Tax, Capital Gains Tax,
Documentary Stamp Tax)
Risk Consulting Advisory
Case Study
Deal Advisory Case Study
Management Consulting
Analyzing Skills
RELATED/REQUIRED SKILLS Collaboration skills
Critical Thinking
Tax Managers Warren Angeles
COORDINATING DEPARTMENT Christine Gael Dy Sharmaine Sy
OR COMPANY REPRESENTATIVE Mary Armi Milanes Baby Lyn Borromeo
Danielle Ria Ching
Debriefing of taxation
COMPANY ACTIVITY case study
Advisory Case Study
Debriefing
Quizzes
For this week, I leaned to
PERSONAL INSIGHTS consider the issues associated
with an international assignment
from the perspective of an
assignee particularly the
expectations and important
information we need to consider.
I learned to use the different
approach in valuation such as
cost and market approach.


Audit Practice Set – Quizzes
TASKS PERFORMED Introduction
Audit Practice Set - Pre
engagement
Audit Practice Set – Risk
Assessment Procedures
Reporting of our answer in
the plenary.
• Analyzing Skills • Problem-solving skills
RELATED/REQUIRED SKILLS • Collaboration skills • Critical Thinking
Leandro Ben M. Robediso

COORDINATING DEPARTMENT Grace Asuncion
OR COMPANY REPRESENTATIVE Bernard Castil
Introduction of Audit • Risk Assessment Procedures

COMPANY ACTIVITY Lecture Lecture
Pre-engagement Lecture Debriefing of Audit Practice
Sets
For this week, I learned so I could also practice my new

PERSONAL INSIGHTS many things from the knowledge and skills in realistic
interview that we had with learning environment.
the tax partner of KPMG. I I also learned how to work with a
also learned how to do the team and share the knowledge
audit procedures in practice that we have with each other.
such as pre-engagement
and risk assessment
procedures. I also identified
the risk assessment

procedures that are

performed in an audit.
WEEK 6: FROM SEPTEMBER 27 TO OCTOBER 1

Audit Practice Set – Document the assertion-
TASKS PERFORMED Significant Risk level fraud risks that result
Audit Practice Set Module from the identified fraud
4A – Introduction to risk factors, and link to the
Controls Testing relevant fraud risk factors.
Audit Practice Set Module Composed questions to
4B – Revenue Cycle improve the
Audit Practice Set Module documentation of our
4C – Inventory Cycle process understanding.
Document the approach to Update the documentation
address the significant risk, of our process
Document the fraud risk understanding
factors that were given Completed the TODI
substantive consideration. workpaper
I lead our group
Quizzes
• Analyzing Skills Problem-solving skills
RELATED/REQUIRED SKILLS • Collaboration skills Critical Thinking
John Louis Vianney Agno Gieanne Erika Oribiana
COORDINATING DEPARTMENT Runalen C. Encargues Bernard Castil
OR COMPANY REPRESENTATIVE Grace Asuncion
Significant Risk Lecture Debriefing of Audit Practice
COMPANY ACTIVITY Control Testing Lecture Set Module 4A, 4B and 4C.
For this week, I was able to

PERSONAL INSIGHTS understand the process on
control testing, learn relevant
key terminologies and
approaches used in audit.

Additionally, I also learn to

appropriately document the
evidence gathered from the
planned procedures
WEEK 7: FROM OCTOBER 4 TO OCTOBER 8

Audit Practice Set 5B – Summarize all the relevant
TASKS PERFORMED Auditing Revenue procedures discussed.
Determining possible Prepared a trend analysis
audit procedures that an using the Revenue
auditor can perform on schedule.
the assigned accounts Reporting of our answer in
Checked the possible the plenary.
audited financial Quizzes
statements of listed
companies available in
Edge as reference, our
group chose Puregold.
Analyzing Skills Speaking Skills
RELATED/REQUIRED SKILLS Collaboration skills
Critical Thinking
Rhea Jane Abel Myraflor Odiver
COORDINATING DEPARTMENT Maria Rhodoura Eusebio
Lecture about Debriefing of Audit
COMPANY ACTIVITY Substantive Testing Practice Set 5B – Auditing
Auditing Revenue Revenue
Lecture
For this week, I was able to be Furthermore, I was able to
PERSONAL INSIGHTS linked substantive testing to the familiarize with the audited
overall audit approach. Also, to financial statements and how it is
be able to familiarize with the

different types of substantive linked to the audit procedures

procedures. being performed.

Audit Practice Set 5C – We also checked the
TASKS PERFORMED Accounts Receivable mathematical accuracy
Audit Practice Set 5D – of the schedule provided
Auditing Inventories and by the company.
Cost of Sales Distinguish the nature of
Audit Practice Set 5E – the account and
Auditing Cash and Cash obtained List of
Equivalent Customers.
Checked if the Billed Quizzes
accounts receivables
schedule and the Trial
balance are matched.
Analyzing Skills • Problem-solving skills
RELATED/REQUIRED SKILLS Collaboration skills Critical Thinking
Remedios Dacurawat
COORDINATING DEPARTMENT Nico John Veluz
OR COMPANY REPRESENTATIVE Kiarradine Michelle
Mayormita
Auditing Accounts • Auditing Cash and Cash
COMPANY ACTIVITY Receivable Lecture Equivalent Lecture
Auditing Inventories and Debriefing Audit Practice Set
Cost of Sales Lecture 5C and 5D
For this week, I was able to considerations in auditing

PERSONAL INSIGHTS refresh on the applicable accounts receivables
standards relevant to accounts including identification of
receivables. I also reinforce basic significant accounts and

audit procedures to be assertions, application of

performed to address the required audit procedures,
identified risks relevant to the awareness on common findings
significant accounts and and mistakes when performing
assertions. Furthermore, I was the audit and familiarize with
able to understand, apply and the minimum required financial
analyze relevant statement disclosures.

Continuation of Audit • We reconcile bank
TASKS PERFORMED Practice Set 5E – Auditing reconciliation items
Cash and Cash Equivalent We check the confirmation
Module 5F - Auditing and translation of bank
Material Non-Significant reconciliation
Accounts Quizzes
Module 6 – Introduction to
Completion
Question and Answer
Recitation about
Completion
• Analyzing Skills
RELATED/REQUIRED SKILLS • Collaboration skills
• Problem-solving skills
• Critical Thinking
Danica May H. Cenir
Debriefing of Audit Practice
COMPANY ACTIVITY Set Module 5E and Module
5F
I was able to understand, I was able to understand, apply
PERSONAL INSIGHTS apply and analyze relevant and analyze relevant
considerations in auditing considerations in auditing

cash and cash equivalents material non-significant

including identification of accounts. I was also able to
significant accounts and familiar with the completion
assertions, application of workflow, know how to evaluate
required audit procedures, evidence and considerations in
awareness on common documentation and file assembly
findings and mistakes when date.
performing the audit, be
familiarize with the
minimum required financial
statement disclosures.

Module 6B – Risk We had a roleplay about
TASKS PERFORMED Assessment Update Reporting process and
Module 6C – Audit communication between
Misstatement and Control audit team and management
deficiencies I represent my group for a
Module 6D – Summary of reporting
risk and other matters I lead our group for the
Module 6E – Reporting Module 6C.
process Quizzes
Module 6F –
Communication
Module 6G - Audit Report
• Analyzing Skills • Problem-solving skills
RELATED/REQUIRED SKILLS • Collaboration skills Critical Thinking
Myra Liza S. Sto. Tomas

COORDINATING DEPARTMENT Kiarradine Michelle
OR COMPANY REPRESENTATIVE Mayormita
Debriefing of Module 6B,
COMPANY ACTIVITY 6C, 6D, 6E, 6F and 6G

I was able to determine identify management bias and

PERSONAL INSIGHTS when to revise materiality, conclude on control deficiencies.
determine whether to I was able to learn how to
perform additional properly communicate the
procedures in the findings and request with the
completion phase, identify management. I was able to
events happened after the perform various completion
reporting date that may activities and documentation
impose additional risks and requirements, learn how to
issues. Identify audit select high risk journal entries,
misstatements. I was also identify considerations in the
able to record audit preparation of financial
misstatements and statements, and identify
complete, related adjusting and non-adjusting
schedules, evaluate events.
aggregated audit
misstatements,
STUDENT’S SIGNATURE ADVISER’S SIGNATURE: ADVISER’S REMARKS:
WEEK 11: FROM NOVEMBER 3 TO NOVEMBER 5

We had sharing in Microsoft
TASKS PERFORMED Teams
Ice breaker
RELATED/REQUIRED SKILLS Speaking Skills
John Diether Barroga

COORDINATING DEPARTMENT Ranea Bolanos
OR COMPANY REPRESENTATIVE Ivan Cuaresma
Marijune Mallari
Essential skills training
COMPANY ACTIVITY Building My Strong
Foundation for a Meaningful
Life and Work Training

I realized that career is not My motivation in studying is

PERSONAL INSIGHTS choosing your ideal job. It's my goal and mindset that I
about when proficiency can land a high-paying job so
meets purpose. It's about that I have money to spend
finding the environment on retirement.
where I can flourish and
thrive.
Success is not about the
material things. Not about
my pleasures or popularity
because all of those are
temporary. What really
matters is the person I
become in the future, and I
should find a work that
makes me feel alive. One of
the great ways for me to
make an impact is through
my work, through my
talents, through the people I
am in-charge of, through
serving people.

PH – STAFF Global Annual
TASKS PERFORMED Independence Training
Independence Assessment
PH – 2018 Information
Protection Fundamentals
Course (IPF)
PH – We Do What is Right:
Integrity at KPMG 2020

Assessment
PH Data Privacy Training
2020
Reading Skills
RELATED/REQUIRED SKILLS Comprehension Skills
Listening Skills
Catrine Mae T. Devantes
PH – STAFF Training
COMPANY ACTIVITY
It is important to read the

PERSONAL INSIGHTS policy of the company and
obey it for your reputation
and reputation of the
company

Updated the tax rates in
TASKS PERFORMED checklist of Income Tax file.
Inquiry to BIR via Telephone
about liquidating
representative office.
Inquiry to Banks to ask
payee’s name in checks
Joined tutorial of BIR
Monitoring
RELATED/REQUIRED SKILLS Readings Skills

Comprehension Skills
Tax BDU 2 – GJS Team
COORDINATING DEPARTMENT Ellen Rose R. Hernandez
OR COMPANY REPRESENTATIVE Shera Mae Sumilang
Update Income Tax Checklist
COMPANY ACTIVITY Tutorial of BIR Monitoring
It is important to update the tax

PERSONAL INSIGHTS issuance, tax advisory from the
BIR so that the company is aware
and updated in case that the
clients will be affected for that
new tax issuance and tax
advisory. It is also important to
carefully read the checklist for
the client so that you would not
miss any rules and regulations
that is still not updated. Also, in
conducting inquiry through
telephone, I need to be patient
and attentive.

PH – STAFF Global Annual PH Data Privacy Training
TASKS PERFORMED Independence Training 2020
Independence Assessment
PH – 2018 Information
Protection Fundamentals
Course (IPF)

Assessment
Reading Skills
RELATED/REQUIRED SKILLS Comprehension Skills
Listening Skills
Catrine Mae T. Devantes
PH – STAFF Training
COMPANY ACTIVITY
It is important to read the

PERSONAL INSIGHTS policy of the company and
obey it for your reputation
and reputation of the
company

Updated the tax rates in
TASKS PERFORMED checklist of Income Tax file.
Inquiry to BIR via Telephone
about liquidating
representative office.
Inquiry to Banks to ask
payee’s name in checks
Joined tutorial of BIR
Monitoring
COORDINATING DEPARTMENT Ellen Rose R. Hernandez
OR COMPANY REPRESENTATIVE Shera Mae Sumilang

Update Income Tax Checklist

COMPANY ACTIVITY Tutorial of BIR Monitoring
It is important to update the tax

PERSONAL INSIGHTS issuance, tax advisory from the
BIR so that the company is aware
and updated in case that the
clients will be affected for that
new tax issuance and tax
advisory. It is also important to
carefully read the checklist for
the client so that you would not
miss any rules and regulations
that is still not updated. Also, in
conducting inquiry through
telephone, I need to be patient
and attentive.

BIR monitoring at 10 AM and
TASKS PERFORMED 4 PM
Get excerpts from the
contracts of clients
List down offshore and
onshore transaction of the
company
COORDINATING DEPARTMENT Jemimah Halili
OR COMPANY REPRESENTATIVE Cristine Sapallada
Excerpt Contract of Clients

COMPANY ACTIVITY BIR Monitoring

GJS Monthly Catch Up
Excerpting contract of client
PERSONAL INSIGHTS makes the work less difficult
because we can have a reference
or summary of the information
that we needed. On the other
hand, monitoring the BIR website
for the new advisory, issuance,
and international tax matters is
very important because it helps
the company to be updated on
this matter especially that tax is
very dynamic, it usually changes.
As per my observation, there are
so many new advisory last week
and this shows that if we do not
monitor the BIR, there could be a
risk of error in our work for the
clients.

BIR monitoring at 10 AM and
TASKS PERFORMED 4 PM
Summarizing the BIR new
Rulings Nos. 392-2021 to
431-2021
Inquiry with BIR
Attended weekly meeting of
the team.
Joined Kahoot!

COORDINATING DEPARTMENT Jemimah Halili
BIR Monitoring
COMPANY ACTIVITY Summarized BIR Rulings
Nos. 392-43-2021
Kahoot!
Continuation of last week’s
Training
Summarizing BIR Rulings monthly It is also important to have an
PERSONAL INSIGHTS in an excel sheet is a very assessment after the training
efficient and effective task through games to assure that
because everyone in the interns and associates learn
department could easily check something new every training.
the new BIR rulings without Working is not just working, we
browsing the BIR website and go need to take care of our mental
over on the page of rulings one health and having games with
by one. Through the Summarized workmates is one thing to
BIR Rulings, it is indicated there relieve our stress. We need to
the ruling number, company, and enjoy life and learn to socialize.
the ruling on that specific
number.


STUDENT’S JOURNAL
Name: Kylie Brae G. Tiri_________________ Name of Company: KPMG in the Philippines

Degree or Program: BS in Accountancy _____ Department: DLIP and VLIP (Tax – BDU 2)
WEEK 1: From August 23, 2021 To August 27, 2021

Orientation about the Firm
Case studies about Quality and Risk Management
TASKS PERFORMED
Microsoft Excel functionalities
Hands-on exercises on Power Business Intelligence application
Mural activities: Essential skills training
Microsoft Excel skills
RELATED/REQUIRED SKILLS Listening skills
Creativity
Ms. Althea Mangasar | PPC Department
Ms. Hannah Carmela Relao | PPC Department
COORDINATING DEPARTMENT Ms. Shinette Jel Tanuecoz | Senior Officer
OR COMPANY REPRESENTATIVE Mr. Jose Crisanto Panganiban | Audit Director
Ms. Marijune G. Mallari | Learning and Development
Department
Getting to Know the Firm
COMPANY ACTIVITY Risk Management Training
Shaping the Future of Accounting Through Technology
A good ignition has been made during the set off in this 1st week of
our virtual internship. Being able to participate and share insights
during the in-between questions of the facilitators is a good start. An
PERSONAL INSIGHTS overview about the firm and our internship journey in KPMG
Philippines was made for us to know the working environment,
culture, and background of the company, and to prepare ourselves
to the upcoming activities.

WEEK 2: From August 31, 2021 To September 3, 2021

TASKS PERFORMED Performed audit on case studies of Insurance, SSC, and Banks
Analytical thinking skills
RELATED/REQUIRED SKILLS Professional skepticism
Excel skills
Ms. Florizza C. Simangan
Ms. Ailene Catibog
Ms. Sheila Ricca Dioso
Audit (Insurance) Lecture & Case Study
COMPANY ACTIVITY Audit (SSC) Lecture & Case Study
Audit (Bank) Lecture & Case Study
Experiencing how it is like to conduct a real audit with a client really
gave me awareness of the actual issues, audit procedures, and data
that is necessary to perform an audit. As I first encountered a case
study in Insurance, it was really challenging for me since audit in
PERSONAL INSIGHTS insurance is very detailed and requires careful vouching, as well as
other audits. Further, the case studies in SSC and Banks were very
organized and supporting documents were provided. Indeed, this
second week of internship is a tough one since we needed to go
through lots of documents and analysis for the case studies.
STUDENT’S SIGNATURE: ADVISER’S REMARKS:
WEEK 3: From September 6, 2021 To September 10, 2021

Performed audit on case studies of Personal Income Taxation,
Corporate Taxation (VAT, EWT, and Income Tax), and Corporate
TASKS PERFORMED
Taxation (Donor’s Tax, Capital Gains Tax, and Documentary
Stamp Tax)
RELATED/REQUIRED SKILLS Attention to detail


Ms. Ria Danielle Ching | Tax Manager and Knowledge Manager
of Global Compliance Management Services
Ms. Mary Armi Milanes | Assistant Tax Manager
Personal Taxation Lecture & Case Study
COMPANY ACTIVITY Corporate Taxation Lecture & Case Study Part 1
Corporate Taxation Lecture & Case Study Part 2
Being exposed to different case scenarios really tests my knowledge
and on how I will use the applicable Tax Code Provisions. I have
encountered tricky questions and information in this week. One
thing that sticked to me is to identify the important information and
PERSONAL INSIGHTS
correct values by using the appropriate tax rates. Furthermore, I
believe that being updated and having knowledge on the revised
laws and newly implemented laws are vital to be well-informed on
the changes.

Performed case studies on Advisory Management Consulting
(Business Transformation and Software License Review), Deal
TASKS PERFORMED
Advisory (Basic Valuation, Financial Modelling and Capital
Budgeting), and Advisory Risk Consulting.
Critical thinking skills
Attention to detail
Ms. Sharmaine F. Sy | Deal Advisory Department
COORDINATING DEPARTMENT Ms. Baby Lyn Morota | Deal Advisory Department
OR COMPANY REPRESENTATIVE Ms. Althea Mangasar | PPC Department
Advisory Management Consulting Lecture & Case Study
COMPANY ACTIVITY Deal Advisory Lecture & Case Studies
Advisory Risk Consulting Lecture & Case Study
Performing case studies assigned to us this week has been one of my
PERSONAL INSIGHTS
favorite tasks so far. My interest in Advisory Management Consulting

has strengthened especially that it was my first choice department

to be assigned with when I will be working in the future. Application
of the course MAS is very relevant in this week’s case studies.

Started on practice set Modules - Module 1 (Introduction), Module
TASKS PERFORMED 2 (Pre-engagement Activities), Module 3 day 1 to day 3 (Planning
your Audit).
Professional judgment
RELATED/REQUIRED SKILLS Teamwork
Attention to detail
Presentation skills
Ms. Grace Asuncion | Senior Audit Manager
Ms. Anabella R. Resuello (ARR) | KPMG Audit Partner
Mr. John Louis Vianney Agno | Audit Assistant Manager
Audit Practice Set –Module 1
COMPANY ACTIVITY Audit Practice Set –Module 2
Audit Practice Set –Module 3 (Day 1 to Day 3)
This week one of the practice set modules set a different level of
challenge from the previous weeks. At the end of each module, we
were tasked to present the case and take the quiz. In this week’s
PERSONAL INSIGHTS
modules, we had also the chance to have a small group interview to
an audit partner from the firm which paved a way for us to ask
personally questions that interests us.

WEEK 6: From September 27, 2021 To October 1, 2021

Performed practice sets in Module 3 day 1 to day 3 (Planning your
TASKS PERFORMED Audit) and Module 4 day 1 to day 3 (Controls Testing and Revenue
Cycle).
Attention to detail
Presentation skills
Ms. Grace Asuncion | Senior Audit Manager
Ms. Gieanne Oribiana | Audit Assistant Manager
Mr. Bernard Castil | Audit Manager
COMPANY ACTIVITY
Performing an audit requires analytical and professional judgment.
Furthermore, phases of audit may depend on previous audit
procedures done hence, it is very important to perform well the
PERSONAL INSIGHTS
procedures. This week’s practice set showed me the importance of
planning in the audit phase. Being ready and having a good audit plan
will make an impact on the whole audit process.
WEEK 7: From October 4, 2021 To October 8, 2021

Performed practice sets in Module 4 day 4 to day 5 (Inventory Cycle)
TASKS PERFORMED and Module 5 day 1 to day 3 (Introduction to Substantive Testing and
Auditing Receivables).
Attention to detail
Presentation skills

Ms. Juvy C. Garchitorena

Ms. Myraflor B. Odiver
COORDINATING DEPARTMENT Ms. Maria Rhodoura B. Eusebio
OR COMPANY REPRESENTATIVE Ms. Rhea Jane P. Abel
COMPANY ACTIVITY
During one of the debriefings of the practice sets, one facilitator said
that once invoices are not available in the audit of receivables, we
must ask for additional documents that can support the same.
PERSONAL INSIGHTS
Sometimes, there are instances where these invoices are not
available at present, so we need further documents to suffice the
lacking invoices.

Performed practice sets in Module 5 day 4 to day 8 (Auditing
TASKS PERFORMED Receivables, Inventories and Cost of Sales, Auditing Cash and Cash
Equivalents).
Attention to detail
Presentation skills
Ms. Remedios DC. Dacurawat | Audit Manager
Mr. Nico John P. Veluz | Audit BDU 2
COORDINATING DEPARTMENT Ms. Kiarradine Michelle M. Mayormita | Audit BDU 2
OR COMPANY REPRESENTATIVE Ms. Juvy Garchitorena | Audit BDU 2
COMPANY ACTIVITY Audit Practice Set – Module 5 (Day 4 to Day 8)
The interconnectedness of all audit procedures was very important
in performing audit. I have experienced that having knowledge on all
PERSONAL INSIGHTS
the testing procedures even if the task is assigned to my other
groupmates can help me know the relationship and arrive at a good

audit conclusion. Another insight in this week’s practice set is that

verifying and double-checking of PBC lists and other supporting
documents are very crucial since some computations were hidden
just to match the correct amount.

Performed practice sets in Module 5 day 9 to day 11 (Auditing
TASKS PERFORMED Material Non-Significant Accounts) and Module 6 day 1 to day 2
(Introduction to Completion and Risk Assessment Update).
Attention to detail
Presentation skills
Ms. Danica May H. Cenir | BDU 2
Mr. Ace M. Suatengco | Assistant Audit Manager
Ms. Myra Liza S. Sto. Tomas | BDU 2
COORDINATING DEPARTMENT Ms. Marinela Thea C. Magno | BDU 2
OR COMPANY REPRESENTATIVE Ms. Sarah M. Dino-Broas | BDU 2
Audit Practice Set – Module 5 (Day 9 to Day 11)
COMPANY ACTIVITY
Audit Practice Set – Module 6 (Day 1 to Day 2)
During the case debriefing our group found out that we have
overlooked on area which is the acceptable difference must be
based and aligned with performance materiality. We did a lot of
vouching which made us be familiar with documents in relation to
PERSONAL INSIGHTS
audit practice. Further, it was emphasized that the “valuation”
assertion is not relevant to the Cash and Cash Equivalent account
since these are presumed to have relatively stable purchasing
power.


Performed practice sets in Module 6 day 3 to day 7 (Audit
TASKS PERFORMED Misstatements and Control Deficiencies, Summary of Risk and Other
Matters, Reporting Process, and Audit Report).
Teamwork
Attention to detail
Presentation skills
Role playing skills
Ms. Sarah M. Dino-Broas | Audit BDU 2
COORDINATING DEPARTMENT Mr. Vidal Jr F. Tadiar | Audit BDU 2
OR COMPANY REPRESENTATIVE Mr. Moses Jef D. Libres | Audit BDU 2
COMPANY ACTIVITY Audit Practice Set –Module 6C (Day 3 to Day 7)
One of the discussions that struck me most is that whenever there
are discrepancies regarding bank statement and bank confirmation
PERSONAL INSIGHTS reply, it is a must that we inquire further. If there are no available
exact documents, at least some valid supporting files that can
validate the bank statement and bank confirmation reply
WEEK 11: From November 3, 2021 To November 5, 2021

Attended two-day essential training skills, final assessment, and
TASKS PERFORMED
closing socials.
Listening skills

Ms. Marijune Mallari | Director, Learning and Development
COORDINATING DEPARTMENT Ms. Ranea M. Bolanos | Learning and Development
OR COMPANY REPRESENTATIVE Ms. Althea Mangasar | PPC Department
Essential Skills
COMPANY ACTIVITY
Finalization of Project, Final Assessment, Closing Socials
Real champions are those who are not afraid to commit mistakes and
try again. Being an authentic person is one of the most fulfilling
achievements that I want to reach. Acknowledging our low points,
PERSONAL INSIGHTS
expressing ourselves, and developing our character take a lot of
courage to muster. I really learned that reaching out to other people
can make me feel a relief, somehow.

Risk Management Trainings – Data Privacy Training, Global Annual
TASKS PERFORMED Independence Training, Information Protection Fundamentals
Course, We Do What is Right: Integrity at KPMG.
Listening skills
RELATED/REQUIRED SKILLS Analytical thinking skills
Ms. Catrine Mae T. Davantes | Learning and Development
Ms. Mary Armi G. Milanes | Tax Assistant Manager, BDU 2
Ms. Kathleen L. Saga | Tax Principal
COORDINATING DEPARTMENT Mr. Arik Aaron C. Abu | Tax Manager, BDU 2
OR COMPANY REPRESENTATIVE Ms. Lynn Margarita O. Palis | Tax Supervisor, BDU 2
Ms. Judith C. Resuello | Tax Supervisor, BDU 2
Ms. Erika Bianca U. Canasa | Analyst I, BDU 2
Ms. Erika Jane F. Escobido | Analyst I, BDU 2
Mr. Reymart G. Ido | Analyst I, BDU 2
Ms. Azelle Joy S. Cayabyab | Executive Secretary I, Tax
Risk Management Training
COMPANY ACTIVITY Endorsement of Interns to their Supervisors
Welcome Meeting for Interns

After successfully finishing the Distance Learning Internship

Program, I decided to continue in the Virtual Learning Internship
Program in KPMG R. G. Manabat & Co. I chose to be a Tax intern, and
I was assigned in the BDU 2. During this first week, we were first
given several risk management trainings for us to be oriented and be
PERSONAL INSIGHTS aware of the dos and don’ts in the firm. It took me 3 days to
accomplish all the trainings and assessments. It is very important to
learn and to know the foundation as well as the precautions that will
guide me throughout my stay in the company. In the last day of the
week, I was introduced to the team that I will be staying in my
internship journey.

Assisted in Tax Research of Japan Co. and researched on related BIR
TASKS PERFORMED
Rulings.
Mr. Arik Aaron C. Abu | Tax Manager, BDU 2
Ms. Mary Armi G. Milanes | Assistant Manager, TAX BDU 2
Tax Readings
COMPANY ACTIVITY
Tax Research on BIR Rulings
Being able to go back and recall the topics I have learned during the
past semesters is very important especially that I am in the tax
department now. I was given several tax readings including CTA
rulings which paves a way for me to review the concepts. In the next
days, Sir Arik assigned me into tax research, specifically to a Japanese
PERSONAL INSIGHTS Company client in identifying whether the NOLCO of the Philippine
Company can still be used since the change in ownership is not
substantial. This task really made me read more BIR rulings, which I
appreciate because I was given a chance to give insights to the actual
client. It was very fulfilling also that my output was also included in
the tax advice of KPMG to the client.


TASKS PERFORMED Performed Smartmatic case discussion and printed Tax files.
RELATED/REQUIRED SKILLS Communication skills
Listening skills
COORDINATING DEPARTMENT Ms. Erika Jane F. Escobido | Analyst I, BDU 2
OR COMPANY REPRESENTATIVE Ms. Mary Armi G. Milanes | Assistant Manager, TAX BDU 2
COMPANY ACTIVITY Print tax files
The case discussion was about the procurement of software that will
be used in the 2022 elections in the Philippines. There were two
important processes mentioned by Ms. Armi – first is the transaction
between Smartmatic Netherlands and Smartmatic Philippines;
second is the transaction between Smartmatic Philippines and the
PERSONAL INSIGHTS Commission on Elections. The problem/ concern of KPMG here is the
involvement of a third party, which is the Smartmatic Netherlands.
After thorough evaluation, it was concluded that there will be a 25%
final tax. Immersing myself in actual cases with clients like this
continues to bring fresh ideas and diverse experience which may
help me decided what I really want to pursue in the future.
WEEK 15: From November 29, 2021 To December 3, 2021

Accomplished reading and researching on Tax handouts and CTA
TASKS PERFORMED
cases.
RELATED/REQUIRED SKILLS Communication skills
Listening skills

Ms. Mary Armi G. Milanes | Tax Assistant Manager, BDU 2

Ms. Kathleen L. Saga | Tax Principal
Mr. Arik Aaron C. Abu | Tax Manager, BDU 2
Ms. Lynn Margarita O. Palis | Tax Supervisor, BDU 2
Ms. Judith C. Resuello | Tax Supervisor, BDU 2
Ms. Erika Bianca U. Canasa | Analyst I, BDU 2
Mr. Reymart G. Ido | Analyst I, BDU 2
Ms. Azelle Joy S. Cayabyab | Executive Secretary I, Tax
Tax Readings
COMPANY ACTIVITY
Closing Meeting
During my last week of stay in the Bridging Theory and Practice:
Virtual On-the-Job Program (the “Virtual OJT Program”), I genuinely
get to appreciate more the concept of Taxation. It made me want to
study smarter on the concepts that I find hard and challenging. The
assistance and guide of my supervisor and the KLS team were there
PERSONAL INSIGHTS form the start until the end. Whenever I have questions, they are
more than willing to answer these. I did not have many tasks during
my last week of stay since it was a slack season, however, they made
sure that my stay was worth it. Personally, I appreciate the tax
handouts that my supervisor gave me. Those will really help me even
after my internship in this firm.

ATTACHMENT F: SAMPLE OF WORK DONE (NON-CONFIDENTIAL)

Cash Flow Effect - Increase Statement of Comprehensive
Correcting Entry Required at Current Period End Income Statement Effect - Debit(Credit) Balance Sheet Effect - Debit (Credit)
(Decrease) Income - Debit (Credit)
Income effect of
Income effect Income effect
correcting the balance
Description of Type of according to Iron according to Noncurrent Current Noncurrent Operating Investing Financing
ID Accounts Debit (Credit) sheet in prior period Equity Current Assets Comprehensive Income
misstatement misstatement Curtain (Balance Rollover (Income Assets Liabilities Liabilities Activities Activities Activities
(carryforward from
Sheet) method Statement) method
prior period)
C=A (Only Income

A B C-B
Statement accounts)
CASH IN BANK BPI

1,250,000.00 1,250,000.00 1,250,000
QUAD - PHP
To record unreleased
1 Factual Misstatement
checks
Accounts Payable-
(1,250,000.00) -1,250,000.00
Trade
ACCOUNTS
RECEIVABLE - 950,000.00 950,000.00
TRADE
To record sales earned in
2 2020 but recorded in Factual Misstatement
January 2021
Sales- Walk-in (950,000.00) -950,000 - 950,000.00

ATTACHMENT G: PERFORMANCE EVALUATION FORM
BAGATSING, JHUSTYN RAE K.
Distance Learning Internship Program (DLIP) – 91.88%

ACTUAL BREAK-
START ATTENDAN FINAL PROJE
NAME SCHOOL END DATE TOTAL OUT QUIZ TOTAL
DATE CE ASSESSMENT CT
HOURS SESSION
Bagatsing, Jhustyn Rae K. Far Eastern University - Manila 23-Aug-21 05-Nov-21 418.6 20.00% 38.10% 12.17% 17.21% 4.40% 91.88%
Virtual On-the-Job Program (VLIP) – 94.70%

HIPOLITO, ALEXA JOY S.


MONTEHERMOSO, MARITES R.

TIRI, KYLIE BRAE G.


ATTACHMENT H: CERTIFICATE OF COMPLETION C/O HOST COMPANY

BAGATSING, JHUSTYN RAE K. – COC


MONTEHERMOSO, MARITES R. – COC

TIRI, KYLIE BRAE G. – COC

ATTACHMENT I: EVALUATION FOR SAP ADVISER AND HOST COMPANY


TIRI, KYLIE BRAE G.

ATTACHMENT J: CERTIFICATES OF ATTENDED SAP ACTIVITIES

1. Audit Webinars (ACT1207) with equivalent OJT hours

2. Refresher Courses/Diagnostic Exams with Equivalent OJT Hours
REFRESHER COURSES/DIAGNOSTIC EXAMS WITH EQUIVALENT OJT HOURS

September 8 to October 3, 2021
Equivalent
Name
OJT Hours
BAGATSING, JHUSTYN RAE KING 50
3. Credit Education Awareness Webinar
4. Online Mock Interview with Coaching

5. Operations Auditing Case Study


2. Refresher Courses/ Diagnostic Exams with equivalent OJT hours
3. Student Exposure to Partner Organization Program




4. Student Exposure to Partner Organization Program

TIRI, KYLIE BRAE G.


4. Online Mock Interview with Coaching

5. Operations Auditing Case Study

ATTACHMENT K: SUMMARY OF OJT HOURS

Supervisors:
Ms. Joselle Sanchez (DLIP)
Ms. Annatrixi Bonquin (VLIP)
Creditable
Event
Hours
Corporate Exposure - KPMG R.G. Manabat & Co. (DLIP) 418.6
Corporate Exposure - KPMG R.G. Manabat & Co. (VLIP) 125
Midyear Term - Alternative Activities 100
Diagnostic Exam as of October 3, 2021 50
Operations Auditing Case Study 60
TOTAL 753.6

Supervisors:
Creditable
Event
Hours
Diagnostic Exam as of October 3, 2021 50
TOTAL 624.4
Supervisors:
Ms. Ellen Rose Hernandez (VLIP)
Creditable
Event
Hours
Corporate Exposure - KPMG R.G. Manabat & Co. (DLIP) 417
Diagnostic Exam 110


TOTAL 834
TIRI, KYLIE BRAE G.
TIRI, KYLIE BRAE G.

Supervisors:
Ms. Mary Armi Milanes (VLIP)
Creditable
Event
Hours
Diagnostic Exam 100
TOTAL 832.4

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FAR EASTERN UNIVERSITY

Institute of Accounts, Business, And Finance

KPMG R.G. MANABAT & CO.

JHUSTYN RAE K. BAGATSING

TABLE OF CONTENTS ........................................................................................................................... ii

KPMG R.G. MANABAT & CO. Page | ii

possible with the help and support of various individuals.

encountered in this journey.

KPMG R.G. MANABAT & CO. Page | iii

KPMG R.G. MANABAT & CO. Page | iv

COMPANY PROFILE AND INDUSTRY ANALYSIS

KPMG R.G. Manabat & Co.’s mission is to

turn knowledge and understanding of information,

industries and business trends into value for their

firms' clients, people and the capital markets.

in the region, driven by dedication and an unwavering commitment to excellence.

207,000 people, serving the needs of businesses, governments, public-sector agencies,

KPMG R. G. Manabat & Co. adopts a global approach spanning professional

KPMG R.G. MANABAT & CO. Page | 1

communities they work for. Giving emphasis on valuable knowledge-imparting to its

in the following areas:

1. Tier 1 Tax Practice

2. Tier 1 Transfer Pricing Practice

corporations leading them to becoming one of the most trusted pioneer

accounting/auditing firms in the Philippines. Additionally, since they are considered as

KPMG R.G. MANABAT & CO. Page | 2

emphasis on greater transparency, real-time collaborations and interactions,

transformative capabilities, insights-driven and efficient operations, globally consistent

execution, and a more meaningful engagement experience with their teams.

mentioned above, KPMG PH is recognized by International Tax Review in the Philippines

for their exceptional expertise in the Tax Industry Services.

capabilities they provide their clients are of substantial reliance.

KPMG R.G. MANABAT & CO. Page | 3

CLASSROOM LEARNING APPLIED TO ON-THE-JOB-TRAINING

The importance of On-the-Job-Training is the exposure and experience of students

professional setting to hone and enhance their expertise.

On-the-Job-Training helps students in applying theoretical knowledge to real life

contributing acquired skills to the company.

Financial Management as our courses. In these courses, the discussion focused on

performance measures were emphasized. During our on-the-job-training, we performed

different types of advisory procedures, such as Deal Advisory, Management Consulting,

we had a walkthrough preparation by creating a matrix, assessing control design and

KPMG R.G. MANABAT & CO. Page | 4

capital structure of the company.

semester, we focused on discussing auditing theories wherein we tackled the Philippine

Standard on Auditing (PSA) while in the second semester, we focused on discussing

training, we experienced auditing several industries such as Banking, Insurance and

center, we performed numerous procedures such as checking the appropriateness of

KPMG R.G. MANABAT & CO. Page | 5

all the phases of of audit starting from pre-engagement procedures to completion

Audit of Assertions is one of the topics we discussed in our auditing courses.

how auditing really works in the corporate world.

basic concepts of taxation, individual taxpayers, and business taxpayers wherein we

KPMG R.G. MANABAT & CO. Page | 6

Microsoft Office. Usage of Microsoft office is prevalent in school regardless of the

PowerPoint in creating presentations for reporting. We frequently used MS Excel to

more in-depth manner.

KPMG R.G. MANABAT & CO. Page | 7

COMPARISON BETWEEN THEORY/CONCEPTS TAUGHT IN CLASSROOM AND