I. Expectations of the Practicum Program

Honeylyne E. Plaza

Written Report on the Practicum Program

I. Expectations of the Practicum Program

Base on my idea of being an On-the-Job Trainee, I think I would be able to really work like a real auditor and audit real businesses and apply everything that I have learned in my accounting and auditing subjects. I think that I would also be able to interact with clients and be able to practice my communication skills. I have expected that at the end of the practicum program, I would be more confident about my learnings in school and that I know I would be competent when I graduate and look for a job in the near future.

II. Description of the company and its accounting or auditing practices

At first, I think it was a bit odd, especially the account titles used in the proposed adjusting journal entries. But during our last evaluation with our bosses and supervisors, they were able to explain to us why we did what we did during our internship. It was an eye-opening experience. One thing I discovered also is that, what is in theory is not always what is being practiced. Over-all, most of the things that I have learned in class is what is being practiced in MACO.

III. Description of the key tasks/ jobs assigned and the responsibilities performed during the internship period , including the most valuable things/ concepts/ values learned.

I thought I wouldnt be able to finish the 15 companies assigned to me by my supervisor during the start of my internship, but I was able to finish it and even had time to help my co-OJTs.

I was an audit clerk. I made working papers and encode documents given by the clients. I was able to speak to my client and discuss my PAJEs. I also made the financial statements of my clients being passed to the Securities and Exchange Commission and Bureau of Internal Revenue. I was able to make an Annual Income Tax Return.

I have learned to communicate well with my clients and speak professionally. I learned to be patient especially in revising the reviewed financial statements again and again. I learned to work with a team and truly team work makes a team work.

IV. Common blocks/ difficulties encountered and how such were overcome.

I am a shy person. I dont usually ask questions and that is really my biggest weakness. The evaluation during the middle of our internship helped me a lot to overcome this weakness. My supervisor pointed this weakness to me and said that I shouldnt feel intimidated because this is the reason why we have supervisors, to assist us and help us learn how real audit works. After that evaluation, I was able to become more comfortable with our supervisors and confident about everything that I have learned in school.

V. Skills developed related to accounting/auditing/taxation and establishing good rapport with supervisors, other employees and peers.

I am able to adjust working papers fast because of the familiarity with the process. I am also able to work on my own or with less supervision because everyone is so busy that it lead me to learn and explore on my own.

I used to have hard time explaining myselor saying what is on my mind, but because our supervisors were making us comfortable by asking us on how we were doing, I had overcome that weakness.

The bosses, supervisors and all MACO employees were so welcoming. They didnt treat us students or less, they treated us like co-employees and were so professional. People in there were like family and they welcomed us thesame way.

VI. Suggestions on problems, existing practices or weaknesses observed in the firm.

One thing I noticed was that, there were only four auditors. They have so many clients and I dont think four is enough. One last thing is that, they still accept last minute clients. Its kind of burdensome to them, I think. Though they were really good and fast.