UNIVERSITY OF SAINT LOUIS TUGUEGARAO

TUGUEGARAO CITY, CAGAYAN

SCHOOL OF ACCOUNTANCY, BUSINESS AND

HOSPITALITY

A NARRATIVE REPORT REQUIREMENT IN INTERNSHIP UNDERTAKEN AT

SYCIP GORRES VELAYO & COMPANY

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF

BACHELOR OF SCIENCE IN ACCOUNTANCY

TRAINEE:

GANTE, IMELDA A.

July 2019
 TABLE OF CONTENTS

I. TITLE PAGE --------------------------------------------------------------------------------------- i

II. TABLE OF CONTENTS ------------------------------------------------------------------------- ii

III. ACKNOWLEDGEMENT ------------------------------------------------------------------------ iii

IV. COMPANY PROFILE

A. HISTORY --------------------------------------------------------------------------------- 1

B. MISSION ---------------------------------------------------------------------------------- 2

C. VISION ------------------------------------------------------------------------------------ 3

D. CORE VALUES ------------------------------------------------------------------------- 4

E. MANDATE AND FUNCTION -------------------------------------------------------- 5

F. PLEDGE OF COMMITMENT/MILESTONE -------------------------------------- 6

G. ORGANIZATIONAL CHART --------------------------------------------------------- 7

V. NARRATIVE REPORT

VI. DOCUMENTATION

VII. WEEKLY REPORT OF ACTIVITIES

VIII. DAILY TIME RECORD

IX. EVALUATION REPORT

X. CERTIFICATE OF COMPLETION

XI. RESUME

XII. PARENT’S WAIVER

XIII. APPENDICES

A. MEMORANDUM OF AGREEMENT

B. ENDORSEMENT LETTER

C. COMMUNICATIONS

D. SCANNED COPY OF FINAL EXAMINATION PERMIT

 ACKNOWLEDGEMENT

With the deepest gratitude and appreciation, I humbly give thanks to the people who

patiently helped me in making my On-The-Job Training possible.

To my parents, thank you for your unending love and support, for providing all my needs

financially and morally, for your patience and understanding, for your pieces of advice

and for being there at all times.

To my siblings who served as my inspiration. For keeping me inspired to push myself to

the limits and to make the best out of everything.

To the institution where I am studying, University of Saint Louis Tuguegarao where I was

molded to become who I am today.

To all my professors who patiently imparted their knowledge in order for us to acquire a

better future.

To SyCip Gorres Velayo & Company and all the staffs, thank you for all the learnings

I’ve acquired during my internship and for making me realize the true essence of

becoming an auditor in the future.

To everyone who became a part of my success. To my friends, classmates and to

everyone who have shown support.

Above all, to our Almighty God for His immeasurable love and for all the blessings He

has showered upon me. With all my heart and soul I thank Him for guiding me during my

training in this On-The-Job Training. For the provisions and wisdom He has bestowed

upon me. For keeping me and my love ones safe. I thank Him for His comfort when I

was to give up. By His grace I was able to finish without any conflict.

Sincerely,

Imelda A. Gante
 COMPANY PROFILE

Company Profile

 History

SyCip Gorres Velayo & Co. (SGV & Co.)

Established in 1946 as W. SyCip & Co., the Firm changed its name

twice: first in 1947, to SyCip Velayo Jose & Co., and again in 1953, to

SyCip Gorres Velayo & Co. (SGV & Co.).

SGV & Co. is the Philippines’ largest multidisciplinary professional

services firm with eight offices across the country. The Firm employs

nearly 6,000 professionals from various disciplines. We provide

integrated solutions that draw on diverse and deep competencies in

assurance, tax, transaction and advisory services. W e uphold the

highest standards of quality. In fact, the assurance service line of

SGV & Co. has been ISO 9001-certified since 1996.

SGV & Co.’s track record has remained unmatched in the region. We

have accumulated invaluable resources in our 70 years of operations

– highly qualified and competent staff, state -of-the-art facilities and

an enviable international network. We envision not only to give value -

added services to our clients but, more importantly, to become a

partner in their and the region’s development.

SGV & Co. became a member practice of Ernst & Young Global

Limited on June 6, 2002.

Ernst & Young (EY) is a global leader in assurance, tax, transaction

and advisory services. The insights and quality services we deliver

help build trust and confidence in the ca pital markets and in

economies the world over. We develop outstanding leaders who team

to deliver on our promises to all of our stakeholders. In so doing, we

play a critical role in building a better working world for our people,

for our clients and for our communities

 Mission

Since it was established in 1946, SGV has held true to its core values

and ideals. Generations of partners and staff have worked toward

achieving our late Founder Washington SyCip’s vision for the Firm –

to develop quality people and leaders who contribute to national

development. And now, after reflecting on everything that defines

SGV as a Firm, our leaders reiterate this vision in our Purpose.

“In everything we do, we nurture lea ders and enable businesses

for a better Philippines”

 Vision

SGV remains strong because the Firm and its people believe that in

everything we do, we envision the greater good of the country. With

our renewed purpose, SGV maintains its position as the market

leader, strengthened by people who embody integrity and excellence,

building relationships based on doing the right thing. As one Firm,

SGV will work towards sustaining a prosperous economy in a country

where people’s lives are uplifted – truly, a better Philippines. And in

building a better Philippines, SGV contributes to building a better

working world.

 Core Values

Our Values

• People who demonstrate integrity, respect and teaming

• People with energy, enthusiasm and the courage to lead

• People who build relationships based on doing the right thing

 Mandate and Function

 Assurance

Maintaining Your Trust

To grow and create value, your company must have the trust of its

customers, lenders, and investors.

The integrity of your company’s financial information and the reliability

and security of your technology are critical components in garnering

this trust and gaining access to global capital markets. Whether you

are managing issues associated with globalization, addressing

technology vulnerabilities in the connected economy, or looking to

assure the fairness of your financial information — SGV & Co. can

help.

We have invested substantially in innovating our global, risk -based

audit methodology and technology and knowledge enablers. All our

auditors are equipped with our global audit process management and

documentation tool. The methodology is supplemented by

comprehensive standards and quality controls that are applicable to

every client engagement.

 Tax

Driven to Exceed Your Expectations

As today’s business environment becomes increasingly complex with a

host of tax rules and regulations, it is imperative that businesses

equip themselves with the best advice on these matters to compete

effectively and efficiently.

NOW, more than ever, enterprises need to find new ways to align their

tax strategies with their overall business needs, while meeting their

compliance obligations wherever they arise. Our Tax Services can

help you make these things happen by assisting you in identifying and

implementing the best possible approach to all tax and business

concerns.

 Advisory

The nature of work is evolving fast, new generations are now

dominating the workforce and we’re all being asked to adopt new

behaviors. To be more innovative, more agile, more collaborative,

more everything.

Business is anything but usual. And navigating the Transformative

Age demands we ask better questions.

• How can AI enhance human potential?

• Could you execute your strategy better by seeing digital from every

angle?

• Do you change your people or change the way your people work?

• Does cybersecurity only become a priority once you’ve been

attacked?

We believe better questions come from better connections. This

means embracing a diversity of ideas and a rich mix of talents,

backgrounds
and experience. These combined perspectives will give

you new insights and equip you to operate in an entirely new way.

It’s clear that the more we all connect, the better able we are to meet

the complex challenges of our times, and forge new p aths to growth.

Welcome to the Transformative Age

An age where the upside of disruption can create limitless

opportunities. An age that demands better questions. And better

connections.
  Transaction Advisory Services

In a dynamic economy such as the Philip pines’, growth is essential for

your business if you are to stay ahead. Growth through transactions is

a route chosen by many companies as they seek to take advantage of

market opportunities. We appreciate that bold transactions are

complex and daunting in scale.

Our professionals can help evaluate, structure, and execute the deal

you need. No matter what the size of your company, where it is

located or the business you are in, we specialize in providing

transaction expertise at every step of the deal lifec ycle.

 Pledge of commitment/ Milestone

The year 2016 marked SGV’s 70th year of exemplifying

strength, growth and vision. From delivering excellent client service to

celebrating the Firm’s people and values, 2016 was a year for the

books.

The Firm highlighted its people – past and present – through

the SGV’s Got Talent competition, the Staff Anniversary Party, and a

special concert for clients and alumni, featuring Ms Lea Salonga.

Several events were graced by EY global leaders, including E Y Global

Chairman and CEO Mark Weinberger.

The Firm’s commitment to global competence was highlighted

with the launch of the Asia-Pacific Financial Accounting Advisory

Services Hub. 2016 also marked the 95th birthday of SGV Founder

Wash SyCip.

The year ended on a high note as SGV retained its position as

the top auditor of choice for the country’s business entities listed in

the 2016 edition of Business World’s Top 1000 Corporations in the

Philippines. To commemorate the Firm’s 70th year, a selection of

high-quality 70th anniversary merchandise was also sold at the SGV

Store.

As SGV enters its 71st year, we anticipate more milestones and

achievements to come as the Firm pursues its purpose of Building a

better working world.

 Organization Chart

 MG-8 Assurance

Lloyd Kenneth Chua (Partner)

Cliff Richard Narag (Manager)

Karen Marie D. Reyes (Supervisor 2)

Ricmel John Mangulabnan( Senior 1), Arthnie Duque (Senior 1), Ryan Arcega (Senior 1)

Staffs:

Alvin Halog

Juluis Caezar

Ric Irvin Garcia

Jen-Jen Cruz

Owen Patrick Lapid

Nino Roman

Jim Dexter Villa

Mark Davidson Nerizon

 NARRATIVE REPORT

On-The-Job Training or OJT is part of the curriculum of colleges and universities

that requires students to undergo such training within a specific number of hours. It

is a method by which students is given a chance to apply the theories and

computations that they have learned from the school. It also helps the students to

acquire relevant knowledge and skills by performing in actual work setting.

Sycip Gorres Velayo & Company is the firm I was assigned to conduct my On-The-Job

Training. I started on June 10, 2019 and have my July 12, 2019 to complete the required

Two Hundred (200) hours for my OJT. SGV & Company is the largest professional

services firm in the Philippines that provides assurance, tax, transaction and advisory

services. I was assigned to the Assurance Department with Ms. Karen Marie Reyes,

Senior Associate as my Supervisor. On the other hand, the works was given by Mr.

Davidson Nerizon, Ms. JenJen Cruz, Mr. Ricmel Mangulabnan, Mr. Irvin Garcia, Mr. Jim

Villa, Mr. Marc Angelo Mercado, and Ms. Mary Angeline Berjamin, all are well

experienced staff who became our mentors and who guided and assisted us in order to

finish the tasks that was given to us.

The objective of this On-The-Job Training is to enable the college students to experience

to work in an actual working environment within Two Hundred (200) hours, to let the

students apply the learnings and skills gained from the school, to help the students in

building their competence and develop one’s professionalism in dealing with people, and

to enhance their social and communication skills in order for them to interact with others

effectively.

On my first week at SGV & Co., Dr. Rovelle Siazon, our Internship Adviser indorsed us

to the said Company. Thereafter, Ms. Camille of SGV Talent Team oriented us of what

the company is all about – their people, mission, vision, and the dos and don’ts inside

the company. We were assigned to our cluster specifically MG-8 under Partner Lloyd

Kenneth Chua. I did footing on my first day and vouching of different transactions on my

next days. I was very excited but somewhat anxious about starting something new. I was

very afraid to do something wrong that it might affect the performance of the company.
Nonetheless, I’m grateful to have my colleagues beside me, thus, it made me

comfortable to stay in our workplace.

My second week of internship seems more challenging than the first one because of the

works I’ve done. I was asked to read, compare, and provide the difference of the

accounting policies that was implemented by the Group and its Associate. This task

made me realize that Accounting Standards form a big part in terms of audit and I’ve

learned that there are some instances that the accounting policies implemented by the

Group might be different with that of its Associates. I’ve also learned to do the actual cut-

off test of cash disbursements.

On my third week of internship, I was tasked to do the bank reconciliation for our client.

This task requires me to become a keen observer to the bank transactions because we

are to find about fifteen transactions in the records of different banks and see if such

transaction really happened. I was also asked to classify taxes and licenses. Lastly, one

of the associates asked me and my colleague to do the comparison of the accounting

policies implemented by the Group and the Subsidiaries. This takes us a longer time to

finish because the Group has many Subsidiaries and we are about to read all the

accounting policies of the latter.

On my fourth week of internship, I was given a chance to do the test of due dates and

test of aging of accounts receivable. The firm adopted the new impairment model under

IFRS 9 which provides allowance for expected credit losses and is also different from

their previous approach. On the third day for of fourth week, I, with my two colleagues

were transferred to Ortigas, the place of one of the Subsidiaries of our client company. I

got sick for two consecutive days but despite of that I still go for a work. We vouched

boxes of sales invoices dating from April 24, 2019 to April 30, 2019. This work also

includes cut-off testing of sales invoices.

Lastly, on my fifth week of internship, we did the clearing of accounts receivable. It was a

tough work for the three of us because we are about to clear the floating negative

balances of the accounts receivable arising from different transactions that seems to

appear unpaid where in fact it was already paid. The clearing of accounts receivable
started from 2014 up to present due to the adaptation of IFRS 9 which probably affects

the RE of the company.

To conclude, my internship at Sycip Gorres Velayo & Co. was a dream for me. It was a

privilege and pleasure of joining a team with dedicated auditors. We had our internship

when the season isn’t busy but we are lucky because the cluster that was assigned to us

is currently preparing their Interim Report, and that gave us a chance to experience a lot

of works. I’ve learned a lot about accounting and audit. Aside from that, I learned to

become more flexible, more patient, and more determined in doing my work. Having my

internship at SGV & Co. made me realize and appreciate the essence of becoming an

auditor in the future.

The university should conduct more trainings and seminars inside the school to expose

the students in an actual working environment. On-The-Job Training should be

conducted when the auditing firms is in its busy season so they could accommodate

more interns. Lastly, when choosing an agency or firm for the internship, auditing firms

should be the priority because it will be a learning and working experience for the

students.
DOCUMENTATION