Acknowledgement

INTERNSHIP AT SYCIP, GORRES, VELAYO & CO.
6764 AYALA AVENUE, MAKATI CITY

METRO MANILA
_________________________________
INTERNSHIP JOURNAL
_________________________________
In partial fulfillment of
the requirements for the Degree
Bachelor of Science in Accountancy
_________________________________
Ela Mae A. Fernandez
December, 2023
OUR LADY OF THE PILLAR COLLEGE CAUAYAN
SAN FERMIN, CAUAYAN CITY, ISABELA, 3305 PHILIPPINES
Tel No. (+078) 652.0685 • Fax (+078) 652.1748
Email: registrar@olpcc.edu.ph
Website: www.olpcc.edu.ph
Acknowledgement
I want to take this opportunity to say thank you to those who helped and supported me in
my internship.
To my parents Leslie and Edmund, who always thought of what would be the best for me
and our family, you have trusted me to go to Makati and gave me your full support throughout my
internship. I love you so much.
To my best friend Shaina, I appreciate you for lifting me up during those times I got tired and
weary. And to my roommates Cassandra and Precious I am grateful for the understanding, patience
and kindness you showed while living with me.
To our OJT Adviser, Sir Sherwin, I would like to thank you for guiding us from the beginning
until the end of our internship.
I also am grateful for our Internship Coordinator, Ms. Angelou. Thank you to Ate Pia, Ate
Charmaine, Kuya Alfie, Ate Jen and Ate Nizzel as well as to the BFL cluster who took care of me.
Thank you, SGV & Co. for the overall internship experience and learnings.
And to God, all glory belongs to you.

Tel No. (+078) 652.0685 • Fax (+078) 652.1748
TABLE OF CONTENTS
Title
Title Page…………………………………………………………………...……………….i
Acknowledgement……………………………………………………………………...…..ii
Table of Contents……………………..……………………………………………………iii
Journal
Introduction……………………………..………………………………………….………1
Resume …………………………………………………………………………………….3
Corporate Profile……………………………...……………………………………………4
Testimony……………………………………….………………………………………….7
Internship Plan……………………………………………………………………………..8
DTR and Journal Log……………………………………………………………………….12
Progress Report…………………………………………………………………………....19
Final Report………………………………………………………………………………..24
Exit Interview……………………………………………………………………………...26
Evaluation………………………………………………………………………………....28
Certificate of Completion and Other Certifications…………………………………….....32
Annex
Deed of Undertaking…………………………………………………………………….34
Parent’s Consent…………………………………………………………………………35
Waiver……………………………………………………………………………………36
Endorsement Letter………………………………………………………………………37
Memorandum of Agreement……………………………………………………………38
Weekly Update……………………………………………………………………………43
Documentation…………………………………………………………………………..44
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INTRODUCTION
Embarking on a fulfilling career journey often begins with gaining valuable industry
experience. Eager to kickstart the professional path, internship can be the stepping stone to success.
Internship may be a temporary job role closely aligned to an academic pursuit, but it is essential.
Internships not only provide practical experience but also serve as a bridge between classroom
learning and real-world application. Tailored for college students, these opportunities offer more
than just a glimpse into industry culture and operations. Indeed, they pave the way for professional
growth.
In the Philippines, the Commission on Higher Education (CHED) plays a vital role in shaping
education to meet global demands. CHED focuses on creating policies and programs that adapt to a
changing world, embracing globalization and trade liberalization. To ensure students are well
prepared for the workforce, CHED mandates student exchanges and encourages Higher Education
Institutions to build strong ties with businesses and industries. This ensures that students are
developing competitive skills and professional attitudes which make them more employable.
The Student Internship Program in the Philippines, is designed with several key objectives in
mind. First, it aims to give tertiary students enrolled in higher education institutions across the
Philippines an invaluable opportunity to acquire practical knowledge, skills and desirable attitudes
from reliable establishments and industries within the country. The aim is to enhance students'
work competencies, instill discipline, and foster positive interpersonal relationships in the workplace.
In addition, through targeted training initiatives, the program aims at promoting the competitiveness
of participating students. In order to ensure that students are provided with an overall well rounded
education, it shall play a key role in reinforcing and enhancing the degree programs of higher
education institutions.
Moreover, by providing students with the opportunity to learn from and network with
experienced professionals in their chosen fields, the program goes beyond the academic sphere. It
prepares them for the new challenges that they may encounter in their future careers, and to tackle
complex problems or issues. Lastly, the program helps students to identify their career paths and
thus they are able to take advantage of upcoming employment opportunities. It is, in essence, a
holistic platform that not only enhances academic activity but also prepares students for the
dynamic demands of the professional world.
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At Our Lady of the Pillar College - Cauayan, the College of Accountancy offers an
industry-based internship program. Accountancy and Accounting Information System students were
deployed in the 21 industry partners in this school year 2023-2024. We interns worked at auditing
firms, financial institutions, accounting solutions businesses, cooperatives, government and private
companies within their assurance, tax, accounting and information system departments. And the
minimum hours required to complete our internship is 400 hours.
My internship happened in SGV & Co., an audit firm with a full face-to-face setup. So we
rented a condominium in Makati and lived there for about 3 months. Every weekday from 8:00 am to
5:00 pm we are at SGV, working for more than 8 hours. No wonder why I became relentless. It was
indeed challenging but the people I met at SGV really made a difference in my internship experience.
Somehow, they made it not just bearable but memorable.
Building meaningful connections during my internship has a big impact on my future career
choice. As an intern, my mentors(audit staff and seniors) as well as my co-intern became valuable
resources for career guidance and recommendations. I also was given an opportunity to get job
access through their professional networks, especially through my PIC who offered and suggested
that we keep our communications open.
What can I say is that, you can complete class projects simulating actual world scenarios
while you're at school. Although these exercises may be useful, they cannot replace hands-on
experience in the workplace. You will gain a better understanding of your career interests and the
workings of what you want to do, by completing an internship.
I’d also like to give emphasis on creativity as it is a dynamic force that not only enhances our
personal lives, but also plays a key role in the professional world. I realized the importance of
creativity in our professional world extends beyond work, it's a part of every aspect of our lives.
Creativity isn't just a good trait in both realms. It is the major driver of innovation, problem solving
and overall success. Recognizing and nurturing creativity is crucial for personal development,
professional success as well as the overall improvement of our society when we deal with today's
challenges. With this, we can make something out of nothing. This is our very own instrument in
becoming a world-class professional.
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CORPORATE PROFILE
SYCIP, GORRES, VELAYO & CO.
HISTORY OF SYCIP, GORRES, VELAYO & 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 was
founded by the legendary Mr. Washington SyCip in 1946. In the aftermath of the Second World War
when Filipinos were preoccupied with rebuilding the country, Washington SyCip, armed with a keen
business sense and a vision for the nation, opened a one-man accounting firm at the Trade and
Commerce Building in Binondo. The Philippine accounting profession was then dominated by
foreigners, as the country was just starting to rise from the ruins of war. Determined to help Filipinos
take their rightful place in the accountancy profession, Wash envisioned an organization that would
deliver highest quality of service to clients.
As the number of satisfied clients grew, Alfredo M. Velayo, a boyhood friend with whom
Wash shared his dreams, and Vicente O. Jose, an accountant with copious experience in tax work,
were taken in as partners in 1947. In 1953, Thomas Farnell, a senior partner of HHB, decided to
return to his homeland and sell his practice to two Filipino accountants – Arsenio Reyes and Ramon
J. Gorres. After a series of negotiations between Wash SyCip and the two distinguished gentlemen,
the two firms merged to form the largest accounting firm in the Philippines. From this relationship,
SyCip, Gorres, Velayo & Co., the Firm’s current name, was derived.
To ensure consistent above-par work performance and maintain client confidence,

management standardized its audit procedures and developed a working paper model. To oversee
the training of the audit staff and adherence to quality standards, the Firm established the Research
and Training Division.
To provide more incentives to its increasing number of employees, the management inked a
policy granting an annual health bonus. It also created the Loyalty, Special, and SyCip awards in
recognition of noteworthy achievements and length of service. By 1958, SGV was already the biggest
accounting firm in the Philippines and already overtook Fleming & Williamson the then largest
British firm operating in the country.
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SGV COMPANY
SGV is currently the Philippines' largest multidisciplinary professional services firm with nine
offices across the country. The Firm employs more than 5,000 professionals from various disciplines.
They provide integrated solutions that draw on diverse and deep competencies in assurance, tax,
strategy and transactions, and consulting services. We uphold the highest standards of quality. In
fact, SGV’s Audit services have been ISO 9001-certified since 1996. In everything they do, they
nurture leaders and enable businesses for a better Philippines. This Purpose is the aspirational
reason for being that ignites positive change and inclusive growth.
SGV's track record has remained unmatched in the region. They have accumulated
invaluable resources in our 76 years of operations - highly qualified and competent staff,
state-of-the-art facilities and an enviable international network. They 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. In doing so, they play a critical role in building a better working world for our
people, for our clients and for our communities.
SGV became a member practice of Ernst & Young International on 6 June 2002. EY, a global
leader in professional services, understands the business issues that are important to senior
executives. With extensive business knowledge and hands-on industry experience, the global EY
organization can implement a broad array of solutions to help companies capture growth, improve
financial performance, and manage risk – anywhere in the world. Its over 300,000 people serve as
trusted business advisers in more than 150 countries, offering audit, tax, consulting, and strategy
and transactions services across all industries to many of today’s leading global corporations, as well
as emerging companies. Worldwide, its people are united by shared values and an unwavering
commitment to quality.
PURPOSE & VALUES OF SGV & CO.
SGV Purpose
“In everything we do, we nurture leaders and enable businesses for a better Philippines.”
Since its inception, SGV, following the footsteps, wisdom and compassion of our founders,
has always taken an active part in nation-building and actively making a difference in the
communities. In 2018, it rearticulated our Purpose to embody our collective ambition to inspire
positive change and inclusive growth by developing outstanding leaders who team up to deliver on
our promises to all of our stakeholders. The insights and quality services it delivers help enable
businesses, inspire trust and confidence in capital markets and in economies the world over. In doing
so, it plays a critical role in building a better Philippines, and thus, a better working world for its
people, clients and communities. The SGV Purpose is nested within our global EY Purpose to Build a
Better Working World.
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SGV Values
SGV sees a future where the economy prospers and lives are uplifted. To do its part, it help
actualize the potentials of:
● People who demonstrate integrity, excellence, respect, teaming and inclusiveness.
● People with energy, enthusiasm and the courage to lead
● People who build relationships based on doing the right thing
SGV SERVICE LINES
Assurance. Assurance inspires the confidence and trust that help enable a complex world to work.
SGV helps to support organizations in promoting investor confidence, managing regulatory
responsibilities and supporting long-term, sustainable economic growth. In doing so, it protects and
serves the public interest and promotes transparency. Its Assurance services comprise Audit, Review
and Related Services; Financial Accounting Advisory Services; Forensic & Integrity Services; and
Climate Change and Sustainability Services.
Tax. SGV offers a full range of tax compliance, accounting compliance and reporting, payroll
accounting and operations, tax advisory, tax planning, tax outsourcing, transfer pricing and customs
services. We also provide work before the Bureau of Internal Revenue, the Bureau of Customs, the
Department of Finance, local governments, and other agencies such as the Subic Bay Metropolitan
Authority, the Bases Conversion Development Authority, the Philippine Economic Zone Authority,
and the Department of Trade and Industry. Our tax advice on cross-border transactions; corporate
restructuring on acquisitions, mergers and consolidations; financial products and arrangements;
transfer pricing; contract review; and estate planning make us valuable to our clients.
Consulting. In Consulting, SGV is building a better working world by transforming businesses through
the power of people, technology and innovation. To become the world’s leading transformation
consultants, trusted to help clients generate long-term value, it developed a distinctive approach to
transformation called Transformation Realized which harnesses the core drivers of transformation to
create long term value. It places humans@center, leverages technology@speed and enables
innovation@scale. It drives the transformation of our clients’ businesses by developing solutions
across our eight core Fields of Play: Strategy & Transformation, Customer & Growth, Supply Chain &
Operations, Finance, Risk, Technology, Cybersecurity, and Organization & People.
Strategy and Transactions (SaT). SGV helps its clients prepare and execute the best deal for their
company. Its Strategy and Transactions professionals help them enhance and maximize enterprise
value. In each business area, it provides technical expertise and in-depth knowledge. Whether they
are a small, mid-sized or large company, SGV’s services and professionals can guide them in making
the right business transactions for their company’s optimal growth.
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FINAL REPORT
NAME OF STUDENT : Ela Mae A. Fernandez

COMPANY : SyCip, Gorres, Velayo & Co.
ADDRESS : 6764 Ayala Avenue, Makati, Metro Manila
The report on the following criteria should include, but not limited to comments on areas
such as human relations aspects of your work; leadership and or management skills;
importance and emphasis on teamwork as opposed to individual work; technical, intellectual,
physical, and social challenges; work schedule; etc. This report should be hand-written
1. Description of the key tasks and responsibilities performed during the internship
My main responsibility as an assurance intern is to provide help in an assurance
engagement when needed. My tasks are vouching to supporting documents,
footing/cross-referencing of FS, performing test of opening balances, roll-forwarding
workpapers, assist on sending and preparing “Confirmation Response Audit Monitoring
(CRAM),” documenting walkthroughs and documenting planning meetings.
2. What specific skills did you learn and develop?

As an audit intern, the first thing I learned is collaborating with the team to conduct
thorough audits and be efficient. I also enhanced my time management through
prioritizing tasks. I learned to create accurate documentation of the audit process and
audit findings. And I think I developed to have a keen eye or attention to detail as I was
commended by one senior for that.
3. Assessment of the most valuable things you learned from the internship
I think one of the most valuable things I learned is being relentless. For me it’s amazing to
see people in the workplace who complain about how toxic their job is but still do it
anyway. They did it even better and worked non-stop. Another most valued lesson learned
is the importance of effective communication. I realized that in the professional world,
miscommunication could lead to work delay and strained relationships which can alter
one’s mental health.
4. Evaluation of the training and overall learning environment provided by your company
The training in SGV for an assurance intern was good. They give a glimpse on how it is to
work in audit or assurance engagement but they refuse to give us complex tasks. Honestly,
sometimes the tasks were really easy for me but there were challenging tasks as well.
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But I’m also grateful for I wasn’t given complicated tasks for I don’t know if I can handle it. As for
the overall learning environment, I wished that there were more training but I am thankful for
the audit staff that guided me during my internship.
5. Evaluation of your internship experience and how it has impacted your career goals
I think I never really considered working in public practice until my internship started. I’ve always
set my mind onto working in private practice because it’s one of the reasons why I chose
accountancy. But working as an assurance intern unlocked the hidden passion in me to work in
the audit field. Now, I am considering working at public practice knowing I also got a job offer
from my PIC.
6. How well the Accountancy / Accounting Information System program prepared you for the
internship
I am really satisfied that what I learned in school, what I have to study for long hours in school, I
finally got to apply to my internship. And I am beyond grateful for all the knowledge shared by our
auditing professor that we are able to apply it very well. And I am glad that after all those
hardships in auditing I finally got to enjoy it.
7. Recommendations for improvements of (a) your specific internship position and (b) the
Internship course in general
a. For my position as an assurance intern, training by the company before working should be
done, so that when we are given tasks, we have an idea on how to do it.
b. Overall, the internship course in general is one of the best things that happened in my years
of existence, it is amazing. So, I can only say that at the proposed post-internship gathering, I
suggest there will be a talk about our next step in our career-building.

Name & Signature of the Student
Date: December 11, 2023

Tel No. (+078) 652.0685 • Fax (+078) 652.1748
EXIT INTERVIEW
NAME OF STUDENT: Ela Mae A. Fernandez

COURSE AND YEAR: BS Accountancy - 3
COMPANY NAME: SyCip, Goress, Velayo & Co.
COMPANY ADDRESS: 6764 Ayala Avenue, Makati, Metro Manila
Your comments and suggestions can assist us the school, and the company to improve the
program and the working environment. It would be appreciated if you could take a little time to
contribute on your views on how we could improve.
1. What was your best day & worst day on your internship?
I consider my first day of working in fieldwork as the worst day of my internship. The audit staff
that handled me that time just handed me the working papers without instructing me anything
aside from “Mag-vouch ka, send ko sa’yo ‘yong working papers.” So, I had to ask her every time I
had a question, because she didn’t explain it to me. And I got frustrated that time because the
pile of papers I had to inspect was like a mountain and I had no idea where to start. The best day
was when my PIC was present in the office, and he was in a good mood to joke around us (the
cluster and even with me.) He is known to be strict and terror, but he was teasing me that time
and I just laughed at him. But in the end, he said that I can go to SGV and work with him. True
enough after my internship, he contacted me and said that we would keep our communications
open.
2. Did you feel equipped in performing your duties & responsibilities? Did you feel in control of
your workload and why?
I did really feel equipped in performing my tasks as an intern, because I already know the
concepts behind it as I have learned it in school. I didn’t feel in control of my workload in the
beginning because the seniors and audit staff I worked with at that time just told me what to do.
But as time went on, I learned to take control of my workload like telling the audit staff that if it
is urgent, I can’t meet it for I am still doing another task.
3. Was emphasis placed on the quality rather than the quantity of the work and why?
In the tasks I’ve done, I prioritized the quality rather than the quantity of my work. It is because I
always view the tasks that they gave me as important. That’s why I always make sure that it is
clear and well done. Except when I was asked to finish cleaning 30,000 Journal Entries in one
day. It became hard for me to do so because of the limited capacity of the laptop. And then the
audit staff who asked for that realized that it was impossible to complete it in one day. I have
completed it within the total of 3 days. And there was this shortcut the audit staff told me to use
so we can do it faster, but in the end it turned out that there was necessary information that was
deleted. So the emphasis should be placed on the quality really rather than the quantity of work.
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4. Did you have a clear understanding of what was expected of you?

To be honest, most of the time during my internship I did have a clear understanding of the tasks
that they gave me and the output they wanted. But one time, there was this audit staff that
instructed me what to do. She instructed me but when I clarified it, she changed her instructions
and when I clarified it again, she then changed her instructions again. That was when my mind
got tangled up and I didn’t really know what the output was she wanted.
5. Did you have an opportunity to use and develop your skills and knowledge?
Very well, in every task I did I kept learning new knowledge and skills. I have learned tax updates
from doing planning documentation. In navigating excel, I improved my technical skills. In talking
with my seniors, co-interns and PIC, I improved my social skills. And when I am facing problems
in doing some of the tasks, I have employed my creativity and it developed as well. And by
observing the people I worked with, I learned how they use their professional judgment.
6. Did you find the performance management process useful and the feedback practical?
We have a specific person to ask for tasks to do and she is also the one the other seniors and
audit staff message when they need our help. It was very useful, and it helped me to really focus
on doing my work efficiently and effectively. Honestly, the feedback I received was all positive,
and it did lift my confidence in my own work. But I guess it wasn’t that practical since I wasn’t
informed what could be the possible mistakes I have done on my work that I could improve.
7. How can the company improve their training and development?

I think there should be training first on the tasks that we interns will do before really starting to
work. And I think the company has a program called “Nurturing Leaders Internship Program” or
NLIP for that, I just hope all interns will undergo the same training and seminars the NLIP interns
had gone through.
8. List three things the company could do to better serve their interns
1. More exposure to fieldwork.

2. Have regular weekly feedback or feedback on every task done.
3. To have a task monitoring system for interns.

Name & Signature of the Student
Date: _ December 11, 2023

Tel No. (+078) 652.0685 • Fax (+078) 652.1748
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INTERNSHIP AT SYCIP, GORRES, VELAYO & CO.

6764 AYALA AVENUE, MAKATI CITY

Ela Mae A. Fernandez

internship. I love you so much.

and kindness you showed while living with me.

until the end of our internship.

And to God, all glory belongs to you.

SYCIP, GORRES, VELAYO & CO.

HISTORY OF SYCIP, GORRES, VELAYO & CO.

To ensure consistent above-par work performance and maintain client confidence,

PURPOSE & VALUES OF SGV & CO.

SGV SERVICE LINES

NAME OF STUDENT : Ela Mae A. Fernandez

2. What specific skills did you learn and develop?

Ela Mae A. Fernandez

Date: December 11, 2023

NAME OF STUDENT: Ela Mae A. Fernandez

4. Did you have a clear understanding of what was expected of you?

7. How can the company improve their training and development?

1. More exposure to fieldwork.

Ela Mae A. Fernandez

Date: _ December 11, 2023

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