LEARNING JOURNAL FOR WEEK 2

August 12, 2024 – August 17, 2024

During the second week of my internship at LEXx Accounting, it had been a set of new
responsibilities that tested my flexibility and adaptability as an accounting intern. The tasks
delegated to me required a quick adjustment and a willingness to learn on the fly. Each day brought
new encounters, pushing me to refine my professional skills and think on my feet as I ventured
with internal auditing and tax compliance engagements this week. When the job assignments were
announced at the beginning of the week, I was really enthusiastic to accomplish it since I have an
internal auditing subject this semester where I can apply the concepts in class to the actual business
setting. More so, as I have embraced income and business taxation during my junior year despite
its complexity, I was eager to apply what I have learned in the classroom to the actual tax
compliance processes for our business clients.
On the seventh day (August 12), I was assigned to audit the operations and internal
processes of a local system developer company. With this, I examined the working files and had a
walkthrough with the financial, compliance, and operations data of the business entity. I studied
thoroughly the company’s workflow processes to enhance the understanding and ensure accurate
findings. I was fascinated that the flowcharts that I only saw on my auditing textbook is actually
utilized in a real-world setting to increase efficiency of operations and processes. It took me a day
to check all the data and fully understand the know-abouts of the company.
During the eighth day (August 13) of my internship, I composed a report detailing
observations on the company's workflows to identify areas for improvement. Alongside, I
developed a set of questions for audit reconfirmation that would be used during the fieldwork.
However, our general manager announced that only one could join the fieldwork for the specific
client and unfortunately, my fellow intern/partner already confirmed participation. Though it was
a missed opportunity for me to join the audit fieldwork, I believe that there will always be a next
time for that. Hence, I focused instead with refining the findings and questions so that my partner
could gather significant data to be used on generating an internal control manual for the company.
The ninth day (August 14) of the internship was different since audit reconfirmation for
the local system developer company had been put into halt. As a result, I was tasked to file and
submit the income tax return for the second quarter of a certain individual. I was in awe with the
job since I could finally apply what I have learned about eBIR forms, deadlines, and itemized
deductions into actual practice. It was again my first time to use the online BIR system after five
years, and because of this, I carefully entered the data to ensure that all information were accurate
and correct. After which, I was asked to enter sale details from the compiled files into the BIR
Relief System. I found it extremely enjoyable despite the numerous transactions I had to enter one
by one since I could already apply the concepts of Value-Added Taxation into practice, in which
during my junior year, VAT was one of my favorite topics in business taxation.
Moving forward to the tenth day (August 15), I was taught on how to extract the necessary
documents from the BIR Relief System database. I was able to generate four important files from
the system and submitted into the repository for checking of our immediate supervisor. Then, I was
assigned again to file another income tax return for the second quarter of a certain individual. By
this time, I was already confident in navigating the online BIR application and accomplished it
efficiently and accurately. It was indeed fulfilling to experience the real-life application of taxation.

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 During the eleventh day (August 16) of being an accounting intern, I received a ‘go’ signal
from the general manager of the firm to start writing an initial internal control manual for cash
receipts, remittance cycle, and revenue cycle of the local system developer company. I was excited
to accomplish the task since internal control system has been our research focus for our
undergraduate thesis. Drafting the manual made me revisit the COSO framework that is widely
used as a theoretical framework for internal controls which mainly focuses on the control
environment, risk assessment, control activities, information and communication, and monitoring
activities. I laid down the framework alongside specific process recommendations addressing the
weak points of the company based on the initial audit findings. Along the process, I have further
appreciated how important an internal control manual is for a business entity to streamline
processes, procedures and rules for a more effective and efficient flow of business activities.
On the twelfth day (August 17) of my internship, I was again assigned to audit the revenue
and expenses of a local real estate business. Upon receiving the working files of the corporation, I
researched first on the nature of the entity, its usual business transactions, and scope. After which,
I already examined the working files and had a walkthrough with the financial data of the company,
particularly with the revenue and expense accounts. Upon understanding thoroughly the
documents, I drafted a report containing the initial findings as to why revenues and expenses were
understated. To cap off the week, I prepared an audit working file consisting of the audit objectives
and audit procedures for revenues and expenses, respectively, which served as a foundational
guidance on the whole audit engagement for next week’s agenda.
Wrapping up the journey during the second week of my internship, I experienced a
significant transition from academic concepts to real-world application, particularly in internal
auditing and taxation. The tasks I handled allowed me to directly apply concepts from the textbooks
and classroom discussions, such as utilizing flowcharts, exploring the audit process, and navigating
the BIR system for tax compliance. This practical exposure deepened my understanding of these
subjects and reinforced the value of my academic background in a professional setting.
Likewise, throughout the week, I also honed my soft skills, particularly in communication
and collaboration, as I worked closely with my team to refine audit findings. Whether it was taking
on the task of filing tax returns or shifting focus when the fieldwork opportunity was missed, I
demonstrated resilience and a willingness to learn on the job. These experiences highlighted the
importance of staying positive and open-minded, even when faced with missed opportunities, as
they are key to thriving in a dynamic work environment. Furthermore, my attention to detail and
accuracy in tasks like filing tax returns further emphasized the importance of meticulousness in
accounting, where even small errors can have significant consequences.
In conclusion, I have instilled and embraced the importance of flexibility and versatility in
the workplace as a key driver of personal and professional growth. The ability to adapt quickly to
new responsibilities, maintain a positive outlook, and continuously refine both technical and soft
skills has proven essential in navigating my pathway towards success as a future Ignatian Certified
Accountant. My diverse involvements this week have been a testament that being open to jobs
outside my comfort zone and adjusting on the fly not only enhances my competence but also
prepares me for future opportunities and growth in my career as it hones me holistically as an
accounting intern, future professional, and an individual.

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 PHOTO DOCUMENTATION
Week 2

Figure 1. Working on an audit of revenue and expense accounts

Figure 2. Photo in the office during the second week of internship