Name: Paulo Emmanuel S.

Santos Course: Accounting Internship

Section: 3A8_B Date: March 5, 2022

I. Descriptive Section
1. What are your core values as an aspiring professional accountant? What is your mission
statement as an aspiring professional accountant? Explain your mission statement
including its components. How is your mission statement relevant to you being an
aspiring professional accountant, an AMVian, and a Thomasian?
Mission Statement: I guide people to access and understand financial information by
providing quality and consistent services to meet my client’s needs. I am passionate about
serving the public with competence, integrity, and objectivity. I am also determined to
promote positive change to the world by valuing the relevance of accounting in our
everyday lives.
My mission statement stated above focuses on the journey I want to take as a professional
accountant in the future. Through reflection, I have discovered my actual goals in life and
how I want to put those goals into reality. As an aspiring professional accountant, I give
importance to the financial information that businesses produce and analyze them to help
firms make good decisions for their progress and development. As a person, I value the
relevance of accounting in our daily lives, especially during trying times like the COVID-
19 pandemic we are currently experiencing. With these things in mind, I constantly
motivate myself to study hard and be a competent accountant that showcases both
intellect and ethics, whether inside or outside the workplace. It is also essential to have
core values that will serve as foundations to build your action plans. I constantly remind
myself to apply those values in everything I do to be more fruitful and relevant in our
society.
As an aspiring professional accountant, my main goal is to influence other people in
valuing the relevance of accounting in our everyday lives. Accounting is a vital concept
used in the business world, helping firms and organizations manage their resources and
revenues and create value for their stakeholders. As it is known as the language of
business, accounting plays a huge role in providing valuable financial information that is
key to making business decisions critical for the companies’ growth, development, and
compliance with standards and regulations. But in our journey as professional
accountants, it is also crucial to impart our knowledge and experiences to other people
and make others see how relevant accounting is in our regular daily activities. In this
way, we can contribute a significant change to the world.
My core values as an aspiring professional accountant focus on the main principles of
competence and integrity. With the birth of more fraudulent schemes in many businesses
and even in many governments worldwide, the quality of financial information decreases
significantly. Because of these anomalies, authorities implemented stricter rules and
standards that firms need to apply for continuous compliance. As professional
accountants, authorities expect us to consider the best interests of our clients first,
keeping in mind our adherence to ethical principles and moral teachings. Thus, it is
crucial to perform all our duties and responsibilities with objectivity, independence, due
care, and competence. We must always strive for excellence and constantly remind
ourselves of our professional and ethical values to grow and develop as accountants.
My mission statement stated above focuses on the journey I want to take as a professional
accountant in the future. Through reflection, I have discovered my actual goals in life and
how I want to put those goals into reality. As an aspiring professional accountant, I give
importance to the financial information that businesses produce and analyze them to
make good decisions for their progress and development. As a person, I value the
relevance of accounting in our daily lives, especially during trying times like the COVID-
19 pandemic we are currently experiencing. With these things in mind, I constantly
motivate myself to study hard and be a competent accountant that showcases both
intellect and ethics, whether inside or outside the workplace. It is also essential to have
core values that will serve as foundations to build your action plans. I constantly remind
myself to apply those values in everything I do to be more fruitful and relevant in our
society.
As an aspiring professional accountant, my main goal is to influence other people in
valuing the relevance of accounting in our everyday lives. Accounting is a vital concept
used in the business world, helping firms and organizations manage their resources and
revenues and create value for their stakeholders. As it is known as the language of
business, accounting plays a huge role in providing valuable financial information that is
key to making business decisions critical for the companies’ growth, development, and
compliance with standards and regulations. But in our journey as professional
accountants, it is also crucial to impart our knowledge and experiences to other people
and make others see how relevant accounting is in our regular daily activities. In this
way, we can contribute a significant change to the world.
My core values as an aspiring professional accountant focus on the main principles of
competence and integrity. With the birth of more fraudulent schemes in many businesses
and even in many governments worldwide, the quality of financial information decreases
significantly. Because of these anomalies, authorities implemented stricter rules and
standards that firms need to apply for continuous compliance. As professional
accountants, authorities expect us to consider the best interests of our clients first,
keeping in mind our adherence to ethical principles and moral teachings. Thus, it is
crucial to perform all our duties and responsibilities with objectivity, independence, due
care, and competence. We must always strive for excellence and constantly remind
ourselves of our professional and ethical values to grow and develop as accountants.
The primary duty of accountants is to check and analyze the accuracy, relevance, and
faithful representation of financial information and document these observations and
analyses through financial reports. The clients will utilize these reports for interpretation,
further understanding, and consultation. Because of this information, companies and
firms can produce decisions that will benefit the whole organization. This information
will be critical in ensuring the betterment of the performance and compliance of
businesses. As an aspiring professional accountant, it is clear that I will have these duties
and responsibilities. I will guide my clients to understand financial information better and
formulate better decisions to improve their performance as a business entity. I do not
consider them burdens but instead challenges to strive harder to serve people using the
abilities, proficiencies, and principles I gained through my education, learnings, and
experiences.
The components of my mission statement signify my passion for serving my future
clients diligently and contributing a positive change to the world. I always try my best to
deliver on everything I need to do. I always put my best foot forward to perform every
task my professors or supervisors give. I constantly challenge myself to do better every
time because I know I can deliver, and I have the capabilities to produce the expected
outputs. Aside from the workplace, I also want to play a part in the growth and
development of the world. I want people to realize how relevant accounting is in our
everyday lives. With the simple concept of budgeting our finances and managing our
resources, we can make significant changes in how we handle things. We all need to have
financial literacy now, especially during pandemics or calamities. We need to manage
well of resources and make the most of what we have. As an aspiring accountant, I also
want other people apart from my clients to learn basic accounting concepts to apply them
to their daily lives, however useful they may be. As much as I want to develop by myself,
I also want to impart my knowledge to others and influence them to change their ways for
the better. That is how we all succeed in the end.
My mission statement helps create a direction towards my future goals and aspirations in
life. As an aspiring professional accountant, it guides me on what kind of a professional I
want myself to be someday. It also dictates what purpose in life I want to have in the
future and what role I have to play in society. However, my mission statement affects my
future endeavors and structures how I am now as an AMVian and a Thomasian. As an
AMVian, I want to develop and hone my knowledge and skills to become a competent
and efficient professional when I graduate. I want to grasp everything I need to learn
from all my courses and professors to deliver well in any work they present to me.
Having a mission inspires me to study hard and do my best in whatever subject. Lastly,
having a mission makes me inspired and determined to develop the values attributable to
a Thomasian graduate. These are values that I will carry until I go to the corporate world.
As a Thomasian, I can align my mission to those values and see what needs
improvement. Focusing on improving things will help me achieve those values and skills
that a Thomasian should always practice. Overall, our mission guides us towards what
life we want to have and what contributions we want to make to the world using our
skills and values.
2. Assess your current state of competence (actual self) in the following terms based on the
module activities deployed:
a. As an aspiring professional accountant (Use Form 3):
i. How will you assess the level of your technical skills? Support your
assessment.
To assess my technical competence, I computed an overall rating of 4/10.
The first three and last four learning outcomes focus on the parts of the
financial audit process. We had this course called “Audit and Assurance
Principles in the previous semester.” In this subject, we learned everything
about the world of audit and how audit works in the Philippines. We
learned how the government regulates audits in the country.
Most importantly, we learned about the entire process of financial
statements audit, from audit planning to audit completion. This course was
mainly an introductory course of the audit process, so it consists of more
theoretical lessons than the actual practice of performing the audit
processes. I gave myself a low rating for those areas since I still lack the
knowledge, skills, and experience to perform those processes.
I gave myself a slightly higher rating for the fourth learning outcome than
the three previous learning outcomes. Most of our accounting subjects
focus on the mastery of the standards and their application in real-life
scenarios, especially in the audit. We also previously had a course called
“Audit and Assurance: Concepts and Applications 1.” This subject allows
us to apply what we learned in previous accounting courses (mainly
Intermediate Accounting 1-3) to real-life audit scenarios. For example, in
Audit of Inventories, we learned how to perform cut-off testing to
determine the correct balance of inventories, cost of goods sold, sales, and
receivables. I appreciated the essence of having this subject because I
understood how real-life audits happen and how they perform these
procedures with the application of standards learned in textbooks. I am
confident that my knowledge and skills in these areas are good but still
lacking in so many parts. I still lack in the area of mastery and genuinely
understanding every principle and standard.
Overall, I rated 4/10 because of the reasons I stated above. To conclude, I
have the principles and learnings from the relevant courses I previously
took. However, I lack mastery and application of those learnings to real-life
audit scenarios to help conduct the financial statements audit procedures. I
know I can perform the tasks or outcomes, but I still need adequate
supervision since I only have foundational support for my competencies
and skills from the courses I have taken so far. But I also know that there is
so much room for improvement. With the help of this internship
experience, I hope I can give myself a higher rating.
ii. How will you assess the level of your professional competence? Support
your assessment.
Intellectual Skills: For the learning outcomes under the intellectual skills
section, I computed an average rating of 6.5/10. Professional skepticism is
an essential quality that an accountant needs to embody at work in this
field. It is the quality of having a questioning mind and critically assessing
every information and evidence present. I can say that I am confident with
my critical thinking skills in solving problems and making judgments. I
also consult my superiors (professors and supervisors) whenever I have
questions on the matters on hand. I am also able to make decisions and
formulate solutions effectively with the help of better analysis of the
information and evidence gathered. However, I still need to effectively
evaluate the data collected and respond to changes. Thus, my level of
professional skepticism is not yet sufficient. I sometimes miss details when
I read information or run-through evidence gathered from various sources. I
also get overwhelmed when there are many things to be handled. When
there are changes in some areas, I get flustered quickly. But I also know
that there is so much room for improvement. With the help of this
internship experience, I hope I can give myself a higher rating.
Interpersonal and Communication Skills: For the learning outcomes
under the interpersonal and communication skills section, I computed an
average rating of 7/10. I am pretty confident when working with groups
because I know I have to deliver for the team and for the project to
succeed. I also communicate well and listen well to the suggestions and
sentiments of my team members, even though I am not the leader. I am also
quite sensitive in communicating with my team members to avoid
misunderstandings and confusion. The only downside on my end is the
initiative and leadership skills. I may do well when performing tasks in
groups, but I get uncomfortable when I get grouped with people I do not
know yet. I understand that this is not appropriate because this will also be
the scenario in the real-life setting. We cannot choose who our teammates
are. We have to adjust to them and trust them that everybody will unite and
have one goal at the end. I also lack leadership skills because I do not have
the initiative to act first or control the group. I am just comfortable being
ordered around and doing tasks assigned to me by my team leader.
Organizational Skills: For the learning outcomes under the organizational
skills section, I computed an average rating of 7.5/10. I am the most
confident and most efficient in the organizational skill section. I always
prioritize my deadlines and punctuality. Although I am not the earliest to
submit my requirements or tasks, I always see that I manage my time well
in performing the functions and presenting them on the day of the deadline
 or a few days before. I am also proud of my punctuality because I do not
like to be late. Even back when there were face-to-face classes, I am aware
of the time I will spend on the road and the heavy traffic situations I may
encounter. I always leave my house 3 or 4 hours before my first period to
give time for all the delays or heavy traffic that might happen along the
way. Even now, in online classes, I always remind myself to join the calls
and meetings minutes before the scheduled start to give myself time to
prepare the things I need. I wouldn't say I like to rush things. I want to
prepare myself for everything I have to do for the day, including everything
I need to undertake. However, I still did not give myself a perfect or a high
rating because I still need to improve on meeting my deadlines way earlier
and avoid forgetting about some tasks I have to do. Because of these issues,
I started writing in a planner to note all the deadlines, projects,
requirements, duties, and submissions I have for the day, for the week, and
for the following weeks to come.
iii. How will you assess the level of your professional, values, ethics, and
attitude? Support your assessment.
To assess my professional values, ethics, and attitude (PVEA), I computed
an overall rating of 6.5/10. As explained in the intellectual skills section,
professional skepticism needs more improvement as I tend to miss details
whenever I present myself with information and evidence. Likewise, my
professional judgment is still not progressing since this attribute improves
through time and experience. I am also developing my analytical skills,
which help us formulate solutions, make effective decisions, and make the
right judgments. In terms of my ethical principles, I can say that I am a
well-grounded person who knows his values and commits to applying these
principles in every task I do. It is crucial to be competent not only in being
an accountant but also in being a student. However, it is also essential to
exercise ethical principles and display professional behavior in every
undertaking. Lastly, in terms of my commitment to the public interest, I can
say that I commit to protecting the interests of the public. I can display this
by showing my social responsibility towards other people and the country.
I know that only time and experience will hone all of these aspects, but I
am glad that I know what to do in behaving well and valuing my actions
and decisions.
iv. How prepared are you in taking the licensure examination for CPAs?
Assess per board exam subject. Support your assessment.
Auditing: Using the framework provided by the International Education
Standards, I computed an average rating of 5/10. Like I said in the previous
paragraphs, we had our first auditing courses last semester. The two
auditing courses cover theoretical concepts and their application in actual
audit scenarios. Also, considering the grades I got from those two subjects,
I performed decently. I would say that I grasped the different concepts and
elements important in an assurance engagement. However, my weak point
is the identification of applicable standards explaining the concepts and
critical aspects in an engagement. In terms of the computation and analysis
side, it was refreshing to review our lessons from previous accounting
courses. “Audit and Assurance: Concepts and Applications 1” was a
challenging subject because we got to go deeper on the applications of such
concepts and principles from those previous courses and apply them to
real-life audit procedures like the test of controls, cut-off testing, and
physical count.
Although I am confident with the knowledge and skills, I still got a low
rating since I still have two or three more auditing courses in the following
semesters. There are more topics to be covered and more mastery of
concepts. I know that those topics will be more challenging than the
previous ones. I also need to master my auditing courses more because I
still have some weak points in those areas.
Management Advisory Services: Also, using the same framework from
IES, I computed an average rating of 6.5/10. We already took two main
courses that were significant in this competence area. These courses were
Financial Management and Financial Markets. In Financial Management,
we learned all about financial statements analysis, working capital
management, and the concept of risks and returns. On the other hand, in
Financial Markets, we learned all about monetary policies, bond valuation,
money markets, and the concepts of derivatives and risk management. My
strong point in this area covers the topics discussed in Financial
Management. I can analyze an organization's current and future financial
position using financial ratios and analyses. I can also compare the various
sources of financing, such as banks, financial instruments, and bonds.
Considering the grade I got in this course, and I can say that I am confident
in the topics covering this subject.
However, my weak point in this area covers the topics discussed in
Financial Markets. I had a more difficult time studying this course because
it requires a higher level of analysis and understanding of concepts. I
quickly get confused with the topics, and I cannot consistently comprehend
each lesson. I still need more mastery in this course, especially in mortgage
markets, financial leverage, and capital structure. Also, considering the
grade I got for this course, I know that I have a lot more to improve,
especially in the topics I think are complicated and challenging.
Financial Accounting and Reporting: Using the same framework
provided by IES, I computed an average rating of 7/10. This area covers the
courses we studied way back in Senior High School and my first years in
college. The main course covering this area was the one we learned in the
first year, Financial Accounting and Reporting. (FAR) The first parts of the
subject were like a review for me, especially the performance of the
accounting process, including recording journal entries, posting, preparing
trial balances, adjusting entries, and preparing financial statements.
Although the difficulty increased drastically, I am still delighted with the
discussions as they refreshed my memory of our lessons in Senior High
School. We also learned the concepts of service, merchandising, and
manufacturing business. We already took service and merchandising back
in Senior High School, so it was also like a refresher course for me. But
manufacturing was a whole new experience. Some of my classmates
already took manufacturing during their Senior High School, but we did
not get the opportunity to study it in my case. Afterward, we also learned
all about partnerships. I can say that manufacturing and partnership are my
weak points in this competence area. I still have little familiarity with the
concepts, so I need more time to master them and review both topics. But
considering the grades I got from all those courses, I still gave myself a fair
rating considering that I learned all my strong points and recognized my
weak points for improvement.
Advanced Financial Accounting and Reporting: For this competence
area, I gave myself a rating of 4/10. Advance Financial Accounting covers
several subjects, including specialized higher accounting subjects. So far,
we have already taken one of those subjects in the previous semester. This
course is “Accounting for Business Combinations.” This course was
challenging because of the complexity of the topics and lessons discussed.
Considering my grade in this course, giving myself a relatively low rating
is justifiable. The first topics about mergers and consolidation were still
bearable and easy to follow. Although many things need consideration, I
still somehow got the hang of the problems and computations. Just a fun
fact, when we had a quiz on this topic, it was the highest score I got out of
all the examinations we took. So, I can consider this as my strong point in
this area.
On the other hand, the other topics in this course became massive weak
points. The subjects were bearable enough to understand, but my brain just
froze for some reason regarding the quizzes and exams. It is a matter of
understanding it during the lectures but forgetting it in the application part.
The topic that was my most significant weak point is intercompany sales. I
am still confident during the discussion because I can easily follow my
professor when he explains the process and computation. However, I
cannot apply what I have learned during examinations because the
questions are much more complex and challenging to solve. I guess I still
lack the analytical and critical thinking skills to comprehend more
challenging problems. I rely too much on more straightforward examples
and practice, not noticing that the examiner may solve more complicated
exams and quizzes.
Taxation: Using the same framework provided by IES, I computed an
average rating of 6/10. We have already taken two taxation courses
covering this competence area. The first was Income Taxation, which we
took in the first semester of the 2nd year. The second was Business Tax,
which we took in the following semester. Tax is challenging to master
because it focuses on provisions from the BIR that are subject to many
changes and revisions. Republic Act No. 10963 (TRAIN Law) took effect
last 2018, while in 2023, tax authorities will implement the new CREATE
Law. Because of these changes, this course has become more challenging.
Apart from its revisions, the concepts are also challenging to remember.
Based on my grades in these two courses, I gave myself a rating that is
below average. My strong points focus more on personal income taxation.
My weak points focus on business taxes such as VAT. I am also not trained
yet to file BIR forms, which is a common task that accountants in this
department do. Although I know the difference between tax avoidance and
tax evasion, I still lack the knowledge and experience to explain the two
concepts and provide a deeper analysis.
Regulatory Framework for Business Transactions: Using the same
framework provided by IES, I computed an average rating of 7.5/10. We
have already taken three courses covering this competence area:
 Obligations and Contracts, which we took in the first semester of
the 2nd year.
 Business Laws and Regulations, which we took in the following
semester.
 We took the regulatory Framework and Legal Issues in Business in
the previous semester.
RFBT is a challenging course to study because it requires a lot of
memorization and comprehension. Given the grades I got for those courses,
I can say that I am pretty confident with the knowledge and learnings I
gained from those subjects. It is just a matter of understanding the context
of these provisions, not just merely memorizing the contents of the
different laws and acts. Just like taxation, RFBT focuses on laws and rules
that are ever-changing and adaptive to revisions made by our policymakers.
So, I think my main weak points cover the mastery of the courses and
having a deeper understanding of the contents of the provisions. I tend to
memorize the contents of each law and not deeply analyze the context of
every provision of the law.
b. As an AMVian:
i. How will you assess your ability to perform the Program Intended Learning
Outcomes [individually per PILO, from 1 to 9]?
PILO 1: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 4/10. I based my rating on my experiences. I do not
usually engage in community development programs, especially in my
barangay. I still lack the initiative to motivate myself to support projects
that help people's economic well-being. But sometimes, we do join
donation drives implemented by our local church by giving old clothes,
food packs, rice, and sometimes monetary donations. My mother is an
active member of our church, so she motivates all of us to support small
projects headed by the church. I know that it is good to help people by
extending a hand to them and providing for them, even how small it can be.
However, I lack the initiative to do it myself.
PILO 2: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 7/10. One of the goals that accountants have is to
serve the public's best interests and prioritize them before ourselves. I gave
myself this rating because I know that I practice the values of competence,
integrity, and objectivity even as a student now. One of my goals is to
finish my studies and do my best in everything I accomplish. I always
study hard and review my learning before taking exams or quizzes to
achieve these goals. I do not look into the internet or my notes for answers
on my tests. Tests are ways for both the student and professor to evaluate.
The students take exams to assess what they have learned and pinpoint the
areas for improvement. The professors give out exams to test the
knowledge and learning abilities of the students, so they know if their
teachings methods were effective. Like in real-life scenarios, the job that
we will do is the ultimate evaluation of all the challenges we have gone
through. We studied, graduated, took the board exam, and applied for a job.
Our supervisors will test our knowledge to evaluate how we use those
learnings and experiences we gained in the real-world setting. As
professionals, we do those tasks because we are ready to serve the public
and evaluate our levels of competence and professional behavior. If we first
prioritize our interests and have personal gains, we will never truly succeed
in life.
PILO 3: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 5.5/10. Consistent with all my assessments
beforehand, I know that I still lack experience handling accounting, audit,
and other engagements because we are still learning the theories and
concepts. When I undergo the internship course, I will gain sufficient
knowledge, skills, and experience to conduct these engagements
individually and as a team. Assessing myself individually, I am pretty
aware of the procedures and principles I need to apply to do the required
tasks of being an accountant or an auditor. But not having gone through
real-life scenarios or examples of those engagements, I still do not know
the proper flow of thought to do those tasks systematically and efficiently. I
may know some of the steps or procedures, but I still lack the competence
to do everything. On the other hand, assessing myself working with others,
I know that I can work well and collaborate on any task. I may not have the
leadership skills, but I know how to communicate well and work with my
team members cohesively.
PILO 4: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 6.5/10. I have experience reporting results, analyses,
and recommendations through the case studies and group reportings I have
gone through before. We had this course called “International Business and
Trade” last semester. This subject required us to perform several case
studies, coming up with recommended decisions to solve issues
experienced by big companies around the globe. We had this one case
about Costco and its entering global markets. We used the financial data of
Costco to deliver a solution that they should strengthen their digital sales
performance and marketing strategies. Their competitors have already
engaged in these platforms, and their financial data showed how successful
they are in penetrating the digital market. We showed their financial
records, such as sales reports, to support our action plan for Costco. With
these facts, I can say that I am confident with my ability to report such
information and communicate those results effectively. However, I still
need to work on my use of information technology. I still lack the grip on
using platforms that help manage data, including Microsoft Excel. I
realized how vital these programs are in collecting and gathering
information to become organized and cohesive.
PILO 5: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 6/10. I have been through several technical-related
courses already, including subjects in accounting, business, taxation, laws,
and information technology. However, I still lack the mastery to apply
those learnings to solve social issues. But I remember some instances
where I encountered these scenarios and applied some lessons I learned in
recommending decisions to resolve the issue. In my 2nd year, we had this
course called “IT Applications Tools in Business.” In that course, we
encountered the problem of Enron and the fraudulent schemes it made
before that allowed the implementation of the Sarbanes-Oxley Act. In the
Enron case, a massive accounting and corporate fraud happened that led to
the company’s bankruptcy and disposal. Applying the concepts learned to
this case, it is essential to note that absolute power will always lead to
greed and corruption. Enron needed an ethical leader, but instead, they got
a bunch of greedy people seeking only all the money and power in the
world. They manipulated their records and falsified all their financial
reports. However, they avoided the laws and regulations of their nation.
They avoided the ethical principles widely accepted around the world. Here
in the Philippines, I know there are many cases similar to Enron, whether
small or big. I also know how to solve those issues using the concepts and
lessons I learned. But I somewhat lack the initiative to do so.
PILO 6: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 7/10. Having gone through all those accounting, tax,
or auditing courses before, I realized how interconnected their concepts are
when one engages in real-life scenarios and issues. Last semester, we had
this course called “Audit and Assurance: Concepts and Applications 1.”
We learned how to audit certain accounts, including cash, receivables,
inventories, and investments. During the discussion of each lesson, we
encountered how every past topic connects with our present ones. It amazes
me how I applied the topics before in Intermediate Accounting 1 and 2 to
audit the following accounts I mentioned. We also used the guidelines from
the Conceptual Framework, especially in recognition of assets like cash and
inventories. We also had this course called “Business Laws and
Regulations” during our 2nd year. Our professors discussed the concepts
we learned in our class Financial Accounting and Reporting about
partnerships and corporations deeply in this course. We studied the
governing policies more and not the computations or calculations. But in a
way, we understood how partnerships and corporations work and how the
government oversees their operations here in the Philippines.
PILO 7: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 8/10. The second part of our research course is this
semester, which mainly focuses on data gathering and data analysis. The
group drafted the first three chapters last semester and successfully
defended our title proposal the previous month. Our topic centers on the
effect of professional judgment on the overall audit quality. Our study aims
to help several sectors, including the management, auditors, government,
academe, and future researchers. I wanted to cite the particular significance
of our study to internal auditors. We aim for internal auditors to determine
the aspect of professional judgment that they need to improve on. We want
to help them enhance their professional judgment and work experience to
ensure the efficiency of their audit reports. Although our study is still a
work in progress, I hope we can achieve our goals and contribute a
meaningful study towards the people concerned.
 PILO 8: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 8/10. I can support my assessment through the
multiple things I have already achieved so far. Firstly, I have been a proud
recipient of the Dean’s Lister award for two years already. Even though I
find all the courses and subjects very challenging and challenging, I still
pursue studying well and doing great on recitations, assessments, quizzes,
and exams. Nothing will ever be easy towards your goals, dreams, and
aspirations. I know I have these goals, so I work diligently to achieve them.
I value my education so much because I want to graduate and be successful
in life. Secondly, I have participated in many school-related seminars
especially concerning issues like corruption, social awareness,
environmental change, and the COVID-19 pandemic. When I have spare
time, I join these events to show my support and voice my opinions. I am
not that vocal when it comes to my views, but I do not hesitate to bring out
my sentiments when I get the chance. I also filter out fake news and
misinformation in my social media accounts, so I only see relevant topics
and timely reports. Thirdly, I have already engaged in some research and
studies as part of our requirements. Although we must do such studies to
comply with our curriculum, I still bring those experiences and learn
lessons from them.
PILO 9: To assess this Program Intended Learning Outcome (PILO), I
give myself a rating of 9/10. I always put God in the center of my life. Our
family has a solid inclination to Him, and we always call for Him for
guidance and assistance amid challenges in our lives. I also do everything
because I want Him to be happy and delighted that I deliver my duties and
responsibilities here in the world. I am studying hard because I want my
parents to be proud and honor their sacrifices. I pursued this track going as
a BSA student because I know I will be effective in carrying out my
mission to help other people. However, sometimes, I forget Him, and I get
lost. But I thank Him because He is always there to welcome me back.

ii. Knowledge, Skills, and Attitudes (KSA)

To assess the knowledge, skills, and attitudes that learners need to develop,
I give myself an overall rating of 7/10. I would say that my strong points lie
in the business concepts, accounting standards, regulatory framework, and
ethical teachings for the area of knowledge. With the courses I have gone
through before, I know that I have sufficient knowledge and learning from
these areas. I also have significant experience handling projects and tasks
involving the application of these concepts and principles. On the other
hand, I still need to improve my auditing and information technology
competencies. I just started learning about auditing last semester. I still
 need time to master the concepts and have the experience to apply these
learnings to actual audit engagements and scenarios. Also, I am still quite
illiterate in information technology. I want to improve more in this area to
become more effective and efficient.
My strong points lie in social, accounting, presentation, life-long learning,
documentation, and reporting skills. On the other hand, my weak points
focus on leadership, critical thinking, and information and communication
skills. I have pointed out in previous paragraphs that I am not the type of
person to initiate and lead groups or teams. I still lack the confidence and
trust to be a leader and guide my team towards one goal. I also need to
improve on my critical thinking skills. I often miss out on small details
when I analyze data and information. I also overthink sometimes, which
ends up having things to consider that are not very relevant. And lastly, I
think I can work on my information and communication technology skills,
as I also pointed out in the previous paragraph.
Lastly, my strong points lie in flexibility, accountability, environmental
awareness, empathy, risk orientation, and resilience for attitude. I am well
aware of the issues surrounding me because I want to continually build my
stance and have opinions on society's most important issues. I also adapt
very well to challenging circumstances. It is essential to have a calm
mindset and always think about achieving the goal. I also know how to be
accountable for my doings because it is only right to own up to mistakes
and correct them accordingly. However, my weak points focus on
initiative, leadership, and professional skepticism. I still have to work on
my technical abilities to deliver better outputs and results. As I pointed out
previously, I still have issues in taking the initiative and leading my peers.
Overall, I can perform any tasks I will receive, but I still need guidance and
support for other aspects.

c. As a Thomasian:
i. How will you assess your servant leadership? [from 1 to 10]
To assess my servant leadership, I give myself a rating of 5/10. In this
attribute, my strong point is that I show respect for the human person,
regardless of race, religion, age, and gender. I know that I should not judge
someone just because they are different from me in any aspect. I also know
that everyone is unique, and we should celebrate that uniqueness, turning it
into a positive factor towards unity and cooperation. However, my weak
points focus on not having the initiative and leadership in promoting
respect for all and showing compassion to the poor and marginalized. I still
have to be more engaging and trust my abilities to contribute to the world,
standing by the values and principles I believe.
 ii. How will you assess your effective communication and collaboration?
[from 1 to 10]
To assess my communication and collaboration skills, I give myself a
rating of 6.5/10. I gave this rating because I know I can express myself
well, communicate with other people effectively, and recognize and respect
our differences. My only weak point is that I have a shy personality. I can
express myself well to people that I am comfortable as my companion.
With people I do not know, I still hesitate to approach them. But I still try
my best to reach out to them because I know that once I open up myself to
them, I can clear all the distractions I may have. I also need to work on my
communication skills, especially how I speak in front of crowds. I still get
nervous when I make speeches or recite during class recitations. But I am
developing myself to be courageous and face my fears. I have nothing to
lose, and it is okay to make mistakes as long as you learn from them.

iii. How will you assess your analytical and creative thinking? [from 1 to 10]
To assess my analytical and creative thinking, I give myself a rating of
6/10. My strong point is that I am a creative thinker. I always think outside
the box, looking for unique ideas and utilizing my resources. Maybe this
has something to do with my inclination to arts and media. I also make
decisions based on what I know is the right thing to do. But I also consider
other factors, such as other people's suggestions, the circumstances
happening, and information I gain through research. I am independent, and
I always know what to do when difficult situations come. I do not neglect
the advice other people give me because I know they intend to help me
with my problems.
On the other hand, my weak point is my critical thinking skills. I
sometimes think too little or overthink. I think too little that I miss some
vital details. I overthink that I focus on unimportant matters. I still need to
work on my analytical skills, primarily through experience and practice.

iv. How will you assess your lifelong learning skills? [from 1 to 10]
To assess my lifelong learning skills, I give myself a rating of 9/10. All of
the things under this attribute belong to my strong points. Firstly, I always
self-reflect to express my thoughts and think about things from new
perspectives. I think of areas where I can improve, and I also think of ways
to improve on them. I also want to change things for myself, may it be an
attitude, a behavior, or a habit. Writing in my journal also helps me self-
 reflect and ponder upon the things that are happening. Secondly, I always
welcome opportunities and chances to learn more and spread my
knowledge. I want to understand, and I also want to share it with others.
Especially in this field, where continuous development is vital in achieving
competence and efficiency, it is essential always to have the urge and
motivation to discover new things and ideas. Lastly, I always seek guidance
from God to deal with any challenge that strangles me. God provides a
fresh perspective because He knows what I must do to overcome any
adversity in life. I manifest His teachings in my daily life and my studies. I
seek His guidance to pick up my lessons well and get high scores in exams.
But most importantly, I seek help from Him because I want the world to
heal and resolve all the issues.

II. Analytical Section

1. Identify the 8 to 10 significant development opportunities (gaps) in the following areas
that you should work on:
a. As an aspiring professional accountant:
i. Technical Skills - Apply professional judgment, including identification
and evaluation of alternatives, to reach well-reasoned conclusions based on
all relevant facts and circumstances.

ii. Professional Competence - Apply reasoning, critical analysis, and

innovative thinking to solve problems.

iii. Licensure Exam Preparation

1) Audit and Assurance
2) Advanced Financial Accounting and Reporting

b. As an AMVian:
i. PILOs
1) Engage in community-based development programs that promote economic
well-being, professional values, and business ethics.
2) Conduct accounting, assurance, and other related engagements individually
and as a team.
3) Recommend solutions to social and business issues and problems using
knowledge and technical proficiency in accounting, financial reporting,
taxation, and information technology.
4) Present financial and other reports, results, analyses, and recommended
decisions with the use of communication and information technology.

ii. KSAs
1) Auditing standards and procedures
 2) Leadership, professionalism and civic responsibility
3) Critical thinking and problem-solving skills
4) Presentation skills
5) Information and Communication Technology Skills
6) Reporting skills (financial, management and tax)
7) Professional Skepticism

c. As a Thomasian:
i. Servant Leadership
ii. Effective Communicator and Collaborator

2. Explain and substantiate your reasons in determining the gaps above.

Development
Related Domain Reason for Significance
Opportunities (Gaps)
Developing my sense Technical Competence Professional judgment is vital in making
of professional (TC) - APA various decisions throughout the whole
judgment and gaining - Apply audit engagement process. Auditors use
valuable experience to professional their professional judgment in deciding the
improve this attribute. judgment, materiality and risk of an audit
including engagement. Professional judgment is also
identification a vital element in the preparation of the
and evaluation audit plan. It also lets auditors decide
of alternatives, whether audit evidence gathered is
to reach well- sufficient and appropriate for audit.
reasoned
conclusions Based on the significant assessment matrix,
based on all the severity level is at 3 and the urgency
relevant facts level is at 2. This is not yet an urgent
and matter to deal with, but I personally want
circumstances. to develop my professional judgment
earlier to efficiently carry out my duties
and tasks as an auditor in the future. I think
addressing this concern also helps increase
my critical thinking and analytical skills,
especially in considering relevant facts and
circumstance in different accounting
problems and issues.
Apply reasoning, Professional Having a good reasoning and critical
critical analysis, and Competence (PC) – thinking skill helps a person evaluate
innovative thinking to APA complex situations, weigh different
solve problems. - Applies critical options, and arrive at more logical
thinking skills conclusions. It also helps a person add
to solve value to data, interpret market trends in
problems, businesses, and enhance the profitability
 inform and financial performance of a business.
judgments,
make decisions,Based on the significant assessment matrix,
and reach well-the severity level is at 3 and the urgency
reasoned level is at 4. Critical thinking and reasoning
conclusions are important factors when it comes to
solving complex and challenging
Skills – AMVian accounting problems. As a student, it is
- Critical helpful to develop these skills to be more
thinking and efficient and to allow more opportunities
problem- for learning. Having these skills also helps
solving skills in relating accounting problems to real-life
situations and identify their patterns and
similarities.
Knowledge and Technical Competence The principles in the courses covering
Appreciation for (TC) – APA “Audit and Assurance” are vital in our
Auditing standards and future roles as auditors. These subjects
procedures Licensure Exam cover the overall standard governing the
Preparation – APA audit practice. While studying Auditing
Theory, I learned all about the procedures
Knowledge – AMVian done in an actual financial audit
- Auditing engagement. Our professors introduced the
standards and role of auditors, audit planning process,
procedures studying the internal control, testing the
controls, conducting substantive tests, and
formulating an appropriate audit report. On
the other hand, Auditing Problems taught
us to apply the key audit principles in
performing substantive procedures for
assertions related to different accounts
previously discussed in accounting courses.

Based on the significant assessment matrix,

the severity level is 3 and the urgency level
is 4. I consider this gap as an urgent one
because we are already nearing our last
years in college and the CPA boards will
be coming soon. I still have to master the
concepts and truly understand the whole
process of an audit engagement. I need to
gain more experience in performing each
procedure, so I can be confident with my
future work as an auditor.
Mastery and Licensure Exam The Advanced Financial Accounting and
preparedness for Preparation - APA Reporting courses cover at least three
Advanced Financial different subjects. We already took the first
Accounting and one, which is Accounting for Business
Reporting (AFAR) Combinations. In my fourth year, I will
courses. take the next two subjects.

Based on the significant assessment matrix,

the severity level is at 3 and the urgency
level is at 3. I want to prepare myself for
these next subjects because I know they
will be harder. As this is a component of
the CPALE, I want to improve more in this
subject.
Engage in helping out PILO 1 – AMVian Engaging in community-based
communities that seek - Engage in developments programs greatly benefit the
assistance. community- people in those communities because it
based promotes their economic well-being and
development camaraderie among all of us. It helps us
programs that become empathetic citizens because we
promote were able to contribute to those
economic well- communities through our own efforts. It
being, also strengthens the relationships between
professional people, sharing the spirit of collaboration
values, and and “bayanihan.” Finally, it also opens up
business ethics. our eyes to the reality of social issues and
the promotion of ethical values to address
those concerns.

Based on the significant assessment matrix,

the severity level is at 3 and the urgency
level is at 4. As an AMVian, it is vital to
support your own communities while we
are at our early stages in life. It makes us
more holistic in terms of our personal and
professional development, applying all the
values we have gained and learned in life.
Graduating from UST, it is the goal of the
university to help build servant leaders who
can lead the nation towards compassion
and kindness.
Confidence in Effective Communication is important, especially in
reporting and verbal Communicator and working as a team. It enhances the
communication. Collaborator – achievability of the team’s goals and
Thomasian missions. Communication is also key for
people to understand you and comprehend
PILO 4 – AMVian your thoughts. Confidence in
- Present communicating takes a toll in so many
financial and people.
other reports,
 results, Based on the significant assessment matrix,
analyses, and the severity level is at 2 and the urgency
recommended level is at 4. As a Thomasian and AMVian,
decisions with it is important to have communication
the use of skills to properly convey the reports and
communication analyses conducted in the financial reports.
and information I want to improve my confidence in
technology. communicating and reporting so I can
properly deliver my work to my clients and
Skills – AMVian superiors.
- Presentation
skills
- Information
and
Communication
Technology
Skills
- Reporting skills
(financial,
management
and tax)
Improve one’s Attitude – AMVian Professional skepticism is an important
professional - Professional attribute in performing audit procedures.
skepticism. skepticism Having an appropriate level of professional
skepticism enhances the likelihood of
understanding the client entity and its
environment. High levels of professional
skepticism directly impact the quality of
service of auditors. This is the very reason
why all auditors should exercise this
attribute.

Based on the significant assessment matrix,

the severity level is at 2 and the urgency
level is at 4. When solving complex
problems in any accounting subject, it is
essential to have professional skepticism to
properly consider all facts and information
stated in the problem. It also leads to the
successful analysis of the issues, therefore
leading to successfully solving the
problem. Continuous academic learning
helps develop this attribute. Although we
are still accounting students, it is vital in
our studies as well.
Improve one’s Servant Leadership – Being a leader extends from our school to
leadership skills. Thomasian our role in the nation. Developing this skill
- Show enables us to stand up for ourselves and
leadership help others rise above their own struggles.
abilities to Leadership unlocks unity and camaraderie
promote among people. And having that sense of
advocacies for leadership in promoting key advocacies
life, freedom, helps us to have the power to influence
justice, and other people and strengthen our impact to
solidarity in the society.
service of the
family, the Based on the significant assessment matrix,
local and global the severity level is at 3 and the urgency
communities, level is at 4. Developing this skill early
the Church, and allows us to motivate other people in
the creating their own missions in life. As an
environment. AMVian and a Thomasian, we unite in
empowering people towards nation-
Attitudes – AMVian building and a peaceful world. We
- Leadership, recognize the importance of our profession
professionalism and the role we have in this important
and civic mission.
responsibility

3. How would these gaps affect your ability to fulfill your personal mission?
These gaps serve as hindrances in my journey toward my mission. They do not stop me
from achieving my goals in life. They slow me down. That is an integral part of
recognizing these gaps affecting your ability to fulfill your mission in life. I believe that
in a highway, these gaps serve as roadblocks to your journey towards your destination.
They are not permanent because they will be gone soon. They will be gone if we choose
the right path or the right decision. These gaps may change your perspective, may
demotivate you, may weaken you and may push you back. But do not lose hope. We
must stand up, regroup, think about our decisions, and slowly move forward with life. We
have to deal with these gaps to be victorious with our mission.
Let me take an example. One of the subjects I recognized as a gap or a weakness is audit
and assurance. Although I have a grasp of the concepts and principles in this course, I am
still lacking in its mastery. The first thing I did was recognize the gap and analyze what it
caused me. I know that my weakness is in auditing subjects. It slowed down my progress
towards graduating from college. Likewise, it slowed my progress towards being fully
prepared to take the CPA board examinations. I completely understand that if I do not
address this matter, I may fail in my mission. The next thing I did was think of solutions
to address the issue. My main course of action was to join an audit firm for my internship
journey. Through this action, I can have more background of the overall audit process. I
can gain more experience with the procedures done in an audit engagement. I have the
 chance to apply what I have learned so far in my lessons. And finally, I will fill the gap
that I identified from the start.
The gaps identified in the table serve as wake-up calls to remind us that we need to act
and solve the issue. We must recognize these gaps and acknowledge that they may hinder
our journey towards our mission. But we must recover from these gaps and immediately
formulate alternative courses of action. We must decide well and choose the best
decision. We can overcome the obstacle that these gaps create and become more prepared
to face more challenges ahead through all of these.

III. Reflexive Section

1. Identify the significant steps and actions that you need to perform in order to address the
gaps identified above.

2. What specific aspects of your internship will help you close the gap? For gaps that will
not be addressed by your internship experience, how will you intend to address them?
Development
Opportunities Related Domain Specific Action Plan(s) Timeline
(Gaps)
Developing my Technical Competence SAP 1: Engage in case During Internship
sense of (TC) - APA studies about audit
professional - Apply engagements to exercise
judgment and professional professional judgment in
gaining judgment, important procedures of the
valuable including engagement.
experience to identification
improve this and evaluation SAP 2: Join trainings and During Internship
attribute of alternatives, seminars that discusses the
to reach well- overall audit process and
reasoned allows you to experience
conclusions the real-life scenario of an
based on all audit engagement.
relevant facts After Internship
and SAP 3: Conduct a further
circumstances. review of the concepts and
standard taught in auditing
courses to help refresh the
lessons.
During and After
SAP 4: Seek mentorship Internship
and advice from supervisors
and seniors as guidance in
reaching a desirable level of
professional judgment.
Apply Professional SAP 1: Self-examination, as During Internship
reasoning, Competence (PC) – it allows you to play to your
critical analysis, APA strengths and address your
and innovative - Applies critical weaknesses; questioning
thinking to thinking skills how and why you do things
solve problems. to solve the way you do.
problems,
inform SAP 2: Practice answering During and After
judgments, problems in accounting or Internship
make decisions, case studies in business,
and reach well- finance, and auditing
reasoned courses.
conclusions During Internship
SAP 3: Collaborate with
Skills – AMVian team members to provide
- Critical unique perspectives and
thinking and explore all possible avenues
problem- of thought.
solving skills
Knowledge and Technical Competence SAP 1: Perform an After Internship
appreciation for (TC) – APA extensive review of all
Auditing lessons, concepts,
standards and Licensure Exam principles, and standards
procedures. Preparation – APA taught in all audit and
assurance courses to gain
Knowledge – AMVian substantial mastery of the
- Auditing topics.
standards and During and After
procedures Internship
SAP 2: Apply basic and
intermediate concepts
through case study analyses
involving real life-inspired
clients and scenarios. During and After
Internship
SAP 3: Obtain guidance
from professors, seniors,
colleagues, and co-interns
on the audit standards and
procedures. During Internship

SAP 4: Engage in every

process of the audit to gain
sufficient experience on
how to every single step in
the audit engagement.
Mastery and Licensure Exam SAP 1: Revisit topics After Internship
preparedness Preparation - APA covered in the course
for Advanced Accounting for Business
Financial Combinations. Study those
Accounting and topics, answer problems
Reporting with different levels of
(AFAR) difficulty, and evaluate your
courses. performance.
After Internship
SAP 2: Do an advanced
study of the topics that will
be covered in the
succeeding AFAR subjects
including Accounting for
Government and Non-Profit
Organizations and
Accounting for Special
Transactions.
Engage in PILO 1 – AMVian SAP 1: Engage in projects After Internship
helping out Engage in community- deployed by local
communities based development organizations in the
that seek programs that promote university, like donation
assistance. economic well-being, drives during calamities,
professional values, campaigns about certain
and business ethics. social, political,
environmental, and health
issues.
After Internship
SAP 2: Formulate projects
targeting your own
community, especially those
with health-related
concerns.
Confidence in Effective SAP 1: Present during During Internship
reporting and Communicator and reportings in case studies
verbal Collaborator – and practice sets of each
communication. Thomasian audit procedure.

PILO 4 – AMVian SAP 2: Ask questions During Internship

Present financial and during meetings by
other reports, results, speaking and avoid just
analyses, and typing your questions or
recommended comments. During and After
decisions with the use Internship
of communication and SAP 3: Seek evaluation
information from supervisors, superiors,
technology. clients, professors, and
others in your performance
Skills – AMVian during reportings.
 -Presentation
skills
- Information
and
Communication
Technology
Skills
- Reporting skills
(financial,
management
and tax)
Improve one’s Attitude – AMVian SAP 1: Exercise sound During Internship
professional - Professional judgment by following a
skepticism. skepticism good judgment process and
learning to avoid judgment
traps and biases.

SAP 2: Training specific to During Internship

industry, operations,
valuation
methodologies, IT controls,
and accounting.
Improve one’s Servant Leadership – SAP 1: Take the initiative to During Internship
leadership Thomasian be the leader of your group
skills. - Show during case studies and
leadership audit procedures.
abilities to
promote SAP 2: Lead by example in During Internship
advocacies for performing the procedures
life, freedom, by being competent,
justice, and efficient, and reliable.
solidarity in the During Internship
service of the SAP 3: Engage in trainings,
family, the seminar, and organizations
local and global that focus on improving
communities, one’s leadership skills.
the Church, and
the
environment.

Attitudes – AMVian
- Leadership,
professionalism
and civic
responsibility
3. What kind of support do you need from your faculty coaches in closing these gaps?
I consider my faculty coach to guide me in the right direction in achieving my mission
and closing the gaps I have identified above. I know that we will only be meeting a
couple of times during the whole semester because of the busy schedule demanded by the
internship course. But I am lucky to have a faculty coach to provide his insights about
how our internship will help us gain valuable and substantial experience that we will
carry until we graduate, take the board exams, and pursue our professional lives.
In terms of the support I would need, I want my faculty coach always to motivate us the
same way we can encourage him in his endeavors. It is known that an internship in this
field can be challenging and demanding. But with the proper guidance from our faculty
coaches, superiors, and supervisors, we can have a successful and fruitful journey ahead
of us. I also want my faculty coach to be considerate with deadlines and submissions.
Aside from the demands of the internship course, we are also having our final research
course and an accounting subject. Our weekdays are already full because of the internship
schedule. So, we only have the weekends to work on other requirements, study for
quizzes, and probably chill if we still have the time. I hope that our faculty coach will be
lenient in our submissions for the internship course. Lastly, I also want our faculty coach
to impart words of wisdom and advice for us aspiring professional accountants. Coming
from someone with considerable experience already, I am sure that his insights will be
valuable and inspiring.