About JP Park JSC
JP Park JSC (Nippon Kenchiku Kaisha) specializes in designing and constructing authentic Japanese gardens, leveraging the expertise of Japanese artisans and senior advisors Established on March 30, 2016, and officially registered in Vietnam, the company operates branches in Ishikawa, Japan, and in Hanoi and Ho Chi Minh City, Vietnam The construction process adheres to stringent quality standards, ensuring the finest craftsmanship in stonework, Japanese plants, and Koi fish JP Park has successfully completed numerous projects, including notable gardens at Vinhome Riverside and Ciputra Westlake in Hanoi, as well as Nam Cuong Villas and Sen River in Bac Ninh.
JP Park is supported by a dedicated team of over 100 skilled professionals, including architects and Japanese experts, who have graduated from both domestic and international universities This diverse team combines in-house and outsourced talent to ensure high-quality operations and innovative solutions.
- 3 Japanese experts: Especially, Mr.Nonoichi, president of the Ishikawa Prefectural Horticultural Association, received the Order of the Emperor of Japan on July 2, 2016.
- 9 Masters specialized in economics, accounting, finance, …
- All employees are professional and well trained by the company
Mission and Core value
As the economy flourishes, the demand for an enhanced quality of life intensifies, particularly in today's environment where green spaces are rapidly diminishing.
JP Park Group Company was born with the mission of "bringing" the best quality living space.
JP Park Group is committed to sustainable development and long-term vision, empowering its skilled staff to utilize their expertise and strengths This dedication ensures the delivery of high-quality services that consistently exceed client expectations.
The core valued of JP Park Group is reflected through three words:
At JP Park Group, our unwavering passion drives us to strive for excellence and foster your business growth We are committed to helping you achieve success by encouraging continuous learning and experience accumulation among all our team members This dedication not only enhances personal and brand development but also strengthens the global presence of Vietnamese brands.
JP Park Group offers comprehensive services that range from design consultation to product selection, tailored to match your desired decoration style Our dedicated construction team utilizes advanced technology to guarantee exceptional progress and quality throughout the project.
Ethics: JP Park Group takes ethics as the foundation Every member of the company must be ethical in all actions Be virtuous in all circumstances.
Product lines and Market segments
LANDSCAPE
With design and construction items such as: Villa garden, fish tank - ornamental aquarium, tree wall - wall garden, roof garden, balcony miniatures, skylight miniatures,
JP LANDSCAPE will bring you the most perfect living space, the most relaxing, family reunion after tiring working hours.
FURNITURE
JP Park Group excels in delivering premium design and installation services for high-end furniture tailored to villas, hotels, apartments, and offices Our focus extends beyond mere functionality; we provide comprehensive solutions that emphasize aesthetics, luxury, and elegance, all while maintaining cost-effectiveness.
JPTECH
JP TECH has developed an innovative hydroponic plant system that significantly enhances agricultural productivity while minimizing land usage and maintenance requirements This cutting-edge technology addresses the growing demand for clean food sources in major cities, providing a sustainable solution for the agricultural industry in our country With JP TECH's advancements, access to fresh, healthy produce is now more achievable than ever.
JP Park GROUP is dedicated to enhancing the community's quality of life by providing innovative solutions across various fields Committed to creativity and continuous learning, we strive to serve the community with the best resources available.
Competitors
In Vietnam's competitive landscape garden design market, several companies, including LASC – Phan Hoang Gia, Green Garden, and LSS JSC, are gaining significant market share These reputable firms have established themselves through years of operation and distinctive features, positioning them as strong competitors to JP Park.
Organizational chart
Mr Hoang Van Quang serves as the General Director, overseeing the entire management system He is supported by department heads who manage daily operations across five key areas: Marketing, Accounting, Construction, Designing, and Human Resources.
II – Plan of internship program
As a passionate admirer of Japanese culture and an accounting student, I secured an internship at JP Park Group, a company specializing in construction and Japanese garden design, after thorough market research and application efforts My six-month internship, from January to June 2021, allowed me to engage in various tasks, where I focused on enhancing my skills and applying the knowledge acquired during my studies.
During my internship at PKF, coinciding with the peak season due to the fiscal year-end for many clients, I received valuable training from Mr Hiep on the Vietnamese legal documents system This included an overview of Decree 132/ND-CP, which addresses tax administration for enterprises with related-party transactions, focusing on deductible and non-deductible expenses among affiliate companies Additionally, I learned about key circulars such as Circular 200/2014/TT-BTC on corporate accounting, Circular 78/2014/TT-BTC regarding corporate income tax, Circular 219/2013/TT-BTC on value-added tax, and Circular 48/2019/TT-BTC, which provides guidance on accounting for inventory devaluation, financial investment losses, bad debts, and warranties Mr Hiep emphasized the practical application of these circulars to real client cases, enhancing my understanding of their relevance in the field.
The following day, Mr Ngai conducted a training session on the physical examination of cash, fixed assets, and inventories at the end of the fiscal year He shared valuable practical experiences and techniques for this process, while also emphasizing the importance of building relationships with customers throughout the audit period.
During the period of my internship, I preformed the different tasks in different areas of the PKF
Co which are the following:
3 The preparation of the audited financial statements
I started my internship as junior trainee My three months training enabled me learn a lot about accounting, taxation, auditing, management consultancy and corporate affairs Although three
During my seven-month tenure at PKF Co., I gained invaluable insights into accounting, auditing, Corporate Law, and Income Tax This experience significantly clarified my understanding of key concepts in these fields The support from my colleagues and the firm's organized working papers system played a crucial role in enhancing my learning and providing essential information.
During my internship, I followed my supervisor's guidance while handling various tasks related to financial statements, including cash management, accounts receivable, accounts payable, and tax-related activities.
Some of the responsibilities and duties are for example as the following:
North import-export branch
Time to participate in the fieldwork: From January 21, 2021 to January 23, 2021
Location: No 11B Cat Linh, Dong Da District, Hanoi City
The items are assigned during the audit process:
- Cash and cash equivalent: accounts 111, 112, 113, 128
Under the guidance of my leader, I have gained a solid understanding of the process for checking various items, collecting audit evidence, and effectively collaborating within a team.
In my analysis of Cash and Cash Equivalents, I compared the current year's opening balance with the previous year's audited ending balance, cross-referenced the closing balance with the cash count minutes, and validated the bank reconciliation against bank confirmations and the general ledger Additionally, I re-evaluated foreign currency bank deposits, selected significant transactions from the period, prepared confirmation letters, and examined any negative cash funds.
- With Held-to-maturity Investment: I have collected loan contracts, comparing opening and closing balances, estimating loan interest, and classifying short-term and long-term investments;
I reviewed the reciprocal accounts of 515 and 711 for any irregularities and analyzed monthly fluctuations to identify unusual patterns Furthermore, I examined liquidation documents alongside invoices and tax declarations to ensure accuracy and compliance.
Thang Loi Hotel Joint Stock Company
Participation period: From February 25, 2021 to February 27, 2021 Location:
No 200, Yen Phu, Yen Phu ward, Tay Ho district, Hanoi
The tasks assigned in the audit process:
During my audit at the Company, I was tasked with evaluating specific components, following the procedures established for similar accounts previously handled by Mr Ninh This experience allowed me to apply familiar methodologies while also incorporating new elements into the audit process.
In reviewing accounts receivable, I compared the opening balance with last year's audit report, prepared a confirmation letter, re-evaluated foreign currency amounts, verified cut-off procedures, and collected payment vouchers post-year-end As this is a new practice for me, I recognize my current limitations in completing these tasks effectively I plan to consult with my team about the necessary audit procedures to enhance my skills for future assignments with this and other clients.
- With Account payables: I have compared the beginning of the period with the audit report of the previous year and making a confirmation letter
- With Statutory obligations: I have compared the output tax and the input tax arising in the year on the declaration with the books, thereby identifying the difference
In analyzing accrual expenses, I compared the opening balance and recalculated the prepaid expense allocation sheet to determine if costs remain on account 242 I assessed whether expenses have been fully allocated while amortization continues during the period Additionally, I ensured that instruments were classified correctly as assets and compared the closing balance with the residual value on the account 242 amortization table.
Truong Son Investment and Construction Joint Stock Company
Participation period: From March 1, 2021 to March 5, 2021
Location: Chau Son Industrial zone, Chau Son ward, Phu Ly city, Ha Nam province
The tasks assigned in the audit process:
- The part of money operation: includes accounts 111, 112
- Part of expense: including accounts 641, 642
During my audit at the Company, I gained valuable experience by focusing on specific components of the audit process This opportunity allowed me to deepen my understanding of the actual auditing procedures, which I have since applied consistently Additionally, I encountered several new components that expanded my knowledge further.
I have verified the balance for the advance payment, prepared a confirmation letter, and thoroughly checked relevant details to ensure that the refund deadline complies with the financial regulations of the organization.
I reviewed the invoice to ensure accurate classification of my expenses and examined all cash transactions exceeding 20 million VND made through the bank, ensuring compliance with the company's financial regulations Additionally, I scrutinized significant transactions related to selling and administrative expenses.
Translation year-end report into English
I participated in translating the Vietnamese audited financial statements into English, adhering to the PKF format Through this process, I gained a thorough understanding of the Vietnamese chart of accounts I meticulously translated each statement using Microsoft Excel, and an example of the translated income statement can be found in the appendix.
SWOT analysis
PKF Vietnam has established a robust management system, where departments are closely interconnected under the guidance of the Board of Directors, significantly enhancing the company's operational effectiveness and efficiency.
PKF Vietnam effectively organizes tasks and responsibilities across departments, ensuring a smooth workflow and enhanced performance as customer demands grow and diversify The firm employs highly specialized staff, allowing it to manage two primary audit segments: Basic Construction Auditing and Financial Statements Auditing The Basic Construction Auditing department is led by a professional director with expertise in auditing completed construction projects, while the Financial Statements Auditing department focuses on auditing the financial statements of manufacturing, service, and trading companies.
The online management structure enables company leaders to swiftly understand operational performance and identify current challenges This approach is most effective in smaller organizations with fewer departments PKF’s leadership style focuses on boosting employee morale instead of enforcing strict regulations, ultimately enhancing overall work efficiency.
Human resources and personnel management
PKF Vietnam recognizes that human resources are crucial to the company's success, leading to a strong emphasis on employee training and development The establishment of a dedicated Board of Control and Training Committee underscores this commitment, focusing on enhancing employee qualifications through regular training programs, internal seminars, and updates on industry best practices The company prioritizes the recruitment of enthusiastic young professionals, particularly graduates from accounting and auditing programs at specialized universities, fostering long-term dedication to the audit profession Additionally, PKF is actively building partnerships with universities in Hanoi to ensure high-quality labor resources The Board of Directors also supports staff development by providing time and financial assistance for pursuing professional certifications such as CPA and ACCA, as well as advanced degrees.
PKF adheres to a structured working paper process that enhances the effectiveness and quality of its audit procedures The company strictly follows both Vietnamese and International Auditing Standards during audits While the audit plan development and program design are conducted separately, they maintain a close relationship to optimize outcomes, reduce time consumption, and minimize unnecessary costs, ultimately resulting in a comprehensive audit plan.
The audit program is meticulously crafted using the company's templates, detailing specific steps for various items After gathering essential information, auditors execute the program, guiding them through the audit process to ensure accuracy and consistency Working papers are organized from general to detailed, presenting conclusions followed by specific audit evidence Each audit profile begins with a summary page, followed by the audit conclusion page and the audit program itself.
12 working papers, and the final document collected from customers It is convenient for users and the auditor to review the problems by a smart arrangement of working papers
PKF Vietnam adheres to a strict set of guidelines for preparing and issuing audit reports, which includes a thorough review by the auditor, management, and quality board This process ensures the approval of new audit contracts, a commitment to maintaining independence, and a comprehensive review of the audit report's content Additionally, it encompasses the necessary approvals for the release, review, preparation, and archival of audit reports and management letters, along with an assessment of the development of accounting and auditing staff.
Before releasing the audit report, it is essential to conduct a thorough review to ensure its quality Auditors diligently adhere to established regulations and procedures during the review process to guarantee the accuracy and integrity of the report prior to issuance.
PKF Vietnam faces a notable challenge in its management organization, as its efforts are primarily concentrated on customer acquisition The firm predominantly serves long-standing clients, resulting in a limited influx of new customers each year, with most new contracts secured by Board of Directors members.
Personnel assignment and employee remuneration
The audit team is allocated efficiently; however, the growing number of new clients presents challenges due to insufficient auditor resources This results in limitations in assigning the right number of auditors for each project, as the auditing process for clients is continuous and demanding.
While there are numerous incentives aimed at attracting and retaining talent, as well as enhancing employee skills through additional training, the current salary and bonus structure remains inadequate and should be adjusted to reflect employee performance Additionally, clear guidelines for sponsorship and professional certification training are essential to support staff development.
13 employees to adhere with the company for at least 2 years, making employees less likely to interest This issue makes contribution to increase the company turnover, etc
PKF Vietnam's audit teams continue to utilize a standard audit program, which, while beneficial, lacks the flexibility required for specific clients This inflexibility necessitates adjustments to audit procedures to align with the unique characteristics of each business Additionally, due to constraints in cost and time, PKF Vietnam has not been able to create tailored audit programs for clients across various industries, leading to challenges in gathering audit evidence efficiently and diminishing the overall effectiveness of the audit process.
Accessing and gathering client business information is essential for auditing firms However, due to time constraints, PKF Vietnam auditors often depend on previous audit records for traditional clients, leading to a lack of focus on collecting additional information from sources like the press Consequently, this approach may result in the omission of critical information that could impact the audit outcomes.
According to the Foreign Investment Department of the Ministry of Planning and Investment, foreign direct investment (FDI) in Vietnam reached $10.13 billion in the first quarter of 2021, marking an 18.5% increase from the same period in 2020 This growth presents significant opportunities for the auditing sector, particularly for PKF Vietnam, which possesses distinct advantages as a franchise brand, enhancing its ability to secure contracts in a competitive market Furthermore, the increasing number of companies seeking to be listed and capitalized will drive demand for assurance services, resulting in a substantial influx of contracts and revenue for PKF Vietnam.
The Revolution 4.0 is poised to significantly impact enterprises, particularly small and medium-sized firms like PKF Vietnam While industry leaders such as KPMG and Deloitte leverage predictive analytics to efficiently analyze vast amounts of accounting data, PKF Vietnam continues to rely on traditional sampling methods This outdated approach limits their ability to enhance audit quality and efficiency Additionally, PwC utilizes robotic process automation, enabling robots to handle approximately 45% of audit tasks, resulting in global savings of about $2 trillion (CÚC, 2020) To remain competitive, it is crucial for PKF Vietnam to invest in and adopt advanced technologies.
Operational problems
The operational process is vital for audit firms, as efficient procedures can lead to fair pricing for clients and increased sales revenue PKF Vietnam faces challenges in effectively utilizing human resources for various tasks, often struggling to apply comprehensive working processes for each assignment Due to budget constraints of small and medium enterprises, they frequently bypass essential steps in their working papers, relying on optimized previous reports with minimal updates This issue stems from an ineffective working paper system and a lack of strategic planning for financial statements Additionally, PKF predominantly uses manual Excel processes, which are time-consuming, especially as larger firms adopt advanced technologies In the context of the ongoing 4.0 revolution, PKF must invest in and learn from other companies to enhance their technological capabilities, ensuring they remain competitive and productive in the evolving landscape.
Suggested solution
To enhance business performance, it is crucial for the company to establish a dedicated department focused on media, image promotion, and customer acquisition If creating a separate marketing department is not feasible, the company can incentivize its employees to attract clients indirectly by implementing a commission-based remuneration policy, rewarding them for every contract they secure as intermediaries.
Personnel assignment and employee remuneration
The company faces challenges in personnel allocation for audits due to a limited number of auditors With plans to expand consulting services, it is essential to recruit and train new auditors to fulfill the company's growing needs while maintaining high standards of quality and quantity Additionally, regular training is necessary to enhance the expertise and professional ethics of the auditing team.
To enhance the quality of auditors at PKF Vietnam, it is crucial for the company to focus on human resources The ongoing challenge of retaining experienced employees and certified auditors must be addressed, as relying on new recruits is merely a temporary fix While newcomers may possess potential, they often lack the experience and professionalism required for the auditing profession To resolve this issue, PKF Vietnam should implement a remuneration policy that rewards valuable employees, particularly those who have made significant contributions to the company.
Income is a crucial element in human resources, directly impacting employee benefits and serving as a competitive advantage for attracting talent from other auditing firms To maintain this edge, companies must implement a fair and reasonable salary policy that reflects each employee's working capacity, level of contribution, and hours worked.
PKF Vietnam should allocate funds to develop a comprehensive audit plan tailored for specific clients, as this investment may increase costs but ultimately enhances the company's reputation through improved audit quality A positive impression from auditing clients can serve as a powerful marketing tool for attracting new customers Additionally, audit records must be organized and stored efficiently to ensure easy access and confidentiality Upgrading information technology networks will also be essential to expand storage capacity and transition away from traditional record-keeping methods, thereby reducing costs and improving archival efficiency.
Skills learned
During my internship at PKF Vietnam, I learned the importance of soft skills and built valuable long-term relationships with colleagues and fellow interns This experience provided me with deeper insights into the audit industry, significantly aiding my career planning The internship allowed me to realistically understand the career path of an auditor, enabling me to make an informed decision about my professional future.
Dealing with technical issues has taught me to be more prudent and patient when managing documents I have developed effective communication skills with clients, colleagues, and managers by providing clear information and asking questions that facilitate understanding and responses Additionally, I prioritize time management to ensure that all work papers are completed by the end of each day.
Interning at PKF has been an invaluable opportunity that enhanced my Microsoft Office skills, which I did not fully develop during my university courses These essential skills will significantly aid me in transitioning smoothly into the workforce after graduation.
Knowledge acquired
Auditing is a complex process that involves analyzing various items on Financial Statements, which goes beyond the basics of accounting I learned My academic experience at Hanoi University, particularly in courses like Principles of Accounting, the Vietnamese Accounting System, Audited Financial Statements, and Vietnamese Tax, has equipped me with essential knowledge This foundation allowed me to quickly adapt to the working paper system at PKF during my internship I primarily utilized Microsoft Excel and Word, leveraging skills from my Computer Science and Business Modeling classes to work efficiently with various functions and shortcuts Overall, my university education has provided me with a solid foundation in finance and accounting, enhancing my practical skills in the field.
Observed attitudes and gained value
During my internship in the audit department, I realized that having a positive attitude is crucial, especially as an intern with limited experience Companies evaluate interns based on their work ethic, which is evident in how they handle both minor and major tasks Given the industry's peak season, my coaches were often too busy to provide guidance, prompting me to adapt quickly to the fast-paced and dynamic work environment Working collaboratively in a team, I learned the importance of seeking help from peers whenever I faced challenges Instead of postponing issues, we tackled them immediately, which significantly enhanced my knowledge and experience This internship fostered a strong team spirit and a willingness to learn, establishing valuable habits and skills that will benefit my future career.
Challenging task performed
As a Bachelor of Accounting student, I found understanding the Vietnamese Accounting and Auditing system to be particularly challenging This realization prompted me to conduct further research on the subject During my internship, I frequently encountered Vietnamese legal documents, which required significant time to comprehend due to the complexity of the academic terminology This language barrier hindered my task progression, especially when managing a large volume of accounting documents and identifying errors or deficiencies.
The Audit 3 department presents challenges such as a steep learning curve and demanding hours to meet time-sensitive client needs However, the support from friendly colleagues and mentors who dedicate their time to guide me has made the experience more manageable.
Working in an audit firm was a key career goal for me during my undergraduate studies, and I am thrilled to have completed this phase of my education in such a dynamic environment The supportive atmosphere and professional colleagues felt like a second home, fostering both enjoyment and motivation as we worked diligently for our clients and the greater community Although my three-month attachment was brief, the relationships I built became invaluable assets, with teammates eager to share their knowledge and experiences This journey allowed me to work with various local and international companies, helping me achieve several learning objectives and gain insights into professional practices However, I faced challenges, particularly due to my coach's limited availability for training I discovered that independent auditing differs significantly from what I learned in school, highlighting the need for further reading and development in this field.
I am truly thankful for the exceptional lecturers and academic programs at the Faculty of Management and Tourism The comprehensive knowledge I have gained at Hanoi University has equipped me to become a skilled auditor in the future.
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For the fiscal year ended 31
ITEMS Cod e Note Year 2020 Year 2019
1 Revenue from sale of goods and rendering of services
3 Net revenue from sale of goods and rendering of services
5 Gross profit from sale of goods and rendering of services
14 Total net profit before tax 50
15 Current corporate income tax expenses
16 Deferred corporate income tax expenses 52
17 Profit after corporate income tax 60
Part of Statutory Obligation to the State Budget (Output VAT)