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HANOI UNIVERSITY FACULTY OF MANAGEMENT AND TOURISM INTERNSHIP REPORT JP PARK JOINT STOCK COMPANY Tran Hong Hanh 1804010033 Class: 1KT-18 Do Thi Van Anh Lecturer & Tutor: Hanoi, 2021 Contents Acknowledgement I – Introduction About JP Park JSC Mission and Core value Product lines and Market segments 4.1 LANDSCAPE 4.2 FURNITURE .6 4.3 JPTECH Competitors 6 Organizational chart II – Plan of internship program III – Major Assignments .7 North import-export branch Thang Loi Hotel Joint Stock Company Truong Son Investment and Construction Joint Stock Company .10 Translation year-end report into English 10 IV – Organizational Analysis 11 SWOT analysis 11 Operational problems .15 Suggested solution 15 V – Reflection on the internship .17 Skills learned 17 Knowledge acquired 17 Observed attitudes and gained value 18 Challenging task performed .18 VI – Internship summary 18 References 19 APPENDIX 20 Acknowledgement The time I spent in JP Park JSC as an accountant intern from January 2021 to June 2021was a memorable milestone in my career path It has enriched my experience and helped me discover my potential I personally believe that it will shape and influence my professional life when fostering personal growth and development It is undeniable that my internship would not have been possible without the contribution and collaboration of others My sincere gratitude: To Hanoi University specially Faculty of Management and Tourism for offering me internship course; To JP Park JSC’s director Mr Hoang Van Quang for giving me a chance to internship at his company and prepare this report within the scheduled time; To General Accountant Mrs Tran Thi Hanh who is taken over as a coach during my internship She had the kindness to accept me in her department and guide me through my internship with advice and feedback despite her busy schedule; To the two Japanese experts who are Mr Hoshito Yukizawa, Mr Nonoichi Yoshiro for their support and constant supervision which contributed immensely to my personal development Owing to their guidance which was a remarkable force that enabled me to successfully complete the internship program They aided and coached me during my internship by giving me feedback and tips on how to handle and approach situations; To the rest of JP Park JSC staffs for their cooperation and support during the past months when I work with them to collect information preparing for this report Last but not least, special thanks to all my friends for sharing their experiences, time and commitment particularly during finishing this internship program I am grateful because I have lots of friends who were always stand by my side to assist and support me throughout the course of completing the internship program I – Introduction About JP Park JSC JP Park JSC (Nippon Kenchiku Kaisha) is a leading company in designing and constructing Japanese gardens with artisans, experts and senior advisors from Japan The firm was established on March 30, 2016 with the enterprise code 0109148170 and approved by the Enterprise Registration Certification of Vietnam Currently the company has branch located in Ishikawa (Japan) and branches located in Vietnam: Hanoi and Ho Chi Minh City The construction process is directly carried out by Japanese artisans with very strict principles and requirements in their work to ensure the maximum quality of stone, stone lamps, Japanese plants, and Koi fish.…JP Park has completed many domestic and international projects, such as: Japanese Garden at Vinhome Riverside Ha Noi, Ciputra Westlake Hanoi, Nam Cuong Villas and Sen River Bac Ninh JP Park's operations are built on a team of professional and experienced architects and Japanese experts Currently, JP Park has a team of more than 100 staffs (outsource an insource) graduating from domestic and foreign Universities Including: - Japanese experts: Especially, Mr.Nonoichi, president of the Ishikawa Prefectural Horticultural Association, received the Order of the Emperor of Japan on July 2, 2016 - Masters specialized in economics, accounting, finance, … - All employees are professional and well trained by the company Mission and Core value As the economy thrives, the requirement for quality of life becomes more urgent than ever! Especially in the current living environment when the green area is getting smaller and smaller JP Park Group Company was born with the mission of "bringing" the best quality living space With a long-term vision and perspective of sustainable development JP Park Group with high quality staff are always encouraged to leverage their experiences and strengths to perform the best quality of services possible to exceed the client’s expectation The core valued of JP Park Group is reflected through three words: Passion: We have a tireless ambition to be the best We will help you grow as a business, to develop and carve out success All members of JP Park Group, from leaders to employees, have the responsibility to constantly learn and accumulate experience to improve themselves and their brands, thereby affirming and enhancing Vietnamese brands in the world Quality: JP Park Group provides synchronous services from design consultation to product selection in accordance with the decoration style We have a professional construction team, committed to ensuring the best progress and quality with high technology 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 4.1 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 4.2 FURNITURE JP Park Group specializes in providing design and installation services of high-class furniture for Villas, hotels, apartments, offices, With JP Park, not only providing the functions of using products but also to meet the overall solution in terms of aesthetics, class, luxury, elegance but still ensure the cost factor 4.3 JPTECH A field of outstanding technology application in agriculture! A solution for our country's agricultural industry The JP TECH team has researched and launched a hydroponic plant system that can increase productivity without much land and care Especially the demand for clean food sources for big cities But with JP TECH now it is no longer a problem With the desire to bring to the community the best solutions to serve their lives In any field, JP Park GROUP is committed to always being creative and constantly learning to help the community improve its own quality of life Competitors Nowadays, there are several landscape garden design companies competing with JP Park in Vietnam, which gain significant market share due to long-time operations and outstanding features For example, LASC – Phan Hoang Gia company, Green Garden company, LSS JSC,… that are all reputative and strong competitors Organizational chart General Director, the top management, is in charge of monitoring and supervising whole system is Mr Hoang Van Quang Following are the heads of departments who are responsible for the daily operation with different functions There are 05 departments such as Marketing, Accounting, Construction, Designing, and Human Resources II – Plan of internship program As an enthusiast of Japanese culture and an accounting student, I chose a company specializing in construction and Japanese garden design to participate in the internship After researching the market and applying, I was fortunate to be accepted into JP Park Group company My internship prolonged for about six months from January 2021 to June 2021 In my internship tenure I have performed different works there I have tried my best to enhance my ability and apply the knowledge that I gained during studies When I start my Internship session it was the peak season for PKF firm, because it was the fiscal financial year ending of most companies that were client of PKF On my first day at firm, Mr Hiep gave me training session about the Vietnamese legal documents system which include Decree 132/ND-CP prescribing tax administration for enterprises having related-party transactions specifically, about deductible and non-deductible of affiliate companies and some of substantial circular such as Circular 200/2014/TT-BTC guiding the corporate accounting system, Circular 78/2014/TT-BTC guiding the corporate income tax, Circular 219/2013/TT-BTC guiding the value added tax, Circular 48/2019/TT-BTC providing guidance on making and settlement of provisions for devaluation of inventory, losses of financial investments, bad debts and warranty at enterprises, etc From there he instructed applying these circulars into real case of each client On the next day, we were trained by Mr Ngai on how to examine physically the cash, fixed assets and inventories on the last day of fiscal year Through the training session, he shared his practical experience with us and gave us some techniques of this process He also guided us developing relations with customers, and facing them in all this audit period During the period of my internship, I preformed the different tasks in different areas of the PKF Co which are the following: The audit process; The audited reports and; The preparation of the audited financial statements III – Major Assignments 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 months is very short period to learn everything and to get perfect in the art of accounting and auditing, working at PKF Co gave me a golden opportunity to learn some valuable things not only about auditing and accounting but also about Corporate Law and Income Tax My work at the firm made my concepts of accounting and auditing very clear The guidance of my colleagues and working papers system of the firm was very helpful and they provided all necessary information to me During my internship, I have to follow steps which were directed to me from my supervisor I have different tasks as well as various items in the financial statements to perform which are cash, receivables, payables, taxes, etc 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 - Sales: account 515 New knowledge acquired: Through the guidance of the leader, I have somewhat grasped the process of checking the above-mentioned items, collecting audit evidence as well as how to work in a group - With Cash and Cash equivalent: I have compared the opening balance of the current year with the ending balance in the audited report from previous year, comparing the closing balance with the cash count minute, comparing the closing balance in the bank reconciliation with the bank confirmation and with general ledger I also re-evaluate bank deposits denominated in foreign currencies, select some major arising transactions in the period, make confirmation letters, check negative cash fund - 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; - With Financial income and Other income: I have checked reciprocal accounts of 515 and 711 accounts for any arising abnormal account, then analyze the fluctuations between months to assess unusual fluctuations Additionally, I have inspected liquidation documents with the invoice and tax declaration 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: - Receivables: accounts 131, 138 - Property warranty: accounts 229, 244 - Taxation part: accounts 133, 333 - Payable’s portion: accounts 331, 335, 336, 334 - Operating expenses: accounts 641, 242 Experience gained: During the audit at the Company, I was assigned to audit the above components I was assigned by Mr Ninh to the similar accounts delivered to previous customers Hence, I have been doing the same procedures In addition, there are some new parts: - With Account receivables: I have compared the opening balance with the audit report of the previous year, made a confirmation letter, re-evaluated the amounts denominated in foreign currencies, checked cut off and collected payment vouchers after the year end date Since this is a new practice, I not have the ability to complete the assigned tasks well, I need to ask everyone in the team about the needed audit procedures then I can have a chance to it in the future and with other customers - 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 - With Accrual expenses: I have compared the opening balance, recalculated the prepaid expense allocation sheet, whether the costs are hanging on account 242 or not or the expenses have been fully allocated but still amortization continues during the period, instruments have been classified correctly or in assets, comparing 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 - Advance part: Account 141 - Part of expense: including accounts 641, 642 - Tax section: 133, 333 Experience gained: During the audit at the Company, I was assigned to audit the above components I have somewhat better understood the actual audit process through the above audits Hence, I have been doing the same procedures In addition, there are some new components: - For the advance payment, I have checked the balance, made a confirmation letter, checked some details in detail, checked whether the deadline for the refund is in accordance with the financial regulations of the unit or not - For the expense section: I checked the invoice to see whether my expenses are classified correctly and also check in details all transactions with cash payments of more than 20 million VND spent through the bank and in accordance with the financial regulations of the business, transactions with large arising transactions related to selling and administrative expenses 10 Knowledge acquired Having to analyze various types of items on the Financial Statements, auditing is more far beyond and complicated than accounting that I have learnt However, thanks for extracting the knowledge from academic courses at Hanoi university which are Principal of Accounting, Vietnamese Accounting system, Audited Financial Statements, Vietnamese Tax, etc., I can get acquaintance with the available working paper system from PKF rapidly During my internship, the program I used the most is Microsoft Excel and Microsoft Word Owing to Computer Science and Business Modeling, I could work smartly through using different functions and shortcut tips In my perspective, university courses have given me a lot which provide general base from finance to accounting Observed attitudes and gained value Through the internship in audit department, I have acknowledged that the attitude is the most and to-have behavior when being in an any companies especially because I am just an intern who has not much experiences and knowledge The company will access such interns through their working attitudes which express from small task to the detailed ones With an industry characteristic of certain occupation in peak season, I have got that my coaches are so busy with their work leading to have no time to guide us By observing, in the dynamic and open-minded working environment, it is urged me getting used to this pace and harmonizing with them Because we were assigned to work in a team, for every confuse or question thinking, I need to ask and engage with peers immediately Whenever facing any issues, we not leave the problems behind, we nail it right away instead That brings us lots of knowledge and cultivates more experiences In there, I think I were gained high team and willing to learn spirit which contribute significant habits and form helpful styles for my future Challenging task performed Generally, the most challenging parts has been understandability about the Vietnamese Accounting and Auditing system since I was Bachelor of Accounting (in English) student Experiencing as an undergraduate, I have realized that I should research more about the Vietnamese Accounting and Auditing also During internship, I usually need to deal with Vietnamese legal documentaries It takes time with me for every Vietnamese academic word which significantly affects to my task’s progression Moreover, I need to cope with the huge number of accounting documents and then detect the mistakes or any deficiency The more 18 challenging parts would be the steep learning curve and the long hours in the Audit department due to the time sensitive client needs Fortunately, I was supported by friendly colleagues and mentors who would take the time and effort to guide me VI – Internship summary On the whole, working in an audit firm was one of my career goals when I was an under-graduate level student I am so happy that, I could complete the last phase of my undergraduate life working in such an auditing company For a young blood like me working with the flexible environment and professionals definitely was a great experience for me The office and coworkers there were great like home We used to have fun, work lately with high encouragement because we felt like, we are working not only for the client but also for the nation and its people Though months attachments are not enough for a person to learn all those, but the relationships have created lifetime asset in which teammates are willing to support and teach me a number of things It was a great journey working with lots of local and international companies I have achieved several of my learning goals and got insight into professional practice Nonetheless, I have also met several difficulties since my coach is too busy to spend time on training me Independent auditing is far more from what I learnt at school Hence, I realized that I need to read and cultivate more about this field I am so grateful for all the lecturers and academic program of Faculty of Management and Tourism I believe that I will be a delicate auditor in the near future due to strong background knowledge I have been offered at Hanoi university References CÚC, T N (2020, 06 02) Cách mạng công nghiệp 4.0 tác động đến ngành Kế toán Kiểm tốn Retrieved from https://tapchicongthuong.vn/bai-viet/cach-mang-cong-nghiep40-va-nhung-tac-dong-den-nganh-ke-toan-kiem-toan-72125.htm Hồng, V (2021) Vốn FDI "đổ" mạnh vào Việt Nam Retrieved from https://tapchitaichinh.vn/su-kien-noi-bat/von-fdi-do-manh-vao-viet-nam-332840.html 19 APPENDIX INCOME STATEMENT Form B02-DN Unit: VND For the fiscal year ended 31 December 2020 ITEMS Cod e Note 20 Year 2020 Year 2019 Revenue from sale of goods and rendering of services 01 Revenue deductions 02 Net revenue from sale of goods and rendering of services 10 Cost of goods sold 11 20 Financial income 21 - Including: Interest expense Selling expenses 151,791,214,164 - - 5,766,856,203 151,791,214,164 4,070,821,584 139,483,785,735 1,696,034,619 12,307,428,429 51,961,363 104,218,536 29,861,738 3,592,126,107 29,861,738 3,592,126,107 6.1 Gross profit from sale of goods and rendering of services Financial expenses 5,766,856,203 22 6.2 6.3 6.4 23 25 6.7 - 21 26 General and administration expenses 6.7 10 Gross profit 8,596,790,812 2,150,615,279 222,730,046 30 (432,481,035) 11 Other income 31 6.5 8,060,571 709,169,545 32 12 Other expenses 6.6 13 Other profit 117,390,859 229,713,461 40 (109,330,288) 479,456,084 14 Total net profit before tax 113,399,758 50 15 Current corporate income tax expenses 46,975,049 51 6.9 46,158,123 6,681,667 16 Deferred corporate income tax expenses - 52 - 17 Profit income tax after corporate 60 67,241,635 40,293,382 Hanoi, 10 March, 2021 Chief Accountant 22 General Director Prepared by Hoang Huu Ha Duong Thu Trang Le Dinh Chung Trade receivable working paper 23 Part of trade receivable Part of Statutory Obligation to the State Budget (Output VAT) 24 25 ... handle and approach situations; To the rest of JP Park JSC staffs for their cooperation and support during the past months when I work with them to collect information preparing for this report. .. techniques of this process He also guided us developing relations with customers, and facing them in all this audit period During the period of my internship, I preformed the different tasks in different... professional director specializing in auditing finished construction works and construction items, and another department specializes in auditing financial statements of manufacturing, servicing and
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