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 1 branch located in Ishikawa (Japan) and 2 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:
- 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 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
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 specializes in providing design and installation services of high-class furniture forVillas, 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.
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 ParkGROUP 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 inVietnam, 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:
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
7 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
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:
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 do 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 do 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
- Part of expense: including accounts 641, 642
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
Translation year-end report into English
In addition, I also took part in translating the Vietnamese audited financial statements into English version followed to the PKF existing format Obviously, I have learnt new Vietnamese charter of account by heart I translated step by step each statement in Microsoft Excel I have attached an example of translated the income statement in appendix
SWOT analysis
Generally, PKF Vietnam has built a concrete management system, departments are closely linked with each other under the leadership of Board of Directors helping the company operation effective and efficient significantly
All tasks and duties are clearly and logically divided by departments and divisions The staff are recruited with high degree of specialization which help the working progress smoothly accelerated, facilitating better performance when the size and type of customers increasing and diversifying by day Currently, PKF Vietnam has two main audit segments: Basic Construction Auditing and Financial Statements Auditing The first department is in charge of a professional director specializing in auditing finished construction works and construction items, and another department specializes in auditing financial statements of manufacturing, servicing and trading companies, etc
In addition, the online management structure assists the company's leaders to quickly grasp the company's operations in the period, as well as the current situation that needs to be overcome. However, this type of management is only suitable when the company’s scale is not large because there are not many departments PKF’s leadership style is aimed at encouraging working morale, rather than managing with strict regulations, promoting high working efficiency of the whole employees
Human resources and personnel management
PKF Vietnam always respects the principle that human resources are the decisive factor for the existence, success or failure of the company Consequently, the leaders always pay attention to training and develop skills and experiences for employees in the company The company has established its own Board of Control and Training Committee, in which training is focused on enhancing the qualifications of employees Accordingly, human resource training programs, new major updates, internal seminars are regularly held and the higher-level personnel are significantly experienced in the field of auditing, financial, accounting and consulting The company also focuses on recruiting new personnel, encouraging young employees to have enthusiastic and a desire to have a long-term commitment to the audit profession, especially graduates of accounting and auditing majors belonging specializing universities Moreover, PKF is also on the way to building relationships with universities in Hanoi to ensure resources and labor quality which is considered a new step in the human resources and personnel training of the company Last but not least, the Board of Directors also facilitates time for staff to learn and cultivate experience from professional certificates CPA, ACCA, or even Master's program, etc. and also give them advance to pay the whole fee
The company follows a certain working paper process which brings the effectiveness and high quality to the audit procedure Regarding performing audits, PKF always closely complies with the Vietnamese Auditing Standards as well as the International Auditing Standards The development of the audit plan and the design of the audit program are done separately, but also ensure a close relationship in which the former results are optimize to save time consuming and insignificant costs incurred and simultaneously create the completed audit plan
The audit program is designed and drafted according to the company's templates In which, working steps are detailed for different items After collecting the necessary information, the auditor will perform the audit program which aids auditors orient what steps to do and ensure the accuracy and consistence of audit process Working papers presented in order from general to detailed, from conclusions to specific audit evidence In each audit profile, the summary page is always in the first place, followed by the audit conclusion page - the audit program - the auditor's
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
In terms of audit documents, PKF Vietnam always go through a set of rules in the audit report preparation and issuing process, including: a comprehensive review of the auditor, board of management, and board of quality; the approval of new audit contract; the commitment to independence; a review of the content of the audit report; approvals for release, review, preparation and archival of audit reports and management letters; accounting and auditing staff development assessment
Reviewing the audit report before being released to ensure the quality of the report Auditors always fully comply with the regulations on the process as well as procedures for reviewing the audit report before being issued
A fairly significant limitation to the management organization at PKF Vietnam currently focus mainly on the stage of customer searching They are mostly old customers and maintained over the years, the number of new customers annually is not really much, and most of them are contracts taken by BOD members
Personnel assignment and employee remuneration
The allocation in the audit team is always ensured in the most reasonable way On the other hand, due to the current situation of the increasing on new clients while the company's auditors' human resources have not yet met Thus, there are substantial limitations in arranging the appropriate number of auditors for each job because auditing time for customers are consecutive and persistent
Although there are lots of incentive to attract, maintain stability in human resources and constantly improve the quality through supplementary courses However, the salary and bonus regime for employees is still underpaid and needs to be raised to match with their performance In terms of conditions for sponsorship and training of professional certificates, it clearly requires
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
As mentioned above, the audit teams of PKF Vietnam are still using the existing audit program which bring certain pros, but it also gives rise of the lack of flexibility when auditing specific customer As a consequence, auditors need to adjust necessary procedures to match with the nature characteristics of the business Furthermore, due to cost and time constraints, PKF Vietnam has not been able to design a separate audit program for each client in different industries contributing to inevitable obstacles and time-consuming in collecting audit evidence and lower the effectiveness of the audit procedure
Accessing and collecting client business information are crucial job with auditing companies. However, due to the time constraints, for traditional clients, PKF Vietnam auditors often rely on the previous audit records in the prior year, hence they do not focus on collecting additional information in the press, etc Correspondingly, the auditor may omit some important information that can affect the audit results
According Foreign Investment Department (Ministry of Planning and Investment), it is estimated that in the first 3 months of 2021 (temporarily as of March 20, 2021), the total foreign direct investment (FDI) has reached $ 10,13 billion, increased by 18.5% over the same period in 2020 (Hoàng, 2021) Consequently, the auditing sector in general and PKF Vietnam specifically will have such great opportunities to attract more potential clients Compared to other local competitors, PKF has more comparative advantages as a franchise brand giving them more chance getting the contracts in the market Additionally, more and more company intend to be listed and capitalized which need assurance service, bringing a great deal of contracts accompanying with revenue for PKF Vietnam
It is expected that the Revolution 4.0 can be affect to the whole enterprise especially small and medium one like PKF Vietnam In terms of analysis tool, when KPMG and Deloitte have used a predictive analytics tool to analyze a huge volume of accounting data, helping to quickly localize and focus on analyzing data areas, PKF Vietnam are still use sampling method as the traditional way This technology helps to increase the quality of the audit, while reducing the execution time by dozens of times Moreover, another big4 PwC is also using robotic process automation for its audit work which can be done automatically by robots about 45% of the work, saving about $2 trillion globally (CÚC, 2020) It is urgent that PKF Vietnam should invest and apply new hitechno in their system otherwise they can not keep pace with other players.
Operational problems
Operational process plays a crucial role in an audit company The implementation of efficient and effective procedure has several advantages including an appropriate price to the client or even an increase in sales revenue As I mentioned in the above part, PKF Vietnam currently gets into trouble on how to ultimate human resource effectively in each hands-on job Through several direct interview with official staffs, I have realized that they are struggling with the problem of applying the whole working process for each job assigned Because of limitation on price of small and medium enterprises, they have not enough of time and effort for all procedure of working papers regarding these companies and tend to skip certain parts In fact, with the small old customers, they usually optimize the prior reports with some updated information which can reduce time The reason why they react like this is that the working paper system does not work effectively where they do not have a good plan to carry out such items in the financial statements. Furthermore, PKF’s system is mostly worked manually on Excel which are actually time consuming More than that, when other big4 companies are currently implementing and upgrading to high-tech system where machinery and equipment solve significant tasks It is undeniable that we are in 4.0 revolution and turning to 5.0 soon, we cannot take advantage of such traditional and conventional on the whole system like the present one In my perspective, PKF should invest and learn more from other companies regarding technology which help them keeping pace with the world current situation generally, does not obsolete and working more productive
Suggested solution
Due to limitations in the number of customers together, establishing a department specializing in media, image promotion, customer search and acquisition is essential to improving the company's business performance If the company cannot open a separated marketing department, it can attract clients indirectly via its staffs by creating a remuneration policy that encourages each employee in the company to find customers, thereby earning commissions for every contract that they are the middleman
Personnel assignment and employee remuneration
Due to the limited number of auditors, the company encountered many difficulties in allocating personnel for audits Moreover, the company has a plan to expand consulting services in the coming time, thus it is necessary to have a plan to recruit and train a new auditor to meet the actual needs of the company, ensuring both quantity and quality Concurrently, the company also needs to promote regular training, improve the expertise and professional ethics for auditors’ team
It is essential to improve the quality of auditor in an auditing company, thus PKF Vietnam need to pay more attention on human resources The relocation of experienced employees and certified auditors is a prolonged problem for the company Although for every year, the company has new recruits to fill the human shortage, but this is only a temporary solution Because auditing is a job that requires experience and professional so that although newcomers are capable, they still cannot meet the all-job requirements To tackle this situation, the company should have a policy of remuneration for worthy employees, especially those who have a lot of contributions to the company
Income plays as an indispensable factor in human resource because it is associated with the direct benefit of employees Moreover, it also becomes a competitive advantage in attracting employees within other auditing companies Therefore, the Company should have a reasonable and fair salary policy for all employees The salary payment must be consider basing on the working capacity, contribution level and working time of each person
PKF Vietnam should plan and invest certain amount of money to have a detailed audit plan for specific customer It can higher costs for the Company but on the other hand it also helps increase the Company's reputation with customers thanks to the increased quality of the audit From there, it can contribute to promoting the image and finding new customers for the company, because an auditing client with a good impression can be the most effective broker to potential clients Audit records should be arranged, stored in a convenient and smart way in an order that is easy to find, obtain, look up and centrally kept in the place where all information is kept confidential. Furthermore, information technology networks also need to be upgraded to increase storage capacity and gradually reduce the form of traditional record at libraries and offices, helping to lower partially costs for the company and enhance archive effectively
Skills learned
The most valuable thing I have learnt is soft skills My biggest takeaway would be the new longterm relationships and connections which I had forged with my colleagues and fellow interns at PKF Vietnam Furthermore, I have gained deeper insights into the audit industry and it has helped me significantly with my career planning I have realistic chance to develop a better understanding of the career path of an auditor through the internship, helping me to make an informed career decision
Regarding technical issues, dealing with documents makes me more prudent and patient I have learnt how to communicate with clients, colleague and manager I have provided enough information and raised question clearly in order that listeners can understand and response to clearly Time management is also important to me which I have to ensure that all the working papers have completed at the end of day
Last but not least, it is a huge opportunity for me when doing internship at PKF It has forged me Microsoft Office skills that I have not acquire at university courses These are such fundamental skills helping me smoothly work when graduating
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, VietnameseAccounting 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 BusinessModeling, 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 1 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 do 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 3 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
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 3 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
CÚC, T N (2020, 06 02) Cách mạng công nghiệp 4.0 và những tác động đến ngành Kế toán -
Kiểm toán Retrieved from https://tapchicongthuong.vn/bai-viet/cach-mang-cong-nghiep-
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Hoàng, 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
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)