Department of AccountancySchool of Business and Economics

University of San Carlos

EDUCATIONAL TOUR REPORT

Name: Comota, Mae Angelica R.

Course & Year: BSAcT-3

Date of Travel: October 12-16, 2015

AC515 Teacher: _________________________

AC516 Teacher: _________________________

Executive Summary

On October 12, the first day of our 5-day National Educational Tour in Manila, we visited three companies: Bangko Sentral ng Pilipinas, Commission on Audit and Deutsche Bank. Our first stop was Bangko Sentral where we got an insight into the history of Philippine Currency and an introduction to the New Generation Currency. We also toured the Security Plant Complex and got to witness two things: how banknotes were printed and how coins were made. The next agency we visited was the Commission on Audit. We had a tour of the COA Compound using a miniature model and the speaker gave us a talk about the role and functions of COA in the government. The last stop for the day was Deutsche Bank where there were several speakers who talked about the services they offered and their experiences working in the company.

The following day, we only visited one company: Punongbayan & Araullo or also referred to as P&A Grant Thornton. There was an introductory talk about the company’s background, vision, mission and services offered. We also got the chance to tour their offices and interact with their employees on close-up while they were doing their work. After P&A, we drove all the way to Tagaytay City and visited the Palace in the Sky where we took in the most amazing view of Taal Volcano.

On morning of the third day, we visited the Philippine Stock Exchange at Ortigas Avenue in Pasig City. The visit to PSE was a personal milestone because I’m very interested in stocks and I would go online every day to check the index and study the companies that are relevant to me. The feeling was comparable to seeing your favorite team in the NBA Championships live for the first time. In the afternoon, we went to Makati City Hall. We were escorted to the board room where the officials usually met. The speaker was the city accountant, who also happened to be a teacher at a local university, talked more about standards rather than the actual working experience in a local government unit. I guess that’s why most of us felt like we were back in the classroom and couldn’t really focus on the talk.

The fourth day we visited a manufacturing company and an audit firm. We got a look into the publication process of a newspaper at Philippine Star. Afterwards, we finally went to the most hyped company of the whole tour, SGV & Co., where we learned that it really takes a lot of hard work and dedication to grow as an accountant and as an auditor. We also got the chance to tour the place. However, most of the employees weren’t really accommodating unlike in P&A and Deutsche Bank. I guess you can say that they were really focused on their jobs.

The last company we visited for the tour was Gardenia Bakery. We got a tour of their plant and learned all about the automated processing of the Classic Gardenia White Bread where “bread is practically produced untouched by human hands”. The whole tour concluded with our visit to Enchanted Kingdom where we had lots of unsupervised fun. The tour was amazing because we got our first ever “sneek peak” into what it would be like to be part of the working corporate world while also having fun at the same time. All in all, the whole tour was a complete success, from the moment we arrived in Manila to the moment we got on the plane back to Cebu.

Companies Visited

I. Manufacturing

A. The Philippine Star

1. Company Profile

The Philippine Star is a daily newspaper covering news headlines, business, lifestyle, advertisement, sports and entertainment that is circulated nationwide. It is the flagship brand of the Star Group of Publications and is owned and published by Philstar Daily Inc. It is the most widely read broadsheet in the country with a market share of 50 percent and over 2.7 million daily readers.

The company’s publications include: The Philippine STAR, one of the leading English broadsheets in the country; Pilipino STAR Ngayon, a tabloid style newspaper published in the national language; Freeman, Cebu's oldest English language newspaper; Banat, a tabloid published in Cebuano; and People Asia Magazine, which profiles personalities in the Philippines and the region.

2. Observations and other related activities

There were two buses that went to the Philippines Star. We were brought up to their conference hall and were shown a video about the company’s history. There was a Q&A afterwards wherein the students who participated were given tokens. Then, we went down to the actual plant where the newspapers were being published.

Production Flow / Process:

Production Capacity: 422,900 newspapers in circulation daily

B. Gardenia Bakery

1. Company Profile

Gardenia Bakeries Philippines, Inc. is the most widely distributed loaf brand in the country. It uses the largest, most advanced, large-scale bread manufacturing facility that is fully automated and computer controlled, untouched by human hands.

Vision

Our vision is to become the premier company in the baking industry and the related food and beverage industry, known and emulated for our best quality products that delight the consumer. It is the pride of every employee, investor, trade partner and stakeholder.

Mission

Our mission is to serve consumers with the best quality assortment of great-tasting bakery and related food and beverage products, with world-class manufacturing facilities and an efficient nationwide distribution network, thereby providing a fair return on shareholder investments.

Values

Customer Driven – We always put the customer first in everything we do. Innovation – We constantly initiate change and encourage creativity Teamwork and Professionalism – We are one company, one team working

together professionally. Integrity – We uphold honesty and objectivity in the things that we do. Excellence – We relentlessly pursue continuous improvement and aim for the

highest standard in our work. Stewardship (Malasakit) – We treat company resources with pride as if they

are our own.

Products manufactured

They offer a wide variety of bread products which includes the classic white bread, whole wheat bread, flavored loaves, pandesal and other snack items like bread toasts, muffins and snack cakes.

2. Observations and other related activities

Before the actual plant tour, we were shown a video about what the process would be like. Afterwards, the actual tour started. We were shown around the factory with an accompanying tour guide and there was also an audio guide. The plant tour itself and being able to see the process of bread-making was the highlight of the tour.

Production flow / process

Production Capacity

A total of 12,000 loaves and buns per hour: 6,000 loaves of classic and wheat bread per hour 4,000 flavored loaves per hour 2,000 buns per hour

II. Audit Firms and Financial Institutions

A. Deutsche Bank

1. Company Profile

Deutsche Bank is a German global banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent. The company is a component of the Euro Stoxx 50 stock market index.

Vision

We aspire to be the leading client-centric global universal bank. We serve shareholders best by putting our clients first and by building a

global network of balanced businesses underpinned by strong capital and liquidity.

We value our German roots and remain dedicated to our global presence. We commit to a culture that aligns risks and rewards, attracts and develops

talented individuals, fosters teamwork and partnership and is sensitive to the society in which we operate.

Values

Integrity – We live by the highest standards of integrity in everything we say and do. We will do what is right – not just what is allowed. We communicate openly; we invite, provide and respect challenging views.

Sustainable Performance – We drive value for shareholders by putting long-term success over short-term gain. We encourage entrepreneurial spirit which responsibly balances risk and returns. We pursue lasting performance by developing, nurturing and investing in the best talent and by managing based on merit.

Client Centricity – We earn our clients’ trust by placing them at the core of our organization. We deliver true value by understanding and serving our clients’ needs best. We strive to pursue mutually beneficial client relationships in which the value created is shared fairly.

Innovation – We foster innovation by valuing intellectual curiosity in our people. We enable our clients’ success by constantly seeking suitable solutions to their problems. We continuously improve our processes and platforms by embracing new and better ways of doing things.

Discipline – We protect the firm’s resources by always thinking and acting like owners. We live by the rules and hold ourselves accountable to deliver on our promises – no excuses. We achieve operational excellence by striving to ‘get it right the first time.

Partnership – We build diverse teams to generate better ideas and reach more balanced decisions. We put the common goals of the firm before ‘silo’ loyalty by trusting, respecting and working with each other. We act as responsible partners with all our stakeholders and regulators, and in serving the wider interests of society.

Services Offered

Corporate Banking & Securities Markets – combines the sales, trading and structuring of a wide range of

financial market products, including bonds, equities and equity-linked products, exchange-traded and over-the-counter derivatives, foreign exchange, money market instruments, securitized instruments and commodities.

Corporate Finance – responsible for mergers and acquisitions, including advisory, debt and equity issuance, and capital markets coverage of large and medium-sized corporations. Regional and industry-focused teams ensure the delivery of the entire range of financial products and services.

Global Transaction Banking Provides commercial banking products and services for both corporate

and financial institutions worldwide, including domestic and cross-border payments, cash management, risk mitigation and international trade finance as well as trust, agency, depositary, custody and related services.

2. Observations

Deutsche Bank was probably the best-looking building we ever visited in the whole tour. The sculptures and the artworks both inside and outside the building were very eye-catching. We were given tags and were escorted to a multimedia

hall. They conducted a talk that was all about what Deutsche Bank is and what it does. The speakers were very welcoming and explained things clearly. They also introduced us to some alumni from USC that were already employees there. Two of them spoke to us about their experiences with the company and how their lives have been after living in Manila for the past couple of months. The highlight of the whole experience there was the British speaker trying to speak to us in Cebuano. It gave all of us a good laugh.

Most of the questions asked in the Q&A were about what it was like working in the company, do they accept non-CPAs, and someone even asked how much the starting salary was. We learned a lot during the company including information that they provide their employees with further educational attainment, they also had cross-cultural teams, and employees also get a chance to work in the other offices around the globe. After the Q&A, the speakers and the other employees roamed around the hall and entertained some of our questions on a much more personal level.

B. Punongbayan & Araullo

1. Company Profile

Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independently owned and managed accounting and consulting firms.

Vision

To be the most recognized and preferred auditing, accounting, and advisory services firm in the Philippines by achieving unparalleled growth. Through our thought leadership, we will contribute to the upliftment of the accounting profession and to the enhancement of business practices.

Mission

As a leading professional services firm, we deliver to our clients the highest quality work and value added services responsive to their needs and expectations. We attract, develop and retain high-performance people, and commit to make continuous improvement in all that we do.

Services Offered

Advisory Services – Their experts in advisory services formulate solutions and strategies that improve organizational performance. Their advisory services are designed to contribute to your long-term success and competitive strength, and they work hard to provide clients with proper systems and capabilities to implement.

Audit & Assurance – Delivering value as a result of efficient and effective audit and assurance work. They provide audit and assurance services that go beyond numbers.

Tax Advisory and Compliance – Despite constant changes in tax policies, clients’ partners at P&A will keep them right on track and help them pay proper taxes on schedule. 

Finance & Outsourcing – P & A provides solid, first-rate support so you can focus on clients’ core competencies, enabling them to concentrate on what's really important to their business. Many multinational companies are setting up their accounting offices in the Philippines.

P&A Grant Thornton Outsourcing – P&A Grant Thornton is a wholly owned subsidiary of Punongbayan & Araullo (P&A), a leading professional firm providing audit, tax and advisory services through its client-caring team of professionals.

2. Observations

At Punongbayan & Araullo, we were brought up to a room where the speaker talked about the company and there was also an employee that shared her experience. Afterwards, we were toured around their offices and we learned that each service offered by the company has its own floor. The highlight of the visit was when we got to meet the one the higher-up employees or the manager of the cluster. He was very approachable and he told us that we should come work for P&A after we graduate.

There was a small Q&A at the room where the speaker talked but most of it happened during the tour where we got to ask the employees while they were working. Most of the questions asked at P&A were also asked at Deutsche Bank. The employees were very engaging and answered all our questions even though they had work to do.

C. SGV & Co.

1. Company Profile

SGV & Co. is the Philippines' largest multidisciplinary professional services firm with eight offices across the country. The firm employs nearly 4,000 professionals from various disciplines. They provide integrated solutions that draw on diverse and deep competencies in assurance, tax, transaction and advisory services.

Vision

To leverage knowledge, learning and other social development initiatives as catalysts for improving the quality of life of Filipino families and communities

Mission

To spearhead social, moral and economic programs that will inculcate the values of education, discipline, integrity and excellence in Filipinos

ValuesPeople who demonstrate integrity, respect and teamingPeople with energy, enthusiasm and the courage to leadPeople who build relationships based on doing the right thing

Services offered

Assurance – External Audit, Compilation and Review Services, Accounting Consultations, International Accounting Standards Conversions and Advisory, Regulatory Compliance, Extended Audit Services, Accounting Advisory and Consultation Services on Deal Structuring, Due Diligence Work, and Fraud and Investigative Dispute Services

Tax – Tax Compliance Review, Tax Planning Engagement, Tax Due Diligence Review, Tax Advocacy/Controversy Work, Litigation Support Services, Investment Advisory Services, General Advisory Services, Transfer

Pricing Services, Customs Services, Contract Tax Services/Outsourcing, Income Tax Return Preparation, Estate/Family Wealth Planning, and Tax Seminars

Advisory – IT Risk and Assurance, Performance Improvement, Enterprise Risk Management, IT Infrastructure Risk Management, Enterprise Security Management, Enterprise Systems Risk Management, Operational Performance Solutions, Internal Audit Services, Financial Services Risk Management, and Actuarial Services

Transaction Advisory Services - Transaction Management, Capital Management, Corporate Development Advisory, Project Finance Advisory, and Commercial Advisory Services

2. Observations

All of us have been anticipating being able to visit SGV and Co. for a long time and our tour there did not disappoint. We went to a room where a speaker told us what there is to know about SGV and its accomplishments. We learned that the company still keeps in touch with its alumni. We were also able to ask questions since most of us were curious about the well-known organization. Afterwards, we were led to a tour around their offices so we can really see what it’s like to work at SGV and Co.

We’ve all heard about the stress and pressure that employees experience when working for SGV and Co. which is why that was one of the firs questions asked. We asked them if it was also worth it for us Carolinian students to really move to Manila but we found out that SGV also has a branch in Cebu and that we would be welcome if ever some of us decide to be based in Makati. We found out how long it would take for a regular employee to get a promotion

III. Government Agency and Regulatory Bodies

A. Bangko Sentral ng Pilipinas

1. Company Profile

The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP took over from the Central Bank of Philippines, which was established on 3 January 1949, as the country’s central monetary authority.

Responsibilities & Functions

Under the New Central Bank Act, the BSP performs the following functions, all of which relate to its status as the Republic’s central monetary authority.

Liquidity Management – The BSP formulates and implements monetary policy aimed at influencing money supply consistent with its primary objective to maintain price stability. 

Currency Issue – The BSP has the exclusive power to issue the national currency. All notes and coins issued by the BSP are fully guaranteed by the Government and are considered legal tender for all private and public debts. 

Lender of Last Resort – The BSP extends discounts, loans and advances to banking institutions for liquidity purposes. 

Financial Supervision – The BSP supervises banks and exercises regulatory powers over non-bank institutions performing quasi-banking functions. 

Management of Foreign Currency Reserves – The BSP seeks to maintain sufficient international reserves to meet any foreseeable net demands for foreign currencies in order to preserve the international stability and convertibility of the Philippine peso.

Determination of Exchange Rate Policy – The BSP determines the exchange rate policy of the Philippines. Currently, the BSP adheres to a market-oriented foreign exchange rate policy such that the role of Bangko Sentral is principally to ensure orderly conditions in the market. 

Other Activities – The BSP functions as the banker, financial advisor and official depository of the Government, its political subdivisions and instrumentalities and government-owned and -controlled corporations.

Vision

Ang BSP ay naghahangad na makilala sa buong mundo bilang pangunahing tagapamahala ng pananalapi at maging tagasulong ng kabuhayan at ng kaayusan at ng kaayusan sa pananalapi na may kakayahang makihanay sa ibang bansa at magbigay ng mataas na antas ng kabuhayan para sa lahat ng mga Pilipino.

Mission

Ang BSP ay nakatalagang paunlarin at panatilihin ang katatagan ng halaga ng mga bilihin at magbunsod ng magislang pamumuno sa ikapagtatamo at magbunsod ng masiglang pamumuno sa ikapagtatamo ng isang matatag na pangasiwaan sa pananalapi na makakatulong sa timbang at patuloy na paglago ng kabuhayan. Tungo rito, ito ay magpapairal ng mga makatwirang patakaran sa pananalapi at mangangasiwang mabuti sa mga bangko at iba pang institusyong may kinalaman sa pananalapi na nasa ilalim ng kaniyang kapangyarihan.

2. Observations

During our visit at the Bangko Sentral ng Pilipinas, we mostly focused on the Security Plant Complex. The SPC of the Bangko Sentral ng Pilipinas is responsible for the supply of Philippine currency; namely banknotes and coins. We were ushered into a room wherein we watched a couple of videos regarding the New Currency Generation Banknotes. We were able to learn the history of the Philippine currency. Afterwards, we were taken on a tour around the building where we were able to witness firsthand how money is made. We gained insight on the process of how money is printed – like learning that a paper bill is made of 80% cotton and 20% Philippine abaca. One of the highlights of our visit was seeing a Php 100,000 paper bill.

Organization design and lines of authority or Operations flow (whichever is available)

Production of banknotes involves the following:1. Litho Printing – Impressions are printed on a rubber blanket

cylinder. These are in turn transferred to the sheets of banknote paper. Both sides of the sheets are printed simultaneously with multi-color or rainbow background prints.

2. Intaglio Printing – After the background colors are printed, engraved features of the banknote are printed at the intaglio machines, which produce the tactile or embossed effect on the banknotes.

3. Sheet Inspection – The printed sheets are inspected for printing faults. Defective notes are cancelled and briquetted for security reasons.

4. Numbering – The good sheets go to the numbering machines for the printing of serial numbers.

5. Finishing – The numbered sheets finally go through finishing which involves cutting into notes, counting, banding and packaging.

When coins are made, several factors are taken into account, among which are historical and cultural considerations, aesthetics, praticability, as well as international trends. Coin production involves the following processes:1. Die-making – The basic tools in coin minting ae the dies made of

hardened special steel. The process involves skillful engraving from approved artworks and various precision machining using state-of-the-art equipment.

2. Striking – Coin blanks are struck at the rate of up to 800 pieces per minute, depending on the denomination being produced.

3. Inspection – Coins are inspected at random for flaws.4. Counting and Roll Wrapping/Bagging – The inspected struck

coins are transferred to the coin counting machines where they are automatically counted before they are discharged and sealed into coin bags. Alternatively, the coins may be roll-wrapped by the roll-wrapping machine and packed into corrugated boxes.

During the Q and A, the students asked about the security features that are attached to our paper bills. It was discussed that you would know a paper bill is real and not merely play money if it has an embossed tactile feel, security fibers, watermark, concealed value and initials of BSP and numeric denominations. Some bills just like the Php 500 and Php 1000 have special security features like optically variable device patch. Php 20 and 50 bills have 2mm wide security threads while Php 100, 200, 500 and 1000 peso bills have 4mm wide security threads.

B. Commission on Audit

1. Company Profile

The Commission on Audit, abbreviated as COA, is an independent constitutional commission established by the Constitution of the Philippines. It has the primary function to examine, audit and settle all accounts and expenditures of the funds and properties of the Philippine government.

Responsibilities & Functions

Examine, audit, and settle all accounts pertaining to the revenue and receipt of, and expenditures or uses of funds and property owned or held I trust by, or pertaining to, the government.

Promulgate accounting and auditing rules and regulations including those for the prevention and disallowance of irregular, unnecessary, excessive, extravagant or unconscionable expenditures, or uses of government funds and properties.

Submit annual reports to the President and the Congress on the financial condition and operation of the government.

Recommend measures to improve the efficiency and effectiveness of government operations.

Keep the general accounts of government and preserve the vouchers and supporting papers pertaining thereto.

Decide any case brought before it within 60 days. Performs such other duties and functions as may be provided by law.

Vision

A credible, trustworthy and independent Supreme Audit Institution; a vibrant partner in nation-building; a bulwark of integrity and competence; an organization of professionals with a culture of excellence; a respected member of international organizations of supreme audit institutions.

Mission

To carry out our constitutional mandate with the highest degree of professionalism, competence, integrity, teamwork and organizational efficiency, and promote the people's trust in government by upholding public accountability.

Values

God Centeredness, Patriotism, Excellence, Integrity, Professionalism, Courtesy, Modesty, Humility, and Respect for Authority and Rule of Law.

2. Observations

During our visit in COA, we were shown a mini replica of the buildings that they have. We were then lead to the audio visual room wherein a power point presentation was shown to us by the speaker. She talked about the history of the government agency along with other important information regarding the Commission on Audit.

Organization design and lines of authority or Operations flow (whichever is available)

Questions were asked regarding the skills needed to be a government employee and we found out that they offer trainings to newly-hired employees. What are the difficulties encountered by a government

employee was also asked. However, what we mostly focused on asking were the responsibilities and functions of the government agency and about why it was so important for them to exist in the Philippines.

C. Philippine Stock Exchange

1. Company Profile

The Philippine Stock Exchange (PSE) is the only stock exchange in the Philippines. It is one of the oldest stock exchanges in Asia, having been in continuous operation since the establishment of the Manila Stock Exchange in 1927.

The main index for PSE is the PSEi, which is composed of a fixed basket of thirty (30) listed companies. The PSEi measures the relative changes in the free float-adjusted market capitalization of the 30 largest and most active common stocks listed at the PSE. The selection of companies in the PSEi is based on a specific set of public float, liquidity and market capitalization criteria. There are also six sector-based indices as well as a broader all shares index.

Vision

A premier exchange with world-class standards for trading securities and raising capital that serves as a strong engine for a robust economy.

Mission

Offer products and services responsive to the needs of investors and other stakeholders.

Provide a facility for fair, accurate, complete and timely information about listed companies, while extending market education and awareness programs to investors.

Be a preferred venue for raising capital. Practice and promote good governance within the Exchange and among

listed companies and trading participants. Operate efficiently to optimize shareholder value. Adopt world-class systems and global best practices for an efficient, fair and

orderly market. Develop a highly motivated and professional workforce, committed to serve

and excel.

Values

Professionalism in delivering quality service and in meeting the highest standards of excellence.

Integrity, transparency and accountability in implementing business programs and enforcing decisions.

Teamwork in working towards a common and favorable goal for the market.

Mutual respect in relating with fellow employees. Inner strength in prioritizing the common good of the market instead of

individual interest. Corporate responsibility in promoting market growth hand in hand with

community welfare.

2. Observation

When we were at Philippine Stock Exchange, we were advised not to make too much noise and not to take any pictures. We were fascinated at seeing the inner workings of what it is like to be a broker at the PSE. One of the employees explained to us how things work in the stock market and we were able to witness firsthand what really happens when people buy stocks.

Organization design and lines of authority or Operations flow (whichever is available)

The students were asked which among of us were interested in one day being a part of the stock market and unsurprisingly, a lot of us raised our hands. We’ve had classes in Finance but we wanted to have a more firsthand opinion on what it’s like to deal with stocks and other transactions that might involve financial institutions as well. It really was eye-opening since we saw what it was really like in PSE and I’m quite sure that some of us wouldn’t mind working there.

D. LGU – Makati City Hall

1. Company Profile

The present Makati City has its roots as a pre-Hispanic settlement in the swamplands near Pasig River led by Lakan Tagkan and his wife Bouan. Don Manuel Lopez de Legaspi, founder of Manila and the first Governor General of the Philippines discovered the area and was told that the river's tide was ebbing by the residents - “Makati na, Kumati na.” Legaspi thought this was the response to his query as to what the place is called. The settlement was renamed San Pedro de Makati after its patron saint. A visita of Santa Ana de Sapa, Makati was under the jurisdiction of the Franciscan friars from 1600-1700. Two (2) of the earliest Catholic churches - Nuestra Señora de Gracia in Guadalupe and the Church of Saints Peter and Paul - are located in Makati. In 1890, San Pedro de Makati was decreed a public town of Manila.

"Makati shall lead the Philippines into the 21st Century:its global and national enterprises, leading the creationof a new, responsible and sustainable economy;its citizens, productive, empowered and God-loving."

The Makati City Hall processes the requirements and paper works needed in order to put up a business. For every time we ask what are the requirements needed in putting up a business, a broad answer is given to us and the speaker replies “the requirements needed are based on the local government unit in that vicinity.

The Makati City Government will be the model for world-class local governance: providing for the well-being of its citizenry through delivery of the highest level of basic, social, and economic services with breakthrough technologies, sustainable financing, and competent, responsible and professional civil servants.

2. Observations

We had to wait for a long until we were able to get inside a room where we could listen to the speaker. During the duration of the speaker’s speech, we found out that what he was mostly talking about was a lecture regarding accounting. He mostly talked about the standards in government accounting which was useful but what we mostly wanted to know about was the inner workings of the local government.

Since there weren’t much discussion about the on-goings in the government, most of our questions were centered on the mentioned topic. We were curious about what it’s like to work for the government and whether or not there is more pay if you work for a public or private institution.

Learning Outcome

I. For each industryA. Manufacturing

1. Learning The process that products of a certain manufacturing company undergo must be

proper and must be followed in a chronological order. This ensures that the production flow will be as smooth as possible.

AC508 was very helpful in helping us understand the processes in a manufacturing company and the tour has further broadened our knowledge on it.

I’ve learned that employees must be mindful of the production process since they are the ones operating the machines needed in the production of the products.

2. ConclusionIn the classroom, we were taught that manufacturing companies really

undergo a process and we really saw what it was like in the real world. I would have to say that what we learned is congruent to what we saw in reality.

B. Audit Firm1. Learning Working in a well-renowned audit firm has its ups and downs. You get to

experience a lot of things and you get to learn more even though you’re already in the actual workplace.

We learned that financial accounting still plays a huge part in the real world and we’re grateful that what we are studying right now is very much applicable when we have our own jobs in the future.

Employees must know the balanct an eae between work and play and they should not succumb to the stress that comes with their work.

2. Conclusion

Although our studies cause much stress and pressure in our lives right now, balance between work and play is important. It could also depend on the kind of environment that you have in the workplace. If you are happy with what you are doing, then you will surely enjoy your work life.

C. Government Agency and Regulatory Bodies1. Learning Government agencies and regulatory bodies must always be in top-form since

the rest of the country is looking up at them. Being a government employee is not an easy job. I expect that government accounting, a subject we have yet to undertake, will be

one that has similar characteristics to the standards that we have learned so far with a few tweaks here and there.

2. ConclusionHaving witnessed what goes on behind government agencies and

regulatory bodies, I could say that working there would be very complicated since there are so many things happening behind closed doors that may or may not affect the nation in a huge way.

II. General conclusion General conclusion of the educational tour and how it helps you

As we went about our tour, I’ve realized that what we were witnessing was the real-life application of what we’ve been learning inside the classroom. It was a surreal feeling to know that everything we’ve studied about was being applied in huge companies and prestigious institutions. As a BSA student, it makes me feel inspired to one day work for an organization that would recognize my worth as an employee and that will give me the opportunity to grow as an individual.

Deficiencies and Recommendation

What were the deficiencies met during the entire educational tour and what were the actions taken, if none, what are your proposed solutions that could have answered the problem. Were the objectives of the educational tour achieved? What are your other recommendations that will help in the improvement of the program?

Deficiency/Concern Action Taken/Proposed Solution

Almost got to the airport late Better time management