INTRODUCTION

On-the-Job Training is a part of a college curriculum that requires the students

to undergo such training with specific number of hours. On-the-Job Training aims to
train and orient students about the work and their future career. Usually a
professional trainer or experienced employee serves as the course instructor using
hands-on training often supported by formal classroom training.

On-the-Job training is the most effective method to develop the competence

and skills of students. The process exposes the students to different fields and
environment. Moreover, it allows the students to become familiar and made known
to the actual operation of business and the state-of-the art of the facilities, equipment
and technology used. OJT will generally be the primary method used for
broadening employee skills and increasing productivity.

Employers can use this internship strategy as a method in recruiting new

employees. OJT Program places participants in occupations that will enhance their
prospects for long-term employment. Since the supervisor or trainer can follow the
trainee’s progress, he can gauge based on performance, behaviour and attitude if
the trainee will make a good recruit after the completion of the internship.

Accommodating on-the-job trainees can be truly beneficial not only to the

trainees but also to the companies that provide opportunities for this type of
learning. The training can be an investment that will be valuable to the company
later on. This is why the training should not be taken for granted because it will be
the relevance when you apply for work.

OJT will be your training ground. If you still have no idea on what is meant to
be a worker, OJT will give a hint of career realities.

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 COMPANY PROFILE

VISION

We are a dynamic and innovative accounting firm providing accounting and

auditing services that enable our clients to succeed in a competitive environment.
As a professional service provider we are highly regarded for our expertise
in certain industries and service niches.
We are recognized for our commitment to excellence in quality, value and
personal responsiveness of the services we offer our clients as their primary
business advisers.
Our purpose is to glorify God, as we seek to use talents He has given to us to
help our clients find solutions to their problems and help them build for the future.

CORE VALUES
In today's environment, people want help with decisions and they want to rely
on someone they trust. The foundation of our firm is providing trusted and valued
business advice that will help our clients succeed. We are committed to building
long term and respected business relationships. As a firm, we take this commitment
very seriously and strive to develop and nurture relationships.

We believe these relationships can best be maintained person-to-person within

a small, one office CPA firm. We recognize in advance that we will not have all of the
expertise in house to handle all of our clients’ needs, so we will maintain
relationships with other skilled professionals whose areas of specialization
complement our own, and whose commitment to quality and service is identical to
our own.

FIRM PROFILE

For over a decade, Christopher U. Ismael, CPA has provided high quality
financial and management services to a diverse and successful client base in
Northern Philippines. As an innovative and highly professional certified public
accountant and consulting firm. Ismael CPA serves as a valued advisor to over a
thousand clients providing guidance on important operational and individual
matters. Our philosophy of business is to meet our clients’ needs by maintaining a
close, personal relationship with them and by consistently delivering high quality
service to them. Providing high quality service to our clients and our concern for the
general public interest has established our firm’s reputation in our community which
has enabled us to grow.

The firm is positioned in Northern Philippines to impart quality, cost effective

and practical advice to clients that include manufacturing firms, private businesses,

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rural banks, finance companies, non-profit organizations (like cooperatives,
foundations associations, religious organizations, not for profit schools), government
entities, emerging SMEs or start-up firms and successful individuals. Our goal is to
be the first person they call for assistance in resolving a question or a problem.

To serve our clients' needs to the full, the firm has complied with the
requirements of the new Accountancy Act of 2004 which prescribes accreditation of
Accounting Firms in order to practice accountancy in the Philippines. The firm is the
first firm in the Northern Philippines to complete its accreditation requirements. We
are accredited and authorized by the Board of Accountancy (BOA/PRC), Bangko
Sentral ng Pilipinas (BSP), THE Bureau of Internal Revenue (BIR), Cooperative
Development Authority (CDA), and the Securities and Exchange Commission (SEC).
We have also rendered services to agencies like the Department of Trade & Industry
(DTI) and the Department of Agriculture (CHARMP projects).

Positioning Ismael CPA for the future much of our internal work is centered on
changes designed to position ourselves to drive value and enhanced services.

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 THE CEO

SUMMARY OF QUALIFICATIONS

Versatile, respected management professional with high standards of

integrity. Adept at sizing up situations, analyzing facts, and developing alternative
courses of action in order to increase productivity. Form quality liaisons and
relationships easily, and instill a high level of confidence at all levels.

Accredited by the Bureau of Internal Revenue to act for and in behalf of

taxpayers in the preparation and filing of tax returns, statements, reports, protests
and other papers with, and /or to appear and transact official business before the BIR
pursuant to the National Internal Revenue Code of 1997.

Recognized by the Cooperative Development Authority as Cooperative

External Auditor under CDA Memorandum Circular 2000-07.

Registered Accounting Firm by the Board of Accountancy (Professional

Regulation Commission) as prescribed by Presidential Decree No. 692 and the Rules
and Regulations of the Board of Accountancy series 2002.

Accredited by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to

examine rural, cooperative and micro-finance- oriented banks pursuant to BSP
Circular 410 Section 8 pursuant to Section 58 of Republic Act No. 8791 otherwise
known as the “General Banking Law of 2000.”

Accredited by the Securities and Exchange Commission as an external auditor

for groups B & C secondary licensees per SEC memorandum circular No. 15 Series
of 2004 upon compliance with the accreditation requirements of SEC memorandum
circular No. 13 (Series of 2003).

THE CEO'S INSPIRATION

"No amount of success can compensate for failure in the home."

The Ismael family is the driving force and inspiration behind the firm. With a solid
and holistic family approach, an excellent service results there from.

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 SERVICES OFFERED

AUDIT SERVICES

Our audit philosophy is based on integrity, objectivity, independence and

strict adherence to all professional standards, professional ethics, regulations and
laws. Professionalism in audit performance arises from our dedication to public trust.
We serve the interests of our clients, including owners, investors and other
stakeholders in accordance with the appropriate professional standards. The
primary purpose of every audit is to express an opinion on the fair presentation the
financial position and operational results of our clients. The service characteristics of
our services include hands on, year round contact with our clients, who benefit from
our commitment to service continuity and the utilization of experienced
professionals during their audits. Every audit is personalized which allows us to
perform each audit with a unique knowledge and value added perspective.

In order to accomplish our audit objectives in a highly effective and

meaningful manner, Ismael CPA employs a risk-based approach to auditing. Proper
and accurate planning, testing and reporting, with a strong emphasis on risk
assessment define our audit philosophy.

Our clients benefit on enhanced communications and streamlined internal

processes.

ATTEST SERVICES

In addition to financial statement audits, Ismael CPA also provides the following
services:

REVIEWS
We review financial results by making inquiries of clients' management and
performing analytical procedures. Our review report expresses limited assurance
that there are no material modifications that should be made to the financial
statements in conformity with generally accepted accounting principles.

As a full service business advisor to our clients, we offer a wide spectrum of

related services that help with compliance, operational efficiency and profit
maximization;

- SEC, BSP, CDA & BIR reporting and compliance where we are accredited and
authorized;
- Reports on internal controls
- Process and procedures reviews
- Performance reviews
- Assurance of regulatory requirement compliance

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INTERNAL AUDIT OUTSOURCING

Recent rules by the Bangko Sentral ng Pilipinas (BSP) & the Securities &
Exchange Commission (SEC), have increased emphasis on auditor independence.
While existing rules preclude regulated companies from using the same CPA firm
for external and internal audits, similar provisions could be extended to other
entities as well. BSP Circular 488 provides for rules on internal audit outsourcing.

In the changing environment of regulatory and business environment, Ismael

CPA stands well positioned to provide quality and objective internal audit services
to rural, cooperative and micro-finance oriented bank client base. Our regional
reach in Northern Luzon and a broad array of resources enable us to bring value and
perspective to our organization.

The number of organizations outsourcing internal audit and regulatory

compliance has increased dramatically. This is due to the regulatory provision of
BSP and to the increased skill sets expected of the risk management staff and
management's desire to have these individuals function as business consultants.
Economics also play a big role in the outsourcing decision, with many banks
reducing overall audit compliance costs through outsourcing. Some of the
advantages our clients have experienced by outsourcing include industry
knowledge, cost savings and a reduction of risk to the organization.

INDUSTRY EXPERTISE
The regulatory and technological environment is becoming highly complex
and requires that internal audit and compliance staff spend a significant amount of
time identifying, understanding , and becoming proficient at a wide variety of
technical functions. It is difficult for a small staff to maintain the appropriate
knowledge base for all facets of the industry. Ismael CPAs key internal audit and
compliance outsourcing staff have a breadth of knowledge.

COST SAVINGS
Outsourcing can be more cost effective than employing internal staff. By
outsourcing, you eliminate the cost of salaries, benefits, vacations, holidays, training
& supervision. You pay for professional service only - 100% of your costs go to
completing internal audits and compliance matters.

RISK BASED APPROACH

We work with management to identify the compliance issues and internal
audit areas that represent the highest risk to the organization and focus detailed
testing in these areas. This approach allocates more of clients' outsourcing pesos to
the most important issues and reduces the overall risk. Outsourcing is not meant to
replace management's responsibility for the monitoring of the internal controls of the
organization. We view outsourcing as support mechanism by which we provide
ongoing review and reporting to management and the Audit Committee to maintain

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independence and objectivity, we are not involved in management decision making
and the rules of BSP Circular 488 on outsourcing the function defines the parameters.
As your internal auditor, we perform a number of duties including:
- Establish function and organizational framework for internal audit department.
- Assist existing internal audit group through program review and
development, training and specialized projects.
- Serve as co-sourced internal auditor for banks with multiple locations,
subsidiaries or business units and branches.
- Perform internal audit function through outsourcing relationship.
- Review and assess internal controls.
- Review process and information systems.
- Assist with regulatory compliance and fraud risk assessment.

TAX PLANNING AND COMPLIANCE SERVICES

Quality tax services provide a client with informed guidance through a maze
of tax laws, regulations and rulings. Ismael CPA is accredited with the Bureau of
Internal Revenue (BIR). This accreditation gives us the authority to act for and in
behalf of taxpayers in the preparation of tax returns, statements, reports, protests
and other papers with, and/or to appear and transact official business before the
Bureau of Internal Revenue pursuant to the provisions of Section 6 (G) of the National
Internal Revenue Code of 1997. We at Ismael CPA believe the best approach starts
with yearlong tax planning strategy. Our tax specialists take an integrated and
consultative approach to devising high quality tax strategies to our clients.
Minimizing tax liability requires proactive measures and strategy formulation based
on the respective needs and goals of the business or individual client.

By working with Ismael CPA, you enjoy the advantage of building personal
relationships with local tax specialists while having access to regional tax expertise
that can be tailored to your industry type of business or specialized individual tax
situation.

Whether providing tax planning and preparation services to individuals,

corporations, partnership, limited liability corporations or estates, Ismael, CPA takes
a personalized approach to crafting a sound and creative strategy to reduce tax
liabilities.

By selecting Ismael, CPA tax advisor, you tap into knowledge of local and
national tax compliance issues across a variety of service offering including:

- Tax preparation and compliance-timely complete and accurate.

- Audit representation, resolving tax notices, addressing tax audits and
appealing positions with the BIR and tax authorities.

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- Tax law changes- stay abreast of all latest legislative development and
changes.
- Advance rulings-prepare needed documents and negotiate with the BIR to
facilitate decisions prior to financial transactions.
- Tax consulting for business transactions.
- National and local tax consulting.

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 INDUSTRIES

FINANCIAL INSTITUTIONS

Our industry group focusing on financial institutions is forgoing a reputation as a

leading provider of financial and consulting services in Northern Luzon. With
relationship focused and based on trust Ismael, CPA provides services from a
Bankers Perspective to a diverse and successful group of financial clients, through
all stages from start up to growth Ismael, CPA is there to provide traditional
accounting solutions and value added benefits to our client base.

We provide accounting audit, accounting and tax services to our financial

clients. We are trained and accredited in aspects of financial institutions. Our
accreditations are from regulatory bodies of government like the Securities and
Exchange Commission (SEC), the Bangko Sentral ng Pilipinas (BSP) and the
Cooperative Development Authority (CDA). We utilize a technology driven, risk-
based audit approach and provide proactive tax planning and compliance solutions
to our clients.

Internal audit outsourcing is another aspect of our service complement. Our

internal audit team includes financial institution auditors and industry specialists with
very specialized competencies. We utilize risk based solutions and can provide
partial or full outsourcing alternatives. Ismael, CPA always strives to maintain
independence and objectivity in all outsourcing engagements, which often results to
cost savings for our clients. Outsourcing of the internal function is embodied in BSP
selected external auditors. We are such selected external auditors.

INDUSTRY EXPERIENCE
The firm is strategically located in Northern Luzon. This local presence,
combined with our regional resource network uniquely qualifies Ismael, CPA to
serve regional and community financial institutions thoroughly, efficiently and cost
effectively.

Ismael, CPA currently provides accounting and consulting services to over a

hundred clients in the financial sector, ranging in asset size from Php 1M to
Php 600M. Given the importance of this sector to Ismael, CPA we update ourselves
with current trends and issues affecting the industry. We have formalized our
services to serve clients better such as:
- Rural, cooperative and micro-finance oriented banks
- Credit cooperatives
- Financial companies regulated by the SEC
- Asset based lenders

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 Our financial clients are facing intense competition, increased regulation,
changing customer expectations. As this operating environment becomes
increasingly complex, our clients must focus on key drivers of greater growth and
profitability. Our financial institutions group is being structured to help clients cope
with the realities of the marketplace. We provide proactive and propriety solutions
in areas vital to the strategic and financial success of our clients, covering a wide
spectrum of specialized professional services including:

LOAN MANAGEMENT SERVICES

- Loan review outsourcing
- Loan review diligence
- Loan policy review
- Credit administration evaluations

NON-PROFIT AND NON-GOVERNMENT ORGANIZATIONS

Non-Profit organizations termed as Non Government Organizations (NGOs)

have their own distinguishing characteristics. While most NGOs resources are
limited and restricted to sustainable development their operations must remain
simplified yet efficient. These organizations require more detailed planning and are
under public scrutiny now more than ever before.

In today's rapidly changing business environment, the ability to successfully

navigate the operational and regulatory environment associated with a tax exempt
status requires a specialized advisory relationship. To this end, tax exempt
organizations are provided with accounting and tax know how.

Industry Experience
Ismael, CPA provides accounting and consulting services to over a hundred
clients in the not for profit sector. Types for not for profit organizations currently
served include:
- Foundations and Associations
- Primary, high school and colleges
- Social clubs
- Private schools
- Community development organizations
- Consumers, Credit and Multipurpose Cooperatives
- Housing

As the not for profit sector is an important aspect of our business, we are
continually developing and training our professional staff in order to offer valuable
services to our not-for-profit clients.

Financial Management

- Audit of Financial Statements

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 - Compliance with regulatory agencies like CDA, SEC, BIR
- Financial and profit planning
- Cash flow and cash management
- Forecasting methods
- Assistance with budget preparation
- Property and equipment management
- Overhead expenditure budgeting systems
- Cost Determination
- Cost Allocation plans
- Trainings for cooperatives

Business Planning
- New Business start-up assistance
- Evaluation of long range plans

Organization and Personnel

- Organizational studies and review

Tax Services
- Unrelated business income tax issues(UBIT)
- Foreign charitable institutions
- Registration statement
- BIR exposure reviews
- Disclosure compliance review (BIR)

INDUSTRY COMMITMENT
We are proud supporters of various local niche organizations catering to the
non-profit sector in Northern Luzon.

CONSTRUCTION

A relationship with a professional service firm starts with a solid foundation.

Ismael operates under this simple credo. We have a thorough understanding of the
client and industry dynamics, we can devise financial and advisory solutions to help
our clients meet their stated business goals.

Industry Experience
Ismael CPA serves over thirty clients, including general construction, special
trade contractors, home builders and heavy commercial contractors. We aid
construction clients achieve their financial and business goals. If engaged as your
accounting firm, Ismael takes great care in learning the nuances of your business
and crafting solutions to meet your specific service needs.

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Industry Commitment
Given the importance of this sector, we stay abreast with industry developments
and market trends that may impact our construction clients. This should give our
clients advantage over competition.
FINANCIAL & ADVISORY SERVICES
- Accounting, audits, reviews
- Tax planning and preparation
- Philippine Contractors Accreditation Board (PCAB) licensing

SPECIALIZED SERVICES
- Licensing requirements with PCAB
- Bid/proposal preparation
- Job profitability

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 DUTIES AND RESPONSIBILITIES

SUPPORT STAFFS/TRAINEES are responsible for routine tasks that employees are
too busy to handle. They perform a variety of duties and must be prepared to handle
many tasks at once.

SKILLS REQUIRED

 Ability to communicate both orally and in writing with the general public and
diverse clients.
 Sound work ethics
 Positive approach on jobs
 Must be able to conduct in a professional and courteous manner
 Knowledge of computer word processing and spread sheet and application
 Ability to learn assigned tasks readily and to adhere to prescribed guidelines

DUTIES AND RESPONSIBILITIES

 Performs pre-data entry(vouching, tracing, footing, etc.), data entry and

simple tabulation
 Quality Assurance Review on the Audited Financial Statements
 Photocopying, stapling and binding of Audited Financial Statements and other
relevant reports and documents
 Filing/archiving of Financial Statements and Working Papers
 Filing and payment of BIR returns (Withholding Taxes, VAT, Percentage
Taxes, etc.)
 Filing of Audited Financial Statements at the Bureau of Internal Revenue (BIR)
and Securities and Exchange Commission (SEC)
 Simple Budgetary Functions
 Send/Mail Audit Proposals, Billing Statements and other relevant documents
 Field Works, if necessary (Inventory Counting, Vouching, Tracing, etc.)
 Variety of research works
 Bookkeeping (recording on the Cash Receipts Journal, Cash Disbursements
Journal, etc.)
 Liaises to various clients
 Staff Purchases (Office Supplies, etc.)
 Payment of Utility Bills (BENECO, DigiTel, PLDT, etc.)
 Maintains orderliness and cleanliness of work place
 Performs additional duties as assigned

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 CONCLUSIONS

While undergoing the On-the-Job Training, I had a lot of things going on

through my mind. One of these things is “How would I be able to learn from this
training?” and other things like “What are the benefits that I would gain from this
training?”

Having my training in Ismael Accounting and Auditing Firm is a great

experience for me. I have learned to interact and communicate with different types
of people dealing with different types of businesses. I learned to do my best with
every task assigned to me. I had to make sure that the firm’s record of its inventories
should match its physical count, I had to be very careful in bookkeeping to avoid
errors, I had to be very careful with all the documents I deliver and those documents
that I had to recover from different clients. Knowing how to handle and tackle
different issues and still be respectful in both action and words is important. Not only
did I learn to interact with people, but I also learned how CPAs really work in the
real world. CPAs don’t just stay on their table; they also go to where the clients are.
They talk to the clients, and I am so lucky to be one of the interns to have the
opportunity to work on field. All these lessons I have learned will be very helpful
especially when I will be having my job as a CPA.

Ismael Accounting and Auditing Firm became an eye-opener for me. It gave
me a realization that you have to continuously transform yourself into something
better. The CEO of the firm is an inspiration, he started with a small office with some
of his employees and he continued growing the firm. The firm is now pursuing to get
ASEAN accreditation which is a big step and opportunity as well. It continues to
motivate me to become a CPA knowing that I had my training on one of the best
accounting and auditing firm of the North.

As soon as I had finished the training, I realized that this On-the-Job Training is
not just a part of the curriculum needed to be passed by students. OJT is a rewarding
and meaningful experience. The training gave me an insight that knowledge alone is
not enough. It is important, but is no guarantee of success. One must also have self-
actualization and discipline in order to have success.

I would advise future student-trainees to focus on their studies. It is difficult to

undergo the training without knowledge about the things they will be doing. They
can also search about the things they will doing in order to have a background or
basis. In my case, I did some readings before the training and it helped me a lot.

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 The staffs of Ismael Accounting and Auditing Firm are all very approachable.
They are also very generous with their ideas about their job. What I would only
suggest is that they should have a list of tasks prepared for the interns because there
are times that we are not doing anything. Nonetheless, I would still recommend the
firm as a company for future trainees because I know that it will help the trainees to
learn different things not only on Accounting but in different areas as well. I am also
considering the firm for my future employment as I have seen how it operates and
how the employees enjoy their work inside the firm.

The questions on my mind have been answered, I learned through listening,

observation, applications and lectures. Everything that I have learned from the staffs
and from the firm is another treasure for me. I can definitely use all the advices from
them. They also helped me enhance my communication which I find very helpful. All
the words from the staffs expanded my knowledge not only about the field of
accountancy but in different aspects of life as well.

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