Name: Maria Theresa Q.
Ponseca Course & Year: BSBA FM 4
Journal 3
Period Covered: June 9-13, 2025
Training Experience:
On the 3rd week of our internship, I can say that busy days are about to come, I
was involved in auditing tasks where I reviewed financial documents and checked if
they were properly recorded and supported by receipts or other evidence. I observed
how the audit checklist was used and helped compare figures from ledgers to ensure
everything matched. My supervisor explained how auditors look for red flags or unusual
entries. I also learned how to follow an audit trail and ensure that every transaction can
be traced back to its source document.
I also was assigned to compare individual student ledgers with the school’s
accounts receivable report. This meant checking if each student’s payment history and
outstanding balance matched the school’s official records. I worked with Excel files and
sometimes printed copies of ledgers. I highlighted differences, computed totals, and
marked records for review. I also organized the documents in folders to make them
easy to trace.
Problems Encountered:
One of the challenges I encountered was identifying inconsistencies in the
records. Since this was my first time auditing, I was not yet confident in spotting errors
or missing documents. I also had difficulty understanding some audit terms, such as
“materiality” and “vouching.” At times, I felt overwhelmed by the volume of documents to
check, especially when the entries were handwritten or unclear. It also took time to get
used to the process of checking one document against another.
The most common issue I faced was data mismatch. Some student ledgers
showed payments that were not yet reflected in the school’s AR system. In other cases,
the total balance per student was inaccurate because of late updates. I also saw
instances where payment receipts were missing, which made it harder to confirm the
transaction. The process was tiring at times because I had to go back and forth between
two different systems or files.
Reflection:
Despite the challenges, I found auditing to be an eye-opening experience. I
realized that auditing is not just about finding mistakes, it is about ensuring
transparency, accuracy, and honesty in financial records. The experience improved my
critical thinking because I had to evaluate each transaction carefully and not just accept
the numbers at face value.
This task helped me understand the importance of regular reconciliation between
subsidiary ledgers and control accounts. If these records are not updated and accurate, it could
lead to billing errors or disputes with students. I saw how simple errors, like entering the wrong
amount or date, could affect the overall accuracy of the school’s financial reports.
It also made me realize how important it is to have proper filing and
documentation. Without complete records, reconciliation becomes harder and time-
consuming. I also gained more experience in using spreadsheets, formulas, and filters
in Excel to sort and compare data faster.
More importantly, this task trained me to be more detail-oriented and patient.
Comparing long lists of data can be tiring, but it taught me to stay focused. I also
learned how to communicate findings properly by writing notes and reports to my
supervisor. The task may seem repetitive, but it plays a big role in maintaining the
school’s financial health and trustworthiness.
