Báo Cáo Thực Tập Finall.docx

NATIONAL ECONOMICS UNIVERSITY
SCHOOL OF ACCOUNTING AND AUDITING
-------***-------

AUDITING INTERNSHIP REPORT
Company: BDO AUDIT SERVICES COMPANY LIMITED

Student’s name : Nguyen Duy Anh
Class : Kiem Toan CLC 62A
Student’s ID : 11200203
Supervisor: Prof. Dr. Pham The Hung

HA NOI, 9/2023


TABLE OF CONTENTS
LIST OF ABBREVIATIONS.......................................................................i
LIST OF TABLES........................................................................................ii
LIST OF FIGURES.....................................................................................iii
INTRODUCTION........................................................................................1
PART 1: OVERVIEW OF T&M INVESTMENT JOINT STOCK
COMPANY..............................................................................................................2
1.1. Establishment and Development of T&M Investment Joint Stock
Company..............................................................................................................2
1.1.1. Corporate information..................................................................2
1.1.2. Establishment and Development..................................................2
1.1.3. Missions of business.....................................................................3
1.1.4. Scope of business.........................................................................3
1.1.5. Corporate Structure......................................................................4
1.2. Management of T&M Investment Joint Stock Company...............4
1.2.1. Organizational structure...............................................................4

1.2.2. Functions and responsibilities......................................................5
1.3. Financial Performance in Recent Years of T&M investment Joint
Stock Company....................................................................................................8
PART 2: ACCOUNTING SYSTEM IN T&M INVESTMENT JOINT
STOCK COMPANY.............................................................................................13
2.1. Operation of Accounting System in T&M Investment Joint Stock
Company............................................................................................................13
2.1.1. Organizational structure of accounting department....................13
2.1.1.1. Objective...........................................................................13
2.1.1.2. Functions..........................................................................13
2.1.1.3. Missions............................................................................14
2.1.1.4. Organizational structure...................................................19
2.1.2. Functions and responsibilities of each position in accounting
department......................................................................................................21


2.2. Application of Accounting Policy and Accounting Standard in
T&M Construction and Investment Joint Stock Company...........................29
2.2.1. Accounting standard and accounting regime application...........29
2.2.2. Accounting policies....................................................................29
2.2.3. Application of accounts system..................................................37
2.2.4. Application of accounting documents........................................38
2.2.5. Application of accounting books................................................41
2.2.6. Application of accounting reports..............................................44
2.2.6.1. Financial statements.........................................................44
2.2.6.2. Managerial reports...........................................................45
2.3. Accounting for Some Key Cycles in T&M Investment Joint Stock
Company............................................................................................................46
2.3.1. Accounting for payroll...............................................................46
2.3.1.1. Features of employees and payroll methods applied.........46

2.3.1.2. Account in use...................................................................48
2.3.1.3. Source of documents.........................................................50
2.3.1.4. Book keeping process for payroll......................................51
2.3.1.5. Accounting for payroll deductions....................................52
2.3.2. Accounting for cash...................................................................53
2.3.2.1. Feature of cash.................................................................53
2.3.2.2. Account in use...................................................................53
2.3.2.3. Source of documents.........................................................55
2.3.2.4. Book keeping process for cash..........................................56
PART

3:

ASSESSMENT

AND

RECOMMENDATIONS

ON

ACCOUNTING SYSTEM IN T&M INVESTMENT JOINT STOCK
COMPANY............................................................................................................57
3.1. Assessment of the Operation of Accounting System in T&M
Investment Joint Stock Company....................................................................57
3.1.1. Achievements.............................................................................57
3.1.2. Limitations.................................................................................58


3.1.3. Recommendations......................................................................58

3.2. Assessment of the Application of Accounting Policy in T&M
Investment Joint Stock Company....................................................................59
3.2.1. Achievements.............................................................................59
3.2.2. Limitations.................................................................................61
3.2.3. Recommendations......................................................................62
CONCLUSION...........................................................................................63
REFERENCES...........................................................................................64


LIST OF ABBREVIATIONS
Abbrevi

Explanation

CB

Closing balance

Dept.

Department

HR

Human Resources

OB

Opening balance

VAT

Value added tax

VND

Vietnamese Dong

ation

i


LIST OF TABLES
Table 2.1: List of accounts used by T&M Investment Joint Stock Company
................................................................................................................................. 38
Table 2.2: List of typical accounting documents used at T&M Investment
Joint Stock Company...............................................................................................39
Table 2.3: Percentage of payroll deductions from 07/01/2021 to 09/30/2021
................................................................................................................................. 47
Table 2.4: Percentage of payroll deductions from 10/01/2021 to 06/30/2022
................................................................................................................................. 47
Table 2.5: Percentage of payroll deductions from 07/01/2022 to 09/30/2022
................................................................................................................................. 48
Table 2.6: Percentage of payroll deductions since 10/01/2022.....................48

ii


LIST OF FIGURES

Figure 1.1: Corporate Structure......................................................................4
Figure 1.2: T&M Investment Joint Stock Company ‘s Organizational
Structure.................................................................................................................... 5
Figure 1.3. T&M's total assets, total liabilities and total equity from 2020 to
2022......................................................................................................................... 10
Figure 2.1: Accounting department structure................................................20
Figure 2.2: General process of transferring accounting documents..............40
Figure 2.3: Procedure of recording entries in general journal.......................42
Figure 2.4: Procedure of recording in the form of general ledger using MISA
accounting software.................................................................................................43
Figure 2.5: General rotation flows of documents in payroll cycle................51
Figure 2.6: Rotation flows of accounting documents for cash receipt..........55
Figure 2.7: Rotation flows of accounting documents for cash payment........55
Figure 2.8: Book keeping process for cash...................................................56

iii


INTRODUCTION
Many economies are on the edge of a chain reaction of defaults, reductions
in crucial investment, slowdowns in the economy, and increases in unemployment.
One of the most important things to do in this case is to create and maintain a tight
management system and an efficient information system. For any business to do
this, accounting must be fully utilized as a crucial instrument for delivering fast,
accurate, and valuable economic information. The accounting data can serve
various purposes, such as aiding in management decision-making, facilitating
government audits, and influencing bank lending decisions. Thus, it is imperative
for the survival and advancement of any business to maintain a well-structured
accounting system.
T&M Investment Joint Stock Company, a well-established firm with nearly

15 years of experience in the realms of trade, services, construction, and
installation, has continuously enhanced its accounting system since 2009. The
internship opportunity afforded to me at T&M Investment Joint Stock Company
provided an advantageous environment to put theoretical knowledge into practical
use, thus enhancing my comprehension of accounting tasks. During the internship
period, I gathered information and successfully compiled my Accounting Internship
Report, guided by Prof. Dr. Nguyen Huu Anh and Mrs. Phan Thi Ngoc Linh, who
serves as the company's Chief Accountant. This report encompasses three principal
sections as outlined below:
Part 1: Overview of T&M Investment Joint Stock Company
Part 2: Accounting System in T&M Investment Joint Stock Company
Part 3: Assessment and Recommendation on Accounting System in T&M
Investment Joint Stock Company
I would like to thank Prof. Dr. Nguyen Huu Anh as well as Ms. Phan Thi
Ngoc Linh and other accountants in the T&M Investment Joint Stock Company’s
accounting department for helping me to complete this report.

1


1PART 1: OVERVIEW OF BDO AUDIT SERVICES COMPANY LIMITED
1.1. Establishment and Development of BDO Audit Services Company Limited
1.1.1. Corporate information
 Enterprise name in Vietnamese: CÔNG TY TRÁCH NHIỆM HỮU HẠN
KIỂM TOÁN BDO
 Enterprise name in foreign language: BDO AUDIT SERVICES COMPANY
LIMITED
 Enterprise short name: BDO AUDIT CO.,LTD
 Enterprise code: 0101333767
 Establish date: December 09th, 2002

 Representative/Chairman: Mrs. Mai Lan Phương / Mr. Bùi Văn Vương
 Address: 20th Floor, ICON4 Tower, 243A De La Thanh Street Dong Da
District, Hanoi
 Phone: + (84)24 3783 3911
1.1.2. Establishment and Development
1.1.2.1. BDO International
BDO International stands out as the fifth largest professional services firm
globally, experiencing rapid growth as one of the most dynamic international
networks of accounting firms. With an extensive presence, the network boasts
almost 111,303 partners and staff across 1,803 offices operating in 164 countries. In
2022, its worldwide fee income surpassed an impressive US$ 12.8 billion.
In 1963, the Binder Seidman International Group was established through
collaboration among firms in Canada, Germany, the Netherlands, the United
Kingdom, and the USA, with the aim of facilitating the provision of a
comprehensive international service. A decade later, in 1973, the group officially
adopted the name Binder Dijker Otte & Co. The year 1988 marked a significant
turning point as the organization established a global structure, placing the BDO
acronym before the name of each local member firm. By 2010, the company
streamlined its global identity, choosing to be known simply as 'BDO' worldwide.
Celebrating its 50th anniversary in 2013, BDO had firmly established itself as a key
player in the international professional services sector. In 2017, BDO was honored
for the second time with the title of Network of the Year.

2


1.1.2.2. BDO in Vietnam
BDO Vietnam, as part of the BDO International global network, adopts
global practices of international standards. BDO has had a presence in Vietnam
since 2001 with offices in Ho Chi Minh City and Hanoi a team of more than 200

partners and staff.
BDO Vietnam has an alliance with BDO Malaysia and this provides a better
pool of experience and specialization and access to more than 55 partners and
directors supported by more than 600 professional staff to serve clients better.
1.1.3. Services of BDO
1.1.3.1. Audit and Assuarance






Statutory audit and other attestation services
Reporting Accountants/ Initial Public Offering
Cross border financing
IFRS/ MFRS Convergence and US GAAP Reporting
Special Purpose Audits/ Agreed Upon Procedures

3


1.1.3.2. Advisory
 IT Advisory (ERP, Information Security)
 Valuation of assets and businesses
 Due diligence
 Advisory in governance, risk and compliance
 Forensic services including Forensic technology
 Merge and acquisition advisory
 Corporate finance consulting services: Consulting on cash flow management,
stock swaps, project investment management

1.1.3.3. Tax
 Tax advisory
o Consulting on tax complaints for businesses and individuals: CIT,
PIT, VAT, FCT
o Tax strategy for tax optimization
o Transfer pricing
o Support businesses to explain during inspection
 Tax compliance
o Identify tax risks by reviewing annual financial statements and
providing necessary advices
o Support businesses and individuals to declare and finalize tax
1.1.3.4. Business Services & Outsourcing
o Bookeeping, Recording and financial statement preparing
o Salary advisory & insurance for employees
o Set-up and review the accounting structure
o Consulting on licensing and related procedures
1.1.4. Scope of BDO
At BDO, client needs are anticipated, and forthright views are provided to
ensure the best outcomes for them. Communication is characterized by clarity,

4


openness, and swiftness. Commitments are agreed upon and consistently met,
delivering what is promised every day for every client.
The focus on people at BDO involves creating the right environment for our
personnel and ensuring we have the right individuals for our clients. This
commitment to a positive workplace aligns with our dedication to matching skilled
individuals with the unique needs of our clients.
Value is a paramount principle at BDO, and it is achieved by delivering upto-date ideas, valuable insights, and trustworthy advice. This commitment goes

beyond expectations, adding meaningful value to our clients' endeavors.
In essence, at BDO, the approach to client needs, communication,
commitment, people, and value creation positions the firm as a trusted partner in the
success of its clients.
1.1.5. Advantages of BDO

In compliance with the 2005 Investment Law, T&M Vietnam Investment
Co., Ltd. initiated its corporate transformation process. On January 18, 2008, the
People's Committee of Vinh Phuc province responded to the request and issued
investment certificate No. 191032000075, granting permission for the conversion of
T&M Vietnam Investment Co., Ltd. into a joint stock company. The newly formed
entity, T&M Vietnam Investment Joint Stock Company, was endowed with a
charter capital of VND 300 billion, primarily backed by T&M Trans Company
(Bahamas) and Eurowindow Holding Joint Stock Company.
This company plays a pivotal role within the broader Eurowindow Holding
ecosystem, orchestrated by the entrepreneurial Nguyen Canh Son brothers. At the
core of this legal structure is Eurowindow Holding JSC (EWH), with Mr. Nguyen
Canh Mao serving as the Chairman of the Board of Directors cum General Director
and the official legal representative of the enterprise. His influence has been
substantial in shaping and advancing the company.

5


T&M Vietnam Investment Joint Stock Company is primarily engaged in
various business sectors, including investing in trade centers, leasing building
materials and interior equipment, property development for sale, lease, or leasepurchase, land reclamation investments, infrastructure development for leased land,
trading in building materials and furniture, as well as involvement in the tourism
and hotel services sector.
After more than a year of active operation, Melinh PLAZA Building

Materials and Furniture Trade Center have earned the trust of numerous consumers,
becoming their preferred destination for acquiring building materials and home
furnishings. In 2007, Melinh PLAZA achieved a profit exceeding 30 billion VND.
Furthermore, apart from the Melinh PLAZA building materials and interior
equipment trade complex, T&M Vietnam Investment Joint Stock Company has also
ventured into several other commercial center construction projects.
The effective utilization of capital in these investments has led to an
improved credit rating for the company among various organizations, enabling it to
proactively explore new sources of capital. Additionally, the company holds
valuable land assets that will drive future projects with promising profitability
1.1.6. Missions of business
T&M Vietnam Joint Stock Company always carries the mission that is for
the satisfaction of customers, the company always wants to bring customers the
most advanced product and service quality, creating a living environment which is
comfortable, complete and suitable for each type of customer.
1.1.7. Scope of business
T&M Investment Vietnam Joint Stock Company, with the goal of gradually
becoming a familiar name in the real estate market, a company renowned for its
high-quality services and attentive, dedicated approach in every aspect of customer
care. The company's slogan is: ''Customers create value for the company'', which
embodies our commitment to providing exceptional value and service.
1.1.8. Corporate Structure
Details of T&M's subsidiaries and associates are as follows:

6


Place

C

B
V
of
Main
Name of Company
apital
enefit oting
establishmen
activities
ratio (%) rate (%) rate (%)
t
Home
Subsidiary
Dong
99
9
9 development
Thang
Long Anh district,
%
9%
9%
business
Limited Company
Hanoi
investment
Associated
Company
Yen So Park and
Hoang

Project
48
4
4
Lakeside
urban Mai district,
construction
.67%
8.67% 8.67%
Investment
and Hanoi
investment
Development
Limited
Liability Company
Figure 1.1: Corporate Structure
1.2. Management of T&M Investment Joint Stock Company
1.2.1. Organizational structure

T&M Investment Joint Stock Company has a total of 51 employees.
The organizational structure is organized into three tiers of management.
At the apex of this structure resides the Board of Directors (BOD),
holding the highest managerial authority. Subsequently, the Chief
Executive Officer (CEO), appointed by the Board of Directors, assumes
the role of overseeing the company's overall operational functions and
the 4 Vice Directors, in charge of managing 5 departments below:
The Vice Director of Finance takes responsibility for the Accounting
department.
The Vice Director of Sale – Marketing takes responsibility for the Sale
department and the Marketing department.

The Vice Director of Human Resources and Administration takes
responsibility for the Human Resources and Administration Department.
Lastly, the Vice Director of Capital Construction takes responsibility for the
Project Management Department

Board of Directors
7

Chief executive officer


Vice Director
Vice Director of
Human Resources
of Capital
and
Administration
Construction
Figure 1.2: T&M Investment Joint Stock Company ‘s Organizational

Vice Director
of Finance

Vice Director
of Sale – Marketing

Structure
Project
Sale Department
Accounting

Management
Human
1.2.2. Functions and responsibilities
Department
Departmemt
Resources and
 Board of directors:
Administration
The Board of Directors Marketing
serves as the company's public face in matters
Department.
Department
Building
including contracts, legal obligations, and other forms ofManagement
commerce and business.
Deparment
They are in charge of overseeing daily operations, promoting
the company's longterm sustainability, establishing the company's purpose, values, and strategy,
making sure the necessary resources are available for the company to achieve its
goals, and tracking performance in relation to those goals. The board also creates a
framework of sensible and efficient regulations, guarantees that employee rules and
practices are in line with the company's values, and promotes the success of the
business over the long term.
 Chief executive officer:
Prepare and implement thorough business plans to enable success by
organizing cost-effective operations and market growth activities; Develop
and put into action the company's business strategy to fulfill the board of
directors' objectives; Ensure that the final financial statements are approved
before being sent to users.
 Vice Directors:

Support the chief executive officer in managing specific departments
in the company:
 The Vice Director of Sale – Marketing takes responsibility for the Sale
department and the Marketing department. He is in charge of leasing out
booths in malls or selling consumers real estate flats to generate income and
profit for the business. In order to reach customers and strengthen the
company's brand, he is also in charge of managing advertising and delivering
publications to the CEO and BOD.
 The Vice Director of Capital Construction takes responsibility for the Project
Management Department and Building Management Department. His duties
are to develop the project, control the progress of the projects, manage the
operation of the built buildings.
 The Vice Director of Finance takes responsibility for the Accounting
Department. His responsibilities include researching, analyzing,
implementing, and dealing with problems encountered with financial
relationships in the company.
 The Vice Director of Human Resources and Administration takes
responsibility for the Human Resources and Administration Department. He

8


holds the responsibility for formulating and executing the company's
comprehensive human resources strategy, overseeing the key performance
indicators and reports pertaining to staff recruitment, training, compensation,
recognition, disciplinary actions, and company employee regulations.
 Accounting Department:
Coordinating and managing accounting activities across the entire
organization; advising the CEO and the vice director of finance on financial,
accounting, asset management, and economic contract settlement; Directly

implementing financial regimes, policies, and accounting; monitoring the business's
financial expenses; obtaining proof of transactions from other departments for
accounting purposes; and generating financial statements and tax returns in
compliance with current accounting guidelines.
 Human Resources and Administration Department.
Establishing employee rules and policies in accordance with the company's
rules and the law; managing and planning the recruitment of human resources to
meet the needs of the company's production and business activities; providing
payroll supporting documentation, such as timesheets for premium hours, monthly
timesheets for employees, etc., to the accounting department each month for the
purpose of calculating salaries and wages; establishing policies for the delivery,
receipt, and storage of the company's papers and dispatches; creating a procedure
for managing the management of legal documents and documents connected to the
company's operations; planning events and directing visitors to the business..
 Sale Department.
Developing a business plan that includes details such as company history,
goals and vision, team structure, target market, sales process, tools and resources.
Detailed sales process is essential when creating a business plan; sourcing clients
through various websites, attending industry events or conferences, or requesting
referrals from current clients or colleagues. and research customers, from there
contact and reach them; handling, monitoring and reporting business issues; build
customer relationship

9


 Marketing Department.
Building and developing brand and image for the company; Market
researching and product development; Planning and executing Marketing strategies;
Promoting company products to customers; Establishing and maintaining

relationships with press and media; Operating, managing, and training Marketing
staff.
 Project Department.
Managing and controling Design of Real Estate projects; Managing bidding
and payment of projects; Quality management - progress of projects; Developing
projects; Technical management and operation of offices, shopping centers and
residential areas.
1.3. Financial Performance in Recent Years of T&M investment Joint Stock
Company

10


C
o
d
e

Table 1.1: Balance sheet
BALANCE SHEET
For the year ended December 31, 2022
Unit: VND
N
o
I
20
t
tems
22
e

s
ASSET

20

20

21

20

2,
681,665,
961,243

1,
575,774,
244,426

5,
892,554,
173

1,
325,106,
705

S
A
1

0
0

.
SHOR
TTER
M
ASSE
TS

3,480,01
6,013,151

C
1
1
0

ash
and
cash
equiva
lents

43,682,5
52,728
S

1
2

0

hortterm
invest
ments

-

-

-

S
1
3
0
1
4
0

hortterm
receiv
ables
I
nvento
ries

1,
465,768,
764,642

1,
450,365,
671,829

47
1,428,56
5,182

1,
943,157,
222,488

1,
218,000,
418,576

1,
100,686,
678,505

27
,407,473,
293

7,
407,316,
665

2,

333,894,
034

2,

2,

2,

O
1
5
0
2

11

ther
curren
t
assets
B


0
0

.
LON
GTER

M
ASSE
TS

561,580,
288,590

203,346,
701,427

075,248,
581,289

23
,000,000

23
,000,000

23
,000,000

36
,224,078,
610

36
,561,991,
505

38
,235,665,
487

28
8,961,93
9,248

29
8,270,95
1,168

31
8,354,32
5,205

22
8,813,12
3,156

23
9,171,44
0,447

91
,510,619,
873

1,
918,000,

000,000

1,
624,739,
507,416

1,
624,739,
507,416

89
,558,147,
576

4,
579,809,
891

2,
385,463,
308

6,
041,596,
301,741

4,
885,012,
662,670

3,
651,022,
825,715

L
2
1
0
2
2
0

ongterm
receiv
ables
F
ixed
assets
I

2
3
0

nvest
ment
proper
ties
L

2
4
0

ongterm
assets
in
progre
ss
L

2
5
0

ongterm
invest
ments
O

2
6
0
2
7
0

ther
longterm
assets

T
OTAL
ASSE
TS
RESOU

RCES

12


C
3
0
0

.
LIABI
LITIE
S

3
1
0

hortterm
liabilit
ies

3

3
0

ongterm
liabilit
ies

5,
233,600,
115,468

4,
120,846,
285,608

2,
892,492,
939,819

2,
884,938,
859,175

2,
427,881,
064,249

82
0,004,65
6,191

2,
348,661,
256,293

1,
692,965,
221,359

2,
072,488,
283,628

76
4,166,37
7,062

76
4,166,37
7,062

75
8,529,88
5,896

6,
041,598,
301,741

4,

885,012,
662,670

3,
651,022,
825,715

S

L

D
4
0
0
4
4
0

13

.
OWN
ERS’
EQUI
TY
T
OTAL
LIABI
LITIE

S
AND
OWN
ERS’
EQUI
TY