01-chapter-1.docx

1 1.0 INTRODUCTION AND GENERAL BACKGROUND 1.1 Name of the Business The name of the business is Dinah and Bhandamme Auditing Services. The name was derived from its two owners; Mrs. Merish Dinah A. Rebuldela and Bhandamme Paragas. The service that the business offers is Audit of Financial Statements. 1.2 Business Address The business will be located at the 2nd floor, room 301 of DNCP Building, above Villarica Pawnshop, City of San Fernando La Union. 1.3 Nature of the Business The business is an auditing services that will help smallmedium enterprises to have their audited financial statements as a requirement to the Bureau of Internal Revenue and filing of their income tax return. It aims to provide quality and reliable auditing services. 1.4 Owners of the Business The owners of the business are Mrs. Dinah A. Rebuldela, CPA, MBA and Mr. Bhandamme Paragas, CPA. The two owners are currently instructors of College of Commerce, Secretarial and Accountancy in Saint Louis College.

2 1.5 Form of the Business The

Dinah

and

Bhandamme

Auditing

Services

is

a

partnership having Mrs. Merish Dinah A. Rebuldela and Mr. Bhandamme Paragas as partners. 1.6 Scope and Delimitation The business plan entitled Dinah and Bhandamme Auditing Services focused on the Small-Medium Enterprises in the City of San Fernando, La Union. The business was planned based on the feasibility study conducted by the Business Administration students of Saint Louis College, Carlatan, City of San Fernando, La Union published on January 2018. Secondary data gathering method used was through observation and reading of electronic materials about auditing services industry. The information gathered were reviewed and analyzed using standards in the auditing industry and will be applied to the existing business plan. The business was strategized based on the projected output of the feasible study. The business plan is delimited on the amounts provided in the feasible study in order to account for the reliability and feasibility of the plan. It also bounded by the Ethical Standards and Philippine Financial Reporting Standards in providing services to maintain reliable updates offered among clients of the business.

3 1.7 Brief description of business Dinah and Bhandamme Auditing Services provides auditing of financial statements, in accordance with the latest regulations and standards. The firm through its services aim to deliver quality audit and assurance services to small and medium size businesses relevant with the requirements of current regulations, to deliver better insights, and enhance the credibility of client’s financial records. 1.8 Objectives The overall objectives of Dinah and Bhandamme Auditing Services are: 1. Our main objective is to be the best certified public accounting firm in the areas where we compete. We strive to help our clients strengthen their operational efficiency and increase their profits. 2. To generate sufficient cashflow to finance future growth and development, to provide the resources needed to achieve the other objectives of the business and the owners. 3. To expand the business at a rate that is both challenging and manageable, serving the market with innovation and adaptability 4.

To express an opinion on the truth and fairness of financial

statements.

4 1.9 Vision-Mission Vision Statement Our vision is to build an auditing and assurance service firm brand that will become the number one choice for both small and medium business. Our vision reflects our values: integrity, service, excellence and teamwork. Mission Statement Our mission is to provide professional, reliable and trusted auditing and assurance services that assist clients in their business. To maintain integrity and honesty in everything we do. To provide for the development, growth and accountability of our team members by offering opportunities to achieve personal and professional success. To maintain an environment that encourages giving back to our community.