Internship Report on Kuwait Oil Company
Introduction
I worked as an intern in the Kuwait Oil Company (KOC), the company is doing the production of oil
and gas, I worked in the finance department and there is the focus on financial delivery and exports by the finance department. I was helped to make the financial reports and financial strategies, through the financial research. I have gained learning and insight about the KOC financial transactions that how the company generates the revenue. There is the comfortable environment in the company, as there is the better building of the team spirit. The work environment of the company is proactive, which made me a stronger person. The managers gave the feedback to me and I gained the knowledge about my hidden skills, I am able to do effective communication as I have gain knowledge of the professional experiences.
Description of the Organization
I have done the internship in the Kuwait Oil Company (KOC) it is the world famous oil company in the world, the headquartered of the company is located in the Ahmadi Kuwait. The company was founded in 1934. The Kuwait petroleum corporation is the parent organization. The company is associated with the government-owned holding company. By 2014, there were around 9,043 numbers of employees in the company. However, Kuwait is the 10th largest petroleum supplier in the world, as come to know in 2013. The company KOC is helping the country so that there could be information of the crude oil and condensates. The company is managing the oil supplies and helping in exporter so that effectiveness could b there. The workforce of the company is trained and there are the efforts for the drilling and production of oil and gas. Moreover, the focus is on the storage space of crude oil, so that there could be the delivery and exports. KOC is in the big companies and there are the professionals in KOC. In the energy industry, KOC has so many of the competitors, as the Tervita Corporation, ProPetro Services Inc., National Oilwell Varco, and Diamond Offshore Drilling are the major competitors (kockw.com, 2012).
Internship Expectations
Mohammad Al-Jazzaf is the chairman of the company, Abdullah Baroun is the deputy chairman of the company, Jamal Jaafar is the board chairman and Hatem, Al-Awadhi is the board member of the company. Waleed Al-Badar, Wafa Al-Zaabi and Hamed Al-Alban are the other board members of the company. In the organizational chart, the Jamal Abdulaziz Jaafar is the CEO of KOC. Essam Nasser Al-Houti is a DCEO of the major projects takes place in a company. Menahi Al-Anzi s the DCEO of the exploration and gas directors, Emad Mahmoud Sultan is DCEO of the planning and commercial directors; Yousef Ahmad Ali is DCEO of the corporate services directors. The centralized decision-making process is followed in the company. The top management of the company in involved in taking the decisions (kockw.com, 2012).
I have worked in the finance department, as there was the learning of the financial management. I asked for help to the national council of Kuwait and to the ministry of finance. I made the internal reports and focused on the cycle of the budget, there was the great learning of the various financial aspects. I have worked in the financial payment team for 3 days, in employee’s accounts team for 3 days, in budget and cost team for 3days, in financial reporting team for 4 days and in financial support for 2 days. My internship expectations were to learn about the financial operations practically. I learn that how the KOC performs its financial operations, there was the thinking to gain the confidence and skill so that I will be able to do the job in the job in future. Moreover, I have gained the insight about the financial management and operations by serving in the department.
Structure of the Department Related to Major
I practically focused on the operation that what I have studied in my literature, as there is the learning about the financial and the client’s management accounts. I come to know that how KOC is focusing on the oil and the exports so that the revenue could be generated, I focus on the final audited figures that how much money or revenue is generated. The cash and cash equivalents were focused; I made the balance sheet to know about the profit and loss report. There is the audit planning is in the department that the audit should be done. Moreover, the better understanding of the clients was made and the focus of the departments was on the completion of planning. Materiality determination was there and in order to focus that the independence questionnaire was made by me with the help of financial department.
The risk questionnaire were also made that what kind of the risks are need to be avoided, as the client’s business was there, in order to supply the oil to them, the company has the good reputation in the market, so that the financial department has the better concern, as there were the financial and liquidity considerations. There were the planning related to the business environment the how the ownership and the management could be focused in order to gain the results from the planning materiality. I have learned the ledger and cross reference because the spotlight was on the analysis of revenue. I have noticed the major or unusual transactions that are done by the company; there were a different kind of financial analysis. I learned the transactions that were done by the company in the previous years as concerned was to the financial statements. The attention was paid to the expenses and the movements in the cashbook (Brigham & Daves, Intermediate Financial Management, 2014).
Duties Discussion
I was as a financial intern there, was given the opportunities by the management so that I could focus on the financial health of the KOC, I helped to prepare the financial reports and developed the strategies for the better work, through staying focus on the financial research. The helped in making the business decisions that how could effectively; the day-to-day financial procedure can be performed and focused. The financial transactions were focused on me, as I decided to manage on the payroll, invoicing and the other financial status including the financial presentation for the potential improvements. Moreover, I focus on minimizing the financial risks with the other people of the company, after analyzing the financial reports of the company by thinking about the aspects of the market trends (Brigham & Ehrhardt, 2016).
There was the thinking on auditing, banking, investments and the technological advancement on the daily basis. However, different and relevant financial purposes were focused by me by learning from the department, the financial policies and procedures were focused that KOC could be developed and gain the advancement following the financial regulations and legislation of the Kuwait Government. I reported about the financial aspects and principles to the board members on regular basis.
Organization Assessment
I have done the organization assessment, as there were no biases in the company. There are the acceptances of all the people; there is the respect for the religions and languages. The company has the comfortable environment for the people and the employees, the care is given to them, the company is creating the harmonious working environment so that the employees could learn and perform well there, and the company is the socially responsible corporation. There is the focus on the donations to charity by the company management; the company gives the value to the proactive client. KOC is making the company technical competence so there could be the focus on the new ways to take out the oil for the benefit; the value-added services are given to the customer in order to grow the business (Immordino, 2013).
There was the better building of the team spirit so that the company could achieve the common goal. Moreover, the efforts of the financial department were to make the quality audit so that there could be the skills of coordination. The communication is focused in the organization; I have the knowledge about the professional skill, which is there for the audit engagement. There were the sales completeness targets and the team is given the value and the understanding so that everyone could cooperate in the company. The inside culture of the organization is very effective, as there is the focus on the oral communication. The business process of KOC focuses on the ethical understanding and the financial relationship. KOC is moreover; focus on the self-interest and the economic transactions so that the effectiveness could be bought in the finance department and the revenue of the company. The rights and ethics of the employees are protected by the company; the employees are motivated by giving the protection level. The employees are positively influenced by providing the culture of equality because the company manages the conflicts and issues.
Work Environment
The work environment of the company is proactive in terms because one could able to asking the questions over there, as there are the more opportunities to learn because the environment is comfortable and there is the growth. I have gained the initiative because the workforce is competitive over there, the audit procedures are focused and there is the understanding because I consulted my seniors and I got the advice, they made me a stronger person. The feedback is given to the employees on the daily basis so that they could effectively manage the operations and the tasks that are given to them. I enjoyed the feedback given by the supervisor of the financial department over there; I enjoyed in a comfortable learning environment and learned the auditor-in-charge. I focused on the ability to improve so that there could be better understating of the tasks, assignment to me and the other group members (Figart & Marangos, 2013).
The determination and willingness are focused and I am trained now to focus on the goal quality audit. The company and the management help the employees and encourage them for the teamwork. The audit efforts, the work papers, and the audit engagement is focused on me, the environment over there motivated me for the learning and the understanding of the work allocation. The department, in which I worked, is focused more on the effective communication because it is the key aspect for them. The better knowledge of the audit work is gained because the major concern of the company is to build the good rapport with the stakeholders, because the company knows there could be the advancement in the processes if the stakeholders are satisfied and the audit fieldwork is supportive and accurate.
Lessons Learned
I have learned the lesson because I have gained the knowledge about my hidden skills, as I come to know that I can do effective communication with the people. There is the understanding of the company performance and I learned about the invoices and sales contracts that could be efficient for the company. There are the better understanding on the learning and the listening skills, I have understood that listening and speaking is an integral part of communication. I have improved my interactions because there is the understanding about the various managers, seniors, and the other clients, I have also gained the understanding of the financial aspects, thus, I am so confident because I become able to speak in the public, I can speak fluently and professionally.
I have learned that learning is the learning and it is the never-ending process because one could able the focus on the skills development and development, now I have the combination of skills, which can result in the increasing the company’s productivity. I have become the efficient and effective auditor and able to handle the financial matters because I have learned and gained the insight about the relevant field. KOC made me a better person and I gained the professional learning about the business. The extensible business is focused on me, as I have understood about the reporting language. There is the understanding of the management of the client accounts; I am able to make the trial balance report through doing the analysis of KOC annual revenue. The internship in KOC made me a better person with the extraordinary learning of the professional skills, as I learned from the mistakes.
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References:
- Brigham, E. F., & Daves, P. R. (2014). Intermediate Financial Management. Cengage Learning.
- Brigham, E. F., & Ehrhardt, M. C. (2016). Financial Management: Theory & Practice. Cengage Learning.
- Figart, D. M., & Marangos, J. (2013). Living Standards and Social Well-Being. Routledge.
- Immordino, K. M. (2013). Organizational Assessment and Improvement in the Public Sector Workbook. CRC Press.
- kockw.com. (2012). Kuwait Oil Company. Retrieved March 17, 2017, from https://www.kockw.com/sites/EN/Pages/Profile/About-KOC.aspx
- kockw.com. (2012). Kuwait Oil Company. Retrieved March 17, 2017, from https://www.kockw.com/sites/EN/Pages/Profile/Leadership/OrganizationChart.aspx