Moneykart Internship Journal: Financial Advisory Experience

This report details an internship experience at Moneykart, a financial advisory company in New Zealand. The report begins with an introduction to Moneykart, its services including mortgages and insurance, and its operational structure. The core of the report analyzes the intern's experience, including tasks like managing client portfolios, understanding loan review systems, and engaging in service and digital marketing. The analysis connects the internship activities to the student's MBA modules, such as Financial and Management Accounting, Quality Management, and Marketing. Specific activities like understanding lending principles, financial statement analysis, and the company's quality assurance processes are examined. The report includes discussions on the company's unique aspects, joint ventures, and human resources. It concludes with recommendations for the intern's improvement and suggestions for the organization, highlighting the benefits of the internship and areas for future development within Moneykart's financial advisory services.

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TABLE OF CONTENT
1.0 INTRODUCTION.............................................................................................................. 3
1.1 Place of Attachment..........................................................................................................3
1.2 Company Overview...........................................................................................................3
1.2.1 Company slogan.................................................................................................................................4
1.2.2 Company Mission...............................................................................................................................4
1.2.3 Company Vision.................................................................................................................................4
1.2.4 Company Core Values........................................................................................................................4
1.3 Field of Specialization........................................................................................................4
1.3.1 Mortgages...........................................................................................................................................4
1.3.2 Insurance.............................................................................................................................................5
1.4 What makes the company unique?.....................................................................................5
1.5 Joint ventures.................................................................................................................... 5
1.6 Human Resource...............................................................................................................5
1.7 Company Organization chart.............................................................................................6
2.0 DISCUSSION AND ANALYSIS OF EXPERIENCE GAINED.......................7
2.1 Introduction……………………………………………………………………………………….7
2.2 Discussion and Analysis of selected activities done..............................................................8
2.2.1 Operating a financial company in New Zealand................................................................................8
2.2.2 Loan Review System..........................................................................................................................8
2.2.3 Ratio Analysis..................................................................................................................................10
2.2.4 Service Marketing and Digital Marketing........................................................................................17
2.2.5 Culture and lending..........................................................................................................................17
2.2.6 E-business and Digital Marketing....................................................................................................18
2.2.7 Quality Assurance............................................................................................................................21
2.2.8 Health insurance...............................................................................................................................22
2.2.9 Principles of lending.........................................................................................................................24
3.0 CONCLUSION AND RECOMMENDATION.......................................26
3.1 Conclusion...................................................................................................26
3.2 Recommendation..........................................................................................26
4.0 References......................................................................................28

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LIST OF FIGURES
Figure 1. 1 Company Organization Chart...............................................................................................6FIGURE 2. 1 LOAN REVIEW PROCESS.........................................................................10
Figure 2. 2 Moneykart Facebook page....................................................................................19
Figure 2. 3 Types of services offered for online booking.........................................................19
Figure 2. 4 Pop-out for selecting the date and time for an appointment.................................20
Figure 2. 5 Pop-out for giving contact details.........................................................................20
Figure 2. 6 Pop-out for successful appointment booking........................................................21
LIST OF TABLES
Table 2. 1 Ibrahim’s Laundry business financial statement....................................................10
Table 2. 2 Profitability Ratios..................................................................................................15
Table 2. 3 Turnover Ratios......................................................................................................15
Table 2. 4 Quality Assurance codes.........................................................................................21
Table 2. 5 Groups covered by NIB...........................................................................................22

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1.0 INTRODUCTION
1.1 Place of Attachment
The internship commenced on 19th August and ended 10th October 2019 (32 days) at
Moneykart, New Lynn.
1.2 Company Overview
Moneykart, Dainton, was founded and officially registered in May 2017 with registration
number 9429046103192 (Bizdb, 2019). The company, bearing company number 6275388,
was founded by Rajesh Krishnamurthy, the current director.
Rajesh Krishnamurthy is the principal adviser and a marketing communications specialist
with a vast experience in the financial industry of New Zealand (Rajesh, 2019). He has over
20 years of experience in international markets and good masterly in penetrating new markets
and ensuring business sustainability. He has worked in various companies like Westpac New
Zealand Limited, a senior banker at ANZ, a business consultant and New Business
Consultant. The company was registered under the K641930 Mortgage Broking Service
category.
The main office is located at Dainton Place at New Lynn, Auckland 00600.
Telephone: [phone]
Fax: [phone].
E-mail: [e-mail]
Website: www.moneykart.biz
Moneykart is a financial advisory company that has been in the industry for about two years.
It mainly focuses on offering financial services and products ranging from loans, insurance
and KiwiSaver (Moneykart, 2019). With the two years in the financial industry, the firm has a
vast knowledge of the market trends and customer needs hence has fought tirelessly towards
rising and offering the best and competitive services to the clients. It has, therefore, reached
various clients over this period offering various services and meeting their financial needs
appropriately. The company has always aimed at offering New Zealanders with solutions to
their financial problems and assisting them in achieving their financial goals.
The company is registered with the Financial Markets Authority of New Zealand hence it is
in total compliance with the code of conduct and ethics as provided by the authority and the
profession itself. This has enhanced the trustworthy of the company to the clients it serves.
The firm further operates in for 24 hours to serve as many clients as possible. Experienced

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and trained advisers of the company are equipped with necessary facilities like computers and
the internet to serve clients efficiently in an attempt to provide solutions to their financial
problems. Interestingly, the firm has deployed simple and customer friendly procedures when
dealing with customers.
1.2.1 Company slogan
Moneykart, simplifying finance.
1.2.2 Company Mission
Moneykart is on a mission to make the complicated world of finance simple and easy to
understand (Moneykart, 2019).
1.2.3 Company Vision
Moneykart’s vision is to be recognized as the premier financial services advisory firm
specializing in Mortgages, Risk Management and KiwiSaver in New Zealand (Moneykart,
2019).
1.2.4 Company Core Values
 You before I
 Trust,
 Transparency,
 Integrity
 Ethics.
1.3 Field of Specialization
Moneykart offer a wide range of financial services in an attempt to meet the needs of the
customers. The following section presents the services offered by Moneykart.
1.3.1 Mortgages
According to Investopedia, a mortgage is a claim on a property. It is defined as a debt
instrument with collateral that is used in a particular real estate property where the borrower
agrees and signs a commitment to return the predetermined amount over the specified period.
Individuals and businesses can use mortgages to acquire property without the initial amount
of full payment. The one taking the mortgage is then required to agree on the payment terms
and the period of payment. The terms of payments, in this case, involve the interests (Kagan,
2019). Under this package, the firm also gives consultancy services on the home loans and
the most suitable payment plan for the customer.

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1.3.2 Insurance
In a nutshell, insurance is to protect against a peril or a loss at a cost. The company covers
both life and non-life insurance. These include life, family, assets, trauma, total permanent
disability, income protection, mortgage protection, health insurance, and liabilities among
other things. Other forms of insurance offered in the company include travel insurance which
covers one for such events as repatriation, lost luggage, medical emergencies or even trip
canceled due to unavoidable circumstances.
1.4 What makes the company unique?
As an attempt for the company to reach a wide range of customers, the company staff have
the potential to communicate with the customers in their respective native languages. Some
of the languages include Hindi, Gujarat, Marathi, Punjabi, Malayalam, and Tamil
(Moneykart, 2019).
1.5 Joint ventures
The company has collaborated with renowned associate companies that offer insurance,
lending and loaning services to serve the clients efficiently.
1.6 Human Resource
Moneykart is a single business managed by one person, Rajesh. Moneykart maintains various
categories of personnel comprising of permanent, temporary employees and consultants with
the total available workforce fluctuating around 5 persons to reflect the workload at hand.
These comprise:
 Principal advisor.
 Senior advisor
 Sales people
 Intern

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1.7 Company Organization chart
Figure 1. 1 Company Organization Chart
Principal
Adviser
Senior
Advisor
Sales person Sales person Accountant
Intern

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2.0 DISCUSSION AND ANALYSIS OF EXPERIENCE
GAINED
2.1 Introduction
Having discussed the company of internship in the preceding chapter, it is evident that the
firm is actively engaging in the construction industry and hence provides a good opportunity
to acquire some fundamental experiences. In this chapter, the activities that were done during
the internship period have been discussed in detail using typical case studies that were
encountered. My input as an intern has also been discussed regarding the modules learned in
class.
The following described the tasks and responsibilities that my job entailed.
 Manage and grow client portfolio across a range of industries.
 Track and project financial performance and factors affecting expenses/profitability
on a functional or another basis.
 Learning how to actively manage a portfolio through proactive service, and retained
portfolios.
 Focus on maintaining client and portfolio profitability.
 Maintain professional knowledge and skills on legislative and compliance on products
and technical issues.
However, the following specific issues were carried out during the internship period:
 Understanding the basic operations of lending, mortgage, and insurance.
 Studying and understanding financial party rights, monetary policies and relevant
regulations like the Service Level Agreement, SLA.
 Understanding the role of key players in the industry like lenders, banks, participants
such as aggregators, franchisors, mortgage managers and other providers of broking
services. This also included understanding the key competitors and drivers of the
industry like NIB and AIA who have advanced in their area of specialty in the
financing industry. NIB is one of the largest health insurance providers in New
Zealand.
 Relationship between price and quality.
 Emerging issues in lending as practiced by typical lending companies like Peer to
Peer which is practiced by Zagga Company. Other current market trends were also
studied.

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 Calculations and considerations involving interest in different types of mortgages like
home loans, equity release and reverse annuity mortgages. The calculations also
involved determination of loan value ratios, liquidity and current ratio, and how they
are interpreted and applied in making decisions in lending problems.
 Recording and keeping the fundamental workbook of the company.
 Lending principles.
 Lending securities and collaterals.
 Using businesses’ financial statements to check for cash flow and determine the loan
status.
 Statement of movements in equity as provided by the New Zealand Mortgage Broking
Association.
 Strategic market services and digital marketing.
 Mortgage risks and their management.
 Quality assurance and a zero-defect target.
2.0 Discussion and Analysis of selected activities done
2.0.1 Operating a financial company in New Zealand
To operate a business offering financial services and advises in New Zealand, one must
register with the Financial Markets Authority (FMA) which is the regulatory body (New
Zealand Now, 2019). This requirement applies to banks, non-bank deposit takers, fund
managers, insurers and derivatives issuers (Tim & Chapman, 2016). They must also be
registered in the Financial Service Providers Register maintained by the agency.
I also learned that for insurers like Moneykart, they must be registered with the Reserve
Bank. The license requires that the companies should:
 Have an appointed actuary.
 Comply with the set policies.
 Maintaining solvency and disclosing solvency and credit rating information through
regularly published statements (Tim & Chapman, 2016).
2.0.2 Loan Review System
The Federal Deposit Insurance Corporation (FIDIC) RMS Manual of Examination Policies
and, for accounting and finance defines a loan review system (also known as the credit risk
review system) as a system that involves credit underwriting, loan administration, loan
workout and assembling all the information necessary to establish the appropriateness of

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these aspects. The complexity and rigorous nature of the system depend on the size of the
company and the nature of cases dealt with (FIDIC, 1999).
Objectives of a loan review system (FIDIC, 1999)
 To identify credit weakness in time and minimize resulting credit loss as much as
possible.
 To establish all the necessary information to guide the next course of action.
 To evaluate all the responsibilities of the lending personnel.
 To avail relevant information to the management to facilitate the assessment of the
client's portfolio.
 To establish the relevant trends which may affect the client’s loan portfolio.
I was assigned to keep the customers, portfolio and compile all their lending history and
information. I also kept their current cash flows and business engagements. This information
is kept in a database and it is the one used for analysis before lending.
With the company's experience, I realized that one of the major problems is a credit risk.
What this means is that a loan review system is a very key process before the issuance loans.
Wrong calculations and interpretations may lead to wrong decisions which may result in the
issuance of loans to a customer who is not able to pay the loan. As at the time of entry in the
company, the firm had kept a list of loan defaulters but the trend seemed to reduce
significantly due to efficient credit approval and appraisal system. I, therefore, was tasked to
assist in evaluating the customers' ability to repay the loans with the accumulated interests. In
Moneykart, the credit review system is a rigorous process that takes at least 6 hours to be
approved by the principal advisor, Mr. Rajesh.
The following procedure was adopted by the company.

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Figure 2. 1 Loan Review Process
The internal factors mostly involve the inadequate information regarding loan policies, credit
limits, overdependence of collateral and insufficient risk pricing, limited appraisal of
borrower's financial capacity. On the other hand, external refers to the factors regarding the
state of the economy of the country. This includes the rate of inflation, exchange rates, and
government policies. Analysis of the transaction risk and portfolio risk uses an identified and
tested Loan Review Mechanism (LRM) involves evaluating a loan application to evaluate the
level and status of the loan statement or loan book for credit administration (Chilukuri &
Srinivasa, 2014). Loan approval involves reviewing and evaluating loan application
documents and making a piece of considerable advice. All these steps are co-r-ordinated to
produce reliable results and information.
2.0.3 Ratio Analysis
Financial statement ratio analysis is used to establish the financial performance of a business
in terms of liquidity, efficiency, profitability, and solvency. The following section presents
examples of the ratios dealt with during the internship.
Ibrahim’s laundry business financial statement is sown in the table below has been taken for
the subsequent discussion.

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Table 2. 1 Ibrahim’s Laundry business financial statement
RATIOS
Client: Compiled by: …………………………..
Date: Approved by: …………………………..
2017 2018 2019
Short term solvency ratios
Current Ratio 2.60 2.71 2.50
Quick Ratio 2.57 2.66 2.45
Cash Ratio 1.93 2.06 1.88
Net Working Capital to
Current Liabilities
1.60 1.71 1.50
Asset Utilization or Turnover ratios
Average Collection Period 77.06 80.86 81.03
Inventory Turnover Ratios 64.84 40.17 32.64
Receivable Turnover 4.67 4.45 4.44
Fixed Asset Turnover 7.54 7.18 5.95
Total Asset Turnover 0.61 0.55 0.50
Financial Leverage ratios
Total Debt Ratio (TD/TA) 0.45 0.45 0.48
Debt/Equity 0.12 0.13 0.13
Equity Ratio (TE/TA) 0.55 0.55 0.52
Long-term Debt Ratio
(LTD/TA)
0.09 0.09 0.12
Times Interest Earned Ratio
(EBIT/TI)
22,267.0
0
27,052.0
0
27,820.0
0
Profitability ratios
Gross Profit Margin 0.76 0.74 0.69
Net Profit Margin 0.314 0.289 0.254
ROA (NI/TA) 0.1400 0.1535 0.1281
ROE (NI/TE) 0.2558 0.2769 0.2459
Market value ratios

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Price/Earnings Ratio 10.4000 11.20 14.00
FINANCIAL STATEMENTS
Balance Sheet
Three Years Ended
December 25, 2010
(In Millions, Except Par
Value)
2012 2013 2014
Assets
Current Assets:
Cash and cash
equivalents
6,938 3,804 8,669
Short-term
investments
56,102 73,218 77,040
Accounts
Receivable,
Net
15,780 17,486 19,544
Inventories 1,137 1,938 2,660
Deferred
Income Taxes
2,035 1,632 1,941
Other 3,092 3,388 4,392
Total current assets 85,084 101,466 114,246
Long Term Assets:
Property, plant 8,269 9,991 13,011

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and equipment,
net
Equity and
other
investments
9,776 10,844 14,597
Goodwill 13,452 14,655 20,127
Intangible
Assets
3,170 3,083 6,981
Other long
term assets
1,520 2,392 3,422
Total assets 121,271 142,431 172,384
Liabilities and stockholders' equity
Current Liabilities
Accounts
Payable
4,175 4,828 7,432
Short term debt 0 0 2,000
Current Portion
long term debt
1,231 2,999 0
Accrued
compensation
3,875 4,117 4,797
Income Taxes 789 592 782
Short term
unearned
revenue
18,653 20,639 23,150
Securities
lending
payable
814 645 558
Other 3,151 3,597 6,906
Total current liabilities 32,688 37,417 45,625
Long-term debt 10,713 12,601 20,645
Long term unearned
revenue
1,406 1,760 2,008
Deferred Income Taxes 1,893 1,709 2,728

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Other long-term liabilities 8,208 10,000 11,594
Total Liabilities 54,908 63,487 82,600
Stockholders' equity:
Common stock
and paid-in
capital – shares
authorized
24,000;
outstanding 8,239
and 8,328
65,797 67,306 68,366
Retained Earnings (856) 9,895 17,710
Accumulated
other
comprehensive
income
1,422 1,743 3,708
Total stockholders' equity 66,363 78,944 89,784
Total liabilities
and
stockholders'
equity
121,271 142,431 172,384
Income Statement
Three Years Ended
December 25, 2010
(In Millions, Except Per
Share Data)
2012 2013 2014
Net revenue 73,723 77,849 86,833
Cost of revenue 17,530 20,249 26,934
Gross margin 56,193 57,600 59,899
Research and development 9,811 10,411 11,381

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Sales and marketing 13,857 15,276 15,811
General and administrative 4,569 5,149 4,821
Goodwill impairment 6,193 0 0
Integration and restructuring 0 0 127
Total 34,430 30,836 32,140
Operating income 21,763 26,764 27,759
Other Income 504 288 61
Income before taxes 22,267 27,052 27,820
Provision for taxes 5,289 5,189 5,746
Net Income 16,978 21,863 22,074
Net income 16,978 21,863 22,074
Basic earnings per
common share
2.02 2.61 2.66
Dilluted earnings per
common share
2.00 2.58 2.63
Weighted average common
shares outstanding:
Basic 8,396 8,375 8,299
Dilluted 8,506 8,470 8,399
2.0.3.1 Profitability Ratio
It indicates the progress and effectiveness of the business. An overall profitability ratio is
determined using this formula shown below.
Overall Profitability Ratio =
Ibrahim is one of the clients who visited the premises seeking a loan. He operates a laundry
business and is seeking a commercial loan to expand his business. The case of Ibrahim
Laundry business is a typical scenario where the profitability ratio of more 40 % showed a
promising business and hence wanted a boost in terms of finance to improve his business.
However, there was I consistence decrement of the profit margins for the past three years
enlisted in the financial statement as shown in the table below. This also raised concern and

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when I asked Ibrahim about the issue he justified that the position which the business was in
terms of assets and stocks was very disabled and the only way to change the trend, from his
experience, is to put more investment. A typical financial statement used is attached in table
2.1 with a short extract indicated in table 2.2.Table 2. 2 Profitability Ratios
2017 2018 2019
Gross Profit Margin 0.76 0.74 0.69
Net Profit Margin 0.314 0.289 0.254
However, this alone could not be enough to decide on Ibrahim's case. Other factors like the
internal and external considerations discussed in the Loan Review System were scrutinized
before making the final decision. It is worth to state that after considering the progress of his
business and bearing in mind that this is the second time Ibrahim is taking the loan having
cleared the first one, his loan was approved and processed accordingly. The money was
remitted in his account three days after approval.
2.0.3.2 Turnover Ratio
Turnover Ratios indicate the effectiveness of getting returns from an investment. The amount
invested is one of the main factors that determine the returns generated. Turnover ratio is
given as the ratio of sales to capital employed. This ratio shows the number of times the
invested money (capital) has rotated in the business. Table 2.3 below indicates the turn over
ratios for Ibrahim's laundry business for three years as extracted from the financial statement
in table 2.1. Fixed asset turnover ratio of more than 4 infers that the capital invested has been
rotated for an average of 4 times. The consistency of the ratios also indicates the business is
not likely to improve significantly not unless more capital is invested. Interestingly, the
inventory turnover is making a remarkable decrease which means that the cost of sales is
reducing relative to the average stock.
Table 2. 3 Turnover Ratios
2017 2018 2019
Average Collection Period 77.06 80.86 81.03
Inventory Turnover Ratios 64.84 40.17 32.64
Receivable Turnover 4.67 4.45 4.44
Fixed Asset Turnover 7.54 7.18 5.95
Total Asset Turnover 0.61 0.55 0.50

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2.0.3.3 Accounting Ratios
Accounting Ratios informs about the financial position of the company. These ratios include
fixed ratio, current ratio, liquidity ratio, and debt-equity ratio. These ratios have been
illustrated in the appendix.
2.0.4 Service Marketing and Digital Marketing
While studying the service marketing module in a class, I understood service marketing
simply as the marketing of services to potential clients. However, after undergoing through
my internship, I have gotten a clear picture that service marketing is more than this. There is,
however, a thin line between goods and marketing services brought about by the distinctive
characteristics of goods and services. Such characteristics that make services different from
goods include intangibility, inseparability, perishability, and heterogeneity (Chand, 2019).
Though goods and services can have similar marketing techniques, the internship program
provided a platform to understand that unlike goods where the customer can check the quality
and quantity of the product due to tangibility, services may impend a challenge. Their
intangibility requires that service providers like Moneykart must approach the customers
especially and professionally to win their trust. Some of the challenges of this method include
lack of demonstrations of services and the issue of quality may be a problem.
2.0.5 Culture and lending
In her article and money attitudes, Henchoz, (2019) acknowledges that different people have
different behavior and attitude towards money based on their cultural, ethnic, religious and
social backgrounds. Similarly, these factors influence the risk management of people and
hence behaviors towards lending and saving (Henchoz, 2019). This, therefore, means that the
culture of people affects their attitudes and decisions regarding money (Falk, et al., 2015).
This is an indication that the culture of people affects people's behavior. A culture, therefore,
defines a set of beliefs, norms, values, assumptions shared among a group of people and takes
an individual or collective dimension.
This is a type where there are cultural differences between Jane and Mervin who come from
the English and the Maori background respectively. The two are planning to buy a house. Of
interest in Jane and Mervin's case is to identify the factors that influence their bargaining,
negotiation biases which are the distinctive variables between the English and the Maori and
how the culture affects their thinking towards buying a house using a mortgage (Gelfand &
Brett, 2004). With no outstanding difference noticed, this case was solved since the two
parties were in terms of the action they were about to take.

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2.0.6 E-business and Digital Marketing
With the launch of the voluntary online lending policy in 2018, most companies are finding a
way into the use of an online platform to do their business for accountability and convenience
(Watson, 2019). Many lending companies like Capify, GetCapital, Lumi, Moula, OnDeck,
Prospa, and Spotcap have embraced this policy as enforced by the Australian Finance
Industry Association (AFIA) (GETCAPITAL, 2019). Having familiarized myself with filling
the lending forms online by using my E-Business Module knowledge and a few pieces of
training, I was able to assist clients who had difficulty in filling the online application for
loans. I could also respond to questions raised by the customers.
Digital marketing is simply online marketing. It has gained popularity in the recent past. It is
one of the marketing strategies which has been come popular. Companies are using social
platforms on the internet to market their products and services as they work towards building
their relationships with clients. Business is becoming more customer-based to keep them
going in stiff market conditions (Maria & Cristovao, 2014). These platforms include
Facebook, WhatsApp, Twitter, LinkedIn and many others that are being developed daily.
During my internship, I used Facebook, Twitter, and WhatsApp to advertise the products and
services offered by the company. For instance, I used the company's Facebook page to upload
enticing information about mortgages and interests. Several customers could make calls and
ask questions, and I could answer them or refer them accordingly. Figure 2.2 illustrates a
Facebook page for Moneykart with appealing images and graphics about the products and
services offered by the company.

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Figure 2. 2 Moneykart Facebook page
The following procedure is followed by the customer to book for an appointment in seeking
for services offered by the company through Facebook.
1. Open the Moneykart Facebook page using the link below:
https://www.facebook.com/moneykartnz/?__tn__=%2Cd%2CP-
R&eid=ARAERJlJCS41gwAohnk5baY3lpHceQV8Ju553O8OOS77iw5KCJ0D3Yar
BbfAiPxhmoNe8k7aIV6Thv60
2. Click the Book Now icon provided and a pop-out has shown in figure 2.3 occurs. The
window gives the customer to check against the services he wants from the company.
It provides checkboxes for insurance, mortgages and loans, home loans and insurance.
Figure 2. 3 Types of services offered for online booking
3. Click on the service you are seeking and click Continue. A new pop-out appears.

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4. Specify the date and time of the appointment in the window that appears and then
clicks continue as illustrated in figure 2.4.
Figure 2. 4 Pop-out for selecting the date and time for an appointment
5. On a new pop out, give your contact details as illustrated in figure 2.5.
Figure 2. 5 Pop-out for giving contact details
6. Then click on Request Appointment and a note below pops out (figure 2.6)
indicating the customer has booked for an appointment for the specified services.

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Figure 2. 6 Pop-out for successful appointment booking
7. Click Done and is that simple.
Throughout the internship, I appreciated the power of digital marketing as a simple, cost-
effective and convenient mechanism of reaching potential customers without physical
interaction. As an intern, I could check the customer portfolio and keep a record of their
appointments as I plan to meet them with other senior advisers and even with the director,
Mr. Rajesh. It turned out to be an efficient way of reaching customers.
2.0.7 Quality Assurance
The Australian Quality Control Manual defines quality control as a system of policies and
procedures that help ensures a firm is complying with professional standards. The
International Standards Organization, ISO defines quality as the totality of features and
characteristics of product or service that bears on its ability to satisfy or simply customers'
needs (Samuel, 1999). Quality Control also builds the trust of the customers of the firm.
Other benefits of quality control include the following and not limited to (CPA, 2014):
 Prevents the risks associated with litigation or any other claims as a result of
substandard financial products and processes.
 It minimizes costs that otherwise would have been used in reworking for
ineffective products and processes.
 It gives a procedure of ensuring operations are conducted with a lot of
professionalism and steps to be followed in handling any issues affecting the
quality of the financial products and services.
 Promotes effective communication within and among the involved stakeholders.
 Promotes the reputation of the company.

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The Quality Management module provided some handy and prerequisite information to
inform the resources I needed in acquainting myself with quality control. I studied the
Australian Quality Control Guide for accountants which contained three codes as illustrated
in table 2.3 below.Table 2. 4 Quality Assurance codes
Code Description
APES Accounting Professional and Ethical Standards
ASQC Australian Standard on Quality Control
ISQC International Standard on Quality Control
As an intern and with the knowledge of Australian quality control and code of conduct
requirements, I was encouraged by the director to observe the elements of quality control
when dealing with company issues. These elements include ethical requirements, building a
strong relationship between the company and the clients, promoting efficient communication
among other things. Every time I attended a customer I could request the customer to fill a
customer's satisfaction form and make any suggestions concerning the quality of services and
note any area of improvement that he has noted. A few of the clients complained about
waiting for long at the waiting bay. This enabled the company to identify this weakness and
deployed more advisers to increase the number of staff that can be handled at a time. This has
solved this problem and the clients are no longer complaining about the waiting time. A
suggestion box was also fitted at the reception where customers are requested to drop
comments, suggestions, complains or any relevant notes.
2.0.8 Health insurance
During my internship period, I got introduced to the NIB health insurers. A company
providing health insurance to Australian and New Zealand residents. In countries like
Australia and New Zealand, health insurance is very key not only to the citizens but also to
immigrants who come into the country for work or study. In Australia, the health system has
been classified into three systems namely; welfare state model, market model and a hybrid of
the two systems (Sunil & Murali, 2018). Under the welfare state system, the government
provides all the healthcare system while under the market model, an individual takes the
responsibility of seeking healthcare services under his arrangements. These systems have
assisted the country to have one of the best healthcare systems in the world as per the
Organization for Economic Co-operation and Development (OECD). Most people may want
to subscribe to the market model because of the quality of services rendered but unfortunately
it too expensive compared to the welfare state model. However, the market model may be too

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expensive if it is not planned for and the only way to plan for is through health insurance
(PNHP, 2019). This has compelled many people to take health insurance plans with NIB
health insurers.
NIB covers a wide range of groups of people to ensure it attends to every person in the
country. Table 2.4 indicates the groups covered with respective covered ad uncovered items.
Table 2. 5 Groups covered by NIB
Group Covered items Uncovered items
Singles Silver advantage hospital and
core extras
Silver advantage hospital, core
and wellbeing extras
Gold top hospital and top extras
NIL
Couples Basic essential hospital and core
extras
Bronze hospital, core and
wellbeing extras
Silver hospital and core extras
NIL
Families Silver hospital and core extras
Silver hospital, core and
wellbeing extras
Silver advantage hospital and
core extras
Children above 25 years
who are working are not
covered.
Overseas student  Hospital
 Ambulance
 Pharmaceutical
prescriptions
 Doctor
 Outpatient Specialists
 Accidents
 Medical Repatriation to
home country
 Treatment
 Outpatient
psychiatric
services
 Outpatient
psychology
services
 Organ transplant
 Infertility
transplant
 Cosmetic surgery
Overseas worker  Hospital  Outpatient

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 Ambulance
 Pharmaceutical
prescriptions
 Doctor
 Outpatient Specialists
 Accidents
 Medical Repatriation to
home country
 Treatment
psychiatric
services
 Outpatient
psychology
services
 Organ transplant
 Infertility
transplant
 Cosmetic surgery
Overseas visitor  Hospital
 Ambulance
 Pharmaceutical
prescriptions
 Doctor
 Outpatient Specialists
 Accidents
 Medical Repatriation to
home country
 Treatment
 Outpatient
psychiatric
services
 Outpatient
psychology
services
 Organ transplant
 Infertility
transplant
 Cosmetic surgery
2.0.9 Principles of lending
2.0.9.1 Liquidity
Liquidity refers to the easiness to convert into cash. Money deposited in banks should have
high liquidity to enable payment upon demand. In insurance, I learned that insurance policies
like whole life policy build up equity with payment of premiums. The susceptibility to getting
equity in such policies is the liquidity of that particular policy. Some packages of whole life
insurance policies allow the insured party to earn some interest with some insurers even
paying dividends. This means the insured can withdraw this money (Adkins, 2017). Such
policies that allow withdrawal and access to equity upon demand are termed to have high
liquidity.

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2.0.9.2 Safety
Safety, in this case, refers to the ability of the borrower to repay the money that was
borrowed. The lender should undertake a risk assessment to ascertain the probability of the
lender to repay the money by scrutinizing the financial statements that the borrower submits.
2.0.9.3 Profitability
The system of lending money should be a self-sustaining system with reasonable returns. Just
like any business, insurance and loaning are aimed at making a profit through the provision of
lending services.
2.0.9.4 Purpose
Loans should be granted to productive businesses with productive purposes.
2.0.9.5 Diversification
Moneykart tried as much as possible to provide a wide variety of insurance, mortgage and
lending products for its customers. It also has products affordable for small to medium
businesses.
2.0.9.6 Security
Collateral should be provided by the borrower to prevent the lender from losing the money.
2.0.9.7 Term of loan
This refers to terms and conditions as agreed by the lender and the borrower. It includes the
payment period and interests accumulated. Moneykart is a single business hence prefers short
term loans in an attempt to fight with bad debts.
2.0.9.8 Public interest
The lenders should lend money to only developments and businesses approved by the
country's regulatory bodies. As in the case of Ibrahim who is operating a laundry business,
this is a legitimate business accepted by the country as legal.

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3.0 CONCLUSION AND RECOMMENDATION
3.1 Conclusion
With the experience gained in the firm, I can confidently say that it had laid a concrete
foundation for my future career. Indeed, I am now conversant with fundamental skills in the
insurance, mortgage and other forms of lending. These skills cement the information learned
in the accounting and finance modules. The skills attained using typical case studies include
calculation and interpretation of ratios, principles of lending and mortgages and their
variables, consideration in making decisions regarding mortgages and loaning, service
marketing digital marketing and quality control. I, therefore, appreciate Moneykart for the
opportunity they granted me to gain exposure in my field of specialization.
An internship is, therefore, very paramount for any field that requires basic skills to start
with. It gives the learner an exposure of the real world of a typical financial business some of
which cannot be achieved in class. This exposure ranges from working conditions to
identifying technical challenges in the field and how they can be solved or mitigated
technically. It is, therefore, worth for a student and the university as a whole to give it the
emphasis it requires so that the student acquires as many skills as possible.
3.0 Recommendation
It is worth noting that with technology, the fields of finance and accounting are changing
significantly. There is a need as a learner to familiarize me with these new ways and systems
of operation to remain relevant in the job market. The use of automated computer systems in
computing and analysis to inform decision making has made things even simpler. However,
the student should still understand how this system operates before making use of them so
that the student knows what he needs to enter as an input and what to expect as an output to
avoid the garbage-in-garbage-out scenario. The company should have an automated system
with programmed software for calculating financing ratios and generating financial
statements for clients.
The company should open up branches across the country to reach more customers physically
than on an online basis. An online business should be aid of improving the number of people
who can be reached but should not be relied fully basing on the nature of the business.
Also, almost every business dealing with financial business faces several technical problems
in its operation owing to the dynamic technology. The university should collaborate with
these companies in providing a platform for the students to work jointly towards solving such

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problems. As a youngster in my career, I need to identify the opportunities in the industry and
utilize them. A good example is to be updated with the technology associated with financing
and accounting.
Lastly, there should be conducted a presentation session for every internship student before
the department after this internship period to assess the level of experience that the student
has gained. This, in turn, builds better presentation skills which are very key both in school
and in the field. This can also assist learners to master some elements of basic communication
skills like self-confidence, speaking skills, and general presentation preparedness.
\

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4.0 References
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https://pocketsense.com/liquidity-insurance-policy-6976754.html
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Chand, S. (2019, February). Service Marketing: Definition, Features and Problem Faced in
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and-problem-faced-in-marketing-services/32336
Chilukuri, S., & Srinivasa, K. (2014). Effective Credit Approval and Appraisal System: Loan
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resources/practice-management/comprehensive-guide-quality-control.pdf?
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predictive power of preferences: Global evidence (Working Paper). The University of
Pittsburgh, Department of Economics. Retrieved from
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FIDIC. (1999). RMSManual of Examination PoliciesFederal Deposit Insurance Corporation.
FIDIC.
Gelfand, J., & Brett, M. (2004). The Handbook of Negotiation and Culture. California:
Stanford University Press.
GETCAPITAL. (2019, August 4). Business Loans That Takes You Further. Retrieved from
getting CAPITAL: https://loans.getcapital.com.au/mozo/?
utm_source=mozo&utm_medium=cpc&utm_campaign=comparison&utm_content=g
etcapital&utm_term=businessloan
Henchoz, C. (2019). Culture, money attitudes and economic outcomes. Swiss Journal of
Economics and Statistics, 155(2).

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Kagan, J. (2019, September 30). Mortgage. Retrieved from Investopedia:
https://www.investopedia.com/terms/m/mortgage.asp
Maria, T., & Cristovao, V. (2014). Digital marketing and social media: Why bother? Business
Horizons, 57(6), 703-708. Retrieved from
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Moneykart. (2019, August 1). What We Do. Retrieved from Moneykart:
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new-zealand/money-tax/banking-loans-fx
PNHP. (2019, 10 7). Health Care Systems - Four Basic Models. Retrieved from Physicians For a
National Health Program:
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p
Rajesh, K. (2019, 10 4). Linkedin. Retrieved from Rajesh Krishnamurthy:
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Samuel, K. (1999). Change for the better via ISO 9000 and TQM. Management Decision,
37(4), 381-385.
Sunil, K., & Murali, S. (2018). A review of the Australian healthcare system: A policy perspective.
SAGE Open Medicine, 6.
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new-zealand/ARAGGCYI
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adopt new code. Retrieved from MOZO: The Money Saving Zone:
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