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Form No 4- Internship Report Cover Page
Student`s name:
Faisal abuhaimed
Student`s ID #:
S190175119
Training Organization: public investment
fund
Trainee Department: : Financial Accounting & Control
Field Instructor Signature:
Field Instructor Name: Ahmed bin Khalif
Course Title: Internship
CRN:13674
Internship Start Date: 10/9/2023
Internship End Date:12/9/2023
Academic Year/Semester:
For Instructor’s Use only
Instructor’s Name:
Total Training Hours /280
Students’ Grade: Marks Obtained /30
Level of Marks: High/Middle/Low
Classification: Public
1
Table of Content
Acknowledgment …………………………………………………………………………………………………………… 3
Executive Summary ………………………………………………………………………………………………………. 4
Introduction ………………………………………………………………………………………………………………….. 5
Description of the Company …………………………………………………..Error! Bookmark not defined.
The Vision………………………………………………………………………………………………………………………5
The message……………………………………………………………………………………………………………………5
Training Activities and Tasks ………………………………………………………………………………………… 6
Incentives Received ……………………………………………………………………………………………………….. 6
Lessons and Skills Learned ……………………………………………………………………………………………. 6
Advantages that Helped in Completing the Program ……………………………………………………… 7
Disadvantages and Challenges ……………………………………………………………………………………….. 7
Appendices…………………………………………………………………………………………………………………….8
Appendix 1……………………………………………………………………………………………………………………..8
Appendix 2……………………………………………………………………………………………………………………..9
Conclusion ………………………………………………………………………………………………………………….. 10
References …………………………………………………………………………………………………………………… 11
Classification: Public
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Acknowledgment
I would like to express my sincere appreciation to the Public Investment Fund, especially the
management of the Finance Department, for giving me the opportunity to obtain practical
training in their esteemed company. During my internship, I had the privilege of carrying out a
number of activities such as receiving and entering new invoices submitted in the main report,
ensure that local invoices comply with ZATCA, reconcile invoices with suppliers. These
activities helped improve my knowledge and enabled me to gain practical experience in the
financial management sector.
I would like to express my sincere gratitude to my trainee supervisor, Ahmed Bin Khalif, for his
continues support and guidance during my training. His desire to impart knowledge, patient
guidance, and continuous encouragement have been helpful in my professional development and
growth.
I would also like to express my sincere gratitude to the Public Investment Fund for giving me
this opportunity, and I hope that I will be in a position to apply the skills and knowledge I have
acquired in the future.
Classification: Public
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Executive Summary
Cooperative training is considered one of the most important courses after a university
student’s academic journey. It allows the student to stand out in the work environment to be able
to adapt to different cultures and atmospheres, acquire technical, computer and linguistic skills,
and gain experience in field procedures. In addition, joining the work environment will develop
the student’s ability to make decisions regarding his career and academic future, with the help of
the cooperative training mentor. Moreover, obtaining appropriate training on how to use
computer accounting systems, which can be a great advantage for accountants in performing
tasks and minimizing as much as possible errors that may affect the company’s financial
situation. However, accountants should always notice if there are any errors found in the system,
and allow them to resolve them correctly.
During the eight-week period of work at the Public Investment Fund, carrying out multiple
accounting-related activities, such as; Archiving and checking documents for accuracy and
necessary approvals where they are fulfilled in accordance with fund policies, processing
invoices, capital calls-injections, handling petty cash and recording overtime entitlement.
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Introduction
The Public Investment Fund is the sovereign wealth fund of the Kingdom of Saudi Arabia. It
was established in 1971 AD and is considered among the largest sovereign wealth funds in the
world, as it occupies fifth place with total assets estimated at $727 billion, by the end of April
2023. It specializes in financing projects of strategic value to the Saudi national economy. The
Kingdom of Saudi Arabia aims to transform the Public Investment Fund into one of the largest
sovereign funds in the world by working to build a diversified and pioneering investment
portfolio by investing in attractive investment opportunities at the local and international levels.
In 2020, the Public Investment Fund managed assets worth $400 billion. The fund has a portfolio
consisting of about 200 investments, including about 20 investments listed on the Saudi financial
market.
The Saudi Public Investment Fund was established in 1971 by Royal Decree M/24 with the
primary mission of financing projects of strategic value to the Saudi national economy. The Fund
played an important role in financing vital projects for the Kingdom, in sectors including oil,
mining, agricultural fertilizers, petrochemicals, and electricity.
Company description
The Public Investment Fund is one of the largest sovereign funds in the world for local and
global investment. The Fund works to achieve the goals of Vision 2030, and has adopted a set
mechanism that contributes to the creation of new and promising sectors, the generation of direct
and indirect job opportunities, and the creation and establishment of companies. The Public
Investment Fund also owns portfolios A pioneering investment based on investing in promising
opportunities locally and globally. Being one of the largest sovereign funds in the world.
The Public Investment Fund seeks to work towards achieving the goals of Vision 2030. Being
the main driver of the economy and investment in the Kingdom. The Fund has adopted its
ambitious strategy that contributes to achieving its goals and reaching a set of unique
achievements at the level of sovereign funds around the world.
The Fund forms the wheel of national economic transformation towards positive, sustainable
change in the Kingdom, as we passionately seek to lead the development renaissance of the local
economy, localize technologies and knowledge, expand its investment portfolio of international
assets, and invest in global sectors and markets by forming strategic partnerships and launching a
number of initiatives that contribute to achieving… Vision 2030 targets.
The Vision:
The Public Investment Fund seeks to be a driving force for investment, to become the
most influential investment body in the world, and to support the launch of new sectors and
opportunities that contribute to shaping the future of the global economy, and thus advance the
wheel of economic transformation in the Kingdom of Saudi Arabia.
The message:
To invest effectively in the long term to maximize sustainable returns, consolidate the Fund’s
position as the preferred investment partner globally, and support development and economic
diversification efforts in the Kingdom of Saudi Arabia.
Classification: Public
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Training activities and tasks
The Financial Accounting and control is responsible for managing the financial activities of
the Public Investment Fund. This department tends to play an important role in making sure that
the financial resources of the company are controlled efficiently. Finance department functions
include financial management, accounting, and control. During my training period in the
Financial Accounting and control, I performed many activities and tasks with different section
within the department.
As an intern, firstly working with Account Payable section, I helped settle financial claims by
validating and verifying invoices, ensuring they met the entity’s financial procedures and
policies, and comply with ZATCA guidelines in order to, process them into the company’s
system, which is ERP ORACLE. The second task was recording/archiving documents, as I was
responsible for recording and documenting financial transactions involving invoices, supporting
documents, and obtained required approvals. Also, ensuring they were filed appropriately and
archived/booked both manually and electronically for future reference. The third task was to help
enhancing ERP system by applying two new systems which are invoice to pay system, and paper
free archiving. The first enhancement aims to eliminate any manual entries, as all payment
requests by claimers/vendors should be submitted through a web portal that is called “PIF
Portal”, which allows accountants to receive and process all entries through ERP only, and
eliminate the need to receive request through any other channels such as; email, or by hand.
Also, it helps claimers/vendors to follow up on their claims through one channel, as the portal
would provide them with the status of their requests and any update to them without the need to
send emails or make phone calls to follow up. The second enhancement was to make archiving a
fully electronical process, which would minimize the old method of archiving hard copies of
documents in files in the archiving room. This would help in saving the environment by
following the green initiative by not printing many papers and would ease the process to get back
to any archived document more easily and quickly. Finally, both initiatives were done with the
help of IT department and after many tests in the ERP environment test, which allows to detect
and correct any mistakes found in the process before implementing them into the live system.
Secondly working with GL section, I processed end of services settlement for employees, as I
helped create deductions for retirement funds by calculating the appropriate amounts and
ensuring they were implemented correctly. Also, I gained more knowledge in identifying the
account segment of each type of payment, and how and when to use the appropriate account in
order to, help budget team and procurement department to create a purchase order with the
correct charge account.
During my training, I gained a number of skills that added value to my work. My experience
working with Excel has become better, as I have become more proficient in analyzing financial
claims and I have learned how to evaluate financial statements. I even requested previous
Classification: Public
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financial data to evaluate it and analyzed the data for several companies affiliated with the Public
Investment Fund, including Elm Company. Overall, the internship experience in the financial
accounting and control department provided me with first-hand experience in financial
management and accounting while improving my analytical and technical skills.
Incentives received
Public Investment Fund trainees receive various incentives to encourage them to be more
productive and proactive during the training period. During my training as an intern, I received
recognition and recognition as a motivation. The company recognized and appreciated me for
having demonstrated a highly efficient performance, recognized my contribution publicly, and
also provided me with a letter of appreciation.
Lessons and Skills Learned
During my internship period, I learned important skills like the settling of financial claims,
financial analysis, and document registration. I was more interested in extending my knowledge
of financial processes like registering earnings and paying advances, which showed my desire to
learn and develop my skills more in the finance and accounting sector, which can be relevant in
my future career development. It is crucial to keep learning and seeking new opportunities to
extend my skills and knowledge, particularly in a progressively transforming and competitive
work environment. I also learned that seeking out mentors and networking with experts in the
field can provide important insights and guidance for my career development.
Advantages that Helped in Completing the Program
There happened to have many advantages that helped me complete the training program
at the Public Investment Fund in the financial accounting and control department. Firstly, I had a
supportive and competent trainee supervisor and mentors from both sections that I worked with,
who guided and assisted me throughout my training. They were always available when I had
questions and clarified any doubts I had. They also gave me feedback and constructive criticism
to enhance my work and motivate me to undertake more challenging tasks to develop my skills
and knowledge. Secondly, I had access to various financial data and documents, such as financial
statements, which allowed me to gain practical experience in financial analysis and reporting.
The practical experience of this training has helped me understand financial concepts better and
implement them in real-world situations. Third, I was able to work with several computer
programs such as Microsoft Excel, which helped me become more proficient in data analysis,
data entry, and presentation. I learned how to use Excel to create professional and accurate
reports, and track financial transactions. Finally, I had the opportunity to work independently on
certain tasks, which allowed me to develop my decision-making skills and take responsibility for
my work. This enabled me to gain more confidence in my abilities and prepare me for future job
opportunities.
Classification: Public
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Disadvantages and challenges
During my training at the Public Investment Fund, I faced challenges in making accounting
entries to create payment and disbursement orders. To overcome these difficulties, I sought help
from my supervisor and reviewed how these tasks were prioritized and carried out by employees.
This was an important problem-solving approach because it enabled me to benefit from the
professionalism and knowledge of others who were more competent in the field. In addition,
taking time to review accounting principles and exercises enabled me to gain a better
understanding of the tasks I was working on and made it easier to identify possible solutions to
any challenges I encountered.
Classification: Public
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Appendices
Appendix 1:
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Appendix 2:
Classification: Public
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Conclusion
In conclusion, during my training period at the Public Investment Fund in the Department of
financial accounting and control, the activities and tasks assigned included settling financial
claims, registering documents, enhancing the system, processing EOS, and providing the
accurate accounting segments. I gained new skills such as flexibility in working with Excel,
learning the financial analysis of financial statements, and understanding how to process
financial claims. I experienced difficulties making accounting entries to process disbursement
and payment orders, but I overcame this difficulty by asking my supervisor and mentors for help
and observing how the task was performed by other employees. In addition, I learned the
importance of consistent practice in facilitating work and overcoming fear of new activities, and
I aspire to learn more regarding payment of advances, data analysis, and budget allocation.
Based on my training experience at the Public Investment Fund, I recommend that the
organization focus on hands-on training, regular feedback sessions, and exposure to various
departments to help strengthen the training program. Therefore, the Public Investment Fund in
Saudi Arabia provided me with a valuable opportunity to develop and learn new skills in finance
and support services. The supportive work environment and colleagues made the meeting
enriching and positive. Therefore, I am grateful for the opportunity to work with such a reputable
company.
Classification: Public
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References
https://www.pif.gov.sa/en/Pages/Funding-New-Human-Futures.aspx
https://en.wikipedia.org/wiki/Public_Investment_Fund
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