Practical Application for the IFRS 4 - Free Report Example

I was involved in a group project that aimed to review an insurance company's documents and some financial records. It was our final internship task. The task was mainly aimed at controlling the finances of an insurance company. The task required the audition of the corporate payrolls as well as several personal records. The insurance company needed to determine the number of premiums, current liabilities, and workers' compensation. The task also required us to collect and analyze data to detect deficiency in the company's extravagance and duplicated effort. The task at hand required the skills of a financial advisor, an actuary, and an insurance underwriter. The group was composed of four. In this group, the challenge we faced was the R programming language's knowledge to effectively perform the statistical problems. The manager had said that he needed a visual representation of the data, and thus, he needed us to use the R-Studio software for the task. Before assigning the task, we had agreed to use Microsoft Excel for the statistical part of the task. We had practiced the use of excel in carrying out statistical tasks, and thus we never even knew any statistical tool known as R programming; in our group, no one knew how to use the R-Studio software; neither did anyone understand programming basics. The task was due in a week.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

My role in the group was to audit the payrolls and analyze the data to detect any deficiency that could have been found in the organizational records. I was also required to examine the inventory to do a verification of ledgers and journals. I realized that the group needed the expertise of a programmer. Moreover, I needed to understand the basics of the R-programming software in less than a week. I evaluated the tasks given to my colleagues, and I realized that everyone needed to understand programming basics to effectively carry out the task.

Since the task had to be completed in one week as it was our final internship project, we had to create a strategy to learn the basics and apply the R-programming language in less than three days. After a little bit of research, we realized that we could understand certain R-programming language components. We found out that we could use the R-programming language to do a lot in the statistical field. We also found out that R was a useful tool for drawing charts and graphics. We agreed to distribute among ourselves certain topics so that we could make the learning process faster. My task was to use the R-software tool to carry out regression and time series of data. Thanks to tutorialspoint.com! I understood how to carry out regression analysis using R studio in less than two days. I referred my colleagues to the site, and they were as well informed about the software within a short period. We did a rehearsal of some of the main activities that were expected of us. We also learned that we could import excel data into and export it back after carrying out several calculations. By the fifth day of our project, we were all R-Studio professionals.

Our results were excellent; we performed the task in two days. It was a challenging process. We spent sleepless nights trying to figure out the answers to the problems that had been assigned to us. We used the knowledge we had gained after the massive research, and we were able to come up with excellent and accurate graphics and data analysis. The manager was very impressed with our work. We have graded the highest mark.

At last, we had made it despite the challenges. I realized collaboration within a group could lead to the achievement of the most challenging tasks. Hitherto, I prefer working in a group situation because I consider it more effective than individual projects. I have been working as a financier in many organizations, and the projects that I have done in a group situation have turned out to be more excellent compared to individual projects.