Prajwal G Bharadwaj - EY Internship Report

A Report on
Internship at Ernst & Young LLP
BY
Prajwal G Bharadwaj
PES1201802701
Submitted to
PES UNIVERSITY, Bengaluru

In partial fulfilment of the requirements for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION
Under the guidance of
INTERNAL GUIDE EXTERNAL GUIDE

Ravi Urs Udhay Kumar
Associate Professor, MBA Dept. Senior Associate PAS Tax
MBA Program (Batch: 2018-20)

PES University
100 Feet Ring Road, BSK III Stage
Bangalore - 560 085
A Report on Internship at Ernst and Young LLP
Evaluation of Report
ISA
Name of Internal Evaluator:
Signature with Date:
ESA
Name of Internal Examiner:
Name of External Examiner:
Affiliation:
MBA Program, PES University Page | I

CERTIFICATE
This is to certify that Mr. Prajwal G Bharadwaj bearing SRN: PES1201802701, is a

bonafide student of Master of Business Administration of the PES University (2018-20),
Bengaluru.
We confirm that the Internship report at Ernst & Young is authored by her under the
guidance of Prof. Ravi Urs, in partial fulfillment of the requirements for the award of the
degree of Master of Business Administration of PES University, Bengaluru, Karnataka.
Prof. Ravi Urs Dr. Veena A

Internal Guide Department Chairperson
Signature Signature & Seal
Date:
DECLARATION
I, Prajwal G Bharadwaj, hereby declare that the Internship report with reference to “Ernst & Young LLP -
Kalyani Magnum” is prepared by me under the guidance of Prof. Ravi Urs of M.B.A Department, PESU and
external assistance by Mr. Udhay Kumar, Senior Associate US PAS Tax, Ernst & Young.
I also declare that this Internship work is towards the partial fulfilment of the University regulations for the
award of degree of Master of Business Administration by PES University. I further declare that this
Internship report is based on the original study undertaken by me after undergoing an internship for a period
of 13 weeks from 20th Jan to 17th Apr 2020 and has not been submitted for the award of any degree/diploma
from any other University/Institution.
Date: Signature of Student
MBA Program, PES University Page | III

ACKNOWLEDGEMENT
The successful completion of any task would be incomplete without mentioning the people who made it
possible and those who made it possible and whose constant guidance and encouragement secured us our
success.
Not just doing the internship, but doing it right is critical. First of all, I would like to express my sincere
thanks to my college PES University.
I express my sincere gratitude to Dr. Vijay Kumar, Dean, Faculty of Management Studies, PES University
for providing an opportunity to take up the project.
I would like to thank Dr. Veena A, Chairperson, Master in Business Administration, PES University for her
great support and help throughout the course.
The internship opportunity I had with Ernst & Young LLP was a great chance for learning and professional
development. Therefore, I consider myself as a very lucky individual as I was provided with an opportunity
to be a part of it. I am also grateful for having a chance to meet so many wonderful people and professionals
who led me though this internship period. And a special thank to my external guide Mr. Udhay Kumar for
the immense support and guidance.
My acknowledgement would be incomplete without mentioning the kind support provided by my internal
guide Prof. Ravi Urs, Placement Co-Ordinator, PES University for the suggestions, guidance and direction
in carrying on the internship and providing the necessary formal sanctions when required.
Raksha H
MBA Program, PES University Page | IV

TABLE OF CONTENTS
Chapter No. Particulars Page Number
Introduction Front page
pages Evaluation report
Certificate from the Organization
Certificate from the college
Declaration I-V
Acknowledgement
Table of contents
Chapter -1 Introduction to corporate Internship: Orientation about the

company and about the functional areas
1.2. Nature of business
1.3. Product/Services profile
1.4. Area of operations 1 - 10
1.5. Ownership pattern
1.6. Competitors information
Chapter -2
2.1. Managerial structure
2.2. Style
2.3. Organizational Skills
2.4. Strategy 11 - 16
2.5. Staff
2.6. Systems and processes
2.7. Organizational shared value
Chapter -3  Summary of job assigned in the company and

learning outcome of the same
 Week wise job assigned in the company and learning 17 - 28
outcome of the same
Chapter -4
Weekly and Monthly progress reports 29-47
Bibliography 48
LIST OF FIGURES
Figure Page
Number
Particulars Number
1.1 Competitors Logo 9
2.1 The McKinsey 7S Framework 11
2.2 Managerial Structure 13
2.3 EY Vision Statement 15
3.1 People Advisory Service (PAS) 18

CHAPTER- 1
1.1 INTRODUCTION TO CORPORATE INTERNSHIP:
An internship is on-the-job training for many professional jobs, similar to an apprenticeship,

more often taken up by college and university students during his undergraduate or master
degree in their free time to supplement their formal education and expose them to the world of
work. Internships offer various occasion to interns during internship programs to expand
familiarity in their choose area of work , to find out what they have an importance in an exacting
in specific line of business, develop professional network links, build interpersonal skill or get
some credit points if it’s a “sandwich course” they are in. Employers too benefit from an
internship arrangement as it gives access to interns with some skills to execute relevant tasks for
the employer. Many interns end up with permanent service with the same organization in which
they are interned. Their worth to the organization may be greater than before by the fact that they
require modest or less training.
I got an opportunity to do my internship at Ernst and Young LLP. Which is my first practical
exposure to a corporate world. And also driven me to an in-depth understanding of an
organization’s culture.
Ernst and Young LLP
Introduction:
Ernst & Young is a multinational professional services firm headquartered in London, United
Kingdom. EY is one of the largest professional services firms in the world. Along with Deloitte,
KPMG and PricewaterhouseCoopers (PwC), EY is considered one of the Big Four accounting
firms.
EY operates as a network of member firms which are separate legal entities in individual
countries. It has 270,000 employees in over 700 offices around 150 countries in the world. It
provides assurance (including financial audit), tax, consulting and advisory services.
MBA Program, PES University Page 1 of 48

History of EY
Ernst & Young developed from the vision of two accountants into one of the world's
largest and most influential professional service firms. After decades of growth and various
business acquisitions, their individual accountant firms merged into one large corporation
that influences the business practices of companies around the world. Ernst & Young began
as two separate firms. In 1903, Alwin C. Ernst of Cleveland, Ohio, created the public
accounting firm Ernst and Ernst with his brother. Three years later Arthur Young, a native of
Scotland, formed the accounting firm Arthur Young and Company with his brother. Ernst &
Whinney merged with Arthur Young in 1989, becoming known as Ernst & Young. At that time,
the merger created the world’s largest accounting firm.
Modern History:
Ernst & Young employs more than 190,000 individuals in 2015, with operations in more than 150
countries around the world. It is considered one of the Big Four accounting firms, and Forbes magazine
consistently ranks the company among the largest private corporations in America. In July 2013, Ernst
& Young adopted EY as its official global brand.
1.2 Nature of Business:
Ernst & Young, one of the world's leading professional services organizations, helps companies
across the globe to identify and capitalize on business opportunities. They deliver the value that clients
care about; They provide ideas and solutions tailored to meet clients' needs; and They produce tangible
results. At EY, they’re dedicated to helping organizations solve their toughest challenges and realize
their greatest ambitions - from start-ups to Fortune 500 companies – and the work we do with them is as
varied as they are. EY professionals draw on our shared creativity, experience, judgment and diverse
perspectives to reframe the future for our clients – now, next and beyond
.
EY Global Delivery Services (GDS):
Global Delivery Services (GDS) consists of various service delivery centers from which our Client
Service and Enablement Services teams operate to deliver strategic support to our EY member firms.
GDS spans all geographies, practices, services lines, sectors and competencies within EY to deliver
deeply-integrated services that result in efficient and world-class solutions.
Today, the GDS team is 29,500 strong across five countries and plays an important role in EY’s
growth strategy by providing efficient and effective support to our service lines and enablement
functions. GDS is a vibrant organization that is constantly growing and expanding its base, services
and competencies.
With our clear vision for the future and commitment to developing outstanding leaders, EY is the
place to grow your career. You will feel at home from the start, and will receive the training, support
and guidance you need to do great work with exciting clients.
Along the way, you will meet people and gain important knowledge and insights that will stay with
you throughout your career. In fact, whenever you join us — and however long you choose to stay —
you will have valuable experiences that will last a lifetime.
GDS combines the best-in-class service delivery and support capabilities of Client Service and
Enablement Services. These two pivotal entities within GDS deliver integrated service offerings to its
users globally.
GDS Client Service is focused on providing assurance, advisory, tax, TAS, and knowledge support to
our clients around the world. You will join our teams which enable account teams worldwide to
provide seamless, high-quality, value-added support, helping deliver exceptional client service.
GDS Enablement Services provides a wide range of Core Business Services such as Markets
Services, Finance and Accounting Services, IT Services, Risk Management Services, Talent Services,
Creative Agency Services, Administration and Workplace Services, Procurement Services and
Learning Solution Services.
GDS Operations provides operations support primarily to client services and enablement services.
You will join a team that provides support in human resources, communications, project management,
procurement and workplace enablement services.
 Argentina (Buenos Aires)

 China (Dalian)
 India (Bangalore, Chennai, Gurgaon, Kochi, and Trivandrum)
 Philippines (Manila)
 Poland (Wroclaw and Warsaw)
1.3 Services Profile:

Over the course of its operations, EY has transformed its business model and diversified pool
of its offered services. Conventionally known as a Big 4 accounting firm over the course of
2010- 2019, EY has substantially altered its business approach towards more comprehensive
scope of services. This is mainly attributed to an intensified competition in the existing market of
professional services and competition in new markets: investment banking and strategic
consultancy. According to latest data published, the company has the following four main service
lines:
 Assurance: comprises Financial Audit (core assurance), Financial Accounting Advisory
Services and Forensic & Integrity Services.
 Tax includes Transfer Pricing: International Tax Services, Business Tax Compliance, People
Advisory, Global Trade, Indirect Tax, Tax Accounting & Risk Advisory Services, Tax
Technology and Transformation, Transaction Tax.
 Advisory: consisting of four subservice lines: Actuarial, IT Risk and Assurance, Risk, and
Performance Improvement.
 Transaction Advisory Services (TAS): deals with companies' capital transformation –

including Business Valuation and Economics, Due Diligence, Real Estate Advisory Services,
Project Finance and Infrastructure, M&A, Restructuring (financial and operational).
Mission Statement
EY is committed to building a better working world — with increased trust and confidence in
business, sustainable growth, development of talent in all its forms, and greater collaboration.
Vision Statement
EY want to build a better working world through own actions and by engaging with like-minded
organizations and individuals. This is EY purpose — and why EY exist as an organization.
EY Values
 People who demonstrate integrity and respect;
 People with energy, enthusiasm and the courage to lead; and
 People who build relationships based on doing the right thing.
Brief on all our core business services:
Administrative Support
EY’s administrative and secretarial staff performs a crucial support role for technical and
business services teams across the organization. As part of this service line, EY will maintain
efficient operations, allowing our teams to focus on providing the best possible service to our
clients. The nature of the role will depend on which team you are supporting.
Business Development
EY’s business development professionals drive account execution, pursue new business and
support our growth and market leadership strategy. As a member of this team, you’ll develop
relationships with existing and prospective clients in order to create opportunities for EY.
You’ll also advise our service line teams and leadership on opportunities and help convert
prospects into successful engagements. By focusing on the right accounts in the right market
segments, you’ll help us build our market share. In return, you’ll receive the support and
opportunities you need to succeed professionally and personally.
eChannel’s
Our digital professionals operate and develop our websites, extranets and intranet services.
They also harness webcasting, streaming media and online collaboration tools to facilitate
meetings and communication. As a member of this team, you’ll help develop and execute an
effective digital strategy that meets the marketing and communication needs of the business.
This includes building awareness of digital tools, helping to deploy them and training others in
how to use them.
Finance
EY’s finance professionals are responsible for our financial integrity and results. As a
member of this team, you’ll provide financial reporting that is accurate, consistent and
compliant with global financial policies and principles, and local statutory rules and
regulations. You’ll also act as a strategic business partner for other parts of the organization,
sharing your financial experience and insights to achieve specific goals.
Human Resources
Human resource professionals develop and execute our people strategy. In this role, you’ll
help provide the necessary programs, measures and tools for our employees to achieve their
potential. You might develop and implement strategies for performance management,
leadership development, learning, training tools, compensation, recruiting, new joiner
orientation, reporting processes or other initiatives. You may work in a central function or be
aligned to one of our service lines. In either position, you’ll be instrumental in supporting the
business.
Information Technology
As part of this team, employee will be responsible for devising and implementing strategies
and tools related to our IT infrastructure. You will provide help desk, network and data center
services as well as workstation support, telecommunications and IT products. Our IT teams
equip our 135,000 employees with effective and efficient IT tools and services so that they can
serve our clients in the best way possible.
Internal Communications
Internal communications professionals develop and execute communication strategies across
a range of channels. In this role, you’ll help deliver accurate, effective communications about
our business strategies, initiatives, programs and events. You will get to grips with key business
issues and use your strategic and communication skills to make a difference.
Knowledge Management
Our knowledge management professionals conduct research and develop insights on
strategic business issues and advances in technology. These insights help our client-serving
teams to compete effectively in today’s business environment. Working in a Centre for
Business Knowledge.
Legal
General counsel professionals provide high-caliber legal advice and support on all legal
matters to help us achieve our commercial goals. In this role, you’ll work with colleagues from
different service lines and internal functions. You’ll focus on mitigating risk while delivering
the best possible legal recommendations for our teams and clients alike.
Marketing
Marketing professionals develop and implement a broad range of initiatives to strengthen our
global brand. In this role, you’ll build our reputation and help us deepen client relationships.
You’ll collaborate with client-serving professionals and colleagues in other functions, across a
range of activities. These will include marketing communications, advertising, market research,
brand management and the development of issue- andindustry-led thought leadership.
Procurement
Global procurement professionals help us achieve cost savings and operational efficiencies.
The team performs market research, negotiates discounts, sets standards, manages supplier
relationships, provides guidance, manages procurement contracts and liaises with internal
clients. In this role, you’ll help us manage the organizations spend effectively and achieve the
benefits of a global strategy by collaborating with other procurement teams and business units
around the world.

Public Relations
Our public relations professionals work as part of a global network to enhance and protect
EY’s reputation. They support leadership by communicating our strategy and point of view on
critical issues to external stakeholders. In this role, you’ll collaborate with client-serving
professionals to demonstrate our insight and knowledge of key business issues across industry
sectors. You’ll deal with a variety of challenging topics and issues.
Quality and Risk Management
Our quality and risk management professionals help us uphold our business standards and
maintain and enhance the value of our brand. As a member of this team, you’ll help promote
the viability of the organization and the security of our people and other stakeholders.
Working with client-serving professionals as well as with colleagues from internal operations,
you’ll play a key role in many projects.
1.4 Area of operations:
The firm is geographically organized as follows:
 EMEIA: Europe, Middle East, India and Africa

 Americas
 Asia-Pacific
 Japan
Each area has an identical business structure and a management team, which is led by an Area
Managing Partner who is part of the Global Executive board. In 2018, the company has
undergone transformation of some of its regions, primarily CIS region (with offices operating in
former Soviet Union) and the region of CEE (vastly Eastern Europe) have merged to form CESA
block.
1.5 Ownership Pattern
Ernst & Young is not publicly listed. The complex regulatory environment for accounting and
consulting firms makes it nearly impossible to predict whether it will someday be possible to
make a public offering of Ernst & Young stock. Instead, the firm is owned by approximately
6,000 partners worldwide. According to Forbes magazine, it ranks as America's 11th-largest
private company.
Even though the owners are called partners, the ownership structure is not necessarily an
actual partnership but varies from country to country. Not all partners are equal. How much
equity a given partner owns, or a partner's remuneration, is information that the firm keeps very
private. Indeed, virtually all accounting, legal and professional firms keep partner income secret.
Who qualifies to be a partner will vary greatly by jurisdiction? In some cases, only members of
the accounting profession are allowed to own an accounting firm, so the partnership may be
divided into several sub-partnerships to allow attorneys, financial analysts or consultants to be
promoted to partner level. In most cases, the promotion to partner comes with a catch. As
owners, partners are expected to invest a certain amount of capital in the firm. Here again, actual
amounts are shrouded in secrecy.
The firm seems to be growing, having publicly stated that 753 new partners were added in 2015,
its largest increase since 2008 and a 12% increase over 2014.Whichever part of Core Business
Services you join, you’ll use your skills, experience and initiative to support our client-serving
teams and other parts of the business to make a difference to the clients and communities we
serve. You could be a part of the over 340-member team which is led by 12 partners.
1.6 Competitors:
Fig.1.1
Deloitte
Deloitte is a top competitor of EY. Deloitte was founded in New York, New York} in 1845.
Deloitte competes in the Management Consulting Services industry. Compared to EY, Deloitte
generates $7.4B more revenue.
KPMG
KPMG is EY's #2 competitor. KPMG is headquartered in Amstelveen, Noord-Holland, and was

founded in 1987. KPMG competes in the Business Support Services field. KPMG generates 84%
the revenue of EY.
Accenture
Accenture has been one of EY's top competitors. Accenture is a Private company that was
founded in 1989 in Dublin, County Dublin. Like EY, Accenture also competes in the
Management Consulting Services industry. Compared to EY, Accenture has 199,000 more
employees.
Other than these companies PWC, Grant Thornton, Maximus, Mazars also competitors for the EY.
CHAPTER-2
The McKinsey 7S Framework
Fig. 2.1
2.1 Business Structure:
Assurance
Includes understanding the key business and financial risks facing our clients and the
markets they operate in, reviewing processes, designing tests and verifying accounting
treatments and numbers, all whilst complying with accounting and auditing standards.
Advisory
Is the consulting branch of EY. EY’s clients rely on our Advisory team’s expert knowledge
to advice on a broad range of issues across a variety of industries. We offer guidance to
companies looking to grow or change, or improve performance. Advisory is a fast-moving,
high-growth area that reflects the challenges and uncertainty of today’s world.
Tax
Offers one of the most exciting, challenging and rewarding careers out there. Companies
today face increasingly complex tax and regulatory changes, which means our role as trusted
advisors is more important than ever. Our clients rely on our Tax team’s extraordinary
understanding to best manage their assets and ensure they’re being taxed properly.
TAS
Have a particularly exciting job of advising clients on when and how to buy, sell or merge
companies in order to improve growth, competitiveness and profitability. TAS supply the data,
highlight the risk and guide the client through the potentially perilous forest of capital
transactions.
IT, Data Analytics and Cyber

This department will include working in teams tackling issues surrounding IT Risk and
Assurance as well as the challenges of enabling change within large organizations through IT
solutions. Examples of the work we do for clients include data analytics projects ranging from
corporate fraud investigation, audit and compliance analytics, big data analytics or simply
designing and developing intelligent solutions to solve our clients’ complex data challenges.
Risk
Forms part of Advisory services. Every challenge and every opportunity an organization faces
today demands change. And with change comes risk. Some risks you can see, some you can
predict, some you can plan for, and some you can't. EY’s Risk team helps solve big, complex
industry issues and capitalize on opportunities to help deliver outcomes that grow, optimize and
protect our clients' businesses. EY’s Risk program gives graduates the opportunity to gain the
Chartered Accounting qualification within an Advisory setting.
EY’s people are often part of internationally focused teams which mirror our clients’ global
operations. They work in borderless and highly diverse teams on a daily basis to deliver the best
results for our clients. At EY, you can build one of the best foundations for a fulfilling and truly
rewarding career.
ICT vs FS
In order to reflect the way EY’s clients specialize, and for us to deliver the best industry
specific services, we structure our business in Ireland into two areas: one focuses exclusively on
the financial services industry, and the other encompasses all other industries.
Upon joining EY one will become part of the Industrial, Commercial, Technological (ICT) team,
headed up by Frank O'Keefe, or Financial Services Organization (FSO) team led by Eoin
McManus.
EY’s Financial Services Organization (FSO) offer services to clients in the Financial Services
sector, including Global and Domestic Banks, pharmaceutical, government, Insurance
companies, some of the world’s largest Wealth and Asset Management firms and Private Equity
Houses, as well as specialist areas such as Aircraft Leasing firms and Credit Card processing.
The FSO team in Ireland is directly linked to FSO in EMEIA (Europe, Middle-East, India &
Africa).
Meanwhile Industrial, Commercial, Technological (ICT) business provides a broader, more

multi- industry service offering, where EY teams work with clients from the industrial,
commercial, and technology sectors. These teams work with some of the world’s largest and
most important companies, across the broadest spectrum of Industries.
Managerial Structure
EY operates as a network of member firms which are structured as separate legal entities in a
partnership.
Partner
Director
Manager
Senior Engagement Manager
Engagement Manager
Senior Consultant
Consultant
Associate Consultant
Analyst
Fig. 2.2
2.2 Style
This organization has a democratic style which involves the redistribution of power and
authority between employees and managers. In this style the members of the group take a
more participative role in the decision-making process. It involves a team guided by a leader
where all individuals are involved in the decision-making process to determine what needs to
be done and how it should be done. The group’s leader has the authority to make the final
decision of the group.
Everyone is given the opportunity to participate, ideas are exchanged freely and discussion is
encouraged. While the democratic process tends to focus on group equality and the free flow
of ideas, the leader of the group is still there to offer guidance and control. The democratic
leader is charged with deciding who is in the group and who gets to contribute to the
decisions to be made.
2.3 Skills
Some of the organizational skill which is noticed during my internship is as follows:
2.3.1 Team work
2.3.2 Mutual trust
2.3.3 Self-discipline
2.3.4 Time management
2.3.5 Strategic planning
2.3.6 Focus
2.3.7 Determination
2.4 Strategy
Building a better working world. Today’s workplace, as well as our profession, is profoundly
different thanks to fundamental changes driven by globalization and technology. Increased
globalization means there are new markets for goods and services and pressure on emerging
market companies to compete on innovation as well as price. It also means major shifts in
consumer markets, tax policy and workforce diversity. Technology is connecting people,
spreading knowledge, saving time and freeing up resources.
EY is responding to these changes with a plan and is called Vision 2020, and its objective is to
make EY the leading global professional services organization by 2020.
Fig. 2.3
2.5 Staff
The aim of EY in Human Resources Management is to realize management with respect for
people, that is, providing all employees with opportunities to achieve social contribution and
self- realization through their work, and enabling them to exercise their abilities to think, to be
creative and to perform. For this aim to be achieved, “a relationship of mutual trust and mutual
responsibility between employee and employer” is essential, in which the company gives the
highest priority to ensure stable employment and strives to improve employee conditions, while
all employees execute their duties and responsibilities for the prosperity of the company. This
philosophy is shared by all EY affiliates around the world.
2.6 System
EY follows Divisional System. A divisional system is one step further from the total
centralized control exercised under the entrepreneurial system. This organizational structure
groups operations according to geographical proximity and sub service lines. Rather than
reporting to one single corporate head, each location is led by a general manager or similar
company officer who in turn reports to the Partner of senior manager in London. This structure
offers more flexibility. On the other hand, competition among divisions for scarce resources, the
duplication of effort and confusion over responsibilities regarding financial performance may
increase as the individual divisions grow larger.
2.7Shared Values
The organization focuses on the values such as integrity, commitment, passion,

seamlessness and speed.
Integrity: The organization is very honest at their work and follows ethical values.
Commitment: the organization has a good quality of dedication towards their work which
makes the organization even better.
Passion: the organization has a very strong interest in improving and improving the quality
of work.
Seamlessness: the flow and consistency of work are all put together in order to improve their
work.
Speed: the organization runs quickly in all the departments which would increase the work
processes and reduce the pressure.
CHAPTER-3
Nature and Job Description in the company
PAS- People Advisory Services

I worked as an intern for the tax analyst team (PAS US)
PAS is a Sub-Service Line of Advisory and Tax, bringing together a comprehensive set of people
services offerings. We are a global network with 11,000 professionals in more than 130 countries,
offering deep industry knowledge and experience to more than 2,000 corporate clients worldwide. They
deliver Exceptional Client Service and integrate with the Service Lines to provide end-to-end people
solutions.
EY’s People Advisory Services (PAS) Performance provides a suite of services to support their clients
through periods of transformation; helping them to manage change and develop an effective
organization design. Their main activities sit across four key areas;
 Change architecture - creating a change architecture that defines an integrated change journey for
an organization.
 Organization design - creating an organization design that determines effective organization solutions to
support the desired business outcomes.
 Culture and behavioral change - embedding cultural and behavioral change across an organization to
ensure that benefits are maintained.
 Leadership coaching - creating change leaders who are skilled and willing to drive change at all levels
in the organization.
In PAS Performance, they work across a number of sectors including healthcare, government and public
services, utilities and financial services. These sectors are going through a period of significant change
and we are lucky enough to be at the forefront of supporting our clients through this transformation.
Their projects can vary from short, strategic pieces of work to large scale, long-term transformation
programme
– no two days are the same.
PAS Offers:
Fig. 3.1
Tax accounting outsourcing

 Methodology (initial set-up of the tax accounting framework, creation of tax accounting policies,
etc.)
 Tax reports (all types, including personal tax returns), preparation and submission
 Representation of the client's interests before the state authorities
 Tax accounting review & restoration services
 Tax accounting advisory services
Tax advisory services

 Tax review services
 Tax structuring
 Tax controversy
 Transfer pricing
 Other tax advisory services
Global Mobility Services:
EY team of experts helps in solution of complex issues associated with the effective global mobility
of personnel, ensuring minimization of costs for the company and compliance with all requirements of
tax legislation for both individual employees as well as company.
 Preparation of individual tax returns
 Assistance with managing the double taxation risk (advisory on international treaty
benefits, tax residence confirmations)
 Development of global assignment policies (tax protection and tax equalization policies)
 Structuring the global assignments ensuring compliance with the local legislation in
the jurisdictions involved
 Compliance and advisory services on social insurance for mobile employees
 Analysis of tax liabilities and associated risks for short-term business travelers
Task assigned and Learning outcome at EY
Task Assigned
 Gathering Client data and forming Work support files
 Filing Individual US Tax return
o Resident return (Form 1040)
o NR return (form 1040NR)
o Dual status return
 Listing missing information and raising it to reviewers
 Calculating QBU (Qualified business unit) and F-Bar
 Compensation sourcing for Expatriate return based on US work days.
 Calculating Dividend and interest income based on currency exchange rates.
 Attaching excel calculations and research supporting to file returns
 Completing E-learning courses
 Data privacy and protection
 Information handling system
 EY workforce culture and polices
Learning Outcomes
 Organizational Etiquettes
 Organizational Behavior and attitude.
 Handling Information system
 Engagement specific tools.
 Filing Individual Tax return (USA)
 Time management and goal setting.
I have totally worked for 13 weeks that is from January 20th to April 17th.
The below is the job description which are assigned to me and learning outcome of my
internship. This Internship is the best opportunity for me to learn about the corporate world and I
got the practical exposure to the actual business world. These 13 weeks are the tie where we
learnt the culture of the corporate world and it is the great opportunity for me to work in one of
the global leader company like EY where we get actual exposure and practical knowledge of the
things which we learnt in the college. Here I got the opportunity to know my strength and
weakness and also got the platform to show my skills and overcome my threats.
Week1:
From Jan 20th to Jan 24th I was in the Tax Chat team. Our induction took place for one
day where they explained in detail about the company Ethics, Values and Culture. What was
accepted by the company and what wasn’t, the business etiquettes and corporate culture. And
each of the new hires and the interns got training on soft skills and the rules of the organization
The importance of maintaining client confidentiality all matters. We also got a company laptop
for all the work that we would have to perform. We were trained on how important passwords
were for all the software we used as well as the desktop password. We were told about the data
breach which should never happen from our side. And how careful we should be while posting
anything on social media or discussing something related to work in the public.
In the Tax Chat team, we got trained on how to use the customized application software so that
our work could take much lesser time than it would normally take.
We were trained on US tax and how it works. The 2 main tax seasons in US tax. We got to know
the total number of states in U.S and their abbreviations, what PAS is and also about tax returns.
We learnt more about the states of the U.S and how taxing in different state worked because all
states had different tax regimes. U.S has 3 types of taxes to be filed by the people, they include –
Federal, State and also City Taxes, each state and city having their own tax rules and regulations.
We learnt how to file individual tax returns, the concepts like form 1040 and 1040NR. The
personal details that tax preparer should check before filing a return like- Name, SSN number,
Marital status, Filing status, Dependent details and signature of tax payer and spouse
Learning Outcome:
 Learnt about the Company and its rules and regulations.

 Learnt about the importance of data protection and confidentiality.
 Learnt basics of form 1040
Week 2:
Our training got continued in week 2. We had a revision class on what was trained during last week
and going ahead they taught us concepts like conditions for filing Various tax returns:
Single, married filing jointly, married filing separately, Head of house hold, and qualified widower. The
concepts of who can be claimed as qualifying child and qualifying relatives was taught, which includes
of certain tests. Learnt about states which are exempt from paying various taxes. They taught the
deadlines for filing returns and claiming extensions under form 4868.
Learning Outcome:
 Learnt about the States which are exempt from taxes

 Learnt about the conditions for filing IT returns
 Learnt about Qualifying child and relative tests for claiming as dependent
 Learnt about filing deadlines and extensions (Form 4868)
Week:3
In the third week of our internship we had given training on sourcing the various source of income like
income from wages (form W2), Interest Income (1099 INT), Dividend Income (1099DIV) and Income
from sale of primary residence, Calculation on QBU -Qualified business unit (form 8858) and learnt
about items which are adjusted with income like Educator expenses, Health saving account, alimony
paid, moving expenses, IRA deduction and penalty for early withdrawal of savings. Learnt about stock
options and Residency qualifying test, where one among three test has to be passed in order to file US
tax return:
 He/ she must be a Citizen of United States
 Green card test
 Substantial presence test (SPT)
Learnt about de-minimus rule, basically to push the residency. Also learnt how to file Dual status
return for arrival year and departure year and learnt about various elections and treaties like sec
7701(b) election, 6013(h) election, and 6013(g) election.
Learning Outcome:
 Learnt about the Sourcing various type of Income

 Learnt about stock options
 Learnt about Dual status return
 Learnt about Residency tests
 Learnt about Various elections and treaties.
Week 4:
In the fourth week of our internship we had given training on F-Bar (form FinCen 114) and
FATCA. It is a detail related to taxpayer’s foreign bank account which has to be reported while filing
his tax return. This has to be E-filed and penalty would be charged if they delay to disclose the
information. We also learnt about Totalization agreement and Penalties for late payment of Interest,
Filing return and Underpayment of penalty. They also trained on State and Local tax (SALT) and
reciprocal agreement between different states.
Learning Outcome:
 Learnt about F-Bar and FATCA

 Learnt about Totalization agreement.
 Learnt about Penalties for Late payment
 Learnt about State and local tax (SALT)
Week 5:
In the week five I was assigned to the particular client work and mentioned the team with which I
have to work. I got a Live return on the very first day I joined my team. I had been assigned two return
to prepare. One return was inbound return and the other one was outbound return. I gathered all the
required information for filing those returns and formed work support file. Then I made a list of missing
information for filing those return and raised it to my reviewer. With the information provided by
assignee I finished the return and uploaded it on prescribed website and sent a mail to reviewer on
completion of the return draft.
Learning Outcome:
 Learnt about how to use outlook and skype
 Learnt about gathering client data from various source
 Learnt how to create work support files
 Learnt how to raise missing information
 Learnt how to send prepared returns for review
Week 6:
In the week six I was been assigned few more returns to prepare. All three type of returns has
been given: Resident return, Nonresident return and Dual status return. I gathered all the required
information for filing those returns and formed work support file. Then I made a list of missing
Assignee I was filing the return, there was various source of incomes to be sourced for which I
calculated the amounts using Excel sheets and finalized the return. Then I uploaded the return on agility
along with work support file and excel sheets.
Learning Outcome:
 Learnt about gathering client travel calendar and Tax questionnaire
 Learnt how to source income on excel
 Learnt how to name the files which are prepared at draft stage.
Week 7:
In the week seven I was been assigned few more returns to prepare. All the type of returns has
been given: Inbound return, Outbound return and Dual status return. I gathered all the required
assignee I was filing the return, there was a state tax filing requirement for which the research has to be
made in order to consider as resident state return. After checking the criterions of requirement, I
finalized the return. Then I uploaded the return on agility along with the state research proof added in
Work support file.
Learning Outcome:
 Learnt about adding research proof which are required for filing returns
 Learnt about state filing requirements
 Learnt where to update state income and taxes
 Learnt how to source state income and taxes on Excel
 Learnt about e-learning courses

Week 8:
In the week eight I was been assigned even more returns to prepare. Inbound return, Outbound
return and Dual status returns has been assigned to me. I gathered all the required information like
travel calendar, questionnaire, for filing those returns and formed work support file. Then I made a list
of missing information for filing those return and raised it to my reviewer. With the information
provided by assignee I was filing the return, for calculating outbound return I was asked to source the
income on Excel and then my reviewer asked me to prepare form 1055. After preparing all that I
finalized the return for next stage.
Learning Outcome:
 Learnt about form 1055
 Learnt how to source various items on wage card (Outbound returns)
 Learnt how to download previous year return when required
 Learnt how to download missing information which has been provided by assignee
 Learnt about EY data protection and policies through E-learning.
Week 9:
In the week nine I had been assigned even more returns to prepare. Resident and Dual status
returns have been assigned to me. I gathered all the required information like W2, travel calendar,
questionnaire, and other supporting receipts for filing those returns and formed work support file. Then
I made a list of missing information for filing those return and raised it to my reviewer. With the
information provided by assignee I was filing the return, there was a two sale of foreign rental property
for which QBU calculations has been made. After Calculating two qualified business units, I uploaded
the results on form 8858 and finalized the return for review. I also got few returns to make review
changes and to add missing information which has been provided by the assignee.
Learning Outcome:
 Learnt how to calculate Qualified business unit.
 Learnt about Handling EY information systems.
Week 10:
In the week ten we had intern catch-up meeting with our Intern Camp. Basically, to check how
smooth our internship is going on and also to know if we had any concerns to be raised. We were free to
give feedback on our team and the work they were expecting from us. This was to know how interns
were performing in the busy tax season. After the catch-up meeting we were back to file returns that has
been assigned to us. As usual I gathered all the required information like travel calendar, questionnaire,
for filing those returns and formed work support file. Then I made a list of missing information for
filing those return and raised it to my reviewer. With the information provided by assignee I was filing
the return, which consisted of Income from Interest, Dividend, Self-owned business, QBU and sale of
equity. And I also filed few Non resident return in this week
Learning Outcome:
 Learnt about how to raise concerns if any
 Learnt how to file full-fledged Resident and Nonresident return
 Attended Catch-up sessions
 Learnt how to work on CCH software
 Learnt how to raise issues related to data connectivity and glitches while working on the system.
 Learnt about Tax equalization

Week 11:
In the week eleven I was been assigned few more returns to prepare. Resident return, Nonresident
return and Dual status return. These returns were more complicated, as there was various calculations
and wage sourcing to be made. I gathered all the required information for filing those returns and
formed work support file. Then I made a list of missing information for filing those return and raised it
to my reviewer. With the information provided by assignee I was filing the return, there was various
source of incomes to be sourced for which I calculated the amounts using currency exchange rates on
Excel sheets and finalized the return. Then I uploaded the return on agility along with work support file
and excel sheets.
Learning Outcome:
 Learnt how to draft formal mails for senior manager in the team.
 Learnt how to add research files to work support files
 Learnt filing outbound return along with form 1055
 Also learnt how to manage time in order to finish the work allocated
Week 12:
In the week Twelve I was getting returns for review changes. My reviewer used to mark all the
required changes that has to be made and then I used to make those changes by taking his guidance. It
was totally a great learning for me to know my areas of mistake, so that I don’t repeat it again. I filed
some 2-3VIP returns in this week. And also, prepared FinCen for required returns.
Learning Outcome:
 Learnt to makes required review changes
 Learnt how to file VIP returns.
 Finished taking up all the E-learning courses
 Learnt about penalties and treaties

Week 13:
In the last week of our internship I worked on few resident returns and prepared state taxes for required
returns. I also made few review changes related to the missing information gathered from clients.
Learning Outcome:
 Learnt to prepare Form 1040, 1040NR, 8858, 1055
 Learnt to prepare F-BAR and FATCA -8938
 Learnt to calculate Qualified business units
 Learnt to Print returns and to make review changes
Creating Work support Files
The process of forming Work support files-
 TOSA: Terms of services and agreements

 Calendar
 Days by country
 Travel History
 Compensation
 W2
 Personal Income
 1040 INT
 1040 DIV
 Other sources of income
 Deduction
 Donations
 Other supporting documents
 Emails.
CHAPTER-04
Weekly and Monthly Progress Report

Week – 1 (From 20/01/20 to 24/01/20)
Name: Prajwal G Bharadwaj SRN: PES1201802701
Email: prajwalgb17@gmail.com Phone: 9535373058
Attendance
Date Task Assigned Task Achieved Present (P) or Absent
(A)
20/01/20 Induction Completed P
21/01/20 Training Completed P
Signature
22/01/20 Training Completed P of
23/01/20 Training Completed P Reporting
officer
Aggregate weekly attendance in percentage 100%
Summary of the Weekly Report
We were trained on US tax and how it works. The 2 main tax seasons in US tax. We got to
know the total number of states in U.S and their abbreviations, what PAS is and also about
tax returns. We learnt more about the states of the U.S and how taxing in different state
worked because all states had different tax regimes. U.S has 3 types of taxes to be filed by
the people, they include – Federal, State and also City Taxes, each state and city having
their own tax rules and regulations.
 Learnt about the Company and its rules and regulations.

 Learnt about the importance of data protection and confidentiality.
 Learnt basics of form 1040
Name & Signature with date Name & Signature with date Name & Signature with date
Student Internal Guide External Guide
Weekly Progress Report
Week – 2 (From 27/01/20 to 31/01/20)

Attendance
(A)
Signature
officer
Training got continued in week 2. We had a revision class on what was trained during last week
and going ahead they taught us concepts like conditions for filing Various tax returns:
Single, married filing jointly, married filing separately, Head of house hold, and qualified widower.
The concepts of who can be claimed as qualifying child and qualifying relatives was taught, which
includes of certain tests. Learnt about states which are exempt from paying various taxes. They
taught the deadlines for filing returns and claiming extensions under form 4868.
 Learnt about the States which are exempt from taxes

 Learnt about the conditions for filing IT returns
 Learnt about Qualifying child and relative tests for claiming as dependent
 Learnt about filing deadlines and extensions (Form 4868)
Week – 3 (From 03/02/20 to 07/02/20)

Attendance
(A)
Signature
officer

In the third week of our internship we had given training on sourcing the various source of income
like income from wages (form W2), Interest Income (1099 INT), Dividend Income (1099DIV) and
Income from sale of primary residence, Calculation on QBU -Qualified business unit (form 8858)
and learnt about items which are adjusted with income like Educator expenses, Health saving
account, alimony paid, moving expenses, IRA deduction and penalty for early withdrawal of
savings. Learnt about stock options and Residency qualifying test, where one among three test has
to be passed in order to file US tax return:
 He/ she must be a Citizen of United States
 Green card test
 Substantial presence test (SPT)
Learnt about de-minimus rule, basically to push the residency. Also learnt how to file Dual
status return for arrival year and departure year and learnt about various elections and treaties
like sec 7701(b) election, 6013(h) election, and 6013(g) election.
Week – 4 (From 10/02/20 to 14/02/20)

Attendance
(A)
Signature
officer
In the fourth week of our internship we had given training on F-Bar (form FinCen 114) and
FATCA. It is a detail related to taxpayer’s foreign bank account which has to be reported while
filing his tax return. This has to be E-filed and penalty would be charged if they delay to disclose
the information. We also learnt about Totalization agreement and Penalties for late payment of
Interest, Filing return and Underpayment of penalty. They also trained on State and Local tax
(SALT) and reciprocal agreement between different states.
 Learnt about F-Bar and FATCA

 Learnt about Totalization agreement.
 Learnt about Penalties for Late payment
 Learnt about State and local tax (SALT)
Week – 5 (From 17/02/20 to 21/02/20)

Attendance
(A)
Signature
20/02/20 Filing Tax return Completed P Reporting
officer
21/02/20 Filing Tax return Completed P
In the week five I was assigned to the particular client work and mentioned the team with which I
have to work. I got a Live return on the very first day I joined my team. I had been assigned two
return to prepare. One return was inbound return and the other one was outbound return. I gathered
all the required information for filing those returns and formed work support file. Then I made a list
of missing information for filing those return and raised it to my reviewer. With the information
provided by assignee I finished the return and uploaded it on prescribed website and sent a mail to
reviewer on completion of the return draft.
 Learnt about how to use outlook and skype
 Learnt about gathering client data from various source.
 Learnt how to raise missing information
 Learnt how to send prepared returns for review
Week – 6 (From 24/02/20 to 28/02/20)

Attendance
(A)
Signature
26/02/20 Filing Tax return Completed P of
officer
In the week six I was been assigned few more returns to prepare. All three type of returns has been
given: Resident return, Nonresident return and Dual status return. I gathered all the required
assignee I was filing the return, there was various source of incomes to be sourced for which I
calculated the amounts using Excel sheets and finalized the return. Then I uploaded the return on
agility along with work support file and excel sheets.
 Learnt about gathering client travel calendar and Tax questionnaire
 Learnt how to source income on excel
 Learnt how to name the files which are prepared at draft stage.
Week – 7 (From 02/03/20 to 06/03/20)

Attendance
(A)
Signature
officer
In the week seven I was been assigned few more returns to prepare. All the type of returns has been
given: Inbound return, Outbound return and Dual status return. I gathered all the required
assignee I was filing the return, there was a state tax filing requirement for which the research has to
be made in order to consider as resident state return. After checking the criterions of requirement, I
finalized the return. Then I uploaded the return on agility along with the state research proof added
in Work support file.
 Learnt about adding research proof which are required for filing returns
 Learnt where to update state income and taxes
 Learnt how to source state income and taxes on Excel
Name & Signature with Name & Signature with Name & Signature with
date date date
Week – 8 (From 09/03/20 to 13/03/20)

Attendance
(A)
Signature
officer
In the week eight I was been assigned even more returns to prepare. Inbound return, Outbound
return and Dual status returns has been assigned to me. I gathered all the required information like
travel calendar, questionnaire, for filing those returns and formed work support file. Then I made a
list of missing information for filing those return and raised it to my reviewer. With the information
provided by assignee I was filing the return, for calculating outbound return I was asked to source
the income on Excel and then my reviewer asked me to prepare form 1055. After preparing all that I
finalized the return for next stage.
 Learnt how to source various items on wage card (Outbound returns)
 Learnt how to download previous year return when required
Week – 9 (From 16/03/20 to 20/03/20)

Attendance
(A)
17/03/20 Review changes Completed P
Signature
19/03/20 Review changes Completed P Reporting
officer
In the week nine I had been assigned even more returns to prepare. Resident and Dual status returns
have been assigned to me. I gathered all the required information like W2, travel calendar,
questionnaire, and other supporting receipts for filing those returns and formed work support file.
Then I made a list of missing information for filing those return and raised it to my reviewer. With
the information provided by assignee I was filing the return, there was a two sale of foreign rental
property for which QBU calculations has been made. After Calculating two qualified business
units, I uploaded the results on form 8858 and finalized the return for review. I also got few returns
to make review changes and to add missing information which has been provided by the assignee.
 Learnt how to calculate Qualified business unit.
Week – 10 (From 23/03/20 to 27/03/20)

Attendance
(A)
Signature
officer
In the week ten we had intern catch-up meeting with our Intern Camp. Basically, to check how
smooth our internship is going on and also to know if we had any concerns to be raised. We were
free to give feedback on our team and the work they were expecting from us. This was to know how
interns were performing in the busy tax season. After the catch-up meeting we were back to file
returns that has been assigned to us. As usual I gathered all the required information like travel
calendar, questionnaire, for filing those returns and formed work support file. Then I made a list of
missing information for filing those return and raised it to my reviewer. With the information
provided by assignee I was filing the return, which consisted of Income from Interest, Dividend,
Self-owned business, QBU and sale of equity. And I also filed few Non-resident return in this week
 Learnt about how to raise concerns if any
 Learnt how to file full-fledged Resident and Nonresident return
 Attended Catch-up sessions

Week – 11 (From 30/03/20 to 03/04/20)

Attendance
(A)
Signature
officer
In the week eleven I was been assigned few more returns to prepare. Resident return, Nonresident
return and Dual status return. These returns were more complicated, as there was various
calculations and wage sourcing to be made. I gathered all the required information for filing those
returns and formed work support file. Then I made a list of missing information for filing those
return and raised it to my reviewer. With the information provided by assignee I was filing the
return, there was various source of incomes to be sourced for which I calculated the amounts using
currency exchange rates on Excel sheets and finalized the return. Then I uploaded the return on
 Learnt how to draft formal mails for senior manager in the team.
 Learnt how to add research files to work support files
 Learnt filing outbound return along with form 1055

Week – 12 (From 06/04/20 to 10/04/20)

Attendance
(A)
Signature
officer
In the week Twelve I was getting returns for review changes. My reviewer used to mark all the
required changes that has to be made and then I used to make those changes by taking his guidance.
It was totally a great learning for me to know my areas of mistake, so that I don’t repeat it again. I
filed some 2-3VIP returns in this week. And also, prepared FinCen for required returns.
 Learnt to makes required review changes
 Learnt how to file VIP returns.
 Finished taking up all the E-learning courses
 Learnt about penalties and treaties

Week – 13 (From 13/04/20 to 17/04/20)

Attendance
(A)
Signature
officer
In the last week of our internship I worked on few resident returns and prepared state taxes for required
returns. I also made few review changes related to the missing information gathered from clients.
 Learnt to prepare Form 1040, 1040NR, 8858, 1055
 Learnt to prepare F-BAR and FATCA -8938
 Learnt to calculate Qualified business units
 Learnt to Print returns and to make review changes
Monthly Progress Report 1
Month 1: 20th Jan – 14th Feb 2020.

Name: Prajwal G Bharadwaj
SRN: PES1201802701
Internship Company: Ernst & Young LLP
We were trained on US tax and how it works. The 2 main tax

seasons in US tax. We got to know the total number of states in
U.S and their abbreviations, what PAS is and also about tax
returns. We learnt more about the states of the U.S and how taxing
Summary of
in different state worked because all states had different tax
Week 1
regimes.
U.S has 3 types of taxes to be filed by the people, they include –
Federal, State and also City Taxes, each state and city having their
own tax rules and regulations.
Training got continued in week 2. We had a revision class on what

was trained during last week and going ahead they taught us
concepts like conditions for filing Various tax returns:
Single, married filing jointly, married filing separately, Head of
Summary of
house hold, and qualified widower. The concepts of who can be
Week 2
claimed as qualifying child and qualifying relatives was taught,
which includes of certain tests. Learnt about states which are
exempt from paying various taxes. They taught the deadlines for
filing returns and claiming extensions under form 4868.
In the third week of our internship we had given training on

sourcing the various source of income like income from wages
Summary of
(form W2), Interest Income (1099 INT), Dividend Income
Week 3
(1099DIV) and Income from sale of primary residence,
Calculation on QBU -Qualified business unit (form 8858) and
learnt about items which are adjusted with income like Educator
expenses, Health saving account, alimony paid, moving expenses,
IRA deduction and penalty for early withdrawal of savings. Learnt
about stock options and Residency qualifying test, where one
among three test has to be passed in order to file US tax return
In the fourth week of our internship we had given training on F-
Bar (form FinCen 114) and FATCA. It is a detail related to
taxpayer’s foreign bank account which has to be reported while
filing his tax return. This has to be E-filed and penalty would be
Summary of charged if they delay to disclose the information. We also learnt
Week 4 about Totalization agreement and Penalties for late payment of
Interest, Filing return and Underpayment of penalty. They also
trained on State and Local tax (SALT) and reciprocal agreement
between different states.
Month 2: 17th Feb - 20th Mar 20

SRN: PES1201802701
During this week, I was assigned to the particular client work and
mentioned the team with which I have to work. I got a Live return
on the very first day I joined my team. I had been assigned two
Summary of
return to prepare. One return was inbound return and the other one
Week 1
was outbound return. I gathered all the required information for
filing those returns and formed work support file. Then I made a
list of missing information for filing those return and raised it to
my reviewer. With the information provided by assignee I finished
the return and uploaded it on prescribed website and sent a mail to
reviewer on completion of the return draft.
In this week, I was been assigned few more returns to prepare. All
three type of returns has been given: Resident return, Nonresident
return and Dual status return. I gathered all the required
information for filing those returns and formed work support file.
Then I made a list of missing information for filing those return
Summary of
and raised it to my reviewer. With the information provided by
Week 2
assignee I was filing the return, there was various source of
incomes to be sourced for which I calculated the amounts using
Excel sheets and finalized the return. Then I uploaded the return
on agility along with work support file and excel sheets.
I was been assigned few more returns to prepare. All the type of
returns has been given: Inbound return, Outbound return and Dual
status return. I gathered all the required information for filing
those returns and formed work support file. Then I made a list of
missing information for filing those return and raised it to my
Summary of reviewer. With the information provided by assignee I was filing
Week 3 the return, there was a state tax filing requirement for which the
research has to be made in order to consider as resident state
return. After checking the criterions of requirement, I finalized the
return. Then I uploaded the return on agility along with the state
research proof added in Work support file.
In the week eight I was been assigned even more returns to

Summary of prepare. Inbound return, Outbound return and Dual status returns
Week 4 has been assigned to me. I gathered all the required information
like travel calendar, questionnaire, for filing those returns and
formed work support file. Then I made a list of missing
information for filing those return and raised it to my reviewer.
With the information provided by assignee I was filing the return,
for calculating outbound return I was asked to source the income
on Excel and then my reviewer asked me to prepare form 1055.
After preparing all that I finalized the return for next stage.
In this week, I had been assigned even more returns to prepare.

Resident and Dual status returns have been assigned to me. I
gathered all the required information like W2, travel calendar,
questionnaire, and other supporting receipts for filing those returns
and formed work support file. Then I made a list of missing
Summary of With the information provided by assignee I was filing the return,
Week 5 there was a two sale of foreign rental property for which QBU
calculations has been made. After Calculating two qualified
business units, I uploaded the results on form 8858 and finalized
the return for review. I also got few returns to make review
changes and to add missing information which has been provided
by the assignee.
Month 3: 23rd Mar- 17th Apr 20

SRN: PES1201802701
In this week, we had intern catch-up meeting with our Intern Camp.
Basically, to check how smooth our internship is going on and also
to know if we had any concerns to be raised. We were free to give
feedback on our team and the work they were expecting from us.
This was to know how interns were performing in the busy tax
season. After the catch-up meeting we were back to file returns that
has been assigned to us. As usual I gathered all the required
Summary of
information like travel calendar, questionnaire, for filing those
Week 1
returns and formed work support file. Then I made a list of missing
With the information provided by assignee I was filing the return,
which consisted of Income from Interest, Dividend, Self-owned
business, QBU and sale of equity. And I also filed few Non-
resident return in this week
I was been assigned few more returns to prepare. Resident return,

Nonresident return and Dual status return. These returns were more
complicated, as there was various calculations and wage sourcing
to be made. I gathered all the required information for filing those
returns and formed work support file. Then I made a list of missing
Summary of information for filing those return and raised it to my reviewer.
Week 2 With the information provided by assignee I was filing the return,
there was various source of incomes to be sourced for which I
calculated the amounts using currency exchange rates on Excel
sheets and finalized the return. Then I uploaded the return on
In this week, we I was getting returns for review changes. My

Summary of
reviewer used to mark all the required changes that has to be ma
Week 3
and then I used to make those changes by taking his guidance. It
was totally a great learning for me to know my areas of mistake, so
that I don’t repeat it again.
In the last week of our internship I worked on few resident returns

Summary of and prepared state taxes for required returns. I also made few
Week 4 review changes related to the missing information gathered from
clients.
Bibliography:
 www.ey.com
 wikipedia.com

Prajwal G Bharadwaj - EY Internship Report

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Prajwal G Bharadwaj - EY Internship Report

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A Report on

Internship at Ernst & Young LLP

PES UNIVERSITY, Bengaluru

Under the guidance of

INTERNAL GUIDE EXTERNAL GUIDE

MBA Program (Batch: 2018-20)

Name of Internal Evaluator:

Signature with Date:

Name of Internal Examiner:

Signature with Date:

Name of External Examiner:

Signature with Date:

MBA Program, PES University Page | I

This is to certify that Mr. Prajwal G Bharadwaj bearing SRN: PES1201802701, is a

Prof. Ravi Urs Dr. Veena A

from any other University/Institution.

Date: Signature of Student

MBA Program, PES University Page | III

MBA Program, PES University Page | IV

Chapter -1 Introduction to corporate Internship: Orientation about the

Chapter -3  Summary of job assigned in the company and

1.1 Competitors Logo 9

2.1 The McKinsey 7S Framework 11

2.2 Managerial Structure 13

2.3 EY Vision Statement 15

3.1 People Advisory Service (PAS) 18

1.1 INTRODUCTION TO CORPORATE INTERNSHIP:

An internship is on-the-job training for many professional jobs, similar to an apprenticeship,

Ernst and Young LLP

MBA Program, PES University Page 1 of 48

1.2 Nature of Business:

 Argentina (Buenos Aires)

1.3 Services Profile:

 Transaction Advisory Services (TAS): deals with companies' capital transformation –

 People with energy, enthusiasm and the courage to lead; and

 People who build relationships based on doing the right thing.

Brief on all our core business services:

MBA Program, PES University Page 7 of 48

Quality and Risk Management

1.4 Area of operations:

The firm is geographically organized as follows:

 EMEIA: Europe, Middle East, India and Africa

KPMG is EY's #2 competitor. KPMG is headquartered in Amstelveen, Noord-Holland, and was

The McKinsey 7S Framework

IT, Data Analytics and Cyber

Meanwhile Industrial, Commercial, Technological (ICT) business provides a broader, more

Senior Engagement Manager

Some of the organizational skill which is noticed during my internship is as follows:

2.3.1 Team work

2.3.2 Mutual trust

2.3.4 Time management

2.3.5 Strategic planning

The organization focuses on the values such as integrity, commitment, passion,

Nature and Job Description in the company

PAS- People Advisory Services

Tax accounting outsourcing

Tax advisory services

Task assigned and Learning outcome at EY

 Learnt about the Company and its rules and regulations.

 Learnt about the States which are exempt from taxes

 Learnt about the Sourcing various type of Income

 Learnt about F-Bar and FATCA