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Aamir Salman Rizwan Chartered Accountants

Internship Report submitted to the Ma.am Rahila in Partial Fulfillment of the

Requirements for the Degree of Bachelor in Business Administration.

Submitted By:
Muhammad Zeeshan
Registration Number: 153201
Session 2015-2019

Submission date: 6th August 2019

Institute of management sciences (Pak-Aims)

Faculty of Management Studies
23 E-III Gulberg III Cavalry Road, Lahore.

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1. Scanned copy of the internship certificate (provided by the organization)

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Acknowledgement
In the name of Allah Almighty: the most Gracious, the most Merciful, the most
Beneficent and the most Bounteous. During 4th March till July 4th, I served as an intern for
Amir Salman Rizwan chartered Accountants Firm with MSI Global Alliance, Amir Salman
Rizwan chartered Accountant is officially registered, a certified public accountant firm. First
of all, I would like to express my deepest gratitude to Allah S.W.T who is obviously has
guided me to work on the right path and giving me strength during my training. Next to Him
are my both parents who had always support and being understanding while I am doing
practical training.
Bearing in mind previous I am using this opportunity to appreciation of kindness to
Mr. Rizwan for guiding me and always keep me on the correct path and allowing me to carry
out my project at their esteemed organization. Not to forget, a big thanks to our audit
manager, Mr. Ali Tarmizee for giving necessary advices and guidance during my practical
training. I choose this moment to acknowledge her contribution gratefully. Thanks to Mr.
Fahad Hussain, the lecturer in charge for practical training for always guide us whenever we
have problem during training. I would like to thank Shahbaz Malik for availability of time to
visit us and evaluating our practical training. I am also appreciate the effort of all friends who
are willing to help and give an encouragement during practical training.
This internship opportunity I had with ASR Chartered Accountants was a great
chance for learning and professional development. I had a huge variety of experiences and
was fortunate to get the opportunity to work with so many different people. But the most
important part of all this is that I was asked to do important tasks and given challenging
assignments across this broad spectrum of experiences. That is what sets ASR Partners apart
for me, and it is what made my internship special. ASR Chartered accountants will challenge
you to take on as much as you can, even if it means making mistakes the first time around. I
perceive as this opportunity as a big milestone in my career development. I would like to
express my sincerely gratitude to all staff of the firm for their patience in guiding and
teaching me throughout my internship which were extremely valuable for my study both
theoretically and practically. A lot of experiences and knowledges that I have gain in this
firm.

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Executive Summary

The internship was carried out at Amir Salman Rizwan Chartered Accountants affiliated by
MSI Global Alliance situated in Lahore. Since my area of specialization, finance & Audit and
assurance department. The basic goal and aim of my internship is to view how the different
concepts we learned from our degree courses is applicable in the organizations. I also want to
learn the work environment in the organization that how the employees work in the
organization, how they behave with each other etc. And I almost achieved the above goal. It
helped me to gain invaluable practical experience and gave me a perfect opportunity to study
and adapt myself to the job environment as well as allowing me to enhance my current skills
and develop new ones for a period of 12 weeks.
Although it was a necessary requirement for my BBA degree to undertake an internship
program of minimum 12 weeks in any company. I was also willing to complete it as I knew it
would offer me a precious chance to know how actually business activities are conducted in a
job environment and how different employees work together on common objectives. I wanted
to align myself with those employees and to study how Accountant actually work, how they
coordinate their activities, and to take part in all those tasks which are routine work for the
respective employees.
I took part in various activities to gain a knowhow regarding daily business work and to
perform certain ones which I hadn’t done before and that directly contributed towards the
company’s own work. Among the frequent activities.
As a student of finance, I had to work with the team manager and team leaders most of the
time to get some insight regarding clients and the company’s most profitable customers.
While working with the respective employees of the entire team, I learnt how work is
distributed and how certain employees accomplish their tasks and limits and restrictions of
every employee.
Likewise, an established hierarchy exists at the top of which is followed by the Seniors
Managers than Managers and supervisors and then job in charge. Different projects were
divided to different teams. Every team consists of Senior Manager, Manager, Supervisor and
job in charge that supervises and monitors the activities of all the designated employees
below him and approves and verifies all the all the working held in the employee’s end.

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Table of Contents

Introduction of the Firm..........................................................................................................1

Firm History....................................................................................................................1
Client Relationship Portfolio...........................................................................................3
INTERODUCTION OF ALL THE DEPARTMENT..........................................................4
Distinctive Services.........................................................................................................4
Accounting and Bookkeeping..........................................................................................4
Audit and Assurance.......................................................................................................5
Business and Financial Advisory......................................................................................6
Corporate Advisory and Compliance...............................................................................7
ERP Implementation.......................................................................................................8
Tax Advisory and Compliance.........................................................................................8
Comments on organization Structure..............................................................................9
Firm Information...................................................................................................................10
WORK DESCRIPTION:....................................................................................................11
CRITICAL ANALYSIS.........................................................................................................13
Usefulness of program..................................................................................................13
Self-assessment............................................................................................................13
FINDINGS AND RECOMMENDATIONS.........................................................................14
Respect and kindness:...................................................................................................14
Coordination and knowledge:.......................................................................................14
Employee sincerity:.......................................................................................................15
Appropriate incentives..................................................................................................15
Change with changing environment..............................................................................15
CONCLUSION.......................................................................................................................16

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Overview of the Organization

Aamir Salman Rizwan is a growing firm of chartered accountants in Pakistan which is

providing assurance, tax and advisory services to national and international clients. The Firm

helps clients unlock their potential for growth by providing meaningful, forward-looking

advice.

Introduction of the Firm

Firm History

Mr. Ahmad Salman Arshad, having qualified with Grant Thornton Anjum Rahman, formed

Salman Arshad Chartered Accountants in November 2012. Mr. Salman also served in Grant

Thornton Anjum Rahman in managerial role for three years. As the Firm began to expand its

operations, Muhammad Rizwan joined the Firm in May 2014 and Mr. Ali Jawad Hussain in

April 2015 as Directors with the motto to foster growth and provide high-quality services to a

large number of clients. Mr. Rizwan and Mr. Ali were also previously associated with Grant

Thornton Anjum Rahman as trainees and in managerial role as well, and carry with them

huge experience of assurance and advisory. In April 2017, Mr. Amir Shahbaz and Mr. Kashif

Arif joined the firm as Partners. In October 2018, Mr. Rizwan became Partner of the Firm.

Mr. Aamir, having qualified with Rahman Sarfraz Rahim Iqbal Rafiq, was also practicing as

a Sole Practitioner in the name and style of A. Shahbaz & Co. Chartered Accountants since

November 2012. Before starting practice, he has also served for three and half years in a large

textile listed company as Company Secretary and Finance Manager. He has also worked in a

cargo group as General Manager Finance for one year. He is also a renowned educationist in

the field of Corporate Laws in Pakistan. Muhammad Qasim Ijaz joined A. Shahbaz & Co. in

May 2014 as Director. Mr. Qasim was also previously associated with Grant Thornton

Anjum Rahman as trainee, and carries with him enormous experience of assurance and

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outsourcing services. Effective February 01, 2019, Mr. Aamir merged business operations of

A. Shahbaz & Co. with Salman Arshad to form Aamir Salman Rizwan Chartered

Accountants; Mr. Kashif Arif retired from the Firm as Partner after reconstitution. History of

the Firm to date is short but successful and promising. Within four months of its formation,

the Firm obtained Satisfactory Quality Control Review (QCR) Rating from the Institute of

Chartered Accountants of Pakistan. The Firm also obtained Satisfactory Firm Level Review

rating of ICAP in compliance with the requirements of ISQC 1 in 2016 as soon as ICAP

started this program. The Firm is an approved Training Organization (TO) of ICAP, and is

authorized to train CA students under ICAP bye-laws. The Firm is also Authorized Training

Employer (ATE) of ICAEW in Pakistan. Effective August 06, 2016, Firm is registered with

Audit Oversight Board. In 2018, the Firm obtained registration of Pakistan Software Export

Board (PSEB).

Effective January 01, 2019, the Firm is exclusive member of MSI Global Alliance in

Pakistan. With a successful track record over more than 25 years, MSI is global association

of over 250 independent legal and accounting firms in more than 100 countries. MSI Global

has 253 members worldwide. In 2017 MSI was awarded Rising Star Association of the year

by International Accounting Bulletin. MSI member firms have global revenue of USD 1,372

million and ranks 8 among the global accounting associations in terms of gross fees billed.

The Firm has rapidly expanded into one of the most progressive and professional service

organizations. Our senior team draws on their combined 60-year experience to find you

innovative ideas and solutions.

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Client Relationship Portfolio

 Banking and Finance

 Beauty and Saloon

 Education

 Engineering and Construction

 Foods & Beverages

 Hospitality and Other Services

 Housing and Real Estate

 IT and Telecommunications

 Manufacturing and Extraction

 Non-Profit Organizations

 Pharmaceuticals and Healthcare

 Power and Petroleum

 Public Sector

 Media and Publishers

 Retail and Distribution

 Rice and Floor Mills

 Textile and Sugar

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INTERODUCTION OF ALL THE DEPARTMENT

Distinctive Services

It is vision of the Firm to provide highest quality services to its clients that contribute towards

clients’ growth as well as the economic growth at macro level. Therefore, quality, team

development and compliance with professional standards are of utmost importance for the

Firm. We want to express our heartfelt gratitude to our clients for the trust they have been

placing in us. Since 2012, over one hundred and fifty companies have been our clients. We

have proven our expertise and experience in a number of industries and provided professional

services on a number of topics. We give below a summary of primary services that we offer

to our valued clients:

 Accounting and Bookkeeping

 Audit and Assurance

 Business and Financial Advisory

 Corporate Advisory and Compliance

 ERP Implementation

 Human Resource Consulting

 Tax Advisory and Compliance

Accounting and Bookkeeping

Our professional team specializes in accounting, management information and financial

reporting services through its commitment towards enabling the management to keep up-to-

date financial information for its strategic planning and effective decision making. Accounts

are a valuable source of financial information to help you identify strengths and weaknesses

within your business and support decision making. We provide assistance with every aspect

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of your accounts function, from day-to-day processing to the preparation of annual accounts

to meet business, regulatory and other compliance requirements. We can work with you or

with your existing accounting staff or provide a complete outsourced function, depending on

your requirements.

You can focus on your business operations, while enjoying the peace of mind that you are

meeting your statutory requirements.

Our accounting and booking keeping team provides following services:

 Assistance in Maintaining Books of Account including Data Entry

 Inventory Count

 Outsourcing of Accounting Function

 Preparation of Financial Statements & Consolidation of Financial Statements

 Preparation of Fixed Asset Register

 Preparation of Management Reports

 Training on Accounting Matters

Audit and Assurance

Our audit services include performing audits of financial statements of corporations, limited

companies, partnerships, entities incorporated under special enactments and societies. We

conduct audits of clients as stipulated under the various laws in Pakistan and also conduct

them as special assignments where requirement of audit is not mandatory. These include

management audits, internal audits including outsourcing and co-sourcing and investigations.

Our experienced team has capabilities to provide audit services to clients ranging from large

multinationals and listed companies to medium sized companies, nongovernmental / non-

profit organizations and donor agencies.

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In recent times, the only way to provide meaningful assurance services is to focus on business

risks and the quality of processes and controls underlying financial reporting and

management assertions. Therefore, our objective is to work with our clients to develop

practical solutions to enhance business performance.

Our assurance team provides following services:

 Agreed Upon Procedures (AUP) Engagements

 Cost Audit and Analysis

Forensic Audit and Investigations

 Internal Audit and System Reviews

 Project Audit for Donor Organizations

 Provision of Regulatory and Other Certificates

 Regulatory Audit and Compliance Reviews

 Special Audits and Reviews

 Statutory Audits

Business and Financial Advisory

To help navigate through current business challenges, we provide a comprehensive range of

services in the areas of business advisory and financial management and have the expertise in

a number of highly specialized advisory areas particularly relevant to businesses in an

uncertain economy.

Our business consulting helps organizations to improve their performance primarily through

analysis of existing organization problems and development of plans for improvement. Our

financial consulting services focus on creating and managing enterprise value. We provide a

complete suite of services to support the CFO from performance measurement to business

risk identification, improve cash flow, streamline processes, measure and manage business

performance, and preparation and review of financial models, feasibilities.

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Our advisory team provides following services:

 Budgetary Control

 Business Process Re-engineering (BPR) and Gap Analysis

 Corporate and Project Financing

 Corporate/Family Business Restructuring

 Development and Review of SOPs, Systems and Procedures

 Due Diligence

 Financial Monitoring

 Mergers and Take Overs

Corporate Advisory and Compliance

Our corporate advisory team provides the strategic information you need to assess change

and provide an extension to your staff for help with your unique needs. You will have the

knowledge needed to improve the learning curve and organizational performance.

Our corporate advisory and compliance team provides following services:

 Assistance and Advice in Setting-up of Corporate/Group Structures

 Assistance in Incorporation of Companies/Businesses

 Corporate Technical Advice/Opinions

 Establishing Branch Office in Pakistan

 Liquidation and Winding up of Companies

 Secretarial Compliance

 Training on Various Corporate Laws

ERP Implementation

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Our objective in providing IT services is to assist you in automating the business processes of

your organization and to resolve the information system glitches to align your IT function to

your strategic goals.

ASR team has experience in handling all aspects of ERP implementation so that:

 Your ERP system is implemented timely;

 You have the information system based on best practices; and

 Your information system provides timely, accurate and meaningful information for

Decision making.

Tax Advisory and Compliance

There is no reason to pay more than you have to. With our expert advice, and our detailed

knowledge of your business, we are ideally placed to identify tax planning opportunities and

take steps to minimize your taxes. We work with the clients including sole proprietors,

limited companies and other corporations to prepare tax computations, file tax returns, and

telling you what tax is due and when.

Our taxation team provides following services for both direct and indirect taxes:

 Approvals/Exemptions from Tax Authorities

 Business Restructuring from Tax and Regulatory Perspective

 Computation of Tax Liability

 Filing of Tax Returns, Certificates, etc.

 Personal Taxation

 Providing Tax Opinions

Comments on organization Structure

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The Organization structure of ASR chartered accountants is wide the top management and

partners directly involved with the different assignments and overview the team performance.

The basically the benefit of the wide structure I personally observe you are directly involve

and coordinate with your top management and you are answerable to them. So the

opportunity of the learning is increase and you know the ethics to work in the organization.

Overall the

Ahmed Salman Amir Shahbaz Muhammad

Arshad FCA FCA Ownership
Rizwan ACA

Director’s
Muhammad
Ali Javad Hussain
Qasim Ijaz APFA

Audit Advisory
Tax department HR department
department department

Manager Manager Managers Managers Manager

Team Team Senior Traniee Senior Traniee Seniors

Teams of Traniee Teams of Traniee

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Firm Information

Business Name: Aamir Salman Rizwan Chartered Accountants

Business Type: Partnership Firm

International Affiliation: MSI Global Alliance (ranks 8th among global Accounting

Associations)

Registrations: Registered with Audit Oversight Board (AOB)

Satisfactory QCR Rating from ICAP

Registered with Pakistan Software Export Board (PSEB)

Approved Training Organization (TO) of ICAP

Authorized Training Employer (ATE) of ICAEW

Registered with Federal Board of Revenue (FBR)

Registered with Punjab Revenue Authority (PRA)

Mailing Address: 414, Block F, Phase 1, Johar Town, Lahore

Phone +92 (333) 4853 599

Email info@asr-ca.pk

Website www.asr-ca.pk

Number of Partners Three (3)

Number of Directors Two (2)

Number of Other Staff 45

Total Number of Staff 50

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WORK DESCRIPTION:

I started my internship in Amir Salman Rizwan chartered accountants firm in audit and

assurance department. I learnt about the audit procedures and on DUE DILIGENCE,

reasonable steps taken by a person in order to satisfy a legal requirement, especially in buying

or selling something. which the firms use in their work to maintain accounts and balances.

audit procedures are

• Existence or occurrence. Assets or liabilities of the entity exist at a given date and

recorded transactions have occurred during a given period.

• Completeness. All transactions and accounts that should be presented in the financial

statements are so included.

• Accuracy. Transactions and account balances are accurately recorded.

• Valuation. Assets are stated at realizable value, and liabilities are stated at expected

settlement amounts.

• Rights and obligation. Assets are the rights of the entity and liabilities are the

obligations of the entity at a given date.

• Presentations and disclosure. Particular components of the financial statements are

properly classified, described and disclosed.

1st weak In my first week of internship, I observed the maintenance and hierarchy of

ASR chartered accountants and followed up the policies and procedures of the

firm. In that time period, I learnt how to maintain the doc.

2nd Weak In second week Mr. Rizwan assigned me the working on the feasibility report

and arranged the meeting with client and I know how to obtain the doc for

client and I learn the benefits of the feasibility report.

3rd weak I understand the benefits of interpersonal skills.

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4th weak In the 4th week assigned me the special assignment with my senior persons in

which I learned many of the things related to the SECP. (diplex BS) and

duration of this assignment was around one month, in which I learned a lot of

work related to world and excel that is very beneficial for me. Further I know

how to maintain the doc. And how to verify the procedures.

5th weak Reference 4th weak

6th weak Reference 4th week

7th weak In the 7th week of my internship I concluded my work of diplex and assign on

the next client On sole.

8th weak I learned that how to implement the SOP on the client with my senior person

Mr. Fahad that assignment is approximate 2 week

9th weak Reference 8th week

10th weak I learn the accounting cycle and ledgers making process

11th weak Then I learn how to maintain the accounts I work on SME accounts and learn

how to maintain the account and balancing processes of the account.

12th weak Reference 12th week.

Overall the internship program with professional accountants is very beneficial for me and

my future know I’m very motivated with my future professional studies and I am very

thankful to all my senior person who engage me with different assignments and help me to

enhance my skills.

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ANALYSIS

Usefulness of program

The general notion present in Pakistan is that chartered accountant firms are most often

related with finance or accounting and auditing, tax human resource and have very little to do

with marketing. That maybe the case depending on the type of operations that take place but

when a more in-depth analysis and insight is obtained, the findings are quite contrary to

popular belief. A marketing student may easily survive without having knowledge of finance,

so can a human resources student, but for a finance student to succeed, he must have the basic

know how related to many common fields among which finance and human resource play a

vital role.

Self-assessment

On my own assessment, I believed I did a remarkable job. I never showed a casual attitude

towards work and always came early and left late because I wanted to remain loyal with my

work. I was always available for work and other projects and was never satisfied that I learnt

everything. I kept pushing to understand each and every thing about auditing and somehow

finance and performed my duties at a good rate. To get a taste of the practical environment

for the first time was and will be really beneficial for my career ahead, and I also learnt many

new things and procedures and also enhanced my knowledge about auditing and due

diligences.

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CONCLUSION
Amir Salman Rizwan Chartered accountants is a well reputed institution not just in Pakistan

Main office situated in the Lahore. These young CA partners perform a better audit and Tax

related services and the have a well applicated by the clients Although not at the summit at

present, but its policies and approach hold it in good stead to challenge the top players sooner

rather than later. Of course, it was a great first experience to be working in a practical

environment and during my tenure; I learnt many things regarding the profession as well as

obtained useful guidelines about how one should conduct him or herself in the practical

settings.

I appreciate the help of all my Senior colleagues in the office premises who made me feel like

part of the team and taught me really well about the industry. I learnt it is one of the riskiest

businesses one can undertake with success depending more on external factors than on

internal factors. This institute hopes to take special measures to ensure that its employees are

well respected and that they operate in a friendly environment because their morale and

motivation will ultimately lead to customer satisfaction and improve service quality and

eventually create a favorable brand name and increase goodwill. Although in a limited time

period it is impossible to study and perform each and every function and understand all the

particulars of a specific profession, but I did my utmost to accomplish every task as quickly

as possible and to gain experience and knowledge about this profession and I hope this

internship program will benefit me in my years to come. In my observation, I have readily

concluded that the firm, like other accounting firms make industry-ready work force due to

professional engagements and compliance with highest of standards the firm has to comply

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with; and mold the best practices according to the local industry and its specialized

challenges. The profession of accounting will only thrive if the knowledge base of the

resource is best suited, comprising both practical and theoretical intellect, which this firm,

like its counterparts, is making available in the market.

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