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Raisoni Pdfcookiecom-Chartered-Accountant-Firm-Internship-Report
Raisoni Pdfcookiecom-Chartered-Accountant-Firm-Internship-Report
lOMoARcPSD|21151059
A PROJECT
REPORT
ON
Submitted by
Arjit Maheshwari
BCMH1CF11012
Batch of 2011-14
At
June-July 2013
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DECLARATION
Place: Etah
Date:
2|Page
ACKNOWLEDGEMENT
It is a great opportunity & pleasure for me to express my profound gratitude to wards all the
individuals who directly or indirectly contributed towards completion of this report.
Working on this report was a great fun, excitement, challenges and a new exposure in the field
of finance. I am greatly in debated to under whose guidance and concern I am able to bring the
report into its real shape.
Arjit Maheshwari
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INDEX
Chapter 1: 5
1
Introduction
Chapter 2: 6
2
Industry Profile
Chapter 3 10
3
Company Profile
Chapter 4 12
4
Objective of the Study
Chapter 5 13
5
Job / Work Description
Chapter 6 26
6
Achievements & Learning
Chapter 7 27
7
Suggestions
Chapter 8 29
8
Limitations
30
9 Conclusion
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Organization is working as a Chartered Accountants firm under the rules and regulations and
code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India).
The Institute of Chartered Accountants of India (ICAI or the Institute) was established as
statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the
profession of accountancy in the country.
ICAI is governed by the Council which consists of nineteen members. Fifteen members are
elected from amongst the members for a period of four years. The remaining four of the Council
members are nominated by the Government of India.
Mission of ICAI:
These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.
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Organizational Structure
A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the
items are represented as being "above," "below," or "at the same level as" one another and
with only one "neighbour" above and below each level. These classifications are made with
regard to rank, importance, seniority, power status, or authority. A hierarchy of power is
called a power structure.
• Partners
• Directors
• Senior Managers
• Managers
• Supervisors
• Senior Trainee Students
• Junior Trainees
Partners are often the founders of the firms. Most of the firms’ names are associated with the
names of partners. They are basically the main parties who issue and sign any report
(specifically audit report) on behalf of the firm. Partners mostly communicate with the Senior
Managers. In other words, the progress of any report and any inquiry is made from the Senior
Managers and hierarchal structure is strictly followed to avoid any disruption.
Managers are inquired of by Senior Managers and mostly manager manage audit field works
etc and after field work managers with cooperation of senior managers makes and finalize
any audit report to be issued. Senior Manager is a qualified Chartered accountant having
more than 10 year working experience.
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Field work and information collection and implementation of policies by adopting changes
in rules & regulations is the main responsibility of supervisors and trainees. They use
different kind of techniques for error and fraud detection.
A.K.A & Co. Is having its head office in Etah. Almost all the controls and regulations are
dealt at head office in Etah. All the offices constitute different number of departments who
basically handle their respective functions. The major departments include
Firm emphasis on delivering high quality services to clients, adding value to their business
through identification of existing and potential control risks and suggesting best possible
measures in the given circumstances. Firm always place priority in deploying audit teams to
clients who are well equipped with the specific industry knowledge, experience and are
professionally sound.
• Tax & Corporate Department: Firm delivers taxation services to clients and
assists them in obtaining optimal tax benefits available under the laws. Firm
also assist clients to comply with the tax rules and regulations and always keep
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them updated with the latest developments and amendments. Tax personnel are
qualified professionals, experienced and knowledgeable. We maintain a
comprehensive tax library which always provides ready references and timely
solution in complex situations. Firm provides a comprehensive range of tax
services which includes;
In A.K.A. & Co. same staff is handling with tax matters as well as corporate sector. While in
corporate firm provides different kinds of services relating to corporate sector from
incorporation to winding up of a Company.
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The hierarchy adopted by A.K.A. & Co. is in accordance with the legal structure a CA firm
shall have. Although the ICAI rules permit of not having the supervisors and does not make it
mandatory having senior manager and manager, yet this goes as additional benefit for the
firm of having such an extensive hierarchy.
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COMPANY PROFILE
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CORPORATE SERVICES
• Incorporation of company
• Clause 49 review for compliance with fiscal, corporate and tax laws
AUDIT
• In-depth study of existing systems, procedures and controls for proper understanding.
Suggestions for improvement and strengthening.
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• Comprehensive review to ensure that the accounts are prepared in accordance with
Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.
• Certification of the books of account being in agreement with the Balance Sheet and
Profit and Loss Account.
• Tax Audit under Section 44AB of the Income Tax Act, 1961.
• Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
• Concurrent Audits.
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now I have practical some practical experience of working in organisation. Now I have
knowledge about the organisation’s working environment and how organisations work and
achieve their goals and objectives.
This internship has to gives me the understanding of business and also about the elements
of strategic thinking, planning and implementation, and how these things are applied in a
real world organisation environment. Following are the objectives that I have in my
mind before working as an internee.
JOB DESCRIPTION
I have tried my best to enhance my abilities and apply the knowledge that I gained during the
studies. On my first day at firm, company secretary Miss. Nensi Goyal gave me training session
about TDS returns and computerised accounting in tally software. Mr. Rahul Goyal (assistant)
also shared his practical experience with me and gave me some techniques of this process. He
also guided me that how to prepare VAT return and creating data in income tax return
preparation software.
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1. Compuoffice
2. Tally software
Overview of TDS
Tax deducted at source (TDS) is a tax that is deducted from income that a company in
India pays to a recipient or supplier if the income amount exceeds a specific statutory
limit in a financial year.
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• Insurance commission.
• Rent.
• Fees from professional and technical services.
• Payments to contractors and subcontractors.
The withholding amounts for TDS can be deducted from an invoice submitted by a
supplier or from the payment that is issued to the recipient or supplier. Examples of
recipients and suppliers include contractors, providers of professional services, employees,
and real estate landlords. Companies submit a TDS certificate to each supplier on a monthly
or yearly basis. The certificate includes the payments, as well as information about the
company and supplier. Companies must also submit an annual return to the government
for each recipient or supplier for the financial year. TDS certificate can be either Form 16
(R75I10A) or Form 26Q-P2P-IND (R75I122EQ). Form 16 is the TDS certificate which an
individual submits and Form 26Q is the TDS certificate which a company submits to the
tax authorities.
TDS must also be deducted from payments issued to third parties by both corporate and
noncorporate entities. The entity must deposit the amount owed for withholding at any of
the designated branches of banks that are authorized to collect taxes on behalf of the
government of India. The entity must also submit the TDS returns, which contain details
about the payments and the challan for the tax deposited to the Income Tax Department
(ITD).
For electronic TDS, companies must generate the Form 26Q for each financial quarter.
This is a statutory requirement for the ITD.
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This process flow shows the steps to charge and remit TDS :-
Update Challan
Downloaded by Mohit
Chinchkhede
(macmohit1608@gmail.com)
lOMoARcPSD|21151059
At the end of the month or each quarter, you file a VAT return with the tax office, and remit
the VAT due.
Prerequisites
You have carried out the activities described in closing for VAT.
Process
1. You prepare a copy of the sales ledger and the purchase ledger.
The ledgers show the invoices that have been paid and on which VAT is thus due.
The ledgers are for your own reference in the event of a checkup by the tax
office.
2. You prepare the VAT return. This consists of two steps.
1. You calculate the total amounts of VAT for each tax code.
2. You print the VAT return.
The system fills out the fields in the VAT return using the totals that you
calculated in the first step.
3. For information about preparing VAT returns for VAT withheld from vendors.
4. You file the VAT return with the tax office and remit the taxes.
Tax Solution for professionals to provide end-end management of every stage of the tax
life cycle - from provision to estimates and extensions. returns, audit, amendment and
planning.
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A solution for
• TDS return
• CMA
• AIR return
• Document Management
• Challan
mechanism.
Features:-
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• Active/De-active of individual
• LAN compatible
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Journal entry
Journal Vouchers are used to adjust the debit and credit amounts without involving the cash or
bank accounts. Hence, they are referred to as adjustment entries.
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• ALT+R: Recalls the Last narration saved for the first ledger in the voucher,
irrespective of the voucher type.
• CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective of
the ledger.
Allowing Cash Accounts in Journals
Journals are adjustment entries, which do not involve Cash account and Bank account.
However in exceptional cases where the user would like to account Journal entries involving
Cash/Bank Account, Tally.ERP 9 has the flexibility of passing such entries by enabling the
option under F12 configuration.
To enable Cash Accounts in Journal voucher,
· Set Allow Cash Accounts in Journals to Yes in F12: Configure (Voucher Entry
Configuration).
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Credit Note is a document issued to a party stating that you are crediting their Account in
your Books of Accounts for the stated reason or vise versa. It is commonly used in case of
Sales Returns.
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· CTRL+R: Recalls the Last narration saved for a specific voucher type, irrespective of
the ledger.
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LEARNING
• They have good opportunity to introduce the ISO standards training program which
no other firm is giving to customer.
• Try to adopt new technologies that their competitors are not using.
• Make a network that allows its customers to negotiate with them easily.
• In comparison of A.K.A AND CO. With its competitors has an edge to make an
accurate and error free report.
• The local economy continues to be strong and we believe our typical clients will
continue to flourish.
• The company has mostly professional educated human resources, which are the
biggest threat for their competitors.
• The A.K.A. AND CO. Has the facility to give coverage even the small retailers for
income estimation who want to take loan from bank.
• A.K.A & Co strongly needs to improve its network firms so as to be counted among
one of the extensively know firms in UP. The partner needs to make the best use of
their goodwill to bring more clientage and reputation to firm. They need to offer the
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audit services at most economical cost with the assured quality services to retain and
expand clients.
• The infrastructure and working condition reviews can improve the working efficiency
of the trainees. Audit and Assurance is the tough job. Some motivational meetings and
mentoring exercises would bring good feel among employees for their work. Time to
time financial bonuses or performance incentives will energize the staff.
• The trainees are not offered extra financial or any other incentive for the extra work or
over time. This causes some sort of mental stings which immediately needs to be
overcome by the management. The firm, to be more competitive in days to come, still
has room for improvement in Information Technology. As firm don’t have any of its
website to attract customer and their timely feedback as most of the good firms have
their own web and well organized.
• Firm also lacks in marketing perspective as it does not any marketer to market and
introduce their business, firm is getting business only on personal relations of the
partners and other firm personnel. So if firm thinks to improve its business volume it
needs a professional marketer as many other big firms adopted and have complete
marketing department.
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Limitations
• They have a small staff with shallow skills base in many areas.
• Less number of staff members.
• Developments in technology change this market beyond A.K.A AND CO. Ability to
adopt.
• Change in government policies and procedures may act as threat for company.
• A small change in focus of large competitor might wipe out any market position
A.K.A & CO. achive.
• A.K.A &CO. Has many competitors. Under certain circumstances these competitors
may act as a major threat for the organisation.
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Conclusion
• A.K.A & Co is overall one of the profit making and reputed firm of Etah. The
organization since its very first day is devoted to providing quality services. The
detailed and through review of work and clients’ trust shows the perfection with
which it is working.
• The firm has earned a distinction of being placed in the category 'A' in the list of panel
of auditors maintained by State Bank of india. Moreover only these “A” category
firms can audit of listed companies.
• The Institute of Chartered Accountants of India has also carried out the Quality
Control Review and has issued satisfactory QCR report stating that the firm has
conducted the audits of the clients in accordance with International Standards on
Auditing.
WWW.AKA&CO.COM
WWW.ICAI.ORG
WWW.WIKIPEDIA.COM
WWW.INVESTOPEDIA.COM
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www.computaxonline.com
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