Chapter 1:

Introduction of the company:

Milin Majithia & Associates, established in the year 1997, is a leading chartered
accountancy firm in Mumbai metro region, located at utmost prime & conveniently
accessible location at rendering wide range of comprehensive professional services
which inter alia, includes Auditing, Income Tax, GST, company law compliance,
Financial / Investment consultancy, Accounting and Allied services by energetic,
committed and competent team of professionals consisting of both qualified & semi
qualified members headed by CA. Milin Majithia having more than 20 years of
experience in practice. The team is in regular interaction with various professional
and industrial forums which enables the firm to keep pace with contemporary
developments and to meet the dynamic needs of its clients and business environment.

With a vast experience & exposure of providing a wide range of services spanning
over more than two decades we have created a niche for professional excellence. We
strongly lay our foundation in providing quality, efficient, professional, and cost-
efficient services to our clients in a most transparent and ethical manner. Our
personalized & customized service approach to our esteemed clients has become a
hallmark of our Firm.

SWOT Analysis

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Strengths
 Long standing clients
 Quality staff
 Excellent Business Ethics
 Supportive management
 Cooperative environment
 Name basis with large percentage of clients
 Good Relationships with Tax officers
 Flexible work environment
 Controlled growth
 Organization gives opportunity for career path

Weaknesses
 Due to lack of audit staff only 2-3 audits can be carried at a time
 No Company Website
 More emphasis on business Taxation Services rather than audit
 Limited knowledge of markets
 Shared office, no separate departments in the office
 Dependability of staff
 Work force
 Strict Policy for absenteeism among employees causing dissatisfaction

Opportunities
 Create an interactive web-site
 Firm can get more audit services from clients if proper marketing techniques
are applied
 Add additional high quality audit and tax services to drive additionalbusiness
 New more efficient staff
 Consolidation of offices
 Better Computer equipment and accounting soft wares for staff
 Hire 1 or 2 audit staff

Threats
 Competition hiring staff
 Day by day increasing Competition in taxation and audit markets
 Turnover of customers to other firm’s
 Loss of audit clients due to lack of audit team members
 Firm might be outdated due to lack of technology and employee’s
technological orientation

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Work activities of Chartered Accountant:

The role of a chartered accountant can cover many aspects of financial work,
including:

 continuous management of financial systems and budgets

 undertaking financial audits
 Providing financial advice.

In public practice, typical work activities include:

 liaising with clients and providing financial information and advice

 performing tests to check financial information and systems
 advising clients on tax planning and tax issues associated with activities
 maintaining accounting records and preparing accounts and management
information for small businesses
 advising clients on areas of business improvement
 detecting and preventing fraud

In commerce and industry, typical work activities involve:

 liaising with internal and external auditors

 preparing financial statements
 preparing financial management reports
 advising on tax and treasury issues

Product/Service line:

Chartered Accountant firms render various types of services to their clients.

According to the types and nature of the clients. The nature of service also differs
from firm to firm, which includes corporate services, feasibility report, professional
consultancy etc. The firm is dealing with;
 Auditing
 Taxation
 Professional consultancy
 Corporate services.

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Auditing:

CA firms provide the services of auditing to their clients. According to the companies
ordinance 1984 all the public and private limited companies are required that
Chartered Accountant must sign their accounts. The welfare organization and NGO’s
are also required to get their accounts audited by the Chartered Accountant firm. CA
firms audit the accounts of their and check all the major books along with subsidiary
books and vouchers with supporting evidence. After this process then they express
their opinion upon the accuracy or inaccuracy of the accounts. They write an audit
report and also mention the various transactions, which are not duly verified. They
also write audit report to the management in which they express any weakness of the
management how to control these weaknesses. They are rendering for such services
charges some fees.

Types of Audits conducted

 Statutory Audit of Companies
 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.
 Revenue Audit of Banks.
 Branch Audits of Banks.
 Audit of PF Trusts, Charitable Trusts, Schools, etc.
 Audit of Co-operative Societies.
 Information System Audit
 Internal Audits

Taxation:

The CA firm provides tax services to their clients. Some firms are specially deals in
tax. The client who needs the services regarding to tax pay fee for such services and
the auditor gives him a very useful service by the tax returns.

Professional Consultancy:

CA firm also provide the professional consultancy services to their clients. When
appointed as consultants, they valuate sick units for the purpose of privatization.
Evaluate the reports and bid documents in respect of the sick projects prepared for the
Privatization Commission Government of Pakistan. CA firm s also provides the
professional assistance in the establishment or the organization

Corporate Services:

 Incorporation of company
 Consultancy on Company Law matters.
 Planning for Mergers, Acquisitions, De-mergers, and Corporate re-
organizations.

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  Filing of annual returns and various forms, documents.
 Clause 49 review for compliance with fiscal, corporate and tax laws
 Secretarial Matters including share transfers
 Maintenance of Statutory records
 Consultancy on Public/Rights/Bonus Issue of shares.
 Change of Name, Objects, Registered Office, etc.

Our Major Clients:

 Safe Refrigeration
 Safe A & T Technology Private Limited
 Aditee Info Tech
 Ameebika Enterprises
 Aditee Enterprises
 Thakkar Family HUF
 Kapadia and Co.

Brief profile of Milin Majithia & Association (Chartered

Accountants)

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Name Accountant Milin Majithia & Association
(Chatered Accountant)

Year of establish 1997

Owner Milin Majithia

Manager Anand Yadav

Address Building no. 1 , Mulji Nagar,

Borivali (W), 400066

Telephone 022-28697118

Mobile +91-9821090071

Area of Service Auditing

Taxation

Professional Consultancy

Corporate Service

Chapter 2:

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STATEMENTS AND OBJECTIVES:

Mission:

“Our Vision is to cater multi-disciplinary professional services globally by partnering

as key enablers in our client’s growth & consistently delivering values”

Vision:

“To not just meet but exceed client expectations consistently by imbibing Teamwork,
Professionalism, Personalized Service & Specialization. Our young and dynamic
professional team work with a mission to create new benchmarks in service delivery
at professional assignments”

Objective of the Study:

I choose to work with Milin Majithia & Association. During this internship I have
learnt many new skills. Before internship I have only theoretical knowledge about
work in organisation but 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.

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 To improve communication skills.
 To analyse the business situation.
 To establish high standard in professionalism.
 To learn more than the theoretical knowledge.
 To learn book keeping practices of different companies.
 To apply the theoretical knowledge in actual organisation.
 To compare practical aspects with theoretical aspects.
 To make quick decision in real situation.
 To learn how to promote and to conduct research in business area.
 To promote my personal knowledge and professional preparation for future.
To properly integrate my theoretical knowledge and practical work.
 To plan for the future of oneself and learn how to adjust in an organisation.
 To know how to present your recommendations in front of your boss.
 To get knowledge of opportunities and threats while entering into an
organisation.
 To get exposure to do a work in an organisation and also known about
organisational behaviour, ethical rules and regulations

Chapter 3:

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MY ROLE IN THE ORGANISATION DURING THE
INTERNSHIP:

Chapter 4:
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CHALLENGES:

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