TEAM UNIVERSITY

A REPORT ON FIELD ATTACHMENT CARRIED OUT AT TEAM & COMPANY

CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA

JUNE- AUGUST 2019

BY

AKAMPA HORACE

REG NO: 17/8/TU/082/BAFD

Field Attachment Report Submitted To Faculty Of Business Management And

Administration In Partial Fulfilment Of Requirements For The Degree Of Accounting &
Finance

AKAMPA HORACE

Sign ………………………….
 DECLARATION

I Winnie Ashaba of registration number 17/8/TU/082/BAFD declare that this report submitted is
my original work. It is a result of my regular and active participation during the field attachment
at TEAM & CO, CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA.

Sign: …………………………………….. Date: ………………………………..

AKAMPA HORACE

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 APPROVAL

This is to certify that AKAMPA HORACE carried out her field attachment training at the
TEAM & CO, CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA in the department of
audit under my supervision and the report is ready for submission to the Department of Business
& Management at Team University.

Sign: …………………… Date: ……………………

MR JIM ASIIMWE

Field Supervisor

Sign: ……………………... Date: …………………….

MR EVANS BURYOMUNDA

University Supervisor

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 DEDICATION

I dedicate this report to my parents especially my father Mr Muhumuza Joram and my mother
Mrs Tumusasibwe Florence for the financial support towards my studies, my uncle Segawa
Moses, and and my aunt Kobugabe Robinah, for the advice and assistance towards my career and
almighty God who has given me a free breath and merciful protection rendered to me throughout
my internship training.

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 ACKNOWLEDGEMENT

I would like to extend my grateful appreciation to the people mentioned below for their
contribution and continued support during the internship period.

My beloved parents Mr.Muhumuza Joram and Mrs.Tumusarirwe Florence for the financial
support granted to me throughout this period.

I thank the almighty God who kept me a live and granted me journey mercies throughout the
internship period. My supervisor Mr Evans Buryomunda for his guidance during the internship
and in writing this report.

I would like also to express my greatful appreciation towards our facilitators Mr Denis Eidu, Mr
Akampurira Christopher, Mr Mukasa Julius and Mr Luyimbazi Joseph who sacrificed their time
in teaching me various skills like audit practice, Accounting practice, QuickBooks, Advanced
Excel which I got to understand in detail, mastered and relevant to my education career.

I would also like to thank the entire staff of Team & Co most likely Jim Asiimwe (Supervisor)
and Dedan Ndyamusiima (Administrator) for their tireless effort to impact me with the practical
knowledge i needed alongside my accounting career. Without their help and attention, this
exercise would not have been successful. I also take this great opportunity to thank the team of
interns, my friends and course mates with whom we exchanged many ideas regarding the
internship and whom we shared different experiences especially in field of accounting profession.

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 TABLE OF CONTENTS

DECLARATION...........................................................................................................................ii

APPROVAL..................................................................................................................................iii

DEDICATION..............................................................................................................................iv

ACKNOWLEDGEMENT............................................................................................................v

LIST OF ABBREVIATIONS....................................................................................................viii

ABSTRACT..................................................................................................................................ix

CHAPTER ONE............................................................................................................................1

INTRODUCTION.........................................................................................................................1

1.0 Introduction.............................................................................................................................1
1.1 Background of the Field Attachment......................................................................................1
1.2 Objectives of the Field Attachment........................................................................................2
1.2.0 Purpose.............................................................................................................................2
1.2.1 Objectives.........................................................................................................................2
1.3 Background to Team & Co Certified Public Accountants.....................................................3
1.8.4 Organizational Culture.........................................................................................................7
1.8.5 Culture..............................................................................................................................7
1.9 Core values..........................................................................................................................7
CHAPTER TWO...........................................................................................................................9

STUDENTS’ EXPERIENCE........................................................................................................9

2.0 Introduction.............................................................................................................................9
2.1 Position held and supervision levels.......................................................................................9
2.2 Level of authority....................................................................................................................9
2.3 Activities and Assignment Undertaken..................................................................................9
CHAPTER THREE.....................................................................................................................13

EVALUTION ON FIELD ATTACHEMENT..........................................................................13

3.0 Introduction...........................................................................................................................13
3.1 Level of accomplishment of duties and responsibilities.......................................................13

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 3.2 New knowledge and skills....................................................................................................13
3.3 Most interesting experience..................................................................................................19
3.4 Adequacy in University’s preparing the Student for Field Attachment...............................19
3.5 Relatedness of university’s taught programs to the field of work........................................20
3.6.1 Individual benefits..........................................................................................................22
3.6.2 Benefits accruing to the organization (TEAM & COMPANY CPAS)..........................22
3.6.3 Benefits accruing to the university.................................................................................23
CHAPTER FOUR.......................................................................................................................24

CONCLUSIONS AND RECOMMENDATIONS....................................................................24

4.0 Conclusions...........................................................................................................................24
4.1 Recommendations.................................................................................................................25
4.1.1 Recommendation to the TEAM & CO CPAs................................................................25
4.1.3 Recommendation to the students...................................................................................26
Appendix 2 location of Team & company.................................................................................28

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 LIST OF ABBREVIATIONS

CPAs Certified Public Accountants

URA Uganda Revenue Authority

Co Company

VAT Value Added Tax

FCCA Fellow of Chartered Certified Accountants

ACCA Association of Chartered Certified Accountants

PAYE Pay As You Earn

ICPAU Institute of Certified Public Accountants of Uganda

CTAs Certified Tax Advisors

IFRS International Financial Reporting Standards

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 ABSTRACT

Students at Faculty of Business & Management, Team University do their internship to get
exposed to the working conditions and practical application of what they learn at the university. I
was attached to the department of audit at TEAM & CO, CERTIFIED PUBLIC
ACCOUNTANTS OF UGANDA from June 11, 2019 to July 31, 2019.

During that period, I handled a number of tasks and assignments which included; preparing a
budget of 5 years of different entities, designing a standard payroll, preparing a bank analysis
report (SACCO), introduction to audit practice, computerised accounting systems, financial
accounting and reporting and introduction to computer applications.

By the end of the field attachment, I had a number of achievements including; the team work,
improvement in interpersonal skills, improvement in report writing skills, self-assessment,
entrepreneurship skills , accounting skills, auditing, professional ethics, business plan writing,
computer application skills , posting entries in cash books ,journals and ledger books .double
entry system , supervision and many others.

In spite of the above achievement, I faced many challenges that include difficult in familiarity
with practicing environment, high costs of living, inability to apply some of the concepts to the
real world.

The major recommendations to TEAM & CO, are to continue offering internship places to the
students for them to acquire practical skills and the department of auditing should be provided
with the enough office resources like computers, chairs and enough office space for effective
delivery of their services. To the university, every student should do their internship in order to
be exposed to the working environment and the university should increase the internship period
for the students to conceptualize their studies.

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 CHAPTER ONE
INTRODUCTION

1.0 Introduction

This report presents the background to the field attachment, background of TEAM & CO
organizational structure, location details assessment undertaken, duties and responsibilities held,
experiences, level of accomplishment, and challenges faced during the internship period.
Students of Business & Management do internship to get exposed to the working conditions and
practical applications of what they study while at the university.

1.1 Background of the Field Attachment

According to the Team University approved guidelines for a field attachment, a field attachment
is defined as “the field based practical work carried out by the students and staff for the purpose
of learning and research carried outside the university control where the university is responsible
for the well-being and safety of its staff, students and other people exposed to these activities.
This field based practical work is purposely for acquiring necessary skills during the field of
attachment.

Internship as real-world experience to those looking to explore or gain the relevant knowledge
and skills required to enter into a particular career field. Internships are relatively short term in
nature with the primary focus on getting some on the job training and taking what is learnt in the
classroom and applying it to the real world. Interns generally have supervisors who assign
specific tasks and evaluate the interns overall work and internship credit, usually a faculty
supervisor who works along with the site supervisor to ensure that the necessary learning skills
are being taught in the field. Interns can be high school or college students or even adults
interested in trying out a new career. Many college students do internships to gain relevant
experience in a particular career field as well as to get exposure to determine if they have a
genuine interest in the field.

One of its major aims is to help students relate academic programs they study to actual work
setting and thus their applicability. It also helps students to apply the principles and techniques

1
theoretically learnt into practical setting to experience real-life problem-solving situation in the
field.

i. .

1.3 Background to Team & Co Certified Public Accountants

Team & company is a partnership business established on 12th July 2000 by a team of graduate
professional accountants all with practical training and wide experience in business management,
financial training, taxation, auditing.

It was established as a standard accounting firm providing the full range of services provided by
ICPAU

The firm is a partnership of three practicing Accountants, JOSEPH BALIKUDEMBE

KIGONGO (managing partner), TUSHABOMWE DAVID (Audit/Tax partner) and RUGABA
SAM (engagement partner).

Services provided by Team & Co, CPAs, include; statutory audit, internal audit, accounting
systems, training taxation, personal recruitment, investigative audit, taxation, business planning,
business process re-engineering, corporate financial services, economic feasibility, financial
system implementation, hardware and software selection, networking selection and capacity
building.

In addition, Team & Co CPAs, serves a broad range of clients including private business
companies, governmental and non- governmental organizations and charitable organizations.
Therefore, Team & Co CPAS, is uniquely qualified to enable clients achieve organizational
objectives

1.4 Location of the firm

TEAM & CO, CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA is located on plot 446, 1st
floor, Wood House Kabaka A’njagala road

(See in appendix 2)

1.5 Objectives of Team & company certified public accountants

The overall objective is to conduct a financial audit in accordance with international standards on
audit which require that we comply with ethical requirement and plan and perform the audit to
obtain reasonable assurance whether the financial statements are free from material
misstatements

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The audit starts with assessment of the level and experience of staff required for the determining
the logistics required to completion of the assignments and will involve among other things as
they follow;

 Preliminary review of financial statements

 Work arrangements
 Work programs
 Staff allocation
 Logistics

1.6 The mission statement of Team& Company Certified Accountants

To conduct high quality consultancy services and training in management and accountancy to
various individuals and organizations using highly qualified and experienced personnel to much
with the changing competitive business world.

1.7 The company vision

To become one of the leading firms offering consultancy in management and accountancy world
wide

1.8 The organization of Team & Company Certified Accountants

Team & Co. CPAs, is organized in a way that the lead partner is responsible for monitoring the
audit assignments. He monitors and evaluates all aspects of the assignment as they progress to
ensure that the various tasks are performed to the standard of the audit firms

The managing partner coordinates the assignments in the firm. He is a qualified person with
experience in the areas of accounting and finance management. This includes public and private
sector management and auditing experience.

1.8.1 Audit partners

The audit partners are responsible to direct all assignments. They direct and supervise all aspects
of assignments to ensure that the various tasks are satisfactory performed

The audit partners head and direct auditors on who to do what, engages clients, and ensure that
work is done to the required standards of CPAs firm. They are also in charge of quality
assurance, evaluate audit evidence, review institutions ability to meet its capital commitments,
assess the institutional level of risks, reports writing and coordinating

Tax / Audit partner in the firm as a partner supervises tax assignments in addition to provisions
of audit services to the public/private sector

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1.8.2 Field Team

This body is composed of qualified and experienced accountants with full membership in
ICPAU (Institute of certified Public accountants of Uganda)

They are responsible for gathering sufficient and relevant evidence from the field, vouchering
transactions, risk assessment, management and forming and forming opinion on accounts of
clients

They review, evaluate and test accountant & internal control system.

They ascertain the institutional ability to meet its capital commitments. This is done through
assessing the institutional level of risks.

1.8.3 Organizational hierarchy of TEAM & CO. CPA

Balikuddembe Joseph Tushabomwe David

Kigongo (FCCA) (FCCA) partner
Rugaba Sam (FCCA,
Managing partner
CPA) partner 4
Eidu Denis (ACCA) Walugembe Suleiman Tugume patience
Audit manager (ACCA) Audit manager (ACCA) Audit manager

Twine Geoffrey (CPA) Abuko Susan (CPA)

Elias Mugooha (CPA)
Audit senior Audit senior
Audit senior

Auditors Auditors
Muyimbwa Nathan Auditors
Atuheire Fiona
Kabite Joan Mugume Jonan
Tusasirwe Millian
Ainomugisha Daniel Namubiru Lyndah
Bakora Duncan
Nturanabo Emmanuel Marianne Katumba
Dedan Ndyamusiima

Asiimwe Jim
consultant

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1.8.4 Organizational Culture

1.8.5 Culture

Team and Company staff generally respect and observe professionalism. Each employee of
Team and Company is focused to the work assigned to him or her. This has improved staff
experience and innovation and still helped them to work in an enjoyable environment

1.9 Core values

Team & Co CPAs, strongly values namely integrity, team work, respect and excellence. These
mentioned aspects are mandatory due to the high sensitivity of work dealt in Team & company
certified accountants

1.9.1 Integrity: In all activities, we would act with quality of being honest and with strong moral
principles. Integrity is the quality of being honest and having strong moral principles; moral
uprightness. It is generally a personal choice to hold oneself to consistent moral and ethical
standards. In ethics, integrity is regarded by many people as the honesty and truthfulness or
accuracy of one's actions. Integrity is a concept of consistence of actions, values, methods,
principles, expectations, and outcomes. The nature of professional services offered by Team &
Co CPAs requires the staff to keep their integrity high.

1.9.2Team work: Team & Co CPAs, believes in the power of teams and they have set up means
to nurture and attract great talent which is teamed up to provide the best professional services to
their clients believes in the power of teams and upholds teams to produce excellent results.
Despite our cultural differences, education levels or any distinguishing features we still need to
respect one other and that’s what TEAM & Co CPAs is all about.

1.9.3Respect: Serving our customers with care and the employee’s needs are respected to
develop on their carrier development. Team & Co respects and protects confidential information
obtained from or relating to its clients or third parties as well as professional information.

1.9.4 Excellence: The workers at Team & Co CPAs believe in the power of excellence and they
serve their clients with skill and care to meet customers’ needs and achieve the organization
mandate.

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1.9.5 Professionalism

1.9.6 Result centred

1.9.7 Fairness

1.9.8 Accountability

1.9.9 Confidentiality

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 CHAPTER TWO
STUDENTS’ EXPERIENCE

2.0 Introduction

This chapter provides the position held and supervision levels, level of the authority, duties and
responsibilities assignment and activities under taken during the internship period at Team & Co
CPAs,

2.1 Position held and supervision levels

As an intern with Team & Co CPAs, I was attached to the department of Audit under the
supervision of Mr Asiimwe Jim assisted by Dedan Ndyamusiima (Audit Associate)

There was regular supervision. This was done mostly by my host supervisors on a daily basis but
also by some of the colleagues. The relationship of my supervisor and I was professional but on a
friendly level.

2.2 Level of authority.

As an intern, I was allowed to work with some level of independence and judgment but in
consultation and approval from field supervisor and some facilitators

2.3 Activities and Assignment Undertaken

During the field attachment period I handled the following tasks and responsibilities

2.3.1 Computerised accounting

As part of my responsibility during internship, I processed all the financial transactions using
computer programmes such as tally and Microsoft excel. We were divided into groups and
assigned to create a company and post transactions using tally.

I used tally software to create accompany named called Mega Ltd where I posted transactions
like creating stock of goods, paying vendors, recording receipts from customers, and preparing a
statement of profit or loss and other comprehensive incomes and a balance sheet as at the year
ended

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I used Microsoft excel to prepare a pay roll for employees, drafting a budget, NSSF Schedule
and finally I prepared an asset schedule using the software

I also used tally to create entries like making journals for the company, paying suppliers. making
receipts, and making cheques.

2.3.2 Filing returns of different tax heads like income tax, VAT and payee

The intern was assigned by the supervisor to file returns of clients. This is very important to all
tax payers because it is the start of tax revenues to the government. It helps the tax payers to be
compliant to URA (Uganda Revenue Authority). It is categorized into two sections that is the
provisional return and the final return which are filed from July to December and from January
to June of the financial year. This impacted me as someone with the accounting career to
improve on my profession because I found it costly to the tax payers who fail to file respective
returns because at the time of assessment, they face high penalty.

2.3.3 Financial accounting and reporting

I was tasked to draw a general journal from financial information of which the data was later
transferred to the ledger book. For example, posting accounting transactions into ledger books
by opening different forms of ledger such as bank loan ledger accounts, trade payables ledger,
sales ledger, salaries ledger and other transactions which would further be recorded into the cash
and bank accounts in the cash book

Keeping daily records of the activities carried out during the internship training. These records
would help in reconciliation of the balance as per bank statement of the company account

The ledgers would be balanced off at the end of the accounting period that would give rise to the
extraction of the trail balance from the financial information collected. In addition, extracting
trail balance from the ledgers using manual books and ensuring that all expenses, assets are in
debit side and incomes and liabilities are in credit side.

Preparing detailed income statement from extended trail balance to get the net surplus and
deficit.

Lastly, a balance sheet for the financial year ended would be prepared

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2.3.4 Audit practice

The audit practice involved the arrangement of audit file of the client into sections to be found
in the file index. I was tasked to feed the audit files with the financial data during the audit
whereby I allocated the entire client’s assets in the asset schedule, incomes schedule, company
expenses in the expenses schedule. I also included all enquiries about the client’s business in the
audit file.

This was followed by cross checking whether the financial information of the client business
reflects true and fair view of records as per the information in the statements of financial position
of the company. However; the audit file is arranged as below

 Completion and client reporting

 Planning and accounting policies
 Controls
 Creditors/payables
 Loans
 Tangible and intangible assets
 Investments
 Stock
 Cash and bank balances
 Capital reserves, statutory work and minutes, that is substantive tests on equity, articles
and memorandum of association
 Taxation
 Sales / income
 Trail balances, and general ledger
 Archives that involve recording any other information not included during that audit
 Correspondences

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2.3.5 Field attachment at Heng Cheng Plastics Ltd

I had a field attachment at Heng Cheng in Namanve Kampala which deals in production of all
types of plastics and manufacture of iron sheets whereby I was exposed to different departments
that is production, stores and account.

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 CHAPTER THREE
EVALUTION ON FIELD ATTACHEMENT

3.0 Introduction
This chapter provides the detail student’s level of accomplishment of duties and responsibilities
assigned to her. It also highlights the new skills and knowledge gained the students most
interesting experiences, the relatedness of university’s taught programs to field work. It goes on
to highlight the challenges faced by the intern and how he was able to overcome them, the
benefits derived from the attachment, the preparedness of TEAM & COMPANY CERTIFIED
PUBLIC ACCONTANTS to receive and manage the intern and the adequacy in the university’s
preparing of students for the internship program.

3.1 Level of accomplishment of duties and responsibilities

As an intern, I was able to accomplish these tasks in time Level of accomplishment of duties and
responsibilities assigned. During this internship period at TEAM & CO CPAS, starting from the
orientation week where I was allocated to our supervisor, conceptualizing the content at Team &
CO. CPAs, and the field. My supervisor used to give me enough tasks daily and weekly basis,
this used to make me busy throughout the week. I used to make sure that I complete my tasks
before the weekends. However, some of the tasks could be challenging which wanted
consultation from the senior staff and the supervisor which created some tasks to delay and also
the intranet of the organization was overburdened which created some gap in the service delivery
to customers.

3.2 New knowledge and skills

Schwartz (2007) defines a skill as an ability and capacity acquired through deliberate,
systematic, and sustained effort to smoothly and adaptively carryout complex activities or job
functions involving ideas (cognitive skills), things (technical skills), and/or people (interpersonal
skills) .

Brans ford defines a skill as the learned capacity to carry out pre-determined results often with
the minimum outlay of time, energy, or both. In other words, the abilities that one possesses.

12
Skills can often be divided into domain-general and domain-specific skills. Skill usually requires
certain environmental stimuli and situations to assess the level of skill being shown and used.

3.2.1Teamwork skills

The intern gained Team work skills; therefore, teamwork is the concept of people working
together cooperatively observed by Jackson & Ruder man (1996). Effective collaborative skills
are necessary to work well in a team environment. Many businesses attempt to enhance their
employees' collaborative efforts through workshops and cross-training to help people effectively
work together and accomplish shared goals most of the time I had work with my supervisor
through which I gained in terms of team playing skills during the internship This skill was
sighted in most of the activities of the authority that interns accomplished.

3.2.3 Computer Skills

The field attachment period greatly enhanced my computer skills since the e-tax system involved
use of a computer all the time. This was due to the fact that it was an on-line based program. This
even forced me to apply skills related with the use of the internet and intranet. There was also a
vast need for me to capture data using some of the Microsoft programs like Microsoft Word,
Microsoft Excel and Microsoft Access programs. These were used for word processing,
capturing of data in spread sheets and managing databases respectively. However, the most
commonly used of the three was the Microsoft Excel in which most of the spread sheets used to
manipulate data were generated for fit the purpose. Some of the ICT software and equipment at
TEAM & CO CPAS were new.

3.2.4 Time Management skill

David (2001) defines time management as a skill that many of us seem to learn through
necessity. The problem with learning a skill through necessity is that, more often than not, bad
habits creep in and, although the skill may be useful in general, we do not use it to its full
potential. The intern gained skills in time management since Time management during the
training started with the commitment to change. Time management was easy as long as you were
committed to action. The internship workplaces considered time management through better

13
planning; prioritizing; delegating; controlling your environment; understanding yourself and
identifying what you will change about your habits, routines and attitude.

3.2.5 Interpersonal relationship skills

This is probably so in situations whereby I interact and communicate on issues that may need
group approaches (Lubbers, 2008; Mihail (2006). Bearing in mind that conflicts are always in
existence in organizations, the interns are therefore exposed to situations which assist them to
develop the interpersonal skills for use in their present and future organizations Interpersonal
Communication During the internship period the interpersonal skills which are the life skills I
use every day to communicate and interact with other people, individuals and groups are good
for me not only for communication but also I got the confidence and the ability to listen and
understand. Problem solving decision making and personal stress management are also
considered interpersonal skills my supervisor was so kind to answer with patience and teach me
much that made my internship so enjoyable. I had got wonderful internship that I spent such a
happy moment with all of them, though I have so much to learn and I think this challenge was
what should be included in my career

3.2.6 Computerised accounting and Computer applications.

The computerised accounting system was composed of QuickBooks, Tally and micro soft excel
of which I used all of them during my internship period and gained a diverse knowledge on how
each is used in the accounting system.

3.2.6.1 Tally software; I learnt how to use tally in a business organisation. This has been due to
the reason that is software is majorly used in supermarkets. The knowledge I acquired is
especially on creating a new company in Tally software, creating ledgers, making journals,
writing invoices, cheques, making payments, and preparing a statement of comprehensive
incomes of the business.

3.2.6.2 Microsoft excel software; Excel software has been the most important software because
most of the financial accounting information was done through excel. For example, I used it to
prepare payroll, property, plant and equipment account, and also filling of VAT returns.

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Therefore, I gained experience on how excel software formulas and used to prepare a pay roll,
property, plant and equipment account and also on how VAT returns are filed.

3.2.6.3 Financial accounting and reporting; The financial accounting and reporting consists of
preparing general journal, extracting ledgers, posting data in a trail balance and extracting a
balance sheet, I acquired more knowledge on preparing general journal, ledgers opening cash
and bank accounts, extracting trail balances from business transactions, preparing a statement of
comprehensive incomes and statement of financial position for the financial period of the
company.

3.2.6.4 Audit practice; The audit practice involves general introduction to auditing which is
backed by a process where by an audit file index is prepared in a sequence of the audit process
where by an audit is prepared in sequence of the audit process of the clients business financial
information .The financial information of the client is audit following the audit schedules like the
clients assets schedule, income schedules and company expenses in the expenses schedule. Any
other information required for the audit process is also put in the specific schedules’ each of the
schedules has objectives that guide them. Therefore, I acquired knowledge of auditing financial
information of the client’s business but also other areas of the firm such as the management
system of the firm.

3.2.7 Employability attributes

I came to understand that employability is an ability to have skills needed for a specific job while
is contract to do a job in return for payment

I also came to understand how to write a curriculum vital and also writing an application letter
and even preparing myself for an interview

3.2.8 Entrepreneurship skills

Under entrepreneurship skill, I came to understand the following.

The difference between mind and money
Businesses that do not require a lot of capital
Everything that happens I should not blame anyone and I should take a hundred percent
responsibility.

15
That I should run for results not reasons
How to face my fears
Entrepreneurial competences and lastly business idea generation

3.2.8 Field attachment at Heng Cheng Plastics Ltd.

I gained a skill of documentation, procurement process, stores management, sales, accounting
and finance knowledge and how their products are produced.
3.2.9 Problem solving skills

I gained skills on problem solving among people especially the clients, interns, employers and
employees.

3.2.10 Audit files arrangement skills

I also acquired skills in arranging the audit file for proper auditing.

3.2.11 Communication skills

Dieter (2006) defined communication skills as set of skills that enables a person to convey
information so that it is received and understood whereas Barnlund (2008) defines
communication skills to the repertoire of behaviours that serve to convey information for the
individual. The skills acquired during my placement (communication, teamwork, analytical etc.)
will be very applicable not only to my professional career but also to the everyday life exposed
to human functions.

3.2.12 Technical skills

These skills carry out a wide spectrum of critical and strategic thinking in order to performance
any duties. I learnt how to work with equity or fairness among the public and my fellow interns,
taking into consideration the effective measures for instance time, scope and quality. The
objective of this was to work with technical expertise performing duties of the authority.

3.2.13 Listening skills

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Listening effectively was all I could do as intern so as to learn. The intern could absorb
information given to him and provide feedback instantly. By so doing, I could ask for
clarification where I couldn’t understand. So, with the knowledge he acquired during his
internship, I realized that effective listening is vital in an organization since it limits mistakes.

3.2.14 Presentation Skills

I gained presentation skills which include the set of techniques and skills required successfully to
present oral information to others. In the business world, there are sales presentations,
informational and motivational presentations, first encounters, interviews, briefings, status
reports, image-building, and training sessions

3.2.15 Report writing skills

Report is an informational work made with the specific intention of relaying information or
recounting certain events in a widely presentable form. Reports are often conveyed in writing
and speeches. Reports fill a vast array of informational needs for many of society's important
organizations. Reports are used for keeping track of information, which may be used to make
decisions. Written reports are documents which present focused, salient content, generally to a
specific audience. Reports are used in government, business, education, science, and other fields,
are often to display the result of an experiment, investigation, or inquiry.

3.2.16 Leadership Skills

Leadership skills are the tools behaviours and capacities that a person needs in order to be
successful at motivating and directing others. However, leadership involves very many things
like ability to help people grow in their own capacities. It is noted that most successful leaders
are those that drive others to achieve their own success. I gained leadership skills from my
supervisor during the internship period since he was the Audit administrator like managing time,
motivating individuals giving feedback and developing teams.

3.2.17 Work Ethics Related Issue

Internship provides an opportunity to learn the skills and behaviours along with the work values
that are required for success at workplace. Workplace ethics are established codes of conduct

17
that reflects the values of the organization where you are employed. In addition to working hard,
it is important to work smart this means that I acquired efficient ways to complete the tasks and
finding ways to save time while completing daily assessments. It is also important to care about
completing all tasks while maintaining a positive attitude.

3.2.18 Sense of humour

I learnt to appreciate and follow guidelines when doing work even in situations when he had a
mixed feeling of what should be done and how. He also discovered that standardization of work
is of value as it offers a distinction for an organization services which can be used as an
advantage over competitors.

3.3 Most interesting experience

This was the assignment that was given to me to perform review and analysis of one our SACCO
clients in Rukungiri audit file which involved a lot of accounting and this became the most
experience during my field attached at TEAM & COMPANY CERTIFIED PUBLIC
ACCOUNTANTS.

3.4 Adequacy in University’s preparing the Student for Field Attachment

Team University through Faculty of Business & Management took all the necessary steps to
prepare very well the students for field attachment. These are programs that Team University at
large undertook to prepare its students for the field attachment.

3.4.1Briefing students before undertaking field attachment: The University offers briefing
and orientation to students so as to reduce on doubt while students are in the field of attachment.
This raises students’ morale to take up field attachment with a feel of how much it holds to them
both academically and professionally. Facilitators helped to take students through what is
expected of them in the field, how to control their emotions as well as how to write their reports.

3.4.2 Partnership with many organizations to secure placements for some students: This
helped students who couldn’t win themselves internship placements. Therefore, as part of the
award of a Degree in Business Management everyone was able to get the placement. They
achieved this through inviting the organization at Team University like audit firms such as Team

18
& Co CPAs, Ernst and young, KPMG, several banks, local governments and many others in the
country.

3.4.3 Group course works: The University’s program of encouraging group work through
assigning course works to students done in groups. This kind of work helps instil a sense of team
in the students. Group course work introduce student to challenges and benefits thereby
transforming them from personal to group behaviour. This helped me to fit into teams of work
easily while I was TEAM & COMPANY CERTIFIED PUBLIC ACCOUNTANTS

Therefore, With the listed facts, I conclude that Team University through the student leadership
and teaching staff adequately prepared students for field attachment.

3.5 Relatedness of university’s taught programs to the field of work

Introduction: This sub chapter gives an account of how the course units being taught at the
university are related to the field work. This will help to determine the degree of relevancy of
course units taught at university with the real world. These are some of the courses the intern
studied at university and how they are related to the field.

3.5.1Elements of taxation: This course unit is very important at the authority because we first
understand the tax laws acts where we use section of the laws and act to reach on sold decisions
like section 19 of the income act that spells out the allowance to the employment section 18 and
39 which is for the rental income. Therefore, for students who need to work with the authority
need to understand the tax laws which are taught in taxation?

3.5.2 Intermediate accounting: Intermediate accounting is other course unit pursued by

students who opt to major in accounting. It involves acquiring knowledge on cash flow
statements, company accounts, PPE (IAS11), Leasing (IAS16), cash flows. He also had a chance
to look at the audit reports of different clients and it contain all the financial statements which
include statement of profit or loss, statement of financial position, statement of changes in
equity, statement of cash flows, and statement of comprehensive income. It is worth noting that
to understand all these financial statements, it requires accounting knowledge because these
statements must be prepared in compliance with the IAS.

19
3.5.3 Communication skills: It involves study of office environment, the setup, the channels of
communication, listening skills, making speeches. This is very important to the TEAM & Co
CPAs because it is customer oriented organization that involves direct communication to the
clients (tax payers) and once the Auditor miss communicates on the tax then he/she is not
observing integrity which is the core value at the firms It involves the study of writing official
documents such as application letters, memos, business proposals, and reports. The intern had
access to the organization’s intranet and he learnt to properly use the intranet. Proper
communication is vital and throughout the internship period the intern appreciated the need for
this communication skills course.

3.5.4 Fundamentals of human resource: It involves study of stress management, employee

safety, training and development, job analysis, employee compensation and remuneration and
human resource selection and recruitment. With formation about how employers can help its
employees to develop their career then the intern was in position to acquire skills and
experiences on their professions, the intern was also in position to deal with the tough and
challenging nature of assignments and working environment at TEAM & COMPANY CPAS.
Human resource management knowledge is very important to student.

3.5.5 Principles of management: This gives an insight of the organization behaviour, the setup,
the structure, the way of operations, mission setting, values, vision, objectives, goals, the levels
of authority and hierarchy, leadership and functions of every organization It worth noting that
everyone in organization should be well competent with some of this information like the levels
of authority and hierarchy, the values and beliefs, mission, vision of an organization. These were
found relevant in the field by the intern during my internship period.

3.5.6 Conclusion: most of the course units being taught at Team University for the program of
Degree in Accounting & Finance were found to be relevant to the field. Remember that Team
University is a national university then it works hard to equip its students with the required skill
to fit in the challenging world and this puts its students on a competitive advantage when it
comes to employment both locally and internationally.

3.6 Benefits Derived from Field Attachment

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Introduction: this section explains in detail the benefits the intern has gained from his stay at
TEAM & CO CPAS. Most of these benefits however are captured in the experiences which were
discussed in chapter 3. My internship at TEAM & COMPANY CPAS was a win-win situation
for all the parties. The overall benefits however accrue to all the parties involved in the
internship program. I have therefore subdivided these benefits into three categories namely
individual benefits, benefits accruing to the organization, and benefits accruing to the university.

3.6.1 Individual benefits

These are the benefits that I acquired during his internship training at the organization. Some of
the benefits were instant while others are yet to be realized and they include the following

Bridging the gap between theory and real work: During the internship period, I appreciated
that theory in class can be translated into real-life situations. This transferability of knowledge
creates a feeling of satisfaction, value for money and time. This helped me to bridge the gap
between the theory and practical.

Attaining social capital in the field: TEAM & CO CPAS is a big audit firm which employs a
number of staff about 30 employees who have been exposed to the labour market, who have
experience in all job disciplines. I managed to create friends with some of the staff at TEAM &
CO CPAS and I believe that these connections will help me as I enter into the labour market and
in the career development

Career guidance: Through field attachment the internship got career guidance from the friends
he had created at TEAM & CO CPAS by my supervisors and other professionals. These friends
advised and gave more light about the different possible career options that he may undertake
considering his course (Bachelor of commerce) such as becoming t Tax consultant, Auditor, an
accountant or a business advisor. This information proved very helpful and instrumental in
changing the mind-set about some of the professions.

3.6.2 Benefits accruing to the organization (TEAM & COMPANY CPAS)

The intern was part of the team that served the clients at the front desks. This came into
operations because some of the employees were on leave and yet the organization was ending the

21
financial year and this helped the authority not to hire temporary staff to handle the tasks that the
intern worked upon.

The intern also formed part of the team that carried out at school audit in western Uganda. He
helped the team with a number of activities which involved referencing, data entry, data sorting,
expense vouching and so many other activities. These eased their work.

While at office, the intern used to carry out a number of subsidiary activities such as printing,
photocopying, scanning, making deliveries, checking for proper castings in financial statements,
certifying financial statements. This allowed senior staff to concentrate on their work.

3.6.3 Benefits accruing to the university

This section will highlight some of the benefits accruing to Team University as a result of one of
her students doing internship from Team & Co CPAs and they include the following;

Ambassador role: the intern played an ambassador role. While at TEAM & CO CPAS the
student behaved in the best way expected and performed to his best. This continued to restore the
confidence organizations had in the students from Team University which had been seen by
many as diminishing. I struggled to restore the image of the organization in the public where
necessary. The intern is a good ambassador and is very confident he made Team University.

I also acquired knowledge, skills and experience which will be shared among my fellow
students. This continues to align with the aim of capacity enrichment of Team University and
producing good students who can deliver to the job market. I noticed several other issues which
will be shared in one of the trained field topics.

3.7 Challenges Faced during the Attachment

In spite of the support given to me as an intern, I faced a number of challenges; technical, social
and economic challenges. These included the following;

Technical challenges:

22
Limited class knowledge and applicability of theoretical knowledge: I found working with
TEAM & CO CPAS quite challenging due to the fact that they deal mostly in areas of taxation
and at the University I had not studied any taxation.

High Costs involved: Internship like any other research, the exercise was costly. I had to meet
different costs from time to time. These were personal costs in most of the cases such as costs of
printing and photocopying, transport expenses to work and many other costs.

However, other than the technical challenges that strained the period of the internship there were
the challenges that hindered the degree of accomplishment of the tasks and assignment gives to
the interns at large and these included:

Integration of Cultural differences:

It was not easy for me to integrate in a different culture of TEAM & CO CPAS which I was not
used to like dress code, beliefs and practices, however, this challenge was overcame by getting
time during orientation to feel comfortable with the new environment.

23
 CHAPTER FOUR
CONCLUSIONS AND RECOMMENDATIONS

4.0 Conclusions
After going through the whole period of internship as an intern I have observed and participated
in many professional activities and learnt as well.

This internship was very fruitful to me because I had to cover many different fields. I learnt new
concepts and new ways of working. During the internship period I acquired practical experience
to compliment the theoretical content of my study

The whole experience of working with TEAM & CO CPAs turned out to being a real success of
career development. In the end, the basis of the internship program, that is to relate the
theoretical class knowledge and experiences to the field were well learnt and attained. I can now
tell how relevant the whole learning from class work might be applied in the future career
development as an auditor.

The supervision level of the entire internship was quite good due to the proper guidance by the
TEAM & CO CPAs staff for instance the relationship with them was outstanding and
approachable which motivated me to learn more during the working hours. I freely interacted
with them as positively responded to the tasks given by the Team & company auditors and I was
able to learn in teams, hands on training using office equipment like computer especially the E-
tax system, presentation techniques, time management skills as well as self-motivation.

On the other side, there was an increasing popularity of audit services by customers. There is
need to review the degree of customer satisfaction focus on how the client perceive the services
provided by TEAM & CO CPAs. There is a missing link between service quality and customer
satisfaction which has led to persistent complaints such as lack of customer care and limited
knowledge on how to audit Customer segmentation according to some similarity such as
industry, job or some other characteristics, into similar groups would be of help. 

24
 In review, this internship program has been an excellent and rewarding practical real-life
experience. As an intern, I have been able to meet and network with so many staffs that would be
able help me at the end of the course in the nearby future.

4.1 Recommendations
At the end of the whole internship period, the intern would like to recommend the following to
the Firm, University and students who would be subdued to undertaking the same process in
while developing their career.

4.1.1 Recommendation to the TEAM & CO CPAs

Team & Co CPAs should continue with the same spirit of accepting students to do their
internships. This will enable them widen their real-life work experience in their career
development.

The Audit firm should start retaining students who do internship with them because internship
provides potential applicants of different jobs and it is relatively cheaper compared to other
means of recruitment. Therefore, retention program for the best interns gives them hope for a
job.

Since the internship is very expensive, TEAM & COMPANY should offer some financial
support to the interns to appreciate their efforts. These allowances may include; lunch allowance,
transport allowance, and such other allowances.

4.1.2 Recommendation to the University

The University should continue programming students to go for field placement in order to
enable them apply the class room knowledge taught into real practice in the field. This would
enable them get exposed to work.

The University should also review and increase the time/ period for field attachment it from two
months to six months. A lot of time is given to the theory in class and students are only given
two to three months for field attachment which is insufficient for one to fully get exposed to
work places.

25
I also recommend that the university introduces a research paper to students doing business
courses. This would be very helpful to students during the internship period in order to
conceptualize their knowledge.

Assessment by different supervisors: In order to reduce bias developed by the students, the
University should start student assessments by at least two university supervisors as some
organizations do to appraise their employees. This would reduce the complaints which most
students have always come up with that most supervisors are biased.

4.1.3 Recommendation to the students

The students should appreciate internship program because some take it for academic purposes
not fulfilling the core values and objectives of internship program. Therefore, they should
consider it as the best work experience that one could have for career development and
reinforcement of the Curriculum vitae.

I also recommend that students to be Ambassadors of their universities. Students should know
that they are carrying the flag of their Universities to the organizations of placement. Thus, they
should deliver what organization expects from the graduates like spirit of team work, respect,
excellence, integrity and other values that make the students and organization successful in their
operations. The students should utilize their little time at their disposal to excite what is
expected from them. They should use the internship period to have social capital which is very
important in the changing world

26
REFRENCES

Team University Student’s internship Log book 2019

Team and Company Management Reports

Institute of Certified Public Accountants of Uganda Audit Manual 2019

Field supervisor Mr Asiimwe Jim

APPENDIX 2; AMAP SHOWING LOCATION OF TEAM& COMPANY CPAs,

27
Appendix 2 location of Team & company

28
 WORK PLAN SCHEDULE

WORK PLAN FOR INTERNSHIP AT TEAM AND COMPANY CERTIFIED PUBLIC

ACCOUNTANTS

WEEK TASK(S) STATUS DAY

MON TU WED THUR FRI

E

WEEK 1 Arrival and Completed

registration
Completed
Self-introduction
Completed
Briefing by the field
Completed
supervisor

Objectives of the
internship and Completed
expectations from
students Completed

29
 Orientation of the Completed
workplace

Official opening

Division into work

teams

WEEK2 Introduction to Completed

auditing
In progress
Creating and
arranging an audit
file. Completed
Filing different Completed
sections of an
audit file

Calculating taxes; Completed

NSSF, PAYE

Analysing receipts,
In progress
payment vouchers,
bank statements,
etc.

Developing

30
 entrepreneurial
skills

WEEK 3 Continuation with In progress

an audit file
Completed
Developing an
Completed
audit plan and
audit programme completed
Developing a In progress
payroll and
calculating salaries In progress

Developing a In progress
budget
completed
Introduction to
computerized
accounting
systems

Introduction to
advanced excel

Introduction to
quick books in
accounting

Introduction to
letter writing and
curriculum vitae

WEEK 4 Continuation with In progress

the quick books

31
 Finalizing and Completed
analysing the
budget
In progress
Trial balance,
adjustments and In progress
posting to the
general ledger

Reconciliation of In progress
the books of
accounts

Continuation of
advanced excel
software

WEEK 5 Trial balance, Completed

adjustments and
posting to the
general ledger

WEEK6 Preparation of In progress

Financial
Statements
In progress
Report Writing

Week 7 Preparation of Completed

Financial
Statements
In Progress
Report Writing

32
Week 8 Report Writing Completed

33