AN INTERNSHIP REPORT ON

NBA ADVISORS & TAX CONSULTANTS PVT LTD.

Submitted to:

Balkumari College

Tribhuvan University

Bharatpur, Chitwan

Nepal

Submitted by:

Prabin Shrestha

Symbol No: 0015/21

T.U. Registration No: 7-3-241-957-2020

An Internship Report Submitted to Tribhuvan University in Partial Fulfillment of the

requirement for the Award of the Degree of

Master of Business Administration in Financial Management (MBA-FM)

Faculty of management

Tribhuvan University
 DECLARATION

I hereby declare that the work reported in this project work on “NBA Advisors & Tax
Consultants Pvt Ltd.” submitted to Balkumari College, Tribhuvan University is my
original work done in the form of partial requirement for the degree of Master of Business
Administration in Financial Management (MBA-FM). Further I would like to declare that
the report prepared by me is only for the academic purpose. The contents included by me
are taken from the observations.

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 ACKNOWLEDGEMENT

This report is set under the extraordinary arrangement of the commonsense field learning
which is set up to satisfy the necessity of Master of Business Administration. This sort of
work is important for any administration under studies that give us chances to get
presented to practical information and implications, giving ongoing critical thinking
circumstances. I might want to thank our colleague for their support and encouragement.

A genuine thank to CA Ashish Khaniya , CA Niranjan Khaniya & Bishnu Prasad Sapkota
who have assisted me a lot by giving me his valuable time and advice for the preparation
of this report and also supervising me throughout my internship period. He has given me
lots of valuable knowledge which is implemented in this report.

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 TABLE OF CONTENTS

ACKNOWLEDGEMENT ................................................................................................ iii

TABLE OF CONTENTS .................................................................................................. iv
EXECUTIVE SUMMARY ................................................................................................ 1
CHAPTER: ONE ............................................................................................................... 2
1.1 Introduction .................................................................................................................. 2
1.2 Objectives of studying the organization ....................................................................... 2
CHAPTER: TWO .............................................................................................................. 4
2.1 Overview of the organization ....................................................................................... 4
2.1.1 Brief history .............................................................................................................. 4
2.1.2 Nature of organization and product line.................................................................... 5
2.1.3 Business volume........................................................................................................ 5
2.1.4 Number of employee ................................................................................................. 6
2.1.5 Competitors ............................................................................................................... 6
2.2 Organizational structure: .............................................................................................. 6
2.2.1 Organization chart ..................................................................................................... 6
CHAPTER: THREE........................................................................................................... 9
CHAPTER: FOUR ........................................................................................................... 10
4.1 Critical Analysis ......................................................................................................... 10
4.1.1 Work Experiences ................................................................................................... 10
4.2 STOW analysis........................................................................................................... 11
4.2.1 Strength ................................................................................................................... 11
4.2.2 Weakness................................................................................................................. 11
4.2.3 Opportunity ............................................................................................................. 12
4.2.4 Threat ...................................................................................................................... 12
CHAPTER: FIVE............................................................................................................. 13
5.1 Conclusion.................................................................................................................. 13
5.2 Finding and Recommendation ................................................................................... 13
REFERENCES ................................................................................................................. 15

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 EXECUTIVE SUMMARY

The report has been written with the intention of providing its reader a clear idea of how an
audit firm deals with the concept of audit procedure. NBA Advisors & Tax Consultants
Pvt Ltd is one of the top Chartered Accountant firm in Nepal which provides various
services like statutory audit, consultancy, taxation services and many more.

Within the period of internship program, I was assigned in lots of Hotels. Small business,
Petrol Pump and other Company as an accountant. I have worked in this report followed by
the knowledge that I have gained from working, trainings and my personal experiences.

The first part of the report consist an introduction, background and description of the
report. The second part of the report contains of Internship program of NBA Advisors &
Tax Consultants Pvt Ltd. In the third I discussed on critical analysis, last but not the least I
tried to focus on some of the findings that I have found during this period of internship and
tried to recommend some solutions which will minimize the problems that I have
mentioned in my findings. Later, I have tried to draw an overall conclusion of the report.

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 CHAPTER: ONE

1.1 Introduction

Only theoretical knowledge is not enough to survive in the modern era corporate world. In
order to collaborate between practical and theoretical knowledge our university influence
us to take an internship program. Internship program is where students can gain soft skill in
real scenario and experience of the practical and professional world. Thus, we are required
to take an internship program in any organization.
An internship is an opportunity for a student to choose between various careers they want
to peruse. As from the very beginning I have aimed to peruse Chartered Accountancy after
completion of my bachelor. Slowly but steady I continued to dealt with my vision and clear
my way to goal. In the process, I choose “NBA Advisors & Tax Consultants Pvt Ltd.” to
complete my internship program which is one of the top most Charted firms in Chitwan,
Hetauda and Kathmandu .Through my internship program gave me the opportunity to gain
practical knowledge on how an accounting firm operates in reality. Moreover, it is being a
great opportunity for me to work in a Chartered firm which serves and provides a huge
number of clients all over the Chitwan, Hetauda & Kathmandu.
This study gave me an opportunity to know and observe the procedures of auditing. I was
assigned as an audit student of NBA and was engaged for the audit of many business firms
like Resorts, Hardware, Hospital, Petrol Pump and other Company, which was provided by
my firm. The report will brief my gathered practical experience on audit procedure.

1.2 Objectives of studying the organization

Internship program are required to develop the working knowledge by relating it to the
theoretical knowledge that we learned in the process of completion MBA-FM Program.
There is a huge difference between reality and bookish knowledge. In reality theoretical
aspect is not always applicable. Hence, to minimize the difference it is essential to work in
an organization. Moreover, internship is a pre-requisition for completion our graduation
from
Tribhuvan University:
The purpose of this internship placements are:

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 Internship provides an intern with first time working experience.
 Internship enables us to relate our theoretical knowledge with practical knowledge.
 Internship helps to adjust an intern with the organization’s atmosphere.
 Internship helps to structure our confidence with in an intern to become a
successful employee.
 Internship enables to have an overall idea on the audit procedure of NBA Advisors
& Tax Consultants Pvt Ltd.

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 CHAPTER: TWO

2.1 Overview of the organization

2.1.1 Brief history

NBA Advisors & Tax Consultants Pvt Ltd is one of the top and professional services firms
located in Chitwan, Hetauda & Kathmandu For about 3 years. NBA Advisors & Tax
Consultants Pvt Ltd has provided high-quality financial, taxation and management services
to a diverse and successful client base operating across various industry and business
segment. It started its practice in this vision in 2078 under the name and style NBA
Advisors & Tax Consultants Pvt Ltd. Since then, as an innovative and highly professional
public accounting and consulting firm, NBA Advisors & Tax Consultants Pvt Ltd serves as
trusted auditor and valued advisor to over 250 clients by delivering objective, clear and
practical advice to assist their client’s growth and succeed in their chosen field. NBA
Advisors & Tax Consultants Pvt Ltd is uniquely positioned to impart quality, cost-effective
and practical advice to clients that include Big corporations, private businesses,
governmental entities, emerging or start-up firms, coupled with the personal relationship,
value-based fee structure and service continuity.
Table 1.1Firm profiles:
Name NBA Advisors & Tax Consultants Pvt Ltd

Address Bishal chowk , Bharatpur-11 Chitwan , Nepal

Phone number

Email Info@nbaconsult.com

Mission
 To excel our relentless efforts for the steady growth of our clients.
 To keep pace with global growth and development in technology and
professionalism with high ethical standard.

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Vision

Uphold reputation and recognition as one of the best professional service providers in the
country.

2.1.2 Nature of organization and product line

NBA Advisors & Tax Consultants Pvt Ltd helps their clients to keep pace with competitive
and fast moving business environment, NBA Advisors & Tax Consultants Pvt Ltd offers
wide range of services. Its expertise extends into different areas of financial, taxation,
management and advisory matters. It also renders services to national development
agencies associated with various projects in Chitwan.

Table 1.2 Most of the common areas of services are:

Audit and Assurance Fiscal and Taxation

Special Purpose Audit/Review Corporate Tax
Agreed Upon Procedures Work. Value Added Tax (VAT).
Negative Assurance. Other Indirect Tax
Interim Review. Individual Tax
Internal Audit and Operational Audit. Tax Advisory Services.
Performance and Compliance Audit. Tax Due Diligence
Corporate Governance. Transfer Pricing.

2.1.3 Business volume

Table 1.3 Major Industry's receiving services:

Manufacturing and Trading

•Engineering
•pipe
•Fabricated products Pharmaceuticals
•Jute goods/garments/textiles, etc.
Financial
•Banking

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 •Investment
•Insurance
•Capital Market
•Security Service
•Companies
Commercial services
•Courier and cargo services
•Hospitals
•Hotel

2.1.4 Number of employee

There are few number employees in the organization. Even with few amount of employee
the organization has able to compete with big named audit firm in market. There are only
13 employees presently working in the organizations.

2.1.5 Competitors

Rivalry in which every seller tries to get what other sellers are seeking at the same time:
sales, profit, and market share by offering the best practicable combination of price,
quality, and service. There is competition everywhere so, firm has to understand there
competition to gain competitive advantage. Some of the competitor of NBA Advisors &
Tax Consultants Pvt Ltd is:

1. Gokul Associates , Bharatpur

2. Vhaidik Associates, Bharatpur-11
3. Bishnu Regmi, Bharatpur- 10
4. NR Associates , Bharatpur 11
5. Veshraj koirala, Bharatpur-11 etc.

2.2 Organizational structure:

2.2.1 Organization chart

Figure 1.1 organization structures of NBA Advisors & Tax Consultants Pvt Ltd

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 NBA

Manager

General department Audit department

Administration senior auditor Audit Executive

Juniors

2.2.2 Organizational structure

Audit Managers: Audit managers must be Chartered Accountant who can assist partners in
different way. He/she should analysis the audit report before signing the audit report.

a) Supervisors:

It is not necessary for the supervisors to be a chartered account. He/she can also be a course
complete student having huge experiences at the field of accountancy. He is being
supervised by the audit manager when and where an audit activity is performed and how it is
to be performed.

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b) Senior Student:

An audit senior has some experience in the accountancy field before he is designated as the
audit senior of the firm. He is under the direct supervision of audit manager and supervisor.

C) Audit Executive

A semi-senior student must complete 1 year of article ship in the firm. He is responsible to
the senior student of the firm when he doing any fieldwork.

d) Junior Student:

Junior- Students are fresher who have joined the audit firm.

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 CHAPTER: THREE

3.1 Analysis of works & activities Performed.

As I am a newly admitted student my task was to only look after operating and
administrative expenses and that’s why my job responsibility varies from client to client.
Thus, my job responsibilities in many hardware’s, hotels and other Company are as
follows:

1. Stock management and recording.

2. Controlling the employee under my authority and their performance.
3. Providing guideline to the owner.
4. Performed vertical analysis and identified major heads of expenditure.
5. Scanned the ledger from unusual/large transactions and vouched with
supporting documents (Purchase order, invoice, delivery challan, bank
Statement, personal files of employees and bank payment advice approval
Statements).
6. Checked whether expenses have been classified to appropriate heads.
7. Preserved necessary supporting documents.
8. Checked Loan file, Expenses, Vat reconciliation & Tds reconciliation.
9. Entry of loan submission, monthly maskebari and maintaining the account of
the company.
10. Visit IRD office for tax clearance, pan number, opening new firm etc.
11. Making the audit report and projection report as per needed.

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 CHAPTER: FOUR

4.1 Critical Analysis

4.1.1 Work Experiences

I have joined NBA Advisors & Tax Consultants Pvt Ltd at 17th Nov 2022 which fulfill the
requirements of my under graduation program. From the beginning I was given basic ideas
on how firm’s workflows works. It was very thoughtful of my manager to provide me
some materials for studying just to get an idea on assurance and accounting. The main idea
was to lessen up the gap between theoretical and real life scenario. It was very much
frustrating for me to study books at the very first day of my career. However, I was called
and given an annual report of lots of Hardware’s and other Company to study thoroughly.
After reading it carefully I found out that this company is having losses for many years just
because they have a huge operating and administrative expenses. However, initially I was
able to find out only one aspect but later I have learned many new things to scan an annual
report.

Two other joiner auditors and I went to lots of other Company for doing and interim audit.
They make me understand the internal control system of the company. They use Enterprise
resource planning system for their accounts. Moreover, they appointed me to look after
operating and administration expenses. They also discuss everything in brief so that I can
actually perform the tasks.

The practical orientation is necessary for the development and preparation of a person
before entering into the corporate world. The things that I have learned at NBA Advisors &
Tax Consultants Pvt Ltd are:

1. Meaning of responsibility

2. Accountability to the profession

3. Obligation of commitment

4. Auditing and reporting responsibilities

5. Working with ethics

6. Working Independently
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7. Punctuality and regularity is very important; and

8. Ability to interact with different sorts of people.

Nature of the Job:

Worked in a Chartered Accountancy firm named NBA Advisors & Tax Consultants Pvt
Ltd, Chartered Accountant as a newly admitted student from 17th Nov 2022 to 14th Jan
2023.

4.2 STOW analysis

The word SWOT stands for Strength, weakness, opportunity and threats. It is done to
understand the external and internal environment of the organization. The forces in the
external environment provide opportunity and threats. The forces in the internal
environment provide strength and weaknesses. The major findings from the SWOT
analysis of NBA Advisors & Tax Consultants Pvt Ltd are as follows:

4.2.1 Strength

1. It is a top-of-the –mind consulting which has expertise in audit, tax, and advisory.
2. Strong management team
3. Loyal customer
4. Strong brand equity
5. Skilled workforce

4.2.2 Weakness

1. Weak IT department
2. No foreign affiliation
3. Weak training procedure for new audit assistant
4. Weakness in retaining talents
5. Brand visibility and advertising lesser than some industry majors

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4.2.3 Opportunity

1. Product and services expansion

2. There are enormous growth prospects in emerging market.
3. Increasing the spending on infrastructure may increase demand for advisory
services
4. Companies continuously looking for consulting solution
5. Extremely large opportunity in emerging economics
6. Complex tax laws enhancing the opportunity

4.2.4 Threat

1. High competition in the market

2. Stiff competition from existing industry players
3. Lower profitability
4. Cheaper technology
5. Economic condition of country and slowdown
6. External changes (government, politics, taxes, etc)

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 CHAPTER: FIVE

5.1 Conclusion

Chartered Accountancy is one of the most respected professions in all over the world. This
profession requires maintaining standards and procedures in conducting audit consultancy,
taxation etc. works. International standards on auditing provide basic guidelines that
chartered accountants need to adopt. Apart from auditing procedures I have learn new
aspect of performing business. Firm has some discretion in their audit procedures
depending upon the situation of the respective country and nature of clients. In this report,
I tried to the best of my knowledge to present the practical and theoretical knowledge in
conducting their audit works. From my working experiences in NBA Advisors & Tax
Consultants Pvt Ltd I have learn new audit procedures and function. From the formation of
NBA Advisors & Tax Consultants Pvt Ltd contributes to a great extent in ensuring the
transparency in the presentation of financial statements of various entities of various
industries of Chitwan, Kathmandu & Hetauda.

5.2 Finding and Recommendation

I would like to share some of the loops that I encountered with during my workings as a
junior trainee auditor. I also would like to establish some recommendations regarding those
disadvantages. I personally discussed with some of collogues and my supervisor about the
loops that I have found and most of them agrees with my observations. The findings and
recommendations are given below:
1. Time Constraints
Findings: Our team has faced serious time limitations, as from the initial screening
of the clients business we thought that we understood everything but later in turns
wrong. We consume huge amount of time just to understand their whole operations
process basically accounts. Especially me as a junior trainee auditor, I had to study
huge information with in short period of time.
Recommendations: From my point of view, if the in-charge or the firm gave us a
small training session about the client’s system then it would be lot easier to
understand quickly in the field. They provided idea about their financial statements
but they did not provide enough information about the clients systems.

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2. Methods of Sampling
Findings: Many auditors use different techniques of sampling to represent the whole
population. Some might use weighted percentage techniques or someone might feel
comfortable with variance analysis to determine which head to see. Moreover, the
basic summary in the sampling methods are used to limit the number of transactions,
cost effective, time efficiency and lastly to representative of the whole population.
However, the auditors might fail to detect a material fact in the financial statements.
Recommendations: There should be specific techniques for sampling which will
lead to a united efficiency regarding sampling. Moreover, it would be better to
execute thorough testing as possible from the samples they choose out of the entire
population.

3. Management Coordination
Findings: During my Auditing I had learnt that there is a lack of coordination
between management and auditors. I also leant that the management feels burden
while the auditors seeks for information from them. Moreover, how the management
bullies the auditors by not providing the necessary documents or by delaying. Now, I
can truly relate what I had learnt from my study. I personally felt that some of the
employees are actually delaying in providing the documents that I have asked for.
Legally, they have to provide the documents we asked for but when the management
felt of having extra load in work they tend to delay or neglect the auditors.
Recommendations: Some says it is an art to bring documents from the
managements or employees. As it requires patience and selective techniques to do so,
I believe that there should be welcoming sessions where the auditors and the
managements will get to know each other which will help to reduce the distance that
they normally creates. Furthermore, it is the clients’ duty to look at their
managements so that they actually provide us the necessary documents. To solve this
problem top management should regularly takes feedback from the auditors than the
problem might resolve.

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 REFERENCES

Books:

AUDIT PRACTICE MANUAL, Institute of Chartered Accountants of Chitwan.

Audit and Assurance (2012). London school of Business and Finance.

Planning, Risk Assessment, Audit approach. In Audit and Assurance Manual

Rick Hayes and Philip Wallage (2015) Principles of Auditing: An Introduction to

International Standards on Auditing (3rd Edition).New jersey: prentice hall.

Websites:

http://www.ican.org.np

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