A PROJECT REPORT ON

‘INTERNSHIP AT RASESH SHAH & ASSOCIATES, CHARTERED

ACCOUNTANTS (MUMBAI)’,

Submitted in the partial fulfilment of BMS, V semester.

SUBMITTED BY:
Ishita Gosalia
TYBMS A
A021
40401190019

MENTOR:
Prof. Yogesh Kamath
Assistant Professor
BMS (Deg.)

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ACKNOWLEDGEMENT

It is a matter of immense pleasure to show gratitude and extend my thanks SVKM’s

Mithibai College of Arts, Science and Commerce for providing me with an opportunity to
step out of my comfort zone and explore my skills and abilities through this internship
programme.
I would like to thank our college Principal, Dr. Kritika Desai and our Head of
Department, Prof. Shabana Khan for providing the required facilities that have greatly
helped me in the entire process of going about the internship in a very convenient and
enjoyable manner.
I truly appreciate the efforts of our project mentor Prof. Yogesh Kamath who regularly
provided us their guidance and advice in every possible way while making this report.
Also, I would like to record my sincere appreciation and gratitude towards all the staff
members and the officials at Rasesh Shah & Associates, Mumbai without whose kind
assistance and support my internship program would not have succeeded. Facts and other
vital information provided by them has been a major source of contribution towards making
this report as comprehensive as possible. I am indeed grateful to them.
I am also very thankful to y seniors and colleagues for their encouragement and valuable
suggestions for the completion of this project report.
Last but not the least, I would like to express my sincere thanks to all my family members,
friends and well-wishers for their immense and continuous support and best wishes
throughout the internship tenure and the report making.
I sincerely believe that this report will be a valuable asset not only for academic institution
but will also be helpful to those who are interested to learn about internship experiences in
auditing, accountancy and consulting firm.

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EXECUTIVE SUMMARY

The purpose of this report is to give a detailed information about my internship tenure at
Rasesh Shah & Associates, a Chartered Accountancy firm providing different kinds of
services like auditing, tax consultancy, income tax filling, corporate consultancy and other
associated services.
To complete this report, I have personally worked with the firm for 2 months. In the process,
I have learnt many things which were never known to me before and have also collected
information about the firm and its working.
Through this document I am willing to provide detailed information on the work culture,
functions of the various other departments, work done during the internship, personal gains
and experiences.
The report contains 5 chapters in the following order:
Chapter 1-
Chapter 2-
Chapter 3-
Chapter 4-
Chapter 5-
During the internship tenure there are several things that I got done, for example, entering
custom bill, entering local and foreign purchase and sales bill in the computer system using
the Tally ERP9 software, preparation of client reconciliation statements and filing of carious
important documents systematically in their respective files.
Lastly, this programme has also allowed me to apply my theoretical knowledge in the work
and have realised how useful it has been to me.

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INDEX

i. INTRODUCTION……………………………………………………………5

1. CHAPTER 1: ORGANISATION OVERVIEW…………………………………

1.1 About the firm
1.2 Reason for selecting the firm
1.3 Type of organisation
1.4 Work Culture
1.5 Organisational Structure
1.6 Products and services provided

2. CHAPTER 2: LEARNING OBJECTIVES

3. CHAPTER 3:

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INTRODUCTION

An Overview of the ICAI

All CA firms come under the rules and regulations of
ICAI, that is, The Institute of Chartered Accountants
in India. It is the national professional accounting
body of India under the jurisdiction of Ministry of
Corporate Affairs, Government of India.
It was originally established on July 1, 1949, labelled
as a statutory body listed under the Chartered
Accountants Act, 1949 enacted by the Parliament to
regulate the profession in India. ICAI is solely responsible and accountable for settling the
Standards on Auditing that are to be followed in the audit and financial statements of India.
Members of the institute are referred to as the Chartered Accountants. These people are
subject to the published Code of Ethics and professional standards, violation of which is
subject to a strict disciplinary action. Becoming a member of the same requires passing of the
prescribed examinations, three years of practical training and fulfilling other requirements
that are listed under the Act and Regulations.
The Council constitutes of 40 members out of which 32 are elected by the Chartered
Accountants and the remaining are nominated by the Central Government that generally
represents the Comptroller and Auditor General of India, Securities and Exchange Board of
India, Ministry of Corporate Affairs, Ministry of Finance and other major stakeholders.
Over the course of period, ICAI has received recognition as a premier accounting body not
only recognised in India but also globally, for maintaining the highest standards in technical
an ethical areas and sustaining stringent examination and education standards. Since 1949,
the entire profession has grown leaps and bounds in terms of members and the student base.
Here is a list of some of its prominent functions:
 Regulating the profession of Accountancy.
 Education and examination of the Chartered Accountancy course.
 Continuing the professional education of the members.
 Conducting post qualification courses.
 Formulation of all kinds of accounting standards.
 Prescription of standard auditing procedures.
 Laying down ethical standards.
 Monitoring of quality through peer review.
 Ensuring the standard of performance of all the members.
 Exercising disciplinary jurisdiction.
 Financial reporting review.
 Input of policy matters to the government.

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Motto-
The main motto of ICAI is ‘YE AESHU SUPTAESHU JAGRUTI’ (Sanskrit) meaning a
person who is awake among those that sleep. This quote was given to the ICAI by Sri
Aurobindo at the time of its formation in 1949. It is quoted from the Upanishads.

Vision-
 Becoming the world’s leading accounting body by playing a predominant role in
setting world class standards in the identified services areas that addresses concerns of
countries be it developed, developing or under-developed.
 ICAI wishes to further lay trust on its regulatory and development role that sets the
highest standards of ethical and professional code of conduct.
 Ensure that the members have the right skills to serve global markets which are
regularly updated and are relevant in the changing economic order. Its aim is to
provide holistic education along with effective practical training and continuous
professional development in order to ensure that base knowledge of the profession
keeps pace with the emerging global trends and practices and new innovations.
 In accounting, finance, taxation and business advisory services ICAI wishes to
strengthen facilities available for providing education, training and continuous
updation of information along with research and development in the current times to
establish leadership in the areas where members of the ICAI are and have been
providing services.

Mission-
 To facilitate the Indian professional services and firms and allow them to establish
themselves as a multi-national service provider and assist them in harnessing the
global opportunities along with building capabilities for the same.
 To strengthen and demonstrate its regulatory role through visible, timely, unbiased
and proactive action.
 To create awareness among the stakeholders regarding the effectiveness of the quasi-
judicial role of ICAI and ensure inclusion of wider section of people to carry out their
role as a regulator.
 Develop skilled professionals with competencies to service their clients not only in
India but also globally which requires technical skills. As one of the leading producers
of CAs in the world, it wishes to make sure that their members can take the rightful
place in the global talent pool.
 Create an enabling environment to become the predominant contributor in setting the
standards across the globe in the required fields. They will support, take up and fund
issues that has local and global impact.
 Continue to inculcate the highest ethical standards amongst its members to allow them
assistance in upholding the values that the accounting profession stands for. They will
also continue to lay more emphasis on ethical values as a part of their education and
training sessions of the students as well as the members.

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Top CA firms in India-
1. DELOITTE- It is a company based in UK and by 2016 stands as one of the top 100
companies to work in from a global perspective. When it comes to revenue and
number of professionals, Deloitte stands at the top as the largest professional service
network in the world. It provides services like auditing, taxation, enterprise risk,
consultancy and financial advisory. These services cater to more than 200,000
professionals over the globe. It believes in ‘Good to make it Great’ and helping the
clients to become leaders.

2. PWC- As per a 2014 survey, Price Waterhouse Coopers is said to be the world’s
second largest professional services network in terms of revenue. It has been
established as a multi-national professional services network. It has it headquarters
based in London and as of 2020. PWC is the fifth largest privately owned company in
the United States. It is one of the big Four Auditors and stands neck to neck with them.

3. Ernst & Young- Abbreviated as EY, it is a multi-national professional services firm

founded in 1849, headquartered in London. It has different structures in different
countries with more than 700 offices around the world. In terms of revenue, it has been
ranked as world’s third largest professional service firm as per a survey of 2012 and
is one of the big four audit firms.

4. KPMG- having its headquarters in Amstelveen, the Netherlands, Klynveld Peat

Marwick and Goerdeler (KPMG) employs 162,000 people and has three lines of
service: audit, tax and advisory. Its tax and advisory services are further divided into
various service groups. With more than 33,000 employees in more than 100 offices
across the US, KPMG has rightfully earned its place among the accounting’s Big 4. It
works for clients in 17 different industry sectors, for example, banking and capital
markets, building, construction, insurance, investment, retail sector, industrial
manufacturing etc.

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CHAPTER-1
ORGANISATION: RASESH SHAH & ASSOCIATES

1.1 About the Firm:

Rasesh Shah & Associates,
established in 1986,
Goregaon (west), Mumbai, is
one of the many existing CA
firms all over India. It was set
up by Mr. Rasesh M. Shah who now has more than 30 years of experience in the field.
It is a professionally managed firm consisting of distinguished chartered accountants,
corporate financial advisors and tax consultants. It strives to provide quality services in the
areas of tax, audit, company law matters, accounting outsourcing, management consultancy,
due diligence, secretarial services etc. the firm is well geared to take up any professional
assignments in the mentioned areas and provide a complete range of services.
Those associated with the firm have a regular interaction with the industry and other
professionals which allows the firm to keep up with the updates, trends and contemporary
developments and meeting the needs of the clients.
The firm hold pride in their extensive experience to rigorously evaluate the government
procedures, processes, information and controls, and when required, they recommend the best
way to strengthen them. Along with this, they constantly work hard on giving out complete
and convenient solutions to income tax which includes advisory, compliances and
representation of the same before the taxation authorities for various matters related tax
litigation.

1.2 Reason for selection: