DAYALBAGH EDUCATIONAL INSTITUTE

DEPARTMENT OF MANAGEMENT

CO-OPERATIVE MANAGEMENT INTERNSHIP PROGRAMME

COURSE NUMBER: MBM 521

COURSE NAME: WORK-TERM PROJECT-II

A STUDY ON ACCOUNTS MANAGEMENT FOR SMALL BUSINESS IN AGRA

REGION

PERIOD: JUNE 1- NOVEMBER 30, YEAR –2017

ORGANIZATION’S NAME: Ram Agarwal & Co. (Chartered Accountants)

Office: S-5, 2nd Floor, Maruti Plaza, Sanjay Place, Agra-2
E-mail id: [Link]@[Link]

Organization Mentor Submitted By:

Mr. Ram Kumar Vedika Saxena
FCA MBA Integrated (Final Yr.)
Specialization: Finance
Roll No. - 157689
 MBM-521 (Work Term Project-II) Module-10

Acknowledgement
When you live for a strong purpose, then hard work isn’t an option …it is a necessity. I most
obligingly acknowledge that the virtue of hard work has been imbibed in me through the constant
counseling of my teachers as well as the principles advocated by my University – Dayalbagh
Educational Institute. It is only through the sweat of one’s brow that one may reap the benefits
of success. The success and final outcome of this project required a lot of guidance and assistance
and I am extremely fortunate to have received this throughout the entire project.
First and foremost, with folded hands I thank Almighty God, who blessed me with the power to
carry out the task.
I extend my sincere gratitude to my Co-op Faculty mentor Prof. K Santi Swarup for giving me an
opportunity to do my research project under his guidance. I am grateful to him for his invaluable
guidance and cooperation during the course of the project. He provided with his assistance and
support whenever needed that has been instrumental in my internship stint.
I acknowledge with thanks the kind patronage, loving inspiration and timely guidance which I
have received from my organizational mentor CA Ram Kumar Bansal without whose guidance
and support, at various stages of my training, the project might not have reached its fruition.
Besides, I will be failing in my duties without paying my heartfelt gratitude to all those who have
not been named individually but helped me at various stages of this work in all possible ways.

- Vedika Saxena

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 MBM-521 (Work Term Project-II) Module-10

DAYALBAGH EDUCATIONAL INSTITUTE

DAYALBAGH, AGRA-282005

DECLARATION

I, Vedika Saxena, solemnly affirm that the project report entitled “A Study on
Accounts Management for Small Business in Agra Region” embodies an original
piece of work carried out by me under the supervision of CA Ram Kumar Bansal
(Organization Supervisor) and Prof. K Santi Swarup (Project Supervisor) .The
findings of this project are based upon the work done by me. It has not been
submitted, either in part or in full, to this or any other University/Institute for the
award of any other degree.

__________________
Vedika Saxena
MBA Integrated
Dept. of Management
F/O Social Sciences, DEI

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 MBM-521 (Work Term Project-II) Module-10

INTERNSHIP COMPLETION CERTIFICATE

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 MBM-521 (Work Term Project-II) Module-10

CONTENTS

1. EXECUTIVE SUMMARY 7

2. INTRODUCTION 8-11
2.1 Accounts Management And Its Significance 8
2.2 Importance Of The Study 8
2.3 Introduction To The Firm 9
2.31 Profile of the Firm 9
2.32 Background of the Firm 9
2.33 Work Environment 9
2.4 Contribution to Organizational Success 9
2.5 Tools for Insight into Business/Industry 10
2.51 Flower of Services Model 10
2.52 SWOT Analysis 10-11
2.53 Critical Success Factors & Key Performance
Indicators for the Industry 12

3. PROJECT AREA 13-14

3.1 Specific Focus Areas Of Study 13
3.2 Decision Areas For Managers 14
3.3 Overall Performance Measures 14

4. PROJECT DETAILS 15-32

4.1 How Objectives Were Framed & Met 15
4.2 Work Objectives 16
4.3 Salient points of the project 16
4.4 Key subjects used for the project 16
4.5 Tools Used In The Project 17-18
4.6 Project Management Dashboard 19
4.7 Results And Discussion 20-31
4.71 Client-service life cycle of firm 20
4.72 Processes & sub-activities in accounts mngt. 21-30
4.73 Common mistakes identified 31-32
4.74 Measures for improvement 32
4.8 Application Of TQM Principles 33
4.9 Service Quality Gaps Identified In The Process 33

5. CONCLUSION 34

6. OVERALL SKILLS/COMPETENCIES ENHANCEMENT 35-36

7. FEEDBACK AT THE END OF INTERNSHIP 37

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 MBM-521 (Work Term Project-II) Module-10

8. BIBLIOGRAPHY 38

9. APPENDICES 39

10. LIST OF TABLES

TABLE 1: SPECIFIC FOCUS AREAS OF STUDY ..................................................... 13
TABLE 2: TOOLS USED IN STUDY ....................................................................... 17
TABLE 3: TECHNICAL SKILLS LEARNT ................................................................ 35

11. LIST OF EXHIBITS

EXHIBIT 1: FLOWER OF SERVICES MODEL FOR THE FIRM ................................... 10
EXHIBIT 2: SWOT ANALYSIS OF THE FIRM .......................................................... 11
EXHIBIT 3: PROJECT TIMELINE ........................................................................... 19
EXHIBIT 4: DAYS PER TASKS ............................................................................. 19
EXHIBIT 5: OVERALL PERFORMANCE SPEEDOMETER .......................................... 19
EXHIBIT 6: GST ENROLMENT & MIGRATION PROCESS ......................................... 25
EXHIBIT 7: E-FILING OF GST INTERIM RETURNS .................................................. 27
EXHIBIT 8: E-FILING OF TAX AUDIT REPORT ....................................................... 30
EXHIBIT 9: TQM IMPLEMENTATION IN THE FIRM .................................................. 33

12. LIST OF ABBREVIATIONS

CA Chartered Accountant
SWOT Strength Weakness Opportunity Threat
CSF Critical Success Factor
KPI Key Performance Indicator
GST Goods And Services Tax
GSTR Goods And Services Tax Return
VAT Value Added Tax
TB Trial Balance
TAT Turnaround Time
ITC Input Tax Credit
GSTIN Goods And Services Tax Identification Number
UIN Unique Identification Number
DSC Digital Signature Certificate
OTP One Time Password
SGST State Goods And Services Tax
CGST Central Goods And Services Tax
IGST Integrated Goods And Services Tax
ITR: Income Tax Return

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 MBM-521 (Work Term Project-II) Module-10

1. EXECUTIVE SUMMARY
This project in itself is an experience. Enunciating all the tasks is one of the foremost objectives
of this work term project. The processes or tasks in which I was involved during my tenure in CA
firm are recorded in this document.
This project quite clearly brought out the distinction between theory and practice. I had the
opportunity to put my accounting knowledge into practice and perform actual audit procedures
for the clients. The foremost learning which has been picked up would involve a broad overview
of the entire accounts management process which involves submission of source documents by
clients to their processing & making of year-end reports.
The report is divided into five broad sections. The first section is concerned with the introduction
to the topic and brief profile and background of the firm. There are different tools explained to
get an insight into the business/industry. The second section deals with the specific project areas
of study- their decision-making dimensions and the broad performance measures. The third
section is the most significant important part of this project covering the project details. The work
objectives are clearly defined along with the tools used during the work. The results are purely
an outcome of experience, discussed in the section. The project dashboard depicts the project
timeline and days per tasks along with a performance speedometer. The fourth is a concluding
note to the study looking back to the skills/competencies enrichment which has taken place
during the six months of internship. Lastly, the references are cited along with bibliography. Also,
certain evidences of work done are shown in appendices.

- Vedika Saxena

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2. INTRODUCTION
2.1 ACCOUNTS MANAGEMENT AND ITS SIGNIFICANCE

The art of good management is vital for accomplishment of predetermined goals. Management
of activities is indispensable for smooth and effective functioning of business. With different
areas of management existing in business firms- Operations, Finance, Production, Human
Resource, Marketing, each area has its special significance. Finance is the life-blood of business.
This calls for proper maintenance and management of all financial information pertaining to
business.

Accounts Management is one such important component required for businesses which helps
with the assessment of a firm's financial history and current performance. Accounting entails
more than just managing credits and debits, and it comes into play more often in everyday
business decisions. It encompasses a broad scope of operations- from recording of all
transactions to preparation of summarized reports on financial position of business. Being a
comprehensive process, it is a key to a healthy business where all its cash flows, invoices,
receivables, payables, meeting tax-compliances and other assets as well as liabilities are
managed. Accounts Management will serve a purpose for planning operations of business and
decision-making and help to run the business profitably.

In this technological era with automation in accounting, the record of documents are being made
in electronic form as opposed to the traditional manual form. Accounting software
solutions/Accounting packages have simplified the accounting & auditing process and has
improved its efficiency, reducing time, costs, avoiding manual verification, locating errors easily,
and providing access to client’s reports/data remotely. Tax computation and return filing process
is made hassle-free with numerous easy-to-use tax filing packages.

So, Accounts Management for small business firms is seen as a process where the activities are
carried out as and when they are due. In a CA firm, there are portfolio of services provided to
clients. Management of accounts involve an ethical and professional conduct throughout the
work. The business firms (clients) represent different sectors and management of accounts is
closely connected with the nature of business. Having a sound management of business accounts
helps to know the financial status of the organization which is necessary for its survival.
2.2 Importance of the Study:

The study holds important for Organizational Success. Accounts Management Process for a small
business lays down its different facets from beginning to end. The organization can manage the
process better after knowing its each stage- activities performed at each stage, the problems
encountered at each stage, loopholes in the process etc. The study is based on experience and is
concerned with the actual work done and observed during the internship.

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 MBM-521 (Work Term Project-II) Module-10

2.3 INTRODUCTION TO THE FIRM

2.31 PROFILE OF THE FIRM

Name of the Firm- Ram Agarwal & Co. (Chartered Accountants)

Date of establishment- 27th November, 2009
Address of the firm- S -5, 2nd Floor, Maruti Plaza, Sanjay Place, Agra-282002
E-mail: [Link]@[Link]

2.32 BACKGROUND OF THE FIRM

The firm exists to provide complete, reliable and high quality auditing and accounting services to
individuals and institutions, be it manufacturing, trading, governmental, non- governmental,
medical, hotels, and any other sectors. The overall objective is to focus the activities towards its
specialized services (auditing, accounting and tax) and to become a leader in this niche in the city.

Registration of Firm: The Company got registered under Institute of Chartered Accountants of
India in the year 2009.

Organizational Values: The values of the organization are in Valuing People, building a
sustainable client relationship, maintaining an environment where a commitment to quality,
honesty, respect, fairness and professional ethics governs the actions and decisions of everyone
within the firm.

2.33 WORK ENVIRONMENT

The organization helped me to get exposed to the real world of accounting, audit, and taxation
and to have first-hand experience on the same. A positive & supportive work environment dwells
in the organization. There are 5 ‘Articles’ (pursuing CA Articleship) in the organization who are
very cooperative & friendly guiding me in different assignments. The office timings are 11:00 to
5:00 with a half an hour break. The tasks involve lot of diligence, accuracy and caution for
verification of records and identifying the errors.

2.4 CONTRIBUTION TO ORGANIZATIONAL SUCCESS-

To help the organization in rendering specialized services, my work in the form of different
assignments/tasks plays the role in the following way contributing to organizational success:
 Assist with month-end financial reports.
 Post entries (book-keeping)
 Assist with audits
 Help with Reconciliations and ensuring compliances – working with Bank Reconciliation
Statements.
 Ensuring fairness and honesty in conducting Vouching & other verification activities
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 MBM-521 (Work Term Project-II) Module-10

2.5 . TOOLS FOR INSIGHT INTO BUSINESS/INDUSTRY

2.51 FLOWER OF SERVICES MODEL
The major products and services provided by the firm
include both Accounting and Auditing. Different types of
auditing services provided by the organization include
Statutory Audit, Tax Audit, External Audit and Financial
Audit.

Accounting Services include the book-keeping services

of preparation of books of accounts- Journal, Ledger,
Preliminary Trial Balance, Balance sheet, Cash-Flow
Statements etc. along with preparation of budgets.
Taxation covers both direct & indirect tax norms-
computation of tax liability, the aspects of filing Income
tax returns, TDS, Sales tax, VAT etc. EXHIBIT 1: FLOWER OF SERVICES MODEL FOR
THE FIRM
The organization also extends the GST Registration and migration services of business entities
and other organizations to comply with the new tax norms effective from 1st July 2017, advising
its clients the process of smooth transition to GST, its impact on the nature of business activities,
filing of GST invoice etc. By analyzing the financial statements of business entities, giving an
opinion on the financial statements in the form of financial report also forms one of the Service
Lines of the firm.

2.52 SWOT ANALYSIS

For a CA firm, there are three broad internal factors i.e. Self, Clients and Staff and three external
variables i.e. Ever-changing laws, Infrastructure and Authorities. Proper balance between all the
variables is needed.

The assessment of Strengths, Weaknesses, Opportunities and Threats has been done to gain a
better understanding of the firm. Each firm’s SWOT analysis is unique. It will help determine
appropriate steps in planning to achieve the objectives of the firm .The elements have been
identified purely on my perception. The SWOT Analysis framework for the firm is shown below,
highlighting both internal and external factors important to get an insight into the firm’s business.

Opportunity at one time may convert into threat if preparation is not according to the desired
level and threat may be converted into an opportunity if extraordinary efforts are made.
Weaknesses need to be worked upon and the firm needs to capitalize on its strengths to take
advantage of the opportunities.

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 MBM-521 (Work Term Project-II) Module-10

Strengths Weaknesses
 People/Clients, processes and
professionalism S  Highly seasonal nature of the work.
The audit work requires long hours at
 Providing cost effective peak periods, but the availability of
professional services.
 Imparting wide breadth of
W year-round work is limited.
 Limited Service lines offered- limited
financial expertise & knowledge. profitability.
 The relatively low operating O  Very limited mediums available to
expense and overhead and advertise – affects the client base.
[Link] in low costs of
operations. T
 If desired, the business can also
be entirely home-based and does
not necessarily require office
space, nor is there expensive
manufacturing operations or
product inventory to maintain.

A Threats
Opportunities
 Taking a franchise of N  Threat of easy internet based
programs that simplify the process
Taxation Software Company. for the user and remove the need to
 Open an academic help for
students pursuing Chartered
A seek specialized service /book-
keeping services.
Accountancy Course.  Threat of Brand recognition owing
 Wider Scope of operations
resulting from Partnership
L to lack of trust with organizations to
share their financial information
with other firms.
 Opportunities under the tax- Y giving rise to losing customer/client
base.
regime: growing opportunities  Tough competition from big audit
under the GST era.
 Exploring other areas-
S firms as well as other knowledge
consulting agencies means limited
market share growth for the firm.
I
Investment management,
Mergers & Acquisitions,
Start-up services, Transfer
Pricing Consultancy etc.
S
EXHIBIT 2: SWOT ANALYSIS OF THE FIRM

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2.53 CRITICAL SUCCESS FACTORS (CSF) AND KEY PERFORMANCE

INDICATORS (KPI’S) FOR THE INDUSTRY
The CSF for the industry lies in- People, Process and Professionalism. The success depends on
the relationship with the clients (people), process of work involved, and ensuring professional
conduct. The table shows the CSF and their respective KPI’s identified for the industry.

Financial Expertise and knowledge

• Years of experience in imparting professional services.
• Application of Technical skills into working environment.
• Quality of work
• Commercial Awareness- Knowledge of policies, procedures and regulations
applicable to client’s business environment.
• Ability to provide useful advice to clients- making them understand different
dimensions- tax, auditing, business etc.
• Number of events/conferences attended.

Skills and Abilities

• Exhibiting Skills in supervision & management.
• Ability to communicate effectively with clients (both orally and written).
• Strong analytical skills facilitating decision making
• Time Management- Show evidence of competencies in completing the tasks
assigned on time.
• Tapping the opportunities available (changing tax norms; application of
technology for ease of doing work).

Personal Attributes/Qualities
• Strong interpersonal skills - demonstrate the appropriateness of soft or
interpersonal skills in dealing with clients.
• Credibility/trustworthiness- degree of trust the client has with the firm
(rapport between clients & firm).
• Networking -Connecting with people helps in raising the profile of firm.

Professional Standards & Conduct

• Inculcating Professional Standards for Accounting & Auditing.
• Upholding strong ethical standards for business law & taxation.

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3. PROJECT AREA
3.1 SPECIFIC FOCUS AREAS OF STUDY
FOCUS AREAS (SPECIFIC) PROJECTS/TASKS METRICS TO MEASURE
IMPROVEMENT
I. GENERAL ACCOUNTING
1. Fundamentals of Manual Recording of Transactions in actual Errors made while
Management work books of business-Journal, Ledger, performing any of the
Accounting Cash Book, preparing cash-flow statements, activities.
Trial Balance etc.
2. Financial Preparation of financial statements, Arithmetical Accuracy
Accounting interpreting financial data, bank achieved while preparing
reconciliations etc. books of entry.

II. AUDITING
1. General Operating - Preparation & documentation of audit No. of correct audit plans
Procedure of Audit plans, working on building an Audit Plan prepared (for specific
Firms framework. clients).
- Understand the stages/steps involved in Error rate at different
audit procedure. stages of conducting audit.

2. Use of Source Working with Vouchers, compilation, Vouching Processing error

Documents in Audit collation & verification of accounting rate
Investigation data/records/books for audit.
III. TAXATION
1. Insight about Tax - Understanding the procedure involved in - Ability to understand the
Laws GST Registration/Migration of clients. requirements & process of
 - Tasks involving E-filing of income tax GST Registration.
returns.  - Percentage of income-
 - Understand the intricacies in filing of GST tax returns filed
returns by firms. electronically.

IV. COMPUTERIZED ACCOUNTING

1. Tally ERP 9  Data Entry/Recording in the software, No. of features/modules
(Accounting working with different features/modules and tools learned &
Software) in the software. applied
 Assignments involving use of Tally
Software for accounting vouchers entry,
display & reporting etc.

Table 1: SPECIFIC FOCUS AREAS OF STUDY

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 MBM-521 (Work Term Project-II) Module-10

3.2 DECISION AREAS FOR MANAGERS (IN THE WORK INVOLVED)

Using Identifying/ Computation of Advising the

Accounting to assessing financial tax liability company on key
drive business risks Decision-making financial areas

Taxation
decisions- where the

Auditing
in the light of

(Advising and Consultancy)

Other Financial Services
Accounting

Evaluating internal company can

• Forecasting controls direct/indirect
estimated tax laws. improve
cash-flows Planning & Under the new
• Forecasting performing an tax regime of
the balance audit GST, consultancy
Sheet Finalizing an audit services for a
(Projected). & issuing an smooth
• Enabling to auditor’s report. transition to GST.
prepare Advising on
financial methods of tax-
statements in saving for
compliance individual
with investors &
Accounting income-earners,
Standards. filing IT Returns.

3.3 OVERALL PERFORMANCE MEASURES (RELATED TO BROAD AREA OF WORK)

Other Financial Services

Accounting Auditing Taxation (Advising and
Consultancy)
•Application of • Tracking audit • No. of tax-payers •Years of experience in
Technical skills into issues assisted rendering such
working environment. services
• No. of audits • Percentage of
• No. of accounting completed returns filed •No. of advisory visits
services provided to •No. of educational
• No. of frauds electronically.
client seminars attended
• Increase in client base uncovered &
•Commercial
• Increase in client
investigated Awareness- Knowledge
satisfaction • Strong analytical of policies, procedures
• Average revenue per skills facilitating and regulations
year per client decision making applicable to client’s
• Time Management- business environment.
Showing evidence of •Ability to
competencies in timely communicate
task-completion. effectively with clients

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4. PROJECT DETAILS
4.1 How Objectives Were Framed?

Nature of firm (Accounting & Audit Firm)

Different service lines- accounting, audit, taxation and

allied services (Flower of Services)

Consideration of Decision Area for Managers within the

time frame

Learning Goals of Internship as defined in Learning

Agreement (Broad Project Areas) - consultation with
Organization Supervisor

Work Assignments and Tasks (Specific Project Areas)

Framing of Specific Work Objectives

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4.2 Work objectives:

1. To understand the Client-Service Life Cycle of the firm as regards to Accounts
Management.
2. To understand the challenges and problems faced in managing accounts of small business
firms.
3. To learn the process and sub-activities involved in accounts management of small
businesses.
4. To identify the common mistakes made by small business owners in book-keeping and
suggest measures for improvement.

4.3 Salient Points of the Project-

 The project is purely an outcome of experience in the CA firm.

 All the activities were carried out in close coordination with the organization supervisor.
 The activities performed during the tenure are classified under the broad heads of
Accounts Management elements.
 The project is an application of knowledge and conceptual understanding to real-world
accounting and its management.
 The tasks required accuracy, patience, high level of concentration and caution while doing
work assignments.
 The project involves application of both manual accounting and computerized accounting
methods.
 Small business (clients) refer to locally owned grocery shops, departmental stores and
other business establishments.

4.4 Key Subjects Used For the Project

This project requires a theoretical understanding along with the knowledge of basic
concepts of the following key subjects:
 Double-Entry Book-keeping
 Management Accounting
 Computerized Accounting
 Auditing
 Taxation- Direct and Indirect Taxes
 Financial Reporting

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4.5 TOOLS USED IN THE PROJECT:

S. Tool Learning Benefits to the organization of Time of Challenges in Implementation
No. adopting it Adoption
1 Tally ERP 9  Having hands-on  Simplifies the audit In use since  Internet Connectivity
(Accounting experience in process & improves audit last five issues faced during
Software) computerized efficiency. years. remote access to client’s
accounting.  Easy verification & (Different data.
 Working with items collation of data. Versions  Resolving the problems
on ‘Gateway of Tally’.  Reduced time & effort of used) while exporting of data
operations – easy to spot (splitting of company’s
errors, avoids manual data) in Tally
verification.  Privacy & Security
 Provides Access to the Concerns for clients (Risk
client's reports/data of Data loss and
remotely. Intrusion)

2. Microsoft Office  Format (Template) of  Microsoft Word helps in Since Being professional and friendly
2013 preparation of preparation of Inception (polite/courteous) at the same
- Word 2013 notices/reminders in notices/reminders to time in writing audit
- Excel 2013 Word. clients regarding audit, reminders/notices.
 Use of Written due dates for filing
communication to returns, updating of
clients. client records,
 Learning how to preparation of invoices
summarize client’s etc.
data in Excel using  Use of Microsoft Excel to
pivot tables- analyze & summarize
preparation of details data- used for filing
of different invoices. returns.
Table 2: TOOLS USED IN STUDY

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3. Checklist Informational aid to  Assist the trainees of the Used by Does not serve as an exhaustive
vouching- list of organization to reduce failure trainees list. The vouching process
rules/principles used in by compensating for from time to demands understanding of other
the audit process. potential limits of human time. items (apart from those
memory and attention. mentioned in the list).
 Ensures completeness and
consistency in carrying out a
task.

4. Record Books Learnt recording of To comply with the Accounting From its Time-consuming task requiring
(Book-keeping) transactions in actual nature of work (Book-Keeping) inception attention, caution & accuracy.
Work-books (accounts carried out in the organization.
book) of organization.

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 MBM-521 (Work Term Project-II) Module-10

4.6 Project Management Dashboard

EXHIBIT 3: PROJECT TIMELINE

45 60 75 85
30
20 90
10 100
0

EXHIBIT 5: OVERALL PERFORMANCE SPEEDOMETER 19

EXHIBIT 4: DAYS PER TASKS
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4.7 RESULTS AND DISCUSSION

4.71 The figure below is identified as the Client-Service Life Cycle of the firm starting with the source documents provided by the
clients to the processed information they get ultimately in the form of month-end and annual reports. It is a continuous process in
which the firm is involved throughout the year. (FINDING FOR OBJECTIVE 1).

Each element of the above process is explained further based on the activities which have been performed under each component so
far. Some activities are based on observation while some rely on actual application. Further additions will be made as more
activities/tasks are identified under each head.
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4.72 Process and Sub-activities involved in Accounts Management:

(Findings for Objective 2 & 3)

A. BOOK-KEEPING:
The process begins with clients (small business firms) providing with source documents
(invoices/bills, vouchers, debit note, credit note etc.) which initiate the process of book-keeping.
Book-keeping is the fundamental accounting activity for recording transactions in the prescribed
books. The process of Book-Keeping (monthly, quarterly, and annual) required completion of
following activities on my part-
 Filing of Source documents- Whenever there is any transaction made in the business, whether
it’s inbound or outbound; there is always a proof provided to the related person of the firm
either the invoice, written slip or any other form. Hence, these are source documents which
must be properly filed.
 Sorting of all business related transactions from all the source documents-All the source
documents are not necessarily important, only some are of interest for the business record,
Hence proper sorting of important documents must be done.
 Entry/Recording of transactions in books of original entry – Journal and Sub-Journal (Special
Purpose subsidiary books- cash book, sales book, purchase book etc.)

The recording of transactions in books of accounts were made in accordance with the Double
Entry Book-Keeping System- both manually and electronically using Tally ERP 9 Software.

 Posting transactions into ledger

 Monthly Maintenance of Books of Accounts
 Monthly Cash Book Preparation
Transactions recording in Double Column Cash Book- Cash and Bank Column. Entries made based
on vouchers and bank statements furnished by clients.
 Preparing Bank Reconciliation Statements (BRS)
- Making adjustment entries to reconcile balances of bank book and pass book.
- Manual preparation of BRS in accordance with the prescribed format.
 Monthly Trial Balance
Compiling and collating list of ledger balances of different accounts
 Preparation of Final books of accounts (Trading A/c, P&L A/c, Balance Sheet)

Challenges Faced- Having a commerce background, the accounting work wasn’t much difficult.
However, the matching of debit & credit balances (Trial Balance) was a little challenging requiring
accuracy, practice and above all Patience. Recording Contra Entries in Double Column Cash Book was
challenging. Challenges in recording specific transactions with regard to cheque deposit, payment,
endorsement etc. were also faced.

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B. ACCOUNTING
Accounting includes recording, summarizing, reporting and analyzing financial data. It is the
analysis & interpretation of book-keeping records. In addition to the book-keeping process, the
accounting process covered the following activities-
 Working with groups, ledgers and cost allocations in Tally ERP 9 (Computerized Accounting).
 Forecasting cash flows for business firms (clients) using Direct Methods of recording receipts and
disbursements.
 Forecasting balance sheet (preparation of projected balance sheet) based on forecasted incomes
and expenditures.
 Working with account-reconciliation covering preparation of trial balance reconciliation and bank-
reconciliation statements.
 Tracking and maintenance of account receivables & account payables.
 Analyzing & interpreting financial data – knowing the implications for business firms using
techniques of Ratio analysis, preparation of common size balance sheets and income statements.
Challenges Faced- Time consuming task of reconciliations manually. To remember the
different features and their applications of Tally ERP 9 was difficult. Moreover,
categorizing an item and classifying whether it forms a part of ‘Group’ or ‘Ledger’ in Tally
and working with cost centres and cost categories required lot of mental effort.

C. AUDITING:
Auditing involves the systematic examination of books and records of a business or other
organizations, in order to check or verify and to report the results thereof. The work included-

 Use of Source Documents in Audit investigation- Working with Vouchers, compilation,

collation & verification of accounting data/records/books for audit. Vouching is checking
evidential documents to find out errors and frauds and to know the authenticity, accuracy
and reliability of books of accounts. A ‘voucher’ is a documentary evidence. (Both Manual
and electronic method was used while working with Vouchers). Vouching is the
backbone of auditing.
 Vouching of different types of transactions- individual ledgers and Cash Book, borrowing
from banks.
 Differentiating between Primary Vouchers (Original Vouchers) and Collateral Vouchers.
 Assisting with tax audits
Challenges Faced- To remember the different principles /rules of Vouching and
ascertainment of fictitious payment/receipts for Cash book Vouching. It was a
challenging task to verify data records when no cash memos are available or there are
duplicate vouchers.

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 MBM-521 (Work Term Project-II) Module-10

PREPARATION OF AN AUDIT PLAN

Before carrying out an audit, an audit plan is necessary for conducting the process of audit
smoothly. The organization supervisor helped me in understanding the different dimensions of
an audit plan. A sample of the matrix (layout of the audit plan) is shown in the appendix which
depicts the important aspects involved in an audit plan. It was provided by my Organization
Supervisor which helped me in understanding the different aspects involved in an audit plan.

It is this audit plan for the preparation of which, the following points need to be considered-

Determining audit subject – identifying the area to be audited (e.g. business

1 function, system, physical location).

2 Defining audit objective – identifying the purpose of audit

AUDIT 3
Setting audit scope- identifying the specific systems, function,
unit of the organization to be included in the review.

PLAN 4
Identifying regulatory compliance requirements –
(regulations & laws applicable).

Determining data gathering techniques- identifying methods to

5
evaluate to perform evaluation, audit tools and methodology, list of
individuals to interview/enquiries of personnel, Tracing, Vouching.

PREPARATION OF AUDIT WORKING PAPERS Audit working papers are the

documents which record all audit evidence obtained during financial statements auditing,
internal management auditing, information systems auditing, and investigations. They are
reports prepared by accountants that summarize evidence found in client documents and are
used by accountants to prepare financial statements. My role was to assist with Working Paper
Documentation and also prepare some of the contents of the working paper-

 Schedule of Debtors & creditors

 Trial Balance
 Bank Reconciliation Statement
 Drafting some of the financial statements
The challenges observed were in regard to compiling the current and permanent audit file for
preparation of final audit working papers and ordering the items logically in preparing a working
paper.

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 MBM-521 (Work Term Project-II) Module-10

D. MONTH-END REPORTS

At the close of each month, a month-end report is required to be completed to keep the
accounting statements updated. The month-end report adjusts the ledger for monthly
transactions. This includes recording loan payments, reducing the value of business assets by
their depreciation, writing off any bad debts and recording entries for prepaid expenses.

The month-end report is also used to review the past month's transactions and make sure
everything has been properly recorded. If the accounts do not balance, the month-end report is
a time to correct any accounting errors. The reports made depend on the nature of task- whether
it is accounting or auditing. A brief audit report is prepared at the end of the month (if necessary)
containing the opinion of the auditor regarding the fairness of financial statements of the
business firm The Accounting Process for Monthly reporting consists of-

 Reconciliation of all bank accounts

 Completing all invoices/receipts
 Load bills received for payments
 Quick check of missing transactions
 Income Statement (P&L for the month)
 Cash-Flow Statement for the month

Reports are compilations of financial information that are derived from the accounting records
of a business. The reports are prepared in summary form so as to clearly depict each section of
accounts. Also, the reports can be specific- concerned with a single feature such as detailed
analysis of sales, costs, profits etc.

Challenge Faced - To understand the importance of custom-made report for clients

dealing with a specific area – the significance of Brevity in each report.
Display & Reporting in Tally ERP 9 helps in understanding the way in which the information
which is taken as an input into Tally can be viewed, modified and printed in report formats. The
tasks included:
 Working with the display and report features on Gateway of Tally
 Generating display items- Trial Balance (TB), Bank Reconciliation, Day books, Account Books, List
of Accounts, and Inventory Reports.
 Reporting summaries of financial & non-financial statements- Balance Sheet, Profit & Loss
Account, Cash and Fund-Flow.
 Understanding Printing Features in Tally ERP 9.

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 MBM-521 (Work Term Project-II) Module-10

E. TAX-COMPLIANCE

Under the new tax- reform of GST, all business firms (clients) registered under Excise/Service Tax/VAT were migrated to the new tax-
regime. Tax-Compliance involves-

1) GST Registrations were carried out for complying with the new tax norms: assisting the clients registered under
excise/VAT/service tax migrate to GST Regime – helping them with Provisional Registration & Final Registration and ensuring the
submission of necessary documents for enrolment.
Challenges met during the GST registration & migration process-
 Complex & time-consuming checking & verification procedure of documents for GST registration.
 Internet connectivity issues- consumes lot of time in Uploading of documents.
 Resolving the client’s issues regarding:
 Invalid Provisional ID
 Incorrect PAN Details
 OTP not received
 Digital Signature Certificate (DSC) not registered.

PROCESS MAPPING OF THE WORK (In Brief)

EXHIBIT 6: GST ENROLMENT & MIGRATION PROCESS

Client’s enrolment Grant of Provisional Submission of Documents FINAL REGISTRATION
on common portal Registration (FORM and electronic application DONE (FORM GST REG-26)
([Link]) GST REG-25) for FINAL REGISTRATION
Role/Support from the Organization Supervisor-
The work was carried out in close coordination with the organization supervisor. He dealt with all the technical aspects of GST-
 The type of GST return/form applicable pertaining to specific business of clients.
 Transition of Input Tax Credit (ITC).
 Complying with Composition Scheme of GST (if applicable).

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 MBM-521 (Work Term Project-II) Module-10

2) MAINTENANCE OF ACCOUNTS AND RECORDS UNDER GST REGIME

Owing to consolidation of taw laws under the GST regime, businesses can maintain information in a consolidated manner as
opposed to maintaining it separately. This includes information pertaining to manufacturing activities, provision of taxable
services and the sale of goods. Every registered taxpayer is required to maintain accurate accounts of details such as

Production/manufacture of goods
Inward and Outward supply of goods and services
Stock of goods
Input tax credit availed
Output tax payable or paid.
All these details are to be recorded as per the principal place of business of the taxpayer. In case more than one place of business has
been specified in the registration certificate of the business, then accounts pertaining to each of the places of business must be
maintained. Under the GST, records and accounts are to be maintained electronically – this not only makes the compliance process
smoother but more convenient and less prone to errors.

I had a basic knowledge and overview of how to implement GST in Tally ERP 9 – (Taxation Module of Tally). The activities/tasks
consisted of-

 Activating GST in Tally ERP 9

 Ledger Creation of SGST (State GST) , IGST (Integrated GST) , CGST (Central GST)
 Creation of Stock Group Level for multiple GST rates applicable.
 Updating Party’s GSTIN/UIN
 Recording transactions with GST applicability
 Working with accounting vouchers with GST.
A major challenge in GST implementation in Tally requires updating GST rates in the system with the government changing tax rates
and updating GST norms every week. The multiple GST rates also pose a challenge in the way of application of GST.

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 MBM-521 (Work Term Project-II) Module-10

3) RETURN-FILING

Filing GST Interim Return (E-filing of GSTR- 3B): To assist the clients in paying the first GST return (consolidated form) for the month
of July 2017 and getting the documents ready for preparation of supplies.
 Sales Invoices
 Sales Credit Note, Debit Note
 Purchase Invoices
 Advance Receipts
 Advance Payments (if any)

Challenges Faced during the process-

 To grasp the different terminologies used- determining the nature of supplies depending on the nature of activity.
 To understand the different tiles of ‘Returns Dashboard’- the application of each tile pertaining to clients.
 To identify the products which do not fall under the ambit of GST (to be included under ‘Non-GST Outward Supplies’).
 Challenges of technical glitches (busy portal, heavy traffic)

PROCESS MAPPING OF THE WORK-

EXHIBIT 7: E-FILING OF GST INTERIM RETURNS

Logging in to the After filling the Filling requisite Save the GSTR3B
GST Portal with financial year & details on different details & submit
valid credentials -> return filing period tiles (7 tiles shown) finally – ‘Payment
Services-> Returns -> GSTR-3B Tile - 5 are to be filled of Tax’ tile
Dashboard (Prepare Online) activated.

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 MBM-521 (Work Term Project-II) Module-10

The 5 forms to be filled for GSTR-3B are:

 3.1: Tax on Outward and Reverse Charge Inward Supplies
 3.2:Interstate supplies
 4: Eligible ITC
 5:Exempt, Nil and Non-GST inward supplies
 5.1: Interest and Late Fee
Role/Support from the Organization Supervisor-
The work was carried out in close coordination with the organization supervisor. He dealt with the filling
of all the entries in the forms above along with the following-

 Calculation of value of taxable supplies

 Computation of Input Tax Credit (ITC)- amount of ITC Available and Reversed
 Calculation of supplies made to unregistered persons, registered persons, composition tax-
payers(if-any)

My Role/Responsibility in the Process-

My role was assisting the organization supervisor to carry out the above process smoothly, without
wastage of time. I was made to ensure that all the documents which are required for filling out forms
are ready. Also, all the invoices were to be classified separately to the respective categories to which
they belong, maintaining a record of each in Excel too.

4) E-FILING OF TAX AUDIT REPORTS

The activities/tasks in working with tax-audit report:
 Getting acquainted with the steps involved in a tax-audit- how it takes place.
 Assisting with form 3CD- required to be uploaded with e-filing of tax-audit report.
 Understanding the complete process of uploading tax-audit report.
 Knowing the Clauses of 3CD- Income Computation and Disclosure Standards (ICDS)
Reporting Adjustments.
Preparation & E-filing of Tax-Audit reports form an integral part of a CA firm- forming a continuous chain
of activities which take place contributing to an effective audit. Getting an overview of its contents,
format and its applicability was a significant learning.
The process of e-filing of Tax Reports is explained on the next page in detail.

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 MBM-521 (Work Term Project-II) Module-10

Intervention of Supervisor & My Role-

The supervisor dealt with the actual filling of all the details of the form- 3CD required in e-filing of audit
report on the web portal while my role was to assist in conducting Tax Audits by way of Vouching of
Transactions, preparing Bank Reconciliation Statements (BRS), Ledger scrutiny, preparing books of
accounts.
Such documents carry a lot of significance for the overall preparation of the tax-audit report. The
supervisor was involved in matters on technical front. I was responsible for secondary activities, as
described above, making a way for the main process which helped me learn the main process also.

F. YEAR-END REPORTS
The books need to be closed and adjusted to reflect the exact financial position at the end of the year.
The procedure of closing the books of accounts and preparation of year-end reports is still to be
observed and continued further for completion of the project. Owing to internship period, I could not
observe the preparation of year-end reports.

So, the accounts management process revolves around the basic practices of Book-keeping, Accounting,
Auditing, preparation of reports and complying with taxation norms. The significance of the study has
already been discussed before. The process is a continuous one, being close-ended, carried out
throughout the year, rendering professional services to the clients.

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 MBM-521 (Work Term Project-II) Module-10

EXHIBIT 8: E-FILING OF TAX AUDIT REPORT

Action by Assessee- Approval /Rejection

Filling utility form
Adding a Chartered of Tax Audit Report –
offline and validating
Accountant for a Action by Assessee
the filled form->
specific Form No. (Reason of rejection
Generating xml file
and Assessment Year is required to be
to be saved at
-> Successful furnished).
desired path for
notification of
uploading-> Logging
adding CA.
into portal.

2 4 6
3 5
1

E-file tab->
Accessing the e-
Registration on Uploading form->
filing portal->
e-filing portal Selecting
Downloads->
by CA-> Assessment Year-
‘Forms Other
Furnishing > Uploading xml
than ITR’->
details of file along with
Assessment year
membership of Digital signature
selected-
ICAI -> Link for and other
>Selecting
e-filing documents
common utility
activated. (Balance Sheet,
for filing tax-
P&L)-> Final
audit report.
Submit
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 MBM-521 (Work Term Project-II) Module-10

4.73 COMMON MISTAKES MADE BY SMALL BUSINESS OWNERS IN BOOK-KEEPING

(FINDING FOR OBJECTIVE 4)
There were certain mistakes identified during the auditing process which were commonly made
by small business owners while maintaining books of accounts primarily due to a lack of
knowledge regarding proper accounting procedures. These were-
1. Failing to keep track of receipts of minor purchases (“Petty Cash”).
2. Writing off major expenses as immediate expenses
3. Failing to keep hard copies of records
4. Failing to accurately report sales and taxes.
5. Non-reconciliation of books with bank statements each month
6. Improper classification of expenses and revenues (i.e. charging capital
expenditure as revenue expenditure and vice-versa).
7. Lack of communication with the book-keeper due to which there occurs a
possibility of mistake (For example- paying someone a bonus and not reporting it
or buying supplies and not providing the bookkeeper with the information or
receipts.)
8. Combining personal expenses with business finances and forgetting to track
reimbursable expenses (Small business owners often pay for expenses out of
pocket or with their own personal credit card then make the mistakes of failing to
track these expenses).
9. Handling book-keeping themselves when they lack the requisite knowledge of
book-keeping and its guidelines.
10. Using the wrong accounting method based on its suitability and switching
between cash and accrual system as and when they want brings confusion and lot
of errors in book-keeping.
11. Relying too heavily on paper-less work environment makes book-keeping error-
prone with lack of receipts and evidences of financial transactions.
12. Recording inventory sales when the product is in consignment and before it is
actually received by customer.
13. Making simple data entry errors
14. Incorrect record of debtors & credits ledger.
Thus, the above list highlights the common errors made by small business owners. These errors
were observed while performing Vouching and other audit procedures. Such errors come in the
way of financial performance of business organizations which are overcome by Vouching and
detailed auditing of books of accounts.

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 MBM-521 (Work Term Project-II) Module-10

The common causes identified for the errors above are shown in the diagram below-

Recording inventory sales when the product

is in consignment and before it is actually
received by customer.

Lack of Concentration, Caution and Patience

Unfamiliarity with standard accounting

Improper classification of expenses and

revenues

Making simple data entry errors

Using the wrong accounting method

principles

Combining personal expenses with

business finances and forgetting to track
reimbursable expenses
Writing off major expenses as
immediate expenses
Failing to keep hard copies of records

Handling book-keeping themselves when

they lack the requisite knowledge of
book-keeping and its guidelines.

Incorrect record of debtors & credits

ledger.

4.74 MEASURES FOR IMPROVEMENT

Following measures of improvement are suggested for reducing errors to a great extent-
Educating the small business owners regarding the mistakes/errors they make while maintaining
books of accounts- how disastrous can be a silly mistake of data entry, mis-communication,
relying too heavily on paper-less work environment.
Providing an Accounting Manual for reference so that they can look up for each item and
categorize it correctly (under the correct ‘head’).
Letting them know that if they find it difficult to maintain books of accounts themselves, they
can take the help of experts/ accountants/specialists etc.

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 MBM-521 (Work Term Project-II) Module-10

4.8 APPLICATION OF TQM PRINCIPLES IN ACCOUNTS MANAGEMENT

In an accounting/audit firm, TQM Principles emphases on adding client value by eradicating non-
value-added steps and inadequacies in client service processes, resulting in more time to be
proactive. It is a complete, team-based approach that involves time and assurance to detect
waste and inefficiency. Deprived processes directly affect client service and client satisfaction
which can be observed in interruptions in completing contracts, countering to client requests
causing an unnecessary mistake down the line.

The figure below shows the four quality management tools identified which helps the firm in
conducting quality audit and improve its processes. The first being Customer (Client) Focus- The
firm is highly dependent on its customers (clients) and therefore understands the current and
future customer needs and requirements and strives to exceed customer expectations leading to
loyal customer relationships. Secondly, creating and maintaining an internal environment of
Leadership so that the Activities are evaluated, aligned and implemented in a unified way.
Thirdly, people at all levels are the essence of an organization and their full involvement enables
their abilities to be used for the organization’s benefit giving rise to motivated, committed
helping hands. Fourthly, effective decisions are based on the analysis of data and information
and decisions and taking action based on factual analysis, balanced with experience and
intuition.

Implementation examples in the firm include- •Customer Focus

•Factual
 Improving the Customer Information gathering processes. Approach to
Quality
 Reducing documentation errors & improving accuracy. Management in Decision-Making
 Improving the reconciliation processes Firm •Leadership
•Involvement of
 Reducing turnaround time (TAT) for various processes. all
 Reducing or eliminating invoicing errors

4.9 SERVICE QUALITY GAPS IDENTIFIED IN THE PROCESS EXHIBIT 9: TQM IMPLEMENTATION IN
THE FIRM
‘Expectation Gap’ & ‘Interpretation Gap’ in the Audit Process-
‘Expectations Gap’ is referred as the difference between what the public and other financial
statement users perceive auditors' responsibilities to be and what auditors believe their
responsibilities entail. An auditor is required to reduce audit risk to an acceptably low level to
attain reasonable assurance. This term ‘reasonable’ can be different in the eyes of auditor and in
the eyes of users of financial statements and this creates expectation gap. Reasons of audit
expectation gap can be identified as misunderstanding of users, over-expectations of users to
auditor performance. An ‘Interpretation Gap’ arises due to different interpretation of the
auditor’s report by stakeholders/market participants. The reasons for such gap may occur due
to lack of knowledge of audit standards/rules on the part of public/others.

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 MBM-521 (Work Term Project-II) Module-10

5. CONCLUSION
All businesses need accounts management as one of their components of overall business
management. Managing accounts for small business firms requires understanding of all the
stages involved in the process. The process forms a closed loop where the information is sought
from the clients in the form of Source Documents, processed in the form of performing detailed
and meticulous accounting and auditing operations on it and reporting the information back to
clients by providing month-end reports and year-end reports.

With emergence of automation and its continued application in managing accounts, the process
is made much simpler, faster leading to reduced wastage of time and efficient operations.
Getting introduced to Tally ERP 9 and working on its different modules helped to differentiate
between manual & computerized accounting. Compliance with the new tax regime of Goods
and Services Tax (GST) requires maintenance and management of accounts and records in a
different way along with filing of interim and monthly returns. Activities are undertaken helping
clients for smooth transition towards GST.

Accounting forms an integral part of business and is necessary for tax-compliance and meeting
other statutory needs. Also, maintenance and management of proper records help to determine
the financial health of the organization. The different aspects involved in accounts management
for small business firms depends however on the nature and method of operations of business
organizations.

Strong work ethics and professionalism is observed in the process of Accounts Management.
One needs to inculcate Professional Standards for Accounting & Auditing in the course of work
involved. The study is also undertaken to identify the challenges and problems which come in
the way of the process.

Overall, the internship helped me gain hands-on-audit experience through my work-

engagements/assignments. Putting my accounting knowledge into practice was a meaningful
experience. Assisting the clients with return-filing, audits, reconciliations, handling of real
accounts etc. was an interesting and educative involvement during this internship phase. . The
results/findings are purely based on experience and the actual work done in the organization.
Thus, in the last four months, through this internship opportunity I learnt both the tangibles,
such as the technical aspects involved, like the process that goes into a transaction, as well as
the intangibles such as the strong work ethic and the high standards required of our work.
Meeting critical deadlines and working for stretched working hours due to time-sensitive client
needs was a challenging task for me. The skill enhancement in the past months has been
discussed further.

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 MBM-521 (Work Term Project-II) Module-10

6. OVERALL SKILLS/COMPETENCIES ENHANCEMENT

 Technical Skills -
I’ve been privileged to be able to explore a few different fields and lines of services that I thought I’d be interested in. These
included accounting & book-keeping, core audit and taxation. Accounting can be fun.
General  Fundamentals of Management Accounting
Accounting  Numerical Ability of analyzing interpreting financial data in books of accounts (Book-Keeping).
 Cash Flow Reporting (Forecasting)
Computerized  Learning different modules/features of Tally ERP 9 Accounting Software
Accounting - Introduced with the key terminologies of Tally
- Overview of Key features/components of Tally Window (Gateway of Tally) and configurations.
- Working with Vouchers
- Working with Groups, Ledgers and Cost Allocations
- Working with Inventory of Tally ERP 9.
- Implementation of GST in Tally
- Display & Reporting
Auditing  Being familiar with the different process involved for Manual Vouchers Entry and Working with Vouchers using
software.
 Vouching of Cash Book & individual ledgers
 Principles/Rules of Vouching
 Preparation of Audit Working Papers
 Preparation of an Audit Plan
Taxation  Gained an understanding of the intricacies involved in GST Enrolment & Migration Process- steps involved in the
process.
 Getting an overview of GSTR 3B- format, components/tiles, data needed for preparation of form, rules of preparation,
steps involved in filing, eligibility for July & August 2017.
 Overview of different forms to be filed along with their frequency and due dates.
 E-filing of Tax Audit Reports
 E-Filing of Income Tax Return for businesses (ITR-3)
Table 3: TECHNICAL SKILLS LEARNT

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 MBM-521 (Work Term Project-II) Module-10

 Non-Technical Skills:
 Improving behavioral skills- Sitting for long hours in the office due to time sensitive client needs(meeting deadlines) - maintaining
a cool and calm conduct while working.
 Maintaining a calm & cool demeanor while dealing with clients- during GST registration process & filing of returns
 Written communication in the form of notices, GST return reminders (returns due) to clients.
 Exercising Ethical behavior
 Developing caution, patience, concentration & dedication in doing work assignments.
 Critical observation — being able to collect the information, analyze the information, and determine the next steps for solutions.
 Integrity to be observed in all work assignments.
 Self-Reliance Skills- knowing one’s strengths and prioritizing tasks. Knowing how to organize oneself and prioritize through
rearranging commitments to get the job done.
 People skills: being able to demonstrate interpersonal skills, communicating effectively (in writing and in person) with the clients
– dealing and understanding their problems.
 General skills: those skills that could be used in any situation and across all sectors. Being flexible and a problem-solver. It’s good
to document what you’ve learnt during your internship stint.
 Time management – In the college, it's easy to fall into the habit of procrastination, but in the office, things are different. There
are unstructured situation one needs to work. You have deadlines to meet, and there is always a breaking news story coming up
- especially on the Internet – with GST updates almost every week in GST Council Meeting, the new norms of filing of reports,
modifications in different clauses, and additions/removal of certain conditions. I’ve learnt how valuable time management can
be. You can’t work your hardest if you’re burnt out. Deadlines are important, and while you might not meet all of them, they
teach you valuable professional lessons that you will carry with you throughout your career.
 Developing the ability to synthesize information from various sources
 Commitment to Continuous Learning

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 MBM-521 (Work Term Project-II) Module-10

7. FEEDBACK AT THE END OF INTERNSHIP

The internship can be assessed based on self judgement and the evaluation of the firm.

Self-Evaluation
I thoroughly enjoyed my internship this summer and now have very valuable experience under my
belt. Skills such as multitasking, communicating, learning to deal with diversity, and dealing with
deadlines are different when you are working for someone else, not yourself like you do in
college. Internships are also a great way to network with people in the industry. I’ve pushed myself
to do things I don’t want to do, and I’ve been introduced to knowledge that I never knew about. I’ve
expanded my knowledge in areas of Computerized Accounting, having hands-on-experience on Tally
ERP 9, Auditing, and Direct and indirect taxation. I’ve become more confident, developing an
adequate understanding of organization’s purpose and functions.
I gathered much knowledge in the classroom, but a hands-on approach has been invaluable. It has
served as a beneficial ending to my formal education. In my opinion, the best way to learn is by doing.
I am truly grateful for this opportunity. Open communication was one of the strongest and most
apparent skills that I learned during my internship. Even though I'm surrounded with people that I
spend all my time with, the workplace is not necessarily the time to spill my guts over a problem I
have or holler with joy over something exciting. It is easy to be told things like that, but much better
to experience it firsthand.

Organization Evaluation
Being an audit firm, the primary activity carried out is auditing along with meeting regulatory
compliances. PPO does not occur, therefore, as a possibility unless one is doing a Chartered
Accountancy Course. The working hours were satisfactory with a half-hour break. The organization is
flexible as regard to its work assignments, working hours, leaves.
The Internship learning goals as defined in the learning agreement were met. The activities in the firm
were challenging yet appropriate for knowledge level. Supervisor’s direction was clear and
understandable and he was available and receptive when approached for help or clarification. The
knowledge I have gained at this organization is applicable to other organizations in the same field.
The supervisor provided academic guidance as needed. The Articles pursuing their CA course were
very supportive and friendly. A positive & supportive work environment dwells in the organization.
All the tasks/work assignments involve lot of diligence, accuracy and caution for verification of records
and identifying the errors.

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 MBM-521 (Work Term Project-II) Module-10

8. BIBLIOGRAPHY

1. Cleartax. (2017, June 10). GST Registration and Migration. Retrieved from [Link]
of-migration-to-GST
2. clubIndia, C. (2017, September 10). CAclubIndia-Interactive Platform for Finaance Professionals &
TaxPayers. Retrieved from [Link]/forum/[Link]
3. ICAI. (2017, June 4). GST: An Opportunity Booming for CA's. The Chartered Accountants, pp. 23-28.
4. ICAI. (2017, November 10). ICAI TV. Global.
5. Online, C. (2017, July 25). Preparation of GSTR-3B for filing GST Returns. Retrieved from www.
chartered [Link]/2017/07/how to prepare GST return
6. TaxGuru. (2017, October 7). GST Council 22nd Meeting . Retrieved from [Link]
service-tax/[Link]

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9. APPENDICES
1. Sample audit plan (sample sheet as provided by supervisor for understanding
purpose).

2. Vouching checklist (Provided by Supervisor)

39