A SYNOPSIS FOR PROJECT REPORT

ON
“ACCOUNTS & FINANCE”
AT
“ABHISHEK SINGH & ASSOCIATE’S”
 INTRODUCTION

INTRODUCTION OF THE ORGANIZATION’S

About The Industry

Organization is working as Chartered Accountants firm under the rules and regulations and
code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India).

The Institute of Chartered Accountants of India (ICAI or the Institute) was established as
statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the
profession of accountancy in the country.

ICAI is governed by the Council which consists of nineteen members. Fifteen members are
elected from amongst the members for a period of four years. The remaining four of the
Council members are nominated by the Government of India.

These kinds of firms provide different kinds of professional services like audit, taxation, and
management consultancy to its clients.

The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of

India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai,
Mumbai and New Delhi) and 81 branches under these regional centre’s.
 MISSION & vISION

Mission of ICAI

Is to achieve excellence in professional competence, add value to businesses and economy,

safeguard public interest; ensure ethical practices and good corporate governance while
recognizing the needs of globalization.

Vision of ICAI

The profession of Chartered Accountants in India should be the benchmark of professional

excellence upholding the principles of integrity, transparency and accountability.
 ORGANISATIONAl STRUCTURE

A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the
items are represented as being "above," "below," or "at the same level as" one another and
with only one "neighbour" above and below each level. These classifications are made with
regard to rank, importance, seniority, power status, or authority. A hierarchy of power is
called a power structure. Following is the organizational hierarchy of the firm:-

• Partners
• Directors
• Senior Managers
• Managers
• Supervisors
• Senior Trainee Students
• Junior Trainees
Various levels of the firm have different functions. Partners are often the founders of the
firms. Most of the firms’ names are associated with the names of partners. They are
basically the main parties who issue and sign any report (specifically audit report) on behalf
of the firm. Partners mostly communicate with the Senior Managers. In other words, the
progress of any report and any inquiry is made from the Senior Managers and hierarchal
structure is strictly followed to avoid any disruption.

Managers are inquired of by Senior Managers and mostly manager manage audit field works
etc. and after field work managers with cooperation of senior managers makes and finalize
any audit report to be issued. Senior Manager is a qualified Chartered accountant having
more than 10 year working experience.

Field work and information collection and implementation of policies by adopting changes in
rules & regulations is the main responsibility of supervisors and trainees. They use different
kind of techniques for error and fraud detection.
 TOp 10 CA FIRMS IN INDIA

1. Deloitte
2. KPMG
3. BDO International
4. Price Waterhouse Coopers LLP
5. RSM International
6. Ernst & Young
7. Grant Thornton International
8. SR Dinodia & Co. LLP
9. Lodha & Co.
10. Luthra & Luthra
 COMpANy pROFIlE

About The Company

Abhishek Singh & Associate’s is a leading chartered accountancy firm. It is rendering

comprehensive professional services which include audit, management consultancy, tax
consultancy, accounting services, manpower management, secretarial services etc.

It is a professionally managed firm. The team consists of distinguished chartered

accountants, corporate financial advisors and tax consultants. The firm represents a
combination of specialized skills, which are geared to offers sound financial advice and
personalized proactive services. Those associated with the firm have regular interaction with
industry and other professionals which enables the firm to keep pace with contemporary
developments and to meet the needs of its clients.

Abhishek Singh & Associate’s has a clear vision for the future growth and development of
financial markets and services and researches to stay ahead of these trends and
developments. Shekhar CA & Co. moulds its operations and areas of competencies and
introduces services so as to assist clients in their business operations and growth.
 DEPARTMENTS OF CA COMPANY

➢ Audit and Assurance Department

➢ Tax and Corporate Department
➢ Computer Department
➢ Correspondence Department
➢ HR Department

CORPORATE SEVICES

➢ Incorporation of company.
➢ Consultancy on Company Law matters.
➢ Advisory Planning for Mergers, Acquisition, De-mergers and corporate re-
organizations.
➢ Filling of annual returns and various forms, documents.
➢ Clause 49 review for compliance with fiscal, corporate and tax laws.
➢ Secretarial Matters including share transfers
➢ Maintenance of Statutory records
➢ Consultancy Services on Public/Rights/Bonus Issue of shares
➢ Change of Name, Objects, Registered Office, etc.
 SERVICES OFFERING
❖ Company Registration
❖ One Person Company
❖ LLP Registration
❖ GST Registration
❖ Project Financing
❖ ROC Filing
❖ GST Return
❖ TDS Return
❖ Income Tax (Salaried)
❖ Income Tax (Business)
❖ Tally Accounting
❖ Statutory Audit
❖ Tax Audit
❖ Internal Audit
 Conceptual Discussion

OBJECTIVE OF STUDY
I choose to work with Abhishek Singh & Associate’s. During this internship I have learnt
many new skills. Before internship I have only theoretical knowledge about work in
organization but now I have practical some practical experience of working in organization.
Now I have knowledge about the organization’s working environment and how organizations
work and achieve their goals and objectives.

This internship has to gives me the understanding of business and also about the elements
of strategic thinking, planning and implementation, and how these things are applied in a
real world organization environment. Following are the objectives that I have in my mind
before working as an internee.

❖ To improve communication skills.

❖ To analyse the business situation.
❖ To establish high standard in professionalism.
❖ To learn more than the theoretical knowledge.
❖ To learn book keeping practices of different companies.
❖ To apply the theoretical knowledge in actual organization.
❖ To compare practical aspects with theoretical aspects.
❖ To make quick decision in real situations.
❖ To learn how to promote and to conduct research in business areas.
❖ To enhance my personal knowledge and professional preparation for future.
❖ To properly integrate my theoretical knowledge and practical work.
❖ To plan for the future of oneself and learn how to adjust in an organization.
❖ To know how to present your recommendations in front of your boss.
❖ To get knowledge of opportunities and threats while entering into an organization.
❖ To get exposure to do a work in an organization and also known about organizational
behaviour, ethical rules and regulations.
❖ Assist the student development of employer-valued skills such as teamwork, strong
communication and attention in details.
 JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained during
the studies. On my first day at firm, company in- charge Mr. Abhishek Singh gave me training
session about TDS returns and computerized accounting in tally software and also shared his
practical experience with me and gave me some techniques of this process. He also guided
me that how to prepare VAT/GST return and filing data in income tax return preparation
software.

Different task that I performed during my internship:

• Vouching
• Preparing books of accounts in tally
• Voucher Entry
• Preparing Data in Excel Sheet
• Preparing Partnership Deed
• Intangible Assets
• Prepare Projected and other Balance Sheet
• Auditing
• Taxation
• Theoretical learning of different type of Taxation and GST
• Maintenance of accounts/ book keeping.
• TDS return preparation.

Software used during internship:

MS office
Tally software
 BEHAVIOURAL LEARNING FROM THE ORGANIZATION

▪ COMMUNICATION
Good communication consists of many other different sub-skills, from suitable patterns of
body language and eye contact with the ability to write clear and accurate reports.
Accurate listening and the ability to follow instructions are especially important but are
often ignored or taken for granted. Many people simply do not pay close attention to what
others say or write and do not ask follow-up questions to check their understanding.
As a result, individuals act on their own inaccurate assumptions and create inefficiencies and
frustrations at work.
Communication training will help them overcome these challenges.

▪ GOAL SETTING AND PLANNING

Anybody can wish for something to happen, but to accomplish anything one must plan
which surprisingly few people know how to do.
Planning requires setting concrete goals, identifying workable action steps, and making a
commitment to see the plan through.
Even setting the primary goal can be difficult when multiple issues are competing for
attention.
Effective planning requires arranging problems by importance and delegation.
It is impossible to do everything at once, but if one focuses on the most important tasks and
ask for help, then can accomplish a lot.

▪ SELF-IMPROVEMENT
Life in the workplace should not enforce stagnation; there should be a constant need or
desire for improvement.
Satisfaction leads to a perception of repetition, which is the essential of a job perceived as
unchallenging.
Employees should improve to avoid both the frustration of inexperience and contentment
with their work.
69 People always have room to grow, and advance behavioural skills are always welcomed.
At the upper end, one can give your workers the tools and mindset to aim for improvement
by observing their behaviour, work habits, and production.
Self-improvement training will help provide feedback and criticisms that they can use to
benefit their next assignments.
An essential part of promoting improvement is to communicate to the employees that
failure.

▪ EMPATHY
Being an empathetic individual comes naturally to some, but is less natural to others.
Behaving with empathy means more than feeling bad for someone who’s sad or sharing in
someone else’s joy.
It means being able to step into someone else’s world to understand not just what their
point of view is, but also why they have that point of view.
Empathy is a behavioural skill that can help one not only keep their own peace of mind but
can also help one to grow in your career because empathetic people tend to put others at
ease.

▪ CONFLICT RESOLUTION
At points of imbalance and friction, the employees must be able to confront the tension
between them and resolve whatever disagreement arises.
This is a twig of communication, though it is a distinct skill that can be hard to develop due
to hesitation and the intimate nature of the workplace.
The bad habit to breed is ignoring these conflicts to the point that they grow and spread like
wild-fire, damaging relationships and the productivity of both individuals and the team.
Instead, employers should remain aware of potential conflicts and be active in entering and
facilitating these more emotional interactions, and over time, help their workers see the
bigger picture when they harbour uncertainties.
 5 BEST PRACTICES OBSERVED IN THE ORGANIZATION

✓ There is no racism on the basis of any caste, creed, colour or gender. Everyone is
treated same thus making it easy to co-ordinate with each other and to share views
and ideas with each other. The mentors as well as the colleagues are always ready to
sort out any problem that the interns could not resolve on their own.

✓ Everyone is disciplined and dedicated towards their job, thus provides motivation to
do our jobs perfectly and to learn and grab as much as we can. The perfect
competitive environment always motivates us to excel in our job responsibility and to
perform better than we are performing

✓ The working environment is lenient in the organization. Neither the employees are
overburdened by the work given. Neither they nor the proprietor force them to work
for extra time. All the work/targets are completed by the employees in the provided
time frame.

✓ The employees are always energetic and ready to do work; they don’t waste their
time. They always strive for excellence with effectiveness and efficiency in their work.
Even if the proprietor is not at the office they don’t skip work hours.

✓ The proprietor is really good at customer handling, he is always too humble towards
the clients even though if the clients are in bad mood or tempered, he never loses his
temper and handles them greet fully. he never abuses his employees even if they
make silly mistakes, and corrects their mistakes by smiling and sarcastically
commenting on it so the employees don’t feel down and eventually improve
themselves.
 LIMITATIONS

• They have a small staff with limited skill set in many areas.
• Less number of staff members.
• Developments in technology are changing this market. Abhishek Singh & Associate’s
needs to adopt new technology and adapt to the changed market realities.
• Change in government policies and procedures may act as threat for company.
• A small change in focus of large competitor might wipe out any market position
achieved.
• Abhishek Singh & Associate’s has many competitors. Under certain circumstances
stiff competition can threaten the margins and hence the survival of the firm.
 SUGGESTIONS AND RECOMMENDATIONS

Though the organization is really good at everything and everything is well maintained and
managed. But still there are some chances of improvement whether it is a human being or
any organization till there are improvements and chances to develop and grow, the
organization must improve itself at its best. In my opinion some of the
suggestion/recommendations are:

• They have good opportunity to introduce the ISO standards training program which
no other firm is giving to customer.

• Try to adopt new technologies that their competitors are not using.

• Make a network that allows its customers to negotiate with them easily.

• In comparison with their competitors, Abhishek Singh & Associate’s has an edge in
making an accurate and error free report.

• The local economy continues to be strong and we believe our typical clients will
continue to flourish.

• The company has mostly professional educated human resources, which are the
biggest threat for their competitors.

• Abhishek Singh & Associate’s strongly needs to improve its network firms so as to be
counted among one of the extensively know firms in UP. The partner needs to make
the best use of their goodwill to bring more cliental and reputation to firm. They
need to offer the audit services at most economical cost with the assured quality
services to retain and expand clients.

• The infrastructure and working condition reviews can improve the working efficiency
of the trainees. Audit and Assurance is the tough job. Some motivational meetings
and mentoring exercises would bring good feel among employees for their work.
Time to time financial bonuses or performance incentives will energize the staff.
• The trainees are not offered extra financial or any other incentive for the extra work
or over time. This causes some sort of abstractions which immediately need to be
overcome by the management.

• The firm, to be more competitive in future, still has room for improvement in
Information Technology. As firm don’t have any of its website to attract customer and
their timely feedback as most of the good firms have their own web and well
organized.

• Firm also lacks in marketing perspective as it does not any marketer to market and
introduce their business, firm is getting business only on personal relations of the
partners and other firm personnel. So if firm wants to improve its business volume it
needs a professional marketer as many other big firms adopted and have complete
marketing department.

• The employees are provided less salary than the government has asked to provide in
minimum wage act, therefore the employees must be provided at least the minimum
salary.

• It is 6 days working in the organization; most of the organizations are using 5 days
working schedules so that employees don’t feel exhausted and their efficiency
increases. So the organization must provide at least one-day leave to the employees
to rest and freshen up.

• Most of the computers and laptops in which the work was done were old and
because of that we were unable to carry out our tasks properly. The organization
must have proper systems so that the work load can be handled efficiently.
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