Accounting and Auditing

A Summer Training Project Report

Submitted in partial fulfillment of the requirements for the

Award of degree of Bachelor of Business Administration

2019 – 2022

Submitted by Submitted To
Archit Jain Dr. Aparna Marwah
ERP ID - 0191BBA381

Certificate of Originality
 This is to certify that the project report entitled “ Accounting and Auditing” submitted to

Bharati Vidyapeeth Deemed University, Pune, in partial fulfillment of the requirement for

the award of the degree of BBA, is an original work carried out by me under the

guidance Mr. Ravi Mittal he matter embodied in this project is a genuine work done by me has

been submitted neither to this University nor to any other University for the fulfillment of the

requirement of the course of study.

Signature of the Student

Bharati Vidyapeeth (To Be Deemed) University, Institute of Management &

Research, New Delhi
An ISO 9001:2008 14001:2004 Certified Institute
A-4, Paschim Vihar, New Delhi – 110063 (Ph.: 011-25284396, 25285808 Fax: 011-25286442)

Certificate of Originality

This is to certify that the Summer Training Project Report Titled “Accounting and Auditing”

Submitted to Bharati Vidyapeeth Deemed University Institute of Management and Research, New

Delhi in partial fulfillment of the requirement for the award of the BBA is an original work carried out by
“Archit Jainl” under the guidance of “Dr. Aparna Marwah”. To the best of Project guide’s knowledge and

belief the matter embodied in this project is genuine work done by the student and has been submitted

neither to this University nor to any other University for the fulfillment of the requirement of the course

of study.

Name of the Project Guide

Dr. Aparna Marwah

Bharati Vidyapeeth (To Be Deemed) University, Institute of Management &

Research, New Delhi
An ISO 9001:2008 14001:2004 Certified Institute
A-4, Paschim Vihar, New Delhi – 110063 (Ph.: 011-25284396, 25285808 Fax: 011-25286442)

Certificate

This is to certify that the Project titled “Accounting and Auditing ” is an academic work done by

“Archit Jain ” submitted in partial fulfillment of the requirement, for the award of the Degree of

Course, from Bharati Vidyapeeth Deemed University, Pune. It has been completed under the

guidance of Dr. Aparna Marwah(Faculty Guide) and Mr. Ravi Mittal (Corporate Mentor). We are thankful
 to R . V. A . & C o . ( C h a r t e r e d A c c o u n t a n t ) , for having allowed our student to undergo

project work training. The authenticity of the project work will be examined by the viva-voce

examiner, which includes data verification, checking duplicity of information etc., and it may be

rejected due to nonfulfillment of quality standards set by the Institute.

Dr. Vikas Nath

Director

Acknowledgements

This is to acknowledge my deepest gratitude to Dr. Aparna Marwah who helped

me through this project. this present piece of work has taken its shape largely due
to his meticulous advice. I am in debt to him for his keen interest in my day to day
progress. I will also hanks my friends for their support in completion of this
project. I would also like to thanks to CA Ravi Mittal who is my corporate mentor
for his guidance and support throughout my internship period. I would also like to
extend my gratitude to our Director sir and our college and the faculty members for
giving us the opportunity to work in the corporate world. Hence, once again I
thank everybody for their constant support in making the summer internship
project.

 
Name & signature of the student
Tanmay Goel

Executive Summary

My internship project title is “Accounting and Auditing” and I am working with the R.V.A.
& Co. (Chartered Accountant) under the guidance of CA Ravi Mittal who is my mentor for
the internship period. R.V.A & Co. is a respected and reputed firm comes under chartered
accountant firms in India. It provides full service and multi – disciplinary practice. They are
having an experience of more than 6 years into this field. My work is to maintain the files
and analyze the financial statement for the accuracy and after the analyzing I pass the
information to my senior or mentor for further analysis. I make financial statements like
trial balance, balance sheet, etc. from the information provided by the client. I also see that
the information provided by client should be relevant. I have also learnt new things in the
organization which helps me in the future when I go for full-time job after the college. This
also gives me the experience of working in the corporate world. Overall, it was a very good
experience to work with R.V.A. & Co. (Chartered Accountant) and learnt many new things
from them.

Name & signature of the student

Tanmay Goel
Table of Contents

Chapter 1

Introduction
(Overview, Problems, Growth, Competitors,
etc. of the Industry)

Overview of the Industry

Financial sector is a part of economy which is made up of institutions and firms that provide
financial services to retail and commercial customers.
This sector includes industries like:
1. Banks
2. Insurance companies
3. Investment companies, etc.

The sector is one of the largest portions of the S&P 500. The financial sector helps in
determining the health of the economy as a strong financial sector means healthy economy and if
there is weak financial sector that means the economy is weakening.
This sector generates its revenue from the loan and mortgages. The financial sector is one of the
reasons for the most developed economies. A healthy financial sector helps the economy to
remain stable.

When the interest rates are low or when there is a drop in interest rates then there is a situation
for more capital projects and investment. It gives benefits to financial sector and also helps in
economic growth.

The financial sector should provide the following services:

1. Value Exchange: Basically it the way of making payments on time, should be accessible, safe
and reliable.

2. Intermediation: It means transferring resources between borrowers and savers. The financial
sector acts as a intermediation between the savers and borrowers. It takes funds from savers and
lends them to borrowers.

3. Risk Transfer: A means for pricing and allocating certain risks. The financial sector cannot
remove risk entirely but it can transfer the risk so that it can be managed.

4. Liquidity: It means converting assets into cash in short term and without any loss of value.
Liquidity helps in smooth functioning in the organization or in the system or in the management.

Types of Finance
Personal Finance: It is finance in management of an individual or a family or of one’s
budget, income, expenses or an investment taking into account various financial risk
and future events to manage their financial situation.
Examples:
• Bank Accounts
• Savings
• Taxes
• Credit cards
• Personal spending and Expenses, etc.

Corporate (Business) Finance: It is the management of company’s sources, funding,

management and use of capital and profit and loss It includes managers, executives, accountants,
etc. Examples:
• Debt
• Equity
• ROI ( Return on Investment )
• Cost of Capital
• Assets and Liabilities, etc.

Public Finance (Government): It is the role of government in the economy. It is

management of a country’s national budget, government revenue and expenditure of public
authorities. It collects tax and revenue and spend or invest in programs such as maintenance of
infrastructure, roads and hospital, etc.
Examples:
• Income Tax
• Inflation
• International Trade
• Supply of Money
• Infrastructure Spending, etc.

Finance Careers
Some of the most career paths for professional in the field of finance includes:
• Accountant
• Financial Analyst
 • Commercial and Investment Banker
• Treasurer
• Chartered Accountant

Growth and Size of the Financial Sector

The growth at the present in the financial sector is about 8.5% per year. It suggests the growth of
the economy also and financial and monetary policies are at stable growth rate. To maintain the
growth for a long term the inflation has to come down. The financial sector in India has an
overall growth of 15%. The Reserve Bank of India (RBI) played an important role in the growth
of the financial sector in India. The growth of capital markets is done by privatization of stock
exchanges, introduction of infotech systems, removal of the pliable but not in trading
mechanism. The growth of insurance sector is due to the high competition in the aggressive
markets and also because of new players in the market and innovative products. Insurance
company is expanding day by day with the total premium of 2.57 lack crore in financial year 20.
The venture capital also has shown an tremendous growth in the financial sector as there are
around 34 national ventures and 2 international venture capital funds registered with SEBI. The
mutual fund industry’s has shown a growth of 156.80 billion US$ in 2014 to 339.50 US$ in
2020. The Initial Public Offers has also shown an expansion as in 2019, 2.5 billion US$ raised
across from 17 IPOs. Bombay Stock Exchange set up joint venture with Ebix Inc to build a
distribution network in the country through an new distribution exchange platform.

Players in the Market

• Banks play a very important role and is lead by central bank, foreign banks, private
banks, etc. for the growth of financial services sector.
• Hire Purchase Financier is a player in the market as it enables the individual or consumer
to by product on the credit basis.
• Leasing Companies provides assets through financial lease on a long term basis at a very
reasonable charges.
• Factoring is also considered as the player in the financial sector.
• Underwriters and Merchant bankers are additional players in the market. Etc.

Investments/Developments
 • The UPI (Unified Payments Interface) has recorded 1.25 billion transactions as of March
2020.
• Axis bank also acquired 29% stake in Max Life Insurance in April 2020.
• Merger and Acquisition recorded the value of 25.160 billion US$ in 2019.
• There was a growth of 44% over past three years in the value of private equity/venture
capital investment in 2019.
• There was 9,659 non-banking financial companies (NBFCs) as on March, 2019
registered with the Reserve Bank.

Road Ahead
• India is expecting to be the 4th largest private wealth market globally by 2028.
• Today, India is one of the vibrant global economies in banking and insurance sector.
Many companies plans to increase the stakes in joint ventures with Indian companies.
• India’s mobile wallet industry is also growing at a compound annual growth rate of 150%
around 4.4 billion US$ by 2022. And it is assume that the mobile wallet transaction will
touch 32 trillion transactions by 2022.

Challenges faced by the Industry

Financial sector had faced many challenges and issues and is required for the expansion and
maintenance in today scenario. Now, there are some challenges listed below that the financial
sector is still facing and need to find solutions to survive and specially in the digital finance.

• Cybercrime: The data breaches in the finance industry has increased by 480% from 2017 to
2018. The each data breach or an attack cost millions to the financial institutions and there is
yet improvement in cybercrime. As the more & more industry adopt Distributed Ledger
Technology (DLT) it will help the financial data to secure and protect financial services.

• Rising Competition: The competition in the finance industry is increasing day by day for
eg. Fintechs in the financial services. And it can affect the efficiency of production and
quality of products and innovation in the financial sector and also its share is also affected as
they are going up and down due to the competition across the globe.
• Keeping Up with Regulations: Regulations in financial industry is increasing day by day.
They need to be sure that the systems are updated with every changing regulations. The
more focus is on traditional banks as they have to improve and evaluate with the changing
expectations of the consumers and they need strategy for innovation.

• Keeping up with Technology: The financial sector has need to be updated with the new
technology due to the dynamic environment. The growth of business is important and for
growth the institutions need to spend on technology. Firms should modernize their
technology for the development and it also helps in storage of big data solutions.

• Organizing Big Data: This is the major problem of every financial service industry. As the
lot of data is recorded by the number of people across the globe. It is very challenging to
handle and organize it because of the volume of data. EMC stated and assumes that there
should be 44 zettabytes amount of digital data by the year 2021 and it is around 44 trillion
gigabytes.

These are some of the challenges faced by the financial sector till now.

COVID-19 Impact on Financial Sector

COVID-19 has hit us very badly in the in the financial markets globally. The overall business has
been shut down for some period of time due to lockdown but we have face many financial crysis
during this phase and the pandemic is still going on.

Impact on Banks

• Credit Risk Assessment: The RBI has extended the time for the borrowers to pay the
principal amount and interest after some relaxation according to their classification.
Banks faced the problem of collateral available with them. The banks have to acquire
robust risk management function to track there borrowers.

• Liquidity: Due to the current situation and due to the lock down many companies lost
revenue for long period of time. And due to this pandemic the list of defaulters is
increasing accordingly. To maintain this there is a reduction of CRR and Policy Repo
 Rate and has also require to maintain minimum daily CRR balance which is 80%.

• Going Concern and Impact of Subsequent Events: Due to the situation, there is a
doubt under going-concern basis of an entity’s ability to operate. They need to identify
the events such as bankruptcies, impact on portfolio on the basis of liquidity, business
issues in the sectors.

Impact on Non-Banking Financial Company’s

• Business Model Re-assessment: Due to the change in the conditions the institutions
need to revisit for business model assessment for existing instrument. The entity have to
evaluate the business model of financial instruments which they want to or in planning to
sell.

• Complexity in Determining the Impact on Expected Credit loss: This pandemic has a
very bad effect on the ECL( Expected Credit Loss ) measurement. It also have an
consequent impact on the supply chain and the credit quality. It also raises the liquidity
issues for the large-scale businesses.

• Fair Value Computation may undergo a change: They specify that the fair value
measurement is done or based on assumptions including the risk factor under current
situations. There is also increase in volatility which should not affect the measurement of
fair value. Now, current value of assets or liability is considered not its value at future
date.

Impact on Insurers

• Loss of Profit Clause: This covers the losses when the factory are shutdowns due to
serious circumstances like due to an accident or fire occurs. Many institutions has
taken insurance policy to cover the losses in this pandemic but it will be uncertain
that they will get the money in the case of COVID-19 in such a policy.

• Financial and Cash Flow Impact: Since everyone have to re-assess their cash
 flows and financial statement. They need to analyze the all the risks and affect on
cost of capital in different economic conditions. It includes healthcare system like
the death of people’s due to coronavirus.

How COVID-19 Affected Various Businesses

Profile of the Company

History

R.V.A & Co. is a respected and reputed firm comes under chartered accountants firms in India. It
provides full service and multi – disciplinary practice in which they are actively engaged under 4
core services:
• Regulatory
• Taxation
• Audit and Assurance
• Transaction Advisory

They are having an experience of more than 6 years into this field. For example; tax filings, firm
registrations, audits, compliances, Intellectual Property Rights (IPR) etc. The firm has
established its name in this field and has enormous experience in providing professional services
to national and international clients. The firm has certain values that is very well recognizable
towards their rich heritage for which they stand – proficiency, reliability and integrity. The firm
is trying to always stay ahead and recognized the need in the changing dynamic environment in
the economy or economic and business environments. The firm is evolving at the same time to
meet the needs of their clients as the customer expectations changes every time and also due to
the complex environment in the surroundings.

Mission

We are the group of highly skilled individuals professionally and offers services to individuals,
start-ups, small business firms, sole proprietors and limited companies in India. Our aim is
delight our customers by providing them our quality services within the given time at an
affordable cost.

Vision

To provide best quality services and to provide free tax tips & advices to our customers so that
they also can achieve their desired business goals with ease and within the time.

Functions of the Organization

• Provide quality services to their clients.

• Provide free tax tips and advices to their clients.
• Helps their clients to achieve there business goals in time.
• Give financial services like GST consultant, taxation services, etc.
• Has to maintain accounting records and prepare and manage accounts; advise clients on
 their business transactions.

Competition Information in an Chartered Accountant

Since, we have we have 3 lakh CAs who manage 98 lakhs business accounts registered with GST
regime. We have a population of 125 crore citizens and you will be shocked that only 6.8 crore
taxpayers as of 2017-18. There are only 2.82 lakh CAs in our country out of which only !.26 lakh
members have a practice of full-time which is 44% approx.. to the total strength. According to
March,2018 over 1.08 crore taxpayers are registered under GST regime.
Here are the examples of revenue generated by 4 companies worldwide:
• Deloitte: 46.2 billion USD$
• PWC(Price Waterhouse Coopers): 42.4 billion USD$
• EY(Ernst & Young): 36.4 billion USD$
• KPMG: 29.75 billion USD$
And These 4 companies manage and control the 60% of the renowned brands listed in Nifty 500
for the financial year 2019. They give neck to neck competition to each other in revenue, skills,
innovation, etc.

Examples of firms who made an impact in Indian market:

• SNB( Sahni Natrajan and Bahl): It is established in 1981. And give quality services in the
field of corporate laws, taxation, auditing, etc.
• SS Kothari Mehta and Co.: It has a experience of 55 years and has 6 branches all over
the country and headquarters in India, Delhi. Provide tax services, audit services,
corporate laws, etc.
To sustain in the market CA firms need to adopt latest technology and utilize their resources in an
effective and efficient manner. However, the race is still going on to gain 1st position in this
competitive environment and to provide the best quality services to its clients and side by side
generating big revenues in return.

Pestle Analysis

Indian Finance Sector

Indian Financial System plays an vital role in the Indian economy and also contributes towards
the GDP of the country. It encourages both savings and investments in the economic
development of the country. Facilitates expansion of financial markets & institutions, helps in
mobilizing and in capital formation, it is the link between the investor and saver.
Political Factors
• Financial Stability: It means that financial institutions are stable or not means functioning
properly or not. It is the major function performed by central bank (RBI) and they can
interfere in banking system anytime through regulation and supervision.
• Monetary Policy Changes: It is the actions taken by central bank (RBI) to control the
money supply in the economy through the tools like direct landing, open market
operations, etc.
• Foreign Direct Investment Trends: FDI is the form of controlling ownership in a business.
On 17 April 2020, India changed its FDI policy to protect the Indian Companies from the
opportunistic takeovers of Indian companies but new policy does not restrict markets and
all FDI will be now MCI ( Ministry of Commerce and Industry).
• Call for International Cooperation: It helps in international cooperation and coordination
from other countries in assistance of medical emergency and supplies.

Economic Factors
• Gross Domestic Product (GDP) and Financial services.
• Increasing Unemployment in the economy.
• Declining Inflation rates.
• Changing Exchange Rates.
• Tax Contribution.

Social Factors
• Employment Trends in the services.
• Standard of Living.
• Geographic Distribution from where services offered.
• Changing Customer Expectations.

Technological Factors
• Update in Technology.
• To invest in Information Technology (IT).
• Increase in Growth of E-commerce.
• Economic Crisis.
 • Spending on new Technology.

Legal Factors
• Licensing and Permits.
• Industry Regulation.
• Third Party Interference.
• Government Rules and Regulations (RBI).
• Intellectual Property Laws.

Environmental Factors
• Natural Disasters
• Climate Change
• Decrease in use of Paper.
• Investment in Development of Renewable Resources.
• Pollution.

SWOT Analysis

SWOT means Strengths, Weakness, Opportunities & Threats. We do SWOT analysis to reduce
the failure chances in the organization, eliminating hazards and understanding the insufficiency.
And SWOT analysis also helps in making strategies, distinguishes from your competitors and
successful growth in the market.
Now, let’s have an look on the R. V. A & Co. SWOT Analysis:
Strengths -
• Professionally skilled employee.
• Loyal customers.
• Knowledge of fast-changing different types of laws in their field.
• Good Health ( as there is not a single member whose health is poor).
• Guaranteed accuracy in the field.
• Skilled workforce and management team.
• Work done always on time.

Weaknesses –
 • Sometimes poor concentration due to overloaded work.
• Lack of Time Management day to day.
• Rough competition from other firms leads to restricted market share.
• Lack in retaining talents.

Opportunities –
• Services and Products expansion.
• Complexity in tax laws helps to grab new opportunities.
• New Markets opportunities.
• Increase in companies searching for expert advisor and consultant.
• The most awaited opportunity is GST.

Threats –
• Increased competition in the market.
• Lower Profitability.
• Slow down in the economy.
• New government regulations.
• And External Changes in the environment (political, technological, social, etc.).

Chapter 2

Job Description
( Introduction of Job Analysis, Job
 Description, Job Specification and their
components, My profile as an intern)

Job Description

It is a general and an written narrative of a specific job or position in an organization, which is in

terms of finding of the job analysis done. It commonly includes duties, objective,
responsibilities, scope, and working conditions of a job role along with the job's title, and the
name or designation or position of the person to whom the employee will report, once he joins
the company.

It also specifies the functionary specifications such as the qualifications (academic

qualifications) or skills needed by the person for the job, details about the equipment, tools and
other work aids used, working conditions at the workplace, physical demands of the job from the
employee, and an approximate salary range is provided.

They are mostly narrative n nature, but may also include a list of proficiencies; for example,
strategic HR (human resource) planning methodologies may be used to create an adept
architecture for an organization, from which the JD’s are created (as a shortlist of proficiencies).

A JD is usually created by directing an analysis of job, which is inclusive of examining the tasks
necessary to get the job done. This analysis considers following - the areas of knowledge, skills
and abilities needed to perform to get the job done efficiently.
Components of Job Description

• Title and Summary

• List of Duties and responsibilities.
• Who will report to whom.
• Skills required for the job or position.
• Work Environment
• Education and qualification required for the job.

Purpose of Job Description:

• To collect the job related data to advertise for the job required.
• It helps to chose the right person for the right job.
• It determines the need for the particular job and clarifies the task performed only if you
are selected.
• It also resolves the problem of who will report to whom.
• Helps in recruiting the perfect candidate who can perform that specific task or job.

Limitations of Job Description

JD’s are created after so many efforts can be seen as an obstacle in certain situations:
• Job descriptions may not be adequate for some senior managers as they should have the
choice and freedom to take the initiative and find new directions achieving the
organizational goals.
• Job descriptions may be too inflexible or rigid in a rapidly changing or dynamic
workplace, for example in a field subject to rapid technological changes.
• Other changes in the job content may lead to the job description being out of date and
requires some updating in it.
• The process that an organization adopts to create job descriptions may not be optimal or
may not prove so effective.
Job Analysis
It refers to the process of identifying, recording and obtaining the information about the
particular job through various methods. It also gathers information about the skills, knowledge
and abilities which the individual must have for the job satisfactory. It is the collection of data of
each job and helps in distinguishing it from the other jobs.

It is the process to determine and identify the need of the duties for the required job. Job analysis
helps in identification of tasks, duties required qualifications, knowledge, skills, responsibilities
etc. for an person for the required job. It is done for evaluating the need and wants of an
employee’s training and evaluation and it also helps in recruitment.

Importance of Job Analysis

• Recruitment
• Selection
• Job Evaluation
• Human Resource Planning
• Job Design and Re-design
• Training
• Performance Appraisal
• Placement and Orientation
• Employee Safety

Job Specification
It is the statement of minimum eligibility qualities of an individual performance for the job. It
expresses what an applicant must posses for getting selected for the job. It comprises of
Experience, knowledge, qualification, skills and helps in recruitment and selection process for
the job analysis. The data is collected through Observations, questionnaire and interviews.

Purpose of Job Specification:

• It helps an individual whether he is eligible to apply for a particular or specific job

vacancy or not.
• Helps in selecting the most appropriate applicant for the particular job.
• It gives detailed or required information about any job regarding its ability,
responsibilities, skills set required and much more.
• It understands the organization about what type of qualifications, characteristic and
qualities required in the candidate to make him/her eligible for the job vacancy in the
recruitment process.

Components of Job Specification

• Personal characteristics like education, sex, age, experience or any extra co-curricular activities.
• Skills set for the job.
• Qualifications of the candidate.
• Salary and benefits.
• Working Conditions.

My Profile as an Intern
• Assisting in data entry, Recording and maintaining complete financial records.
• Learning how to work as a team.
• Training for auditing and accounting and the use of software in this field.
• Reviewing entered data for the identification and for accuracy.
• Analyzing financial statements for auditing.
• Ensuring that every figures in the statements are correct nd reliable.
• Make Journal entries with the information provided.
 • Provides administrative support wherever needed.
• Sometimes working on weekend to meet deadlines.

Knowledge & Skills Required

• Know how to use Microsoft Office.

• Aptitude for mathematics.
• Basic understandings of financial & accounting principles.
• Teamwork
• Multi-tasking
• Written and verbal communication skills.
• Self- motivated, determination to work and confidence.
• Ability to work on time even if under pressure.

Chapter 3

Analysis of Job Done

(Details analysis of work performed,
Summary of work done, Challenges faced by
 me)

Detailed Analysis of my work

Induction program in the office

On my first day at work, I was introduced in the organization with other employers in the office
with the help of my mentor. I learnt how the work performed in the organization, have a little
chit-chat with my team I will be working with and learnt about the rules and regulations to be
followed in the organization.

My Training Program
My training program starts as I am new in this field. They teach me how to do data entry,
familiarizing with the MS Excel and common accounting terms. They also show me how the
photocopying machine operates. My intern also tells that I have to do general accounting work in
the organization.

Understanding the Audit Work

It ensures that the amounts in the financial statements are accurate. My work is to ensure that the
information given by the client and organization is accurate and up-to-date. After that I will pass
the information to my seniors so that they can perform the audits. The audit planning is done by
seniors only.
Preparing Financial Reports
I have to make financial reports using data available in the organization as this is my task. I have
to make general ledgers, Journal entries, Balance sheet and trial balance. This helps me that how
to work with data available from various sources in the organization and assumes the client
financial health.

Reporting To Mentor
I need to report to my mentor daily at the end of the day about the work done by me so that he
can check my progress on daily basis. If there is any problem and if I need an assist and if any
problem arises then I need to report to my mentor CA Ravi Mittal.

Timings in the organization

Earlier my timings was fixed but later on as I mention that I have to attend my classes so they
made flexible timing hours for me. And sometimes due to overload of work I have been working
on weekends also to achieve the desired goal in the organization.

Multi-Tasking
I am multitasking in the organization as I have also done general accounting work like
Photocopying documents, answering phone calls of clients, and ensure that my working area and
surroundings are clean and well organized and also functional.

Communicating the results

I always need to communicate to my mentor for the output received from the information
provided by the client in the organization. Whenever the data entry is accurate and analysis is
done by me is reliable like making trial balance, balance sheet, etc. is adequately tied at both the
ends. After that I need to communicate this information to my mentor so that further process is
started by the seniors or by him.

Executive Summary of the Work Done

I have done a one month internship in the R.V.A & Co. (Chartered Accountants) and the title of
my project is ‘Accounting and Auditing’. First of all I was introduced with other members and
afterwards I have been told about the rules and policies of the organization and adhere to follow
these rules. Its time when my training is started; I was familiarized with the MS Excel software
and learnt how the work has to be done and performed in the organization. My work was at the
very first stage or you can say that the initial work performed in accounting and auditing
internship.

The work performed by me is making financial statements and analyzing the statements and
check the accuracy of the information provided by the client. I also need to ensure that the
information provided by the client is reliable because if it is not relatable then it is very difficult
to make out correct results and also affect in decision making done by seniors. It also affects the
desired output also. I need to report to my mentor on daily basis about my work performed in the
organization and if I needed any support or supervision than my mentor is always there for me.

I have worked on weekend also so that my desired goal is completed in the organization and
since it is an firm which provides financial services to the public therefore, there is overload of
work in the organization especially at the end of months. Therefore I have to work extra hours in
under pressure as the workload is more and also to complete the goals and achievement on time.
I have also learned about how to use the photocopying machine and perform various general task
in the organization like helping others, all the things are available at the right place and on time,
taking care that my surroundings are clean and operating and functional.

Challenges faced by me during the internship period

• The competition is very high in the organization as the internship was performance based
and according to the work performed the reward is to be delivered or given. Therefore, to
achieve the target we have to work hard and perform well to face the competition.
• Another main challenge is network problem in the organization. As all the work is done
with the help of internet; sometimes the network is slow or due to network failure it leads
to delay in my assignments as they are pending and take more time to complete.
• Sometimes there is overload of work in the organization which leads to work extra hours
or in weekends to achieve the target or to meet the deadlines. Therefore, we have to work
under pressure to meet the deadlines.

These are the main challenges that I faced in the organization during the internship period.
But the job is also very challenging to me from the beginning as I am not having any
previous experience about the work performed. As it is very different from what I learnt in
college in terms of accounting questions that I solve in the college for learning. It is very
difficult to work hard when you have no experience in that working area or about the work
done in the organization and you have to work hard to overcome this challenge.

Chapter 4

Learning Outcomes
(Defines my learning and what I learnt
during the internship period)
Learning Outcomes
• I acquire knowledge on how accounts operate in an organization and gained knowledge
on the code of conduct of the organization and the dressing code (formals) in the office
environment.

• I learnt how to operate office equipment like photocopying machine and enhance
computer skills on Microsoft office and Microsoft excel.

• I have also gained interpersonal skills in the organization and in addition the reporting
skills also as I had to report to my mentor on the final output or result.

• I think that practical skills cannot be acquired just by attending lectures or by just reading
books only. You should have an experience in field attachment also like the skills,
experience & knowledge of work in real life also.

Brief Summary of other learnings

The R.V.A. & Co. (Chartered Accountant) is the organization from where I have completed my
internship and I have learnt many things from there and they also provide me people, tools and
processes in the organization as I am part of the organization for a short period of time. This
practically helps me to understand the link between what I have learnt from school to the college,
from college to a corporate organization in terms of accounting and financing specifically.

One of the main thing that I have learnt is that, in the organization nothing is going to be happen
automatically and no one will take care and nothing is handed to you very easily, you have to
work hard in the organization where you don’t have any previous experience at all.

Conclusion
The internships are a very good opportunity for the students who have no idea about what to do
in their future careers and confused about in which field to pursue a career.
It broadens up the students and help in understanding of corporate world and the curriculum
conduct in the organization. It also gives experience of working in the professional environment
means how it feels, how it is different from what you study, etc.
As earlier I don’t have any experience about what is like working in the office but now during
my internship period I knows how the office operates and the activities takes place in the office,
which will give me more strength and confidence and motivation while going for a full-time job
after the college gets over.
 Chapter 5

Suggestions

Suggestions

• The details of information available about the facts and figures should be in simple words
as it helps in understanding the things easily and efficiently.
• The firm should focus on giving more practical knowledge that theoretical knowledge. As
practical knowledge helps in practicing the facts and figures and helps in better
understanding and cannot be forgotten for a long period of time.

• The working space should be expanded for the new interns as the space is less like sitting
in a computer lab.

• There should be some type of encouragement and motivation in the organization by the
seniors for the new interns so that there is more concentration towards the work and also
upliftment should be done.

• Moreover, they should focus on providing the internet connection better to the employees
as the network was slow and steady and yet to be improved.

• They should adopt new technologies to get ahead in the competition from their
competitors.

• The infrastructure and working condition can be improved in the organization for fast and
better results.

• They should provide incentives or bonuses on performance basis to energize and

motivating the employees.

• The company should offer some incentive or financial for the extra work hours or
overtime to accomplish the desired goals of the organization.

• The firm should be more competitive in future and its websites have less information
available which attracts less clients and also need for improvement in Information
Technology (IT).
References:
https://www.wikipedia.org/

https://r-v-a-co-chartered-accountants.business.site/

https://www.rbi.org.in/

https://www.indiabudget.gov.in/

https://www.irdai.gov.in/

https://www.gicouncil.in/
https://en.wikipedia.org/wiki/Chartered_accountant

https://www.icai.org/

https://www.investopedia.com/ask/answers/what-is-finance/

https://economictimes.indiatimes.com/topic/finance

And some media reports and press releases.