M.A Chaudary & company

INTENSHIP REPORT ONM A Chaudary & Co.

Internship Report Submitted to the Faculty of Management & Administrative Sciences in Partial Fulfillment of the Requirements for the Degree of Master Of Business Administration.

Program & session: M.B.A (3.5)

Date of submission 16-09-2013Name of Program Coordinator:

Signature of Program Coordinator

Acknowledgement

In the name of thy Lord who created, man from clot. Thy Lord is the most Bounteous who taught man that he knew nothing.Above all we are indebted to almighty ALLAH, Lord of our lives and of everything in the universe and his Holly Prophet (P.B.U.H) whose blessing enabled us to perceive life.By the grace of Allah Almighty we have been able to complete our work. We would like to thank The Commerce Department for giving us the opportunity and providing us with a platform to prove our mettle. We would particularly like to thank our Supervising Members and other members who have patiently and incessantly guided us in completing this task. Their collateral assistance helped us realize and achieve what we initially aimed at. Finally, we would specially like to thank our families and friends who were always there when we needed them and also were never around when we did not need them! This report would not have been possible without them. We also offer heartiest thanks to all the persons who guided us and encouraged to complete this tough task successfully.

Dedication

To Almighty Allah who has created us as crown of creation and enable us to learn. We dedicate this report to our parents who always appreciate us in every step and to our teachers who help us at all stages of study.

Executive summary

The purpose of this report is to give the detailed information about M.A Chaudary & Co. that is an Auditing firm providing the different services such as the Tax consultancy, corporate consultancy, Audit and other consultancy such as feasibility studies and foreign study consultancy. To complete this documentation I personally work with the company for one month, learn the so many things and collect the information about the company and its working. We work on companys different departments like Tax Department Audit Department and Corporate consultancy department.I have chosen the M.A Chaudary & Co for my internship because it is among the leading Auditing firms of Gujranwala and I want to continue my learning at well-reputed organization, which would be productive, both for the organization and me as well. In this document we give detailed working of each department. In Auditing Department we learn how the actual audit is performed and how the different financials such as the Annual reports, projected reports and the spread is prepared for the different companies. We conduct different techniques to analyze the company environment (internal and external). We also conduct SWOT analysis of M.A Chaudary & Co. which details is attached in with this report. We meet Mr. Khurram Mumtaz Hanjra the Audit Manager of the company and we ask questions to him about the operations of the firm and also meet Mr. Bilal Yaqoob who is the corporate consultant of the firm and collect many information from him about corporate consultancy and regarding our report. Mr. Khurram Mumtaz Hanjra assigns us the different tasks such as the preparation of the financials and gives us the opportunity to participate in audit of different organization. By participating in the audit of different organizations we check the detail of different accounts and physical checking of the inventory and get the information about the different aspects of conducting audit.Table of ContentMain body of the report6

Introduction6

Overview of the organization7

Vision Statement7

Mission Statement7

History7 to 8

Nature of the Organization8

Clients of M.A Chaudary & Co8 to 9

Major Competitors10

Services Line10 to 11

Organizational Structure11

Management Hierarchy12

No. of Employees13

Overview of Departments13 to 23

Critical Analysis24 to 26

Internee work26 to 27

1st Week ( 10 - July - 2013 to 16- July - 2013 )28 to 29

2nd Week (18 July - 2013 to 25 July 2013 )30 to 33

3rd Week ( 25 July - 2013 to 31 July 2013 )33 to 35

4th Week ( 01 August - 2013 to 07 August 2013 )36

5th Week ( 08 August - 2013 to 14 August 2013 )37

6th Week (15 August - 2013 to 22 August 2013)38

Experience of 5th and 6th week39 to 46

Summary of learning47

Duties & Responsibility47

Rights as Internee48

How internship experience impact on my career48

Gain New Knowledge49

Conclusion of the report49 to 50

SWOT Analysis50 to 53

Recommendations54

References 54

Glossary55 to 56

Main Body of the ReportI prepared this report in two segments. In my first part I explained about the M.A Chaudary & Company and in second part I focused on the Work done during internship. I had to collect data for analyzing Audit process. I had to rely on Audit Report of the client companies for regression analysis. Secondly, I talked with officials to know about the Audit process. Now we start from first part.Introduction:During Master in Business Administration it is compulsory for every student to get the internship of six weeks from any business sector through which he can explore his knowledge. So, I was looking for the organization for the purpose of internship and for gaining the practical experience. After consulting my elders, seniors and with my own thinking I decided to do internship in audit firm instead of any bank or any manufacturing organization because in audit firm I can get the real practical experience and knowledge related to my interest. .For this purpose I have chosen M.A Chaudhari & Co. (Chartered Accountants) Gujranwala branch. They required a recommendation letter from the University and CV. M.A Chaudhari & Co the audit firm is one of the biggest firms of Gujranwala and has so many very clients in Gujranwala and other cities also. M.A Chaudhari & Co has a very good reputation because of their work. Clients of M.A Chaudhari & Co are very satisfied from the firm work. With this company I tried to implement educational experience in this company. Auditing section of CA firm support me to do audit in different type of organization and share with me their experiences. This research report is the reflection of my working experience at this company and summary of my responsibilities that had been bestowed on me.

Overview of the Organization Vision statementWe believe in adding value to your organization and building mutually beneficial long term business relationship by delivering high quality service to your organization. Mission statementOur mission is to provide our valued clients the quality they deserve.History:The institute of Chartered Accountants of Pakistan was established under The Chartered Accountants Ordinance, 1961. It is a self regulatory body and also it is operating under the CA Bye Laws 1983. ICAP conducts the examination for the candidates who are willing and wishes to become Chartered Accountants. It regulates the auditing and accounting profession in Pakistan. The head office of ICAP is situated in Karachi but it has also the regional offices in Lahore and Islamabad.M.A Chaudhari & Co. is a fast growing, dynamic network of independent professional accounting firms and business advisers. Formed in 1982, M.A Chaudhari & Co ranks in the top in Gujranwala accounting networks, servicing clients through its member firms in different cities of Pakistan. We know that the history of M.A Chaudhari & Co. is very old which start from 1982. Mubarak Ali Chaudhari is the father of M.A Chaudhari & Co. He passed his C.A in 1988 and then he get the certificate of an audit firm from ICAP and start business in Gujranwala. He built up a good name in this field. He is very hardworking person and a very good reputation in business world of Gujranwala and so many other cities. Time to time he tried to expand their business from Gujranwala to other cities and open more offices in other cities like in Lahore and Rawalpindi but the Gujranwala office is the main and head office off all offices which is situated in Trust Plaza Gujranwala.Nature of the Organization:M.A Chaudhari & Co. endeavor to elevating finance and accounting outsourcing from transaction processing to the level of a true business transformation to provide auditing, accounting, taxation, management consultancy and other consultancy services.It is sensitive to selecting a firm to entrust your accounting, financial, financial services, and business development coaching and mentoring needs is an important decision requiring great care and forethought.Rapid economic changes and increases in competitive pressures magnify the significance of the decision as every business, organization and individual must make the very most of their valuable resources. It can provide its clients with valuable information to help you make the right decisions with tools such as benchmarking, cash flow, forecasting, payroll and much more.Clients of M.A Chaudary & Co:In Gujranwala M.A CHAUDHARY & CO is working as market leader, it has more than 70 clients in different sectors. Client portfolio comprises of large as well as medium to small-sized organizations in the public and private sectors. M.A Chaudary has serviced clients in the following sectors: Agriculture Automobile Electrical Goods HealthCare Hospitality Oil & Gas Textile Utility Companies As Gujranwala is a rural urban area so clients of M.A Chaudary & Co are not very big firms but it has more clients as compared to other audit firms operating in Gujranwala.Actually M.A Chaudary & Co is an audit firm which provides the financial help and service to their clients which registered in ICAP. M.A Chaudary & Co. has a very big business volume because of long history and a great goodwill. Mubarak Ali Chaudary is a very hardworking person which built up a good name in his field and has so many high clients like, Coca Cola Co. Pak pipes steel industry Master Tiles Super Asia Climax Asia Fan Faisal Industry Golden Pumps Gujrat Chamber of commerce Different Schools HospitalsAnd so many others, all clients of M.A Chaudary & Co are very satisfied from the work of it. The market share of M.A Chaudary & Co is so high. Mubarak Ali Chaudary running his business in three cities Gujranwala, Lahore and Rawalpindi and planning to expand further more. In Gujranwala he has his own building the worth of Rs 80,00,000 but in Lahore and Rawalpindi the offices is in rental buildings. M.A Ch. has purchased Cars for his employs, which they use when go outside the firm for the purpose of audit.

Major Competitors:There are not so many competitors of M.A Chaudary & Co in Gujranwala. There are three main competitors of M.A Chaudary & Co in Gujranwala which are as follows1. Iyaz saeed & Co. which started their business since 7 years and not a very big competitor of M.A Chaudary & Co.2. The second competitor of M.A Chaudary & Co is Ch. Shafaqat Ali & Co. Which started their business from 3 years which also not a very shocking competitor of M.A Chaudary & Co.3. And the third one competitor of M.A Chaudary & Co. is Waqas & Co. which started their business in Gujranwala from 8 years.Services Line:Every service sectored has its products in the form of its services. So, that M.A. Chaudary and Co. has also its various products in the form different services with they have provided to the clients. The three major services are as follows:1. Taxation:The M. A. Chaudary & Co. provides to its customers the taxation consultancy. In tax consultancy the firm provides to his customers the consultancy of sales tax return, income tax return, calculation of income tax, the replies of the notices given to the client from FBR, online registration of clients in FBR and E-filing of returns. The firm also gives the consultancy by making the wealth statement of the clients if the FBR by notice demanded from the client.2. Audit:Today in that modern era in the organizations the managers and the owners are two separate entities. So, that the owners and the shareholders want to know that is there firm is running well or not? They want the surety that there is not any material misstatement in the books of account and the management has not conducted any fraud.3. Corporate consultancy: In the corporate consultancy M.A. Chaudary & Co. deals with their customers and collects the payments from different banks and customers. For the purpose of audit the audit fee and audit planning is shared by the clients in the consultancy department. It helps the clients of solve their different problems relating to the accounts.Organizational StructureMain Offices:

Gujranwala OfficeLahore OfficeRawalpindi:

2/C, Trust Plaza,G.T. Road, GujranwalaSyed Plaza, 2nd floor, 30- Ferozepure Road Lahore.House No. 25, Javid Street,

Ph: 055-3259556-3256258,Fax:055-325625

Ph: 042-7550126-7566262Defense Road, New Lalazar, Rawalpindi

e-mail: macgrw@gmail.comFax:042-7582015Phone & Fax: 051-5573093

Organizational Hierarchy:

No. of Employees: There are 15 permanent employees working in the firm out of which three are the managers of different departments of the firm. There are also some internees, doing ACCA, C.A and masters of accounting and business administration, working under the supervision of the employees. Overview of DepartmentsNo. of Employees working in department:There are total 15 numbers of employees in the firm.Mr. Khurram Hanjra (Audit Department)Mr. Ahmad Raza Khan (Tax Department)Mr. Bilal Yaqoob (Consultancy Department)Miss Khadija Mubarak Ali (H.R Department)

Hajji Bilal Abu Bkar Aqib Khawaja Azeem

Muhammad Rizwan Bilal Dawood

Azeem Khalid Nadeem Qaisar.

Departments

There are following department in M.A CHAUDHARI & CO;

1. Taxation Department:

In the taxation department, tax consultancy and guidance is provided to different clients whenever it is needed. Monthly E-filing of sales tax returns and E-filing of income tax return is also done in this department of the firm. Following are the services that are provided under the head of auditing department.

Tax consultancy:

M.A Chaudary & Co. is one of the market leaders for tax services. We assist businesses, individuals and organizations with tax strategy, planning, and compliance, whilst also delivering a wide range of business advisory services with dedicated tax professionals.Tax services include the following: Income Tax Corporate Taxation Non Resident Taxation Personal Taxation Specialized Services Indirect Taxation (Sales Tax, Customs & Federal Excise) Income TaxThe objective of our tax services is to deliver integrated solutions that result in most tax efficient structure. We also provide business advice tailored to meet the specific needs of individual clients. We suggest doable options always keeping in view the fact that such options should be within the legal framework. Corporate Taxation

Our range of services in the area of corporate taxation includes: Preparation and filing of tax returns. Advisory services on interpretational issues in the tax laws. Determination of income and chargeability of tax. Obtaining exemptions and withholding tax certificates on behalf of clients. Compliance services relating to corporate taxation including advance payment of tax. Non Resident Taxation

The tax services are also provided to non residents and the partners are capable to handle intricate tax issues involving nonresident taxation. The services interlaid include the following: Advising nonresident on transactions before these are entered into. Obtaining Advance Ruling from CBR on tax treatment of any proposed transaction. Advising on tax implications of stock options plans. Personal tax services including International Executive Tax Services. Specialized Services

Our specialized services encompass the following: Researching tax implications of proposed business transactions or of new businesses. Assisting in the preparation of and in obtaining various approvals for employee retirement schemes such as Provident Fund, Gratuity Fund and Pension Fund. Indirect Taxation (Sales Tax, Customs & Federal Excise)

Over the past few years, the indirect tax net has spread all over the economy, covering almost all sectors of business. Lack of knowledge on the part of tax administrators / tax payers coupled with abrupt changes in law require the provision of timely and effective business advice to help organizations plan and implement the required compliance measures.2. Auditing Department:

In the audit department audit teams visit the client premises and verify the different accounts and balances when the financial year closes. Following are the services that are provided under the head of auditing department.

Corporate Reporting Improvement

Reporting more comprehensively on important non-financial assets can often improve the valuation of your company in the capital markets. Research shows that investors and analysts consider financial reports by themselves to be of limited use in determining a company's prospects. M.A Chaudary & Co. can assist organizations that need to ensure the quality and credibility of internal management information and external disclosures and, in particular, nonfinancial indicators.Our professional leadership on issues related to nonfinancial performance reporting, has not been limited to simply advocating reform. Instead, M.A Chaudary & Co. can help its client in the practice of non-financial performance reporting with the development of Value Reporting the most comprehensive and robust approach to reporting transparency available in the marketplace. Financial Statements Audit

The financial statement audit has never been more important. In today's business environment there is more scrutiny and skepticism of a company's financial statements than ever before. For organizations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, M.A Chaudary & Co. can provide high quality audit services. M.A Chaudary & Co work takes into account all current and where appropriate prospective auditing, accounting, and reporting regulations and guidance. Sustainability Reporting

Shareholders expect your company to generate profits. But, they also want your company to assume its responsibilities to contribute to society while minimizing any negative effects on the environment. For companies looking to improve business performance and create long-term shareholder value, M.A Chaudary & Co. can help develop a corporate social responsibility (CSR)/sustainability strategy that focuses on key issues for your business and enhances relationships with key stakeholder groups.We can assist our clients in the areas of corporate governance and business ethics, environmental health and safety management, social responsibility, strategy and economics, responsible supply-chain management, and reporting and assurance of non-financial information. Independent Controls & Systems Process Assurance

Attention to the design, documentation and operation of controls is critical to ensuring the accuracy and timeliness of information used for financial reporting and management decision-making. M.A Chaudary & Co. provides services related to controls around the financial reporting process, including financial business process and IT management controls. Internal Audit

Internal audit function in todays world needs to walk on a fine line between providing assurance and consulting to management without impairing its objectivity and independence. We can assist organizations that need help improving the quality and effectiveness of their internal audit processes in a number of ways. First, by advising and assisting in the development of internal audit and risk management methodologies, including assessing whether the internal audit function is delivering effectively to stakeholders. Second, by providing internal audit resourcing solutions, including full outsourcing or complementing in-house functions with specialist skills or geographical coverage. In addition, we can develop training for internal auditors using our extensive market and industry knowledge to create highly tailored solutions. Regulatory Compliance & ReportingRegulatory compliance and reporting needs to be viewed as a natural extension of the governance duties entrusted on top management and corporate boards. For all organizations engaged in activities that come under the control of a regulator, M.A Chaudary & Co. provides support, advice, and assurance to help you manage your regulatory risks. In an ever-changing regulatory environment, we help ensure that you identify, manage, and control any existing and future regulatory risks. A proactive rather than a monitoring approach to regulation is now a full time strategic necessity.M.A Chaudary & Co. experienced regulatory risk specialists, who not only know the rules, but have also, implemented and assessed compliance against them. Our people can help you at the strategic level by maximizing any competitive advantages from regulation through to the operational level and by minimizing the costs and disruptions to your business, thereby freeing up management time in the process.3. Corporate consultancy department:

Financial consultancy:

M.A Chaudary & Co. Finance professionals provide comprehensive financial advice and execution expertise, encompassing mergers, acquisitions, divestitures, restructurings, private placements, privatizations and equity capital markets to clients ranging from corporations and financial institutions; adding value for our clients throughout all stages of the process. Financial Consulting services include the following: Financial Performance Improvement Financial Accounting Accounting Valuation Advice on Fundraising Financial Due Diligence Project Finance Structuring Services Financial Performance Improvement

We support CEOs, CFOs, Controller and Treasurers to optimize the structure of their Finance functions thus improving contribution to business.We structure our support to ensure that Finance addresses the challenges of achieving appropriate standards of control, efficient back office opportunities and support to the business through insight and challenge. Recently, the emphasis of Finance has been control and efficiency characterized by a heavy focus on compliance delivered through streamlined back office models. Financial Accounting

With the advancement in International Financial Reporting Standards (IFRS) for many of our clients, financial accounting has become a lot more complicated. And if the past few years are any guide, the future holds more regulations, new requirements, and an increasing compliance burden. Accounting Valuation

International Financial Reporting Standards (IFRS) introduce significant changes to the way that accounts must be prepared and presented, requiring a wider range of assets to be valued on an annual basis.

IFRS changes the accounting treatment for acquisitions. All assets (tangible and intangible) from a merger or acquisition now have to be included in the balance sheet of the acquirer at their current market value and are depreciated over their useful economic life. Goodwill is now tested for impairment annually, and is marked down according to the conclusions of that annual process. A range of financial assets now also need to be valued under IFRS, including financial instruments and insurance contracts. IFRS requires# share options to be valued as they are charged against the profit and loss account on an annual basis. M.A Chaudary & Co. valuation services draw on considerable technical and financial specialization, as well being able to access accounting specialists to deliver integrated advice to our clients.

Advice on Fundraising

Raising finance to fund expansion plans means examining a wide range of issues and answering a complex set of questions. The capital markets have a challenging environment and selecting the right location and structure requires considerable insight and experience. Financial Due Diligence

All businesses involved in an acquisition, as buyers or sellers, need to ensure that the financial information they hold is as accurate as possible, not only to prevent paying too much (or in a sellers case receiving too little) but also to ensure that their governance and risk management objectives are met, Project Finance

Funding for large projects (like infrastructure projects) is a complex area, and there are specific challenges involved in creating the appropriate finance structures to manage risks effectively. M.A Chaudary & Co. has experienced professionals who have working experience with both governments and private sector bidders. We help the public sector develop the right approach to procurement. We help private sector partners to get the best out of the process. Structuring Services

A number of different considerations can influence the optimal structure for a deal requiring a balance between the objectives behind the deal and accounting, tax, regulatory and commercial considerations. We help clients to identify the principal concerns that will determine the right structure for a transaction. We can assist with marshalling the complex range of factors including tax, legal, accounting and regulatory issues that will need to be considered together.

Business Consultancy:

Today's business world is fast-paced. To succeed, you must seize the opportunities while also managing the risks. You need to move quickly, but you also need long-term strategies to help ensure your business can cope with the demands placed on it today and tomorrow.M.A Chaudary & Co. business consulting practices: Take an objective, long-term view. Deploy professional resources that can bring global knowledge to local issues. Have an integrated approach to client service with teams of experienced professionals with a breadth of specific technical and industry sector skills.M.A Chaudary & Co. provides advice and assistance to companies, corporations and other concerns. Our services can help you respond to immediate needs as well as put in place the strategies for the longer term. Business consulting includes the following: Business Recovery Services Dispute Analysis & Investigations Commercial & Market Due Diligence Modeling And Business Planning Information Technology Consulting Enterprise Risk Management Business Process Outsourcing:

Business Process Outsourcing (BPO) provides accounting, financial reporting and transaction-intensive process support to clients. While your management concentrates on enhancing the core business, our skilled professionals focus on your financial accounting and reporting. We perform these functions efficiently and cost-effectively, using a broad knowledge of business processes and financial software packages.These resources not only enhance our ability to help clients with their finance, accounting and applications outsourcing, but also assists them in selecting and implementing software systems; establishing company-wide networks; writing policies and procedures; creating call centers; and, standardizing processing after mergers and acquisitions.Through Business Process Outsourcing (BPO) services, we take over a client's back-office F&A and related procurement business processes and manage them on an ongoing basis. We offer a full IFRS compliant services and solutions, including transaction processing; financial accounting and reporting; statutory/regulatory accounting and reporting; and, transaction processing. Our transaction processing services cover payables, disbursements and expenses; receivables, receipts and revenues; general ledger; and, payroll.Our approach to BPO is a highly collaborative blend of client and firm strengths. We customize each engagement according to our client's processes, internal controls and system requirements.4. Other Consultancy:

Feasibility studies:Under the head of the feasibility studies, M.A Chaudary & Co. can conduct the project feasibility study on behalf of the other companies. Firm conduct the study and furnish the comprehensive report on that and make the recommendation to other companies for the project. Foreign study consultancy: Foreign study consultancy is the new service provided by the M.A Chaudary & Co. for those students who wish to study abroad and those who want the foreign immigration. Mr. Bilal Yaqoob is expert in foreign study consultancy and he provides the consultancy for Canada, England and Australia.

Function and Operations of Departments:Tax Department:In M. A. Chaudary & Co. every department has a manager who is responsible for the performance of that department. Mr. Ahmad Raza Khan is the manager of tax department. All types of affairs and works regarding to tax consultancy is done under the supervision of him.Audit Department:In the audit department Mr. Khurram Mumtaz Hanjra is the manager. He was also our site supervisor. The conduction of external audit, internal audit, preparing of financial statements, reviewing of books of accounts, book keeping and record checking of different companies, AOP, Trust, NGOs and Individuals are taken place in this department under the supervision of Mr. Khurram.Human Resource Department:As I have also mentioned in above that the human resource department is fully hold and controlled by Miss Khadija Mubarak who is beloved daughter of Mubarak Ali Chaudhary. In this department the new staff is hired. There are some policies and regulations, which I have mentioned above, through which the recruiting takes place. The human resource department also deals with the training, workshop and development of the employ. Miss Khadija also has made some policies for the retirement of the existing employees.Corporate Consultancy Department:Mr. Bilal yaqoob is the manager of Corporate Consultancy Department. In this department the dealings are taken place with the clients on their all kind of problems and assignments. They also make deals with clients regarding to preparing financials, the payments, fees, and audit of the companys of the client.

Critical AnalysisFinancial Analysis:M. A. Chaudary & Co is a service sector. It provides services to different type of clients. So according to the manager of the firm Mr. Khurram Mumtaz Hanjra the company evaluates its self by the service satisfaction of clients. The firm has not prepared the proper books of accounts and financial statements. The firm only submits the tax return at the end of the year to FBR. So, that the financial analysis cannot be preformed for the company.Comparison of Financials Analysis with Competitors:Mostly all the audit firms have not prepared the financial analysis in the Gujranwala so that we are unable to make comparison between the firm and its competitors.Marketing Strategy:According to Institution of Chartered Accountancy of Pakistan the Chartered Accountancy Firms are not allowed to do advertising and marketing of their firms. So that the M.A. Chaudary & Co. has not its any marketing strategy. The clients whom want to consultancy with Chartered Accountancy practitioners they trace them with the help of ICAP. Major Competitors:The main and major competitors of M. A. Chaudary & Co. are as follows who are also situated at trust plaza but in different block and flour. Iyaz saeed & Co.( Chartered Accountants) Ch. Shafaqat Ali & Co ( Chartered Accountants) Asjad & Co.( Chartered Accountants)Success and Failure of different Products of the Organization:As I have mentioned above that M. A. Chaudary & Co. is a service sector firm so that its products are the services which they are provided to their services. The M. A. Chaudary and Co. is an old firm in Gujranwala so that many people have loyalty with that firm and have strong trust on the services of this firm. There are many factors due to which they have success in this field and performing their better services as compare to the competitors. Some factors are as follows: People confident Clients priority Employs loyalty Clients Loyalty High market shareBut they have to bear some loss as their some customs move to the other organization by leaving them due to some weaknesses of the firm which are as follows: There is not any check and balance system in M. A. Chaudary and co. I think it is due to the mostly absence of the owner. There is not any regularity policies in the firm as every employee and internee come in firm late with his own will and leave the firm at any time. Mostly work is done by the internees under the supervision of senior employees but beside of this the work done by internees does not review. Due to which the mistakes occurs and many clients claim the faults against the services provided by the firm.Human Resource Policies and Practices:Human resources policies are the policies made by the organizations. They made these policies for recruit the eligible and capable person for the vacant post. In different organizations there are different human resource policies.In M.A Chaudary & Co. there are also some policies and procedures introduced by the human resource manager by adoption them the new persons will hire. The manager told me and my group members that there are some steps which they followed for hiring new employees, which are as follows: In the first step the firm gives the advertisement of placement in different colleges through and in I.C.A.P through Its broachers. In the second step the firm collects C.Vs from the willing applicants. In third step they call the applicant and make an interview with them. But before interview they conduct test from them. Finally the selection done on pure merit bases by keeping in mind the applicants mentality and education and experience. After recruitment the firm gives the training to the recruited for its betterment. The firm also made some retirement policies form their loyal and retired employees.Future prospects of the organization:Mr. Khurram Mumtaz Hajnra who was our site supervisor gives us the future prospects of the organization in written form which is as follows:The Future prospect of the organization is to apply the Quality Control Review (Rating) in the firm. And also to acquire from ICAP this QCR rates which testify the quality of audit work done. The company further looks forward to attain this QCR rating positively.Internee work:Chartered accountant industry in Pakistan is the fastest growing sector, which is the first in the financial sector. So, I think, M A Chaudary & co. company is a good company to work in this area, this is a good opportunity for me. July 10, 2013, I joined the MA Chaudary. Internship extended to one month and a half, from 10 July 2013 to 22August 2013. In the tenure of my internship, I showed the different works. I've done my best efforts, to improve my ability to apply the knowledge acquired in the course of my study. We know, M A Chaudary & co. history is very old. M A Chaudary & co. Chaudary Mubarak Ali's is the father of organization, he passed his CA and start audit firm business in Gujranwala in 1988, he received the certificate from the ICAP and began . At that time, he tried to expand their business like in other cities to other big cities from Gujranwala and Lahore and Rawalpindi to open more offices, Gujranwala office is main offices and headquarter located in the Trust Plaza GT road Gujranwala. I have worked under the supervision of Mr. Khurram Mumtaz Hanjra who is the audit manager of this firm. he has worked as an article student because of his efficiency and work determination he proved his self and became an audit manager. He believe that work should be done with pure ethical and professional manner. He is a very competent person I have learned a lot under his supervision,During the period of my internship I preformed the different task in different areas of the M.A Chaudary & Co. which are the following;1. The audit process2. The audited reports3. Maintain of Accounts/Book keeping4. Sale tax return filling5. Income tax return filling6. Corporate consultancy7. Preparation of form A8. Preparation of form 299. Preparation of the financial which include the following;a. Current year financials b. Projected financialsc. Spread ( for banking purpose )

1st Week ( 10 - July - 2013 to 16- July - 2013 ):DateDepartmentWork

10 JulyGeneralOfficial workMaintenance of files

11 JulyMaintenance of filesPrintingLetter Acknowledgement

12 JulyMaintenance of filesPrintingLetter AcknowledgementReceiving letters of FBR

13 JulyMaintenance of filesPrintingLetter AcknowledgementReceiving letters of FBR

14 JulySunday holiday

16 July

Financials of the organizationsMaintenance of filesPrintingLetter AcknowledgementReceiving letters of FBR

Experience gained in 1st week:During my first week as a junior trainee. Very 1st day i was introduced with the members of the management and the other office persons and then I was given the overview of the organization and the types of work being carried in the organization. I was visited by Mr. Khurram Mumtaz Hanjra who is the audit manager of M. A Chaudary & Co. Charted Accounted firm. He introduce me to other staff of the organization, told me the client of Charted Accounted firm for professional working. During my first week training period he assign me task to handle the file of the different organizations that are the client of the M. A Chaudary & Co. There are different types of the companies that are the client of the M A Chaudary & co, here I learn there are two types of business according to the corporation, incorporate & un-incorporate in incorporate there are two types private limited & public limited and according to un-incorporate there are two types individual business that is also called sole proprietor & partnership firm also knows as association of persons (AOP) . During my first week of internship I also assist to my seniors and teach who to prepare the financials of the different organizations. There are two types of the financials annual & projected, annual is for the one year and projected is for coming three years it shows the estimated position of the company on the behalf of the ratio analysis of current and previous year, annual financials shows the correct financial positions of the business in current year. I also learn that who to make the print. In M A Chaudary there are three types of paper are used, letter head that consist organization name and address, continuous sheet that consist only the name of the organization, white sheets that are blank, important things like audit report & reply of letters are printed on letter head. During the internship I obtain the knowledge of how we can use MS Excel for the purpose of calculation of financial figure and how we can make the financial report through this software. Another benefit of using this software is that we can also make tax return voucher for FBR. I also learn about the different function of MS excel assign the task by my supervisor is the calculating and checking the total, main record in the book of relevant matter, either journal or ledger. I also assign a task of rectifying the error indifferent book and repot to my supervisor. My supervisor also teaches me about the test checking technique, in this technique we only check the some entries through sampling procedure and make conclusion on this.

2nd Week (18 July - 2013 to 25 July 2013 ):DateDepartmentWork

18 JulyTax Department

Learn what is Sale tax Returns and what rates are applied on company, AOP, Individuals etc.Visit FBR sit and also our clients profile on FBR sit

19 JulyWorking on sale tax returnTelephones billsSui gas billsElectricity bills

20 JulyWorking on sale tax returnTelephones billsSui gas billsElectricity billsCompile the result and make sale tax return

21 July Sunday holiday

22 JulyWorking on sale tax return

Compile the result and make sale tax returnFile Sale tax return

23 JulyWorking on sale tax returnCompile the result and make sale tax returnFile Sale tax returnReceive letter from FBR in case of any error and other requirement

24 JulyFinancials of the organizationsMaintenance of filesPrintingLetter AcknowledgementReceiving letters of FBR

Experience gained in 2nd week:in 2nd week of my internship I mostly spend my time in tax department, In M A Chaudary & co. every department has a manager who is the responsible for the performance of that department. Mr. Ahmad Raza Khan is the manager of tax department. All types of affairs and works regarding to tax consultancy is done under the supervision of him. I assist business, individuals and organization with tax strategy, planning and compliance. I have experience of working with an expansive and diverse client in all type of business multinational, local companies, privately owned organization, entrepreneurs, family business, trusts, partnerships and private individuals. Tax department includes the following services, Calculation of Income & sale Tax for individual. Calculation of income & sale Tax for organization. Property tax. Calculation tax for seasonal business. Calculation of import duty.

The purpose of this tax service is providing solid solution to our valuable clients and work as a tax consultant on behalf of the client. We also provide the helpful information to individual, company clients. The variety of services in the region of organization taxation includes Start initial working for fill up return voucher. Provides over expertise services on complex issues in the tax legal opinion. Strength of mind and calculate the tax charging amount. Receiving exemption in withholding tax certificates on behalf of the clientThe tax services are also provided to nonresident and the partners are capable to handle the tax issues involving nonresident taxation. These services are as follows Advising nonresident on transactions before these are enter into Obtaining advance ruling from CBR on tax treatment of any proposed transaction. Advising on tax implications of stock options plans. Advising the tax implications under various agreements for avoidance of double taxation ( treaties ) Personal tax services including international executive tax services.We also provide our services to specialized organization, we also known as seasonal business. The tax year of seasonal business is according to there season. Our specialized services are as fellows. Researching tax implications of proposed business transactions or of new business. Assisting in the preparation and obtaining various approvals for employee retirement schemes such as provident fund, gratuity fund and pension fund.

In this department income tax invoices and sale tax invoices are filed in Federal Board of Revenue ( FBR ) . In 2nd week I learn how to make the filing of sale tax return, Mr. Ahmad Raza Khan send me to permanent employee of the M A Chaudary & co. named Mr. Nadeem he is the permanent employee of tax department and work only on every affair and issue relating to tax, in this week he told me about the sale tax issues and working on filling the sale tax returns. Mr. Nadeem gave me some utility bills of the organization and teach me how to find the general sale tax (GST) from telephone bills, electrical bills and sui gas bills. Then he compile the whole result collected from utility bills and note down in the organization federal board of revenue ( FBR ) Account in FBR site. After completing the working on given data of the organization Mr. Nadeem told me how to filling the sale tax return. Its amazing work and totally being done online. 3rd Week ( 25 July - 2013 to 31 July 2013 ):DateDepartmentWork

25 JulyTax DepartmentLearn what is Income Tax Returns and what rates are applied on company, AOP, Individuals etc.Visit FBR sit and also our clients profile on FBR sit

26 July

Working on income tax returnTelephones billsSui gas billsElectricity billsWasa bills

27 July Working on income tax returnTelephones billsSui gas billsElectricity billsWasa billsPayment Chillan(under section 153)

28 July Sunday holiday

29 July

Working on sale taxreturnTelephones billsSui gas billsElectricity billsCompile the result and make income tax return

30 JulyWorking on sale tax returnCompile the result and make sale tax returnFile Sale tax returnAppeals of income taxMake a form of ground of appeal

31 JulyWorking on sale tax returnCompile the result and make sale tax returnFile Sale tax return

Experience gained in 3rd week: In this week there is a lot of things to learn in the tax department. Mr . Nadeem teach me about the income tax. Here I learn that FBR apply tax on any kind of business like individual, AOP, companies. The tax year ended of individual, partnership ( AOP ), and companies are same that is 30th june in every year but their return filling date is separate in case of individual and partnership there return filling date is till 30th September and in case of companies their return filling date is till 31st December. According to the FBR law all companies must submit their tax return file by online its compulsory for every company and partnership firm, but for individual it is not compulsory to submit their tax return online its optional they can submit manually or computerized form, means by hand or online. In individual business If a person earn Rs: 500000 the it is in optional form, if he earn more then Rs: 500000 their tax return must be submit online. 4th Week ( 1 August - 2013 to 07 August 2013 ):DateDepartmentWork

1 augustCorporate law DepartmentInformation regarding SECPVisit site of SECPVisit the files of clients

2 augustPreparation of form A

3 augustFiling of form A

4 augustSunday holiday

5 august Filing of form 29

6 august

7 august

Preparation of bank challanPreparation of form 29

Experience gained in 4th week:after getting involved in office affairs I was transferred to consultancy department to get the knowledge of corporate affairs. The head of consultancy department gave introduction and explanation of the corporate law. I was told to explore Security and exchange commission Pakistan (SECP) and also consult corporate law books which were available in office. Then I had pointed out the main and imported issue regarding corporate law which I had saw in website of security and exchange commission of Pakistan and corporate law books. Then I written down in my personal note dairy and consult that issues with the organization those client files which were getting consultancy services from M A Choudheri & company. there are number of famous clients who have sound reputation in business market like Royel Fan (pvt )ltd . Pak Steel Industries (pvt) ltd . General fan company (GFC) (pvt) ltd . Golden pumps (pvt) ltd .they are all satisfy with the work of the M A choudheri and had a great trust because of the great performance of the M A Choudheri & co .There are two main documents or forms of the corporate law department that is form A & form 29, firstly I learn how to prepare the form A, form A basically includes the general information of the company that is further divided into different parts the first part consist name of the organization, registration number, date, day, registered office address, nature of business, contact detail etc, 2nd part consists the authorized capital of the company, types of the shares preferred or ordinary. Third part includes the information about the management like the name and the address of the organization like chief executive, chief accountant, secretary, legal advisor and auditor, at the end it consist the list of the directors and the members of the company, if shares are transferred to other person then it is also mention in form A.

5th Week ( 8 August - 2013 to 14 August 2013 ):DateDepartmentWork

8 august Audit DepartmentInformation about auditAnd meet the management

9 augustAttend the orientation and meet audit team

10 augustGo to the industry named Faisal sanitary fitting industries private limited GT road Gujranwala

11 august Sunday holiday

12 augustStarting the audit by checking vouchers

13 augustChecking evidences attached with vouchers of 1st quarter for the year ended on 30th june 2012

14 august National holiday

6th Week (15 August- 2013 to 22 August 2013 ):DateDepartmentWork

15 augustAudit DepartmentChecking evidences attached with vouchers of 2nd & 3rd quarters for the year ended on 30th june 2012

16 augustChecking evidences attached with vouchers of 4th quarter for the year ended on 30th june 2012

17 august Checking of double entries and reconciled amounts with relevant ledger accounts

18 august Sunday holiday

19 augustPresentation of audit observations found during audit for the year ended on 30th june 2012

20 august

Visit the factory area of that company and check the different process of production and finalized the report

21 august Reconcile the bank statements with there relevant ledger accountsExperience gained in 5th & 6th week:In audit section the audit team inspects the promises of client and conform the different account organizational account and justify the financial figures in the statement of financial closeting year which is prepaid by the employee of the organization. Some different type of services is provided by audit department to facilitate their customers. Which are describe belowDeclaration;-The function of the facility is the sign of successful business and how work in modify when they need required. We provide the expertise with time to time when they needed to our clients. Following are the expertise which I providing to our clients. Improve the organization reporting structure Audit of the financial statement. Maintain reporting Interior audit of the organization. authoritarian fulfillment and reporting Corporate reporting improvementReporting is extra expansively on significant non financial assets can often improve the valuation of your organization in the capital markets. Research show that investor and psychoanalysis consider financial reports by themselves to be of limited use in determining a companys prospects. M A Chaudary & co. can support organization that need to make sure the quality and trustworthiness of inner management information and outside disclosures and, in particular, non financial indicators. Our professional leadership on issue related to non financial performance reporting, has not been limited to simply advocate reform. in its place M A Chaudary & co. can help its clients in the practice of non financial performance reporting with the development of the value reporting. Financial Statements Audit:The financial statement audit is not at all been more significant in todays business environment there is more scrutiny and cynicism of a companys financial statements than ever before. For organization that requires an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, M A Chaudary & co. can provide high superiority audit services. M A Chaudary & co. work takes into account all current and where fitting prospective auditing, accounting, and reporting, regulation and guidance.Independent controls and System Process Assurance:Attention to the design, documentation and operations of controls is critical to ensuring the accuracy and time lines of information use for financial reporting and management decision making. M A Chaudary & co. provide services related to controls around the financial reporting process, including financial business process and it management controls.Internal Audit:Internal audit function in todays world needs to walk on a fine line between providing assurance and consulting to management without importing its objectives and independence. We can assist organizations that need help improving the quality and effectiveness of their internal audit process in a number of ways. 1st, by advising and assisting in the development internal audit and risk management methodology, including assessing whether the internal audit function is delivering effectively to stakeholders. 2nd, by providing internal audit resourcing solution, including full outsourcing or complementing in-house function with professional skills, or geographical coverage .furthermore we arrange the training program of internal auditors using our extensive market and industrial knowledge to develop highly adapted answer. Regulatory observance & exposureRegulatory agreement and reporting needs to be viewed as a natural extension of the governance duties entrusted on top management and corporate board. For all organizations engage in activities that come under the control of regulatory, M A Chaudary & co. provides support, advice, and assurance to help you manage your regulatory risks. In an ever changing regulatory environment, we help ensure that you identify, manage, and control any existing and future regulatory risk. A proactive rather than a monitoring approach to regulation is now a full time strategic necessity. M A Chaudary & co. experienced regulatory risk professional, who not only know the rules, but have also implemented and assessed compliance against them. Our people can help you at the strategic level, by maximizing any competitive advantage from regulation through to the operational level and by minimizing the cost and disruptions by your business, thereby freeing up management time in the process.Process of auditingThe firm after getting appointed as the auditor , in the annual general meeting by the shareholders or by the management , starts he audit. First it asks the management for the letter of appointment the management is asked to give a list of all books of accounts maintained by the client and a list of all officers of the company along with their designation and authority. Previous years audited accounts are also demanded. These accounts are studied to gain about the clients business. If the audit of the client was also done in the previous year then these information can be obtained from the working papers i.e. file maintained by the audit firm containing documents received from the client.

Inner control of management: Executives and semi executives determine the inter control within the organization. It is held for the point out the drawbacks in the organization system, this is due to innovate the test check techniques while audit is held. It facilitate the auditor to express his expert opinion regarding to the different books of record Initial starting of audit programAudit program is started by our senior who are very skilled in this field. It was determine that this audit program will be done under the supervision of the seniors. While the period of auditing some important notes are created before it. These are following. Audit review notes This note help the auditor for the further discussion of the management of the organization. Audit QueriesIn these notes the record of uncompleted vouchers are kept and further discuss with the management of the organization for completion of audit process. Important BalanceRecording of all closing financial figures of cash in bank and stock in the market. Compliance TestingIt is a techniques through which auditor check the work of whole year of the organization regarding the books of accounts and rectifying the errors if any error accure in these books of account, without this techniques auditor never perform their duties effectively as well as efficiently Checking of Books of AccountsAuditor check the books of accounts with fully consideration to check that the organization fallow their standard of accounting rules or nor whether in the preparation of the book of account of the firm.

Operation of auditAudit is performed by the conduct of following techniques VouchingEvery transaction is checked by the auditor with the help of documentary evidence. Documentary evidence includes vouchers, invoices, and goods inward and outward notes, cash memos and receipts. The transaction should be checked by the authorized person having power to do so. Audit start from here. VerificationThe process of verification is take place after vouching. Here verification of assets and liabilities take place. Assets that held by the organization are verified by checking them and letter is written to them with their title to verify their presence. For confirmation of major debtors a letter is written to them to confirm the balance due from them. To confirm bank balance account, statement is received from the client's banker. For the confirmation of liabilities letters to the creditors is written to confirm their balance because of them. For the purpose of the accountability the auditors himself visit the warehouses if they find any doubt. TickingFor the propose of highlighting any entry red pan is used this shows that the entry is marked for certain reason. Various shaped used to mark transactions that show that there is some fault in entry. that were used to denote checking of additions, postings carry forwards etc. Posting check:Posting entry id the critical stage and there necessary to transferred the accurate amount in the accurate ledger. Special attention must be given for this purpose because if the wrong name with the wrong tilts of the accounts make the wrong posting which remain undetected. Cross CheckingIt is the comparison of entries in two or more books or of any entry in a book whit its supporting evidence or voucher. May senior assisted me in this step. Accuracy of cross checking plays a vital role in the procedure of auditing. Thats why we should perform this activity with proper care and attention. Trail Balance Checking:The accurate record of balance was done by the staff members and done proper record in worksheet paper regarding all balances. If during the time period of audit various queries and unexplained events are seen, then all these types of queries is checked by the management team and they make necessary adjustments. And if during audit some irregularities is witnessed that systematic process:All the transaction are done regarding analytical procedure is also adopt to confirm the accuracy and rightness of the result obtained from procedure, financial statement and balance sheet. In here the results are compared with periodic result, rations, expected results and industrial information. Any major difference looked into. At this stage stock valuation, material variations, financial ratios and variance analysis are done,Auditors ReportAfter doing the previous steps, if the auditor is satisfy with the given information that is required for the audit purpose then he makes audit reports. That includes the information about the books of accounts, profit and loss account and balance sheet and shows the true and fair view of the organization, if he not satisfied with the detail information that is provided by the management and find irregularities the the report that he given is called Qualified Report .

Review of PerformanceAfter the end of the audit process it is the duty of the seniors or the management of the audit firm to check and review the performance of the team. Then they analyze the audit and fine that the audit is done on proper time, and are this audit is free of mistakes. The team that is send for audit purpose is worked as group or individual. If something is found to be un satisfactory then proper steps are taken ensure that these irregularities do not appear in future audits. During the course of audit documents, balances and papers etc. are collected which at the end of the audit are kept in a file for the future audits. Faisal sanitary fitting industries private limited GT road Gujranwala is the organization where our Audit manager Mr. Khurram Mumtaz Hanjra send auditing team including me for audit purpose. Mr. Haji Bilal leading the audit team firstly we check the books of accounts of the organization. Only a sample of entries are checked, the size of the sample is based on different matters like materiality level, efficiency of the internal control system, possibility of occurrence of error and other condition. Apart from applying test checking method some transaction of unusual natures or amount were also checked to find out the errors or frauds. After checking every transaction a tick mark was put on red pan that shows the entry has been checked.Vouching:After checking the books of accounts of Faisal sanitary fitting industries private limited GT road Gujranwala vouching was done. The basic purpose of vouching is to ensure that the entries that was made by the organization was original. Here we use the testing method with the help of their supporting documents to checking the entries of the organization, the supporting document are helpful that are includes the invoices of sale and purchases, inventory inward and outward record, bills and receipt on cash memo, letter of credit in case of export and import, inventory in and out record etc. here we also checked that the supporting documents are issued on behalf of the authorized person and also find out his authority.Verification:When we vouch organization in every aspect that is compulsory for the audit then we start the verification. Here we checked the existence of the organizations assets, this is a new thing for me to check assets physically and I learn a lot from there. Clients bank accounts are verified by obtaining their bank statements personally by the clients bank. There investment are physically examined are they held that or not. And after the verification of the assets and liabilities we find the market value of them and also the ownership of that assets is examined by verify their title documents. If you need any information management requirements in the audit process to prove that they are legally obliged to provide the required information. Also found a number of errors, and pointed out, and the interpretation of the requirements and correct. In some cases, at the same time check, some employees wages Single no record of their name did not even appear in the attendance sheet. This is because the management fraud. Most of the record is maintain by computer thats why there is less chance of fraud. Sometimes debtors pay the amount but the entry is not made Another mistake is wrong distinction between the capital and revenue expenses an earnings, Entertainment expenses are incurred but there is not any original or rough record. It was a awesome experience and I enjoyed that work, I really learn a lot during the audit of Faisal sanitary fitting industries private limited GT road Gujranwala. Summary of learningSkills and Qualification GainM A Chaudary & co. experience is very big, there are so many things to collect. I am glad that I did my internship in M A Chaudary & co. I get the following different types of knowledge and learning. Check the company's bank account in a different city Maintaining files in M A Chaudary & co. (Institute of Chartered Accountants) Understand how to check the books of accounts How can we prepare the report How to check the balance sheet. Compared with previous reports How to deal with customersDuties and Responsibilities During my internship, I have to follow steps which were directed to me from my supervisor.I have different tasks to perform like Book keeping, Stock takeover make Purchase & Sales invoices, E -Filing. So many Duties and Responsibilities were applied on me in respect of tasks which were given to me.Some of the responsibilities and duties are as follows: Reach the office in time and never waste the time. Complete the work in time which was given to me. Detecting the mistakes and errors in books of accounts, After detecting the mistakes in accounts correct them nicely. After completing the report and documents arrange them in file and re-check them whether any mistake is left or not. After completion my work gives the related documents to supervisor.Rights as Internee:I have also some rights as an internee. Some of them are as follows: Right to access the books of accounts of the company. Right to get the documents and information about the company. Right to know about the each and every thing that I need related to documents prepared by me.Above I explain the duties, responsibilities and right which were applied on me during internship. I tried my best to follow the rules of organization and perform all my duties in well mannered. How internship experience impact on my careerIn todays competitive job in finance, an internship is a mean to gain experience in a field where you want, get a foot in the door at your dream company, and a primary way to network within that organization. Firstly I can say that no learning can be gained unless theory is practiced. Theory cannot be practiced unless opportunity is availed. Internship is not a job rather it is an opportunity to see the jobs qualities whether good or bad, deeply. Internship is a kind of work experience where basic objective is learning, not money making. Internship encourages me to test my education in the surrounding area of official environment. I have also learned that the most hidden gain of internship is building up good relations with your bosses, which means you need to work on public relations. It would really help you in pushing your career quickly. Another aspect which will give positive edge to my career is that in practical life we should minimize our non serious behavior. . Internship gives me a chance to test skills and it provides a chance of self analysis. You would know your strengths and weaknesses. It is a practical form of SWOT analysis of your own self.Gain New KnowledgeThe whole internship program was full of learning. I gain lot of practical knowledge which will help me lot in my future. It was the chance for me to implant my bookish knowledge in practical work. So, it gave me chance to meet more people and learn from their experience.Some of the things which I have learned are as follow; I learn about the environment in an organization. My communication skill is improved. I learn how to work as a team member. I get knowledge that how the information & data get from companies and compiling them and prepared and filed. I learn how to use the theoretical knowledge in an organization. I come to know what kinds of services are provided by a Chartered Accountants firm. I get the chance to come know about the culture of different companies. I come to know how take work from employees within timeConclusion of the reportBy concluding my full internship report on M A Chaudary & co. I want to give an overlook which I have done in the 6 week internship. M A Chaudary & co. is a leading chartered accountancy firm in the market. It has four various department named as Audit department, Tax Department, Corporate Consultancy department and Human Resource Department.I have tried to work in each department and seek a great knowledge from them. In audit department I have learned how to make audit of NGs. I have learned that the NGOs and non-trading concerns have not prepared the profit and loss account and cash account but they prepares the Income and expenditure account and receipts and payments account. I have also learned how to make financials of different companies. In the Tax department I have learned about the different tax affairs of different companies. I have learned how to file the sales tax refund, E-Filing of returns, apply for NTN no. and how to reply to the notices of the FBR as well as register the person.In corporate consultancy department I have learned how to deals with customers and what are their methods to recover the amount from clients. Usually they involve a third party to recover the client named as bank. I also have gotten the chances to go to different banks for recovery of payment.SWOT AnalysisSWOT is an acronym for the advantage of weaknesses opportunities and threats. The strengths and weaknesses of the first two methods are internal organizational factors, organizations can control. The other two factors are external factors, which is beyond the control of the organization. M A Chaudary & co. SWOT analysis is as follows:Strength:Strength, I observed the success of the company in M A Chaudary & co. M A Chaudary & co. the key point is that Experienced MGT: M A Chaudary & co. is a qualified, experienced management, a strong and experienced management M A Chaudary & co. its performance is very good, a great name in the market. Most of the management is a CA and ACCA students and one year or more long-term experience in their article; this experienced management is the basic strength of M A Chaudary & co. Quality of service:Under the same roof, like the audit, tax and business consulting services business. Due to the number and the quality of service customers have a lot of trust. Accounting Consulting:Consulting services are also available in MA Chowdhury today's business is very important. Each organization must improve their technology. This is why M A Chaudary & co. computerized accounting systems of different organizations, different work. Interpersonal communication:Partners interact with each other to help increase the enthusiasm of the staff. M A Chaudary & co. of the company's decentralized management. Each member, and detained him permission directly with members and detained senior management, if they need any assistant. learning behavior:M A Chaudary & co. Internship students is between knowledge and behavior, to improve their knowledge. M A Chaudary & co. audit firm, detained many experienced managers can learn a lot of things to help them in their work. I think learning environments, M A Chaudary & co. and learned a lot of things from my internship. work opportunities:M A Chaudary & co. CA firm also provide job opportunities for its members. M A Chaudary & co. customers close to the company, their body for professional accountants. In this way, M A Chaudary & co. Limited recruitment of different organizations in different detention.Weaknesses: Internet facilities:Students lack of Internet access, which affects their ability to learn and change them according to the changing environment. Restrictions of detention, M A Chaudary & co. audit company is not allowed to use the network equipment, which may affect the ability of the detention and to improve their knowledge. Compensation schemeThe compensation package, especially for students is not so good. They were not under their work to reduce their work commitments. There are a lot of employees and detainees burden of, but their compensation is based on their work and may cause employee dissatisfaction. Office timing:Office time is strictly followed. Office time is from 9:00 am to 5:00 pm, but most of the staff and management personnel in 10:00 hours. Behavior of that kind of opportunity to show the side of the non-professional staff and management personnel. Terms and Conditions:Defined rules and regulations in M A Chaudary & co. but there is no one in the organization, strictly abide by these rules and the company's supervision. It also shows that the non-professional behavior of the members of the company. Opportunities: Strengthen the business:Most of the local business people are illiterate, tax and legal issues that do not know the business, therefore, the audit firm's business is very easy. This is for the purpose of, M A Chaudary & co. such business in order to improve the business approach and the opportunity to communicate.Location advantages:M A Chaudary & co. Ltd is located in a prime location in Gujranwala. The Square of letter Trust Plaza Gujranwala city is the financial center of the business. Take advantage of this opportunity, the company can increase the number of customers, and also increase the volume of business. Network:M A Chaudary & co. is the oldest audit firm in Gujranwala. This is a well-known audit firm in Gujranwala District. The cities of the network through the use of this advantage, allowing customs consulting and communicate easily with the company's internal and external customers, can increase its volume of business. To establish long-term cooperative relations:M A Chaudary & co. customers are very loyal to the organization, and a strong relationship with the company and some of our customers. M A Chaudary & co. have the opportunity to convert to a long-term business relationship, it is very important to the growth of the organization's loyalty and strong partnership. Threats: The state of the economy:Due to the bad economic conditions in the country do not have any business. Because most of those poor economic conditions of the people to change their business to other countries of the world. This is the situation of the company and the state, as well as shocking. Competitors:There are many companies competing companies. Between instances of market competition for customers, for the company to compete in Lahore and Rawalpindi and Gujranwala. That game is the main threats M A Chaudary & co. is strong enough to take the business or customers. In addition, I also evaluated during my internship company and its environment. I have given some suggestions to improve the company.

Recommendations:There are some recommendations through which the firm can make better its performance then earlier. The firm is situated in a narrow building the area of which is congested. The owner should have to shift the business in a bigger room. And there are also only 5 computers in the firm which are out dated they should also buy the more and new version computers. There is not any check and balance system every employee comes late in the firm. So that the quality of work affected. There is not much coordination between employees and internees because they all are either doing their C.A and ACCAs of completed it. So that the employees who completed the CA and ACCAs they think them superior on other. There are not any rules and regulations related to the working hours every person comes in the firm late and goes before the time of leave. The firm has not paid to the internees but they take a lot of work from them. They should pay them something as reward like other business sectors. References I have collect all the information for the completion of my report from the owner M. A. Chaudary and Khurram Mumtaz Hanjra the Audit manager. I have also conducts some interviews of the other employees and get their comments. Some data form introduction purpose I have collected from the following sites.http://www.icap.org.pk/web/index.phphttp://www.icap.org.pk/web/links/0/abouticap.phphttp://en_wikipedia_org/wiki/Institution_of_Chartered_Accountants_of_PakistanGlossaryISA: International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB).STS:Sales Tax System is software designed to record the sales invoices with the specification of date, product code, customer name & address, Quantity, and amount of sales tax and total amount.FCA:Fellow Chartered AccountantACA:Associate Chartered AccountantAudit Report:Audit report is the report which is prepared by audit firm after the completion audit workings to give opinion on the financial statements of the company.Query Sheet:Query sheet is prepared during the audit workings to note the questions which arise during the verification of different accounts, and to note the missing evidences.Audit File:Audit file is prepared for the record of office of the audit firm, it contains audit letter to management of the company, ledgers, opening and closing account balances, copy of financial statements, query sheet and copy of audit report.IASC:International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on 1 April 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these standards.IAPC:International Auditing Practices Committee (IAPC)IFAC:International Federation of Accountants (IFAC) is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries.IAG:International Auditing Guidelines (IAG) IAASB:The International Auditing and Assurance Standards Board (IAASB) is the independent standard setting body which issue auditing, review, other assurance related services and quality control standards to be applied by the global auditing profession. It is a body initiated by the International Federation of Accountants (IFAC).IFRS:International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989) adopted by the International Accounting Standards Board (IASB).

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