The Report on Organizational Study in Institute of Chartered Accountants of India

Executive Summary

The summer internship was a decent chance to learn new things and pick up involvement. I learnt the correct utilization of PC programming like MS exceed expectations, MS Word which I utilized for re game plan of information of different customers in the association. To start with I isolated the different archives of the customers and after that posted the same in MS exceed expectations. The names and archives were particularly said. Additionally, the intrigue paid and got of the customers was posted. This data I assembled from the sparing pass books of the customers. This aids in appropriate association of information and simple reference for what's to come.

Acknowledgement

I would like to express my special thanks to my guide Ms. Neha Puri who has provided me the ways and techniques to make this project; even she helped me in finding out the research papers to complete this project. I would also like to give a special thanks to our director Dr. Sujata Khandai who gave me the golden opportunity to do this wonderful project on the topic.

Introduction

Presentation of the Organization's Business Sector Organization is functioning as a Chartered Accountants firm under the tenets and directions and code of morals intended for CA firms by ICAI (The Institute of Chartered Accountants of India). The Institute of Chartered Accountants of India (ICAI or the Institute) was built up as statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to manage the calling of bookkeeping in the nation. ICAI is administered by the Council which comprises of nineteen individuals. Fifteen individuals are chosen from among the individuals for a time of four years. The staying four of the Council individuals are selected by the Government of India. Vision of the ICAI is: The calling of Chartered Accountants in India ought to be the benchmark of expert brilliance maintaining the standards of respectability, straightforwardness and responsibility.

Mission of ICAI is to accomplish perfection in proficient ability, enhance organizations and economy, protect open intrigue; guarantee moral practices and great corporate administration while perceiving the requirements of globalization. These sorts of firms give various types of expert administrations like review, tax collection and administration consultancy to its customers. The Chartered Accountancy course is directed by the Institute of Chartered Accountants of India, which has its central command in New Delhi, 5 territorial workplaces (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these local focuses.

A Study of the Industry

Organization is working as a Chartered Accountants firm under the rules and regulations and code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of India). The Institute of Chartered Accountants of India (ICAI or the Institute) was established as statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the profession of accountancy in the country. ICAI is governed by the Council which consists of nineteen members. Fifteen members are elected from amongst the members for a period of four years. The remaining four of the Council members are nominated by the Government of India. Vision of the ICAI is: The profession of Chartered Accountants in India should be the benchmark of professional excellence upholding the principles of integrity, transparency and accountability. Mission of ICAI: Is to achieve excellence in professional competence, add value to businesses and economy, safeguard public interest; ensure ethical practices and good corporate governance while recognizing the needs of globalization. These kinds of firms provide different kinds of professional services like audit, taxation and management consultancy to its clients. The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centers.

AIM of the Study

Our 45 day organizational study is aimed to get an industrial exposure and to understand the functioning of the organization in realize. It is intended to help link the corporate management practices in an organization with the theory.

Objectives of the Study

I choose to work with Singhania Shreeyam And Associates . During this internship I have learnt many new skills. Before internship I have only theoretical knowledge about work in organization but now I have practical some practical experience of working in organization. Now I have knowledge about the organization’s working environment and how organizations work and achieve their goals and objectives. This internship has to gives me the understanding of business and also about the elements of strategic thinking, planning and implementation, and how these things are applied in a real world organization environment. Following are the objectives that I have in my mind before working as an internee.

1. To improve communication skills.
2. To analyze the business situation.
3. To establish high standard in professionalism.
4. To learn more than the theoretical knowledge.
5. To learn book keeping practices of different companies.
6. To apply the theoretical knowledge in actual organization.
7. To compare practical aspects with theoretical aspects.
8. To make quick decision in real situation.
9. To learn how to promote and to conduct research in business area.
10. To promote my personal knowledge and professional preparation for future.
11. To properly integrate my theoretical knowledge and practical work.
12. To plan for the future of oneself and learn how to adjust in an organization.
13. To know how to present your recommendations in front of your boss.
14. To get knowledge of opportunities and threats while entering into an organization.
15. To get exposure to do a work in an organization and also known about organizational behavior, ethical rules and regulations.

Methodology

There are 3 steps involved in an organization study. It can be described as follows:

1) The first step is the collection of all available information from various primary and secondary data sources. Collecting information from manuals, reports, articles etc, which were provided by Shreeyam Singhania regarding the origin, facilities available in the company and a brief on its activities and functions.

2) Interviewing departmental heads and other staff for understanding the activities of each department, structure and the roles played by each of them.

3) Visiting the operational sites of various departments. The main aim is to obtain a physical feel of the departments and observe the activities performed by it, and it’s important to the whole organization.

Company Profile

Singhania Shreeyam And Associates was established in the year 2017. It is a newly formed chartered Accountancy firm rendering comprehensive professional services which include audit, management consultancy, tax consultancy, accounting services, manpower management, secretarial services etc. Singhania Shreeyam And Associates is a professionally managed firm. The team consists of distinguished chartered accountants, corporate financial advisors and tax consultants. The firm represents a combination of specialized skills, which are geared to offers sound financial advice and personalized proactive services. Those associated with the firm have regular interaction with industry and other professionals which enables the firm to keep pace with contemporary developments and to meet the needs of its clients.

Corporate Services

• Incorporation of company
• Consultancy on Company Law matters.
• Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.
• Filing of annual returns and various forms, documents
• Maintenance of Statutory records
• Consultancy on Public/Rights/Bonus Issue of shares
• Indirect taxation Broadly, Audit involves the following:

a) In-depth study of existing systems, procedures and controls for proper understanding. Suggestions for improvement and strengthening.

b) Ensuring compliance with policies, procedures and statutes. Comprehensive review to ensure that the accounts are prepared in accordance with Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.

c) Checking the genuineness of the expenses booked in accounts. Reporting inefficiencies at any operational level. Detection and prevention of leakages of income and suggesting corrective measures to prevent recurrence.

d) Certification of the books of account being in agreement with the Balance Sheet and Profit and Loss Account.

Issue of Audit Reports under various laws.

Types of Audits conducted

• Statutory Audit of Companies
• Tax Audit under Section 44AB of the Income Tax Act, 1961.
• Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
• Concurrent Audits.
• Revenue Audit of Banks.
• Branch Audits of Banks.
• Audit of PF Trusts, Charitable Trusts, Schools, etc.
• Audit of Co-operative Societies.
• Information System Audit
• Internal Audits.

Income Tax Returns

A tax return is a form(s) recorded with a burdening specialist that reports salary, costs, and other related assessment data. Assessment forms enable citizens to compute their expense risk, plan impose installments, or demand discounts for the excessive charge of duties. In many nations, assessment forms must be documented every year for an individual or business with reportable salary (e.g., compensation, profits, capital increases, or different benefits).

Three Sections of a Tax Return

1. Income Tax: The most widely recognized technique for revealing is a W-2 tax document. Wages, profits, independent work salary, eminences, and in numerous nations, capital increases should likewise be accounted for.
2. Deductions: Duty derivations differ extensively among wards, however common illustrations incorporate commitments to retirement funds designs, provision paid, and intrigue conclusions on a few credits. For organizations, most costs straightforwardly identified with business activities are deductible. Citizens may separate conclusions or utilize the standard finding for their recording status. Once the subtraction of all conclusions is finished, the citizen may decide their expense rate on their balanced gross salary.
3. Tax credits: are sums that counterbalance charge liabilities or the duties owed. Like derivations, these fluctuate broadly among wards. Be that as it may, there are regularly attributes credited to the care of ward youngsters and seniors, benefits, instruction, and some more.

DEPARTMENTS OF THE COMPANY

• Accounts Department
• Audit Department
• Income-tax Department
• Corporate Laws Department
• Finance Department
• Sales tax & VAT Department
• Service-tax Department
• Goods & Service Tax (GST) Department

COMPANY ANALYSIS SWOT ANALYSIS

Strengths

• Have many return customers
• Customer satisfaction - customers do say they like the service and give positive word of mouth by recommending others

Weaknesses

• Don't pay much attention to marketing.
• No website.
• Do not have any marketing strategy.
• Do not have any marketing budget

Opportunities

• Market is ready for rapid growth.
• With new government regulations a lot of opportunities in market.

Threats

• People have a lot of trust in old firms.
• People don’t trust new firms easily.

BCG Matrix

It is used by companies to analyze their business units that are their product/service line. The basic characteristics of the matrix are as follows:

1. QUESTION MARKS Low Market Share and High Market Growth Don’t know what to do with opportunities; decide whether to increase investment.
2. STARS High Market Share and High Market Growth Doing well great opportunities
3. DOGS Low Market Share And Low Market Growth Weak in market Difficult to make profit
4. CASH COWS High market share And Low Market Growth Doing well in no growth market Limited opportunities

Findings

1. Sometimes proper interaction is not given to all employees and is restricted to only a few levels.
2. Recruitment and other aspects are not fully computerized.
3. Before recruitment cost benefit analysis is not done.
4. Some employees have been confirmed and increments allowed before than initial probation period of six months lapses.
5. Many employees are under dual subordinates.
6. The retention rate is very low.

Limitations

1. They have a little staff with shallow abilities base in numerous territories.
2. Less number of staff individuals.
3. Little to no improvements in innovation change in this market.
4. Capacity to receive.
5. Change in government arrangements and methodology may go about as danger for organization.
6. A little change in focal point of huge contender may wipe out any market position.
7. Has numerous contenders. In specific situations these contenders may go about as a noteworthy risk for the association.
8. We had hectic schedule and timings
9. Most of the times same work for whole week which made it monotonous and boring.
10. The travelling schedule was very hectic.
11. Working space was small and suffocating.

Conclusion

Singhania Shreeyam And Associates is general one of the benefit making and rumored firm of Allahabad. The association since its first day is committed to giving quality administrations. The point by point and through audit of work and customers' trust demonstrates the flawlessness with which it is working. The firm has earned a qualification of being set in the classification 'An' in the rundown of board of examiners kept up by State Bank of India. In addition just these "A" classification firms can review of recorded organizations. The Institute of Chartered Accountants of India has additionally completed the Quality Control Review and has issued palatable QCR report expressing that the firm has directed the reviews of the customers as per International Standards on Auditing.