INTERNSHIP PROJECT REPORT
WITH
N Sreedhar & Co Audit Firm
Submitted in partial fulfilment of the requirements for the award of
BACHELOR’S OF COMMERCE – FINANCIAL ACCOUNTING
By
DANUSHSARWIN J P
(Reg. No. - 41920014)
SCHOOL OF MANAGEMENT STUDIES
SATHYABAMA INSTITUTE OF SCIENCE AND TECHNOLOGY
(DEEMED TO BE UNIVERSITY)
JEPPIAAR NAGAR, RAJIV GANDHI CHENNAI -600119, TAMILNADU.
OCTOBER -2023
ACKNOWLEDGEMENT
I am pleased to acknowledge my sincere thanks to Board of Management of
SATHYABAMA for their kind encouragement in doing this project and for
completing it successfully. I am grateful to them.
I convey my sincere thanks to Dr. G. Bhuvaneswari, Dean - School of
Management Studies and Dr. A. Palani, Head - School of Management
Studies for providing me necessary support and details at the right time during
the progressive reviews.
I would like to express my sincere and deep sense of gratitude to my Project
Guide Dr. R. THAMILSELVAN for his valuable guidance,
I heartily express my sincere thanks to N Sreedhar & Co Audit firm for giving
me an opportunity for internship in their esteemed firm . I also thank my
external guide Sankar S, Article assistance CA. for his constant support and
encouragement in the completion of my internship.
I wish to express my thanks to all Teaching and Non-teaching staff members of
the School of Management Studies who were helpful in many ways for the
completion of the project.
OBJECTIVES OF INTERNSHIP
As a partial fulfilment of the degree of B.Com (Financial accounting)
programme of Sathyabama Institute of Science and Technology , I took up 1
month (30 days) internship period in a Chartered Accountancy firm N Sreedhar
& Co to Understand and investigate the implementations of audit procedures,
Analyze the effectiveness of audit procedures in N Sreedhar & Co.
Details of the Internship
Firm Name: N Sreedhar & Co
Address: F-1, Park View Appartments, Chitlapakkam, 24 Ramanujar Street,
Chennai. 600064.
Field of Internship: Auditing
Position: Intern
Working Hours : 10.00 A.M – 6.30 P.M
INDEX
S No. Content Page Number
1
Introduction 1
2 Firm Profile 5
3 Significance Of Internship 6
4 Internship Certificate 8
Conclusion 9
5
INTRODUCTION
Meaning of firm
A firm is a for-profit business organization- such as a corporation, Limited Liability
Company (LLC), or partnership- that provides professional services.
A firm is defined as a business with two or more persons. An example of a firm is a law
office.
Types of firms
• Sole proprietorship
• Partnership
• Corporation
• Limited liability company
Sole proprietorship firm
A sole proprietorship also referred to as a sole trader or a proprietorship - is an
unincorporated business that has just one owner who pays personal income tax on profits
earned from the business.
Partnership firm
An association of two or more persons who have agreed to share theprofits of a business
which they run together. The persons who own the partnership business are individually
called 'partners' and collectively they arecalled 'firms' or 'partnership firms'.
Corporation
A corporation is a business entity that is owned by its shareholders, whoelect a board of
directors to oversee the organization’s activities. Corporations can be for-profit, as
businesses are, or not-for-profit, as charitable organizations.
Limited Liability Company
A limited liability company (LLC) is a business structure for private companies. All partners
in a general partnership are responsible for the businessand are subject to unlimited liability
for business debts.
Services offered by an accounting firm
• Bookkeeping
• Accounting
• Statutory audit
• Internal audit
• Revenue audit
• Stock and receivables audit
• Pre-audit
• Physical verification of fixed assets and stores
• Tax audit
• Consultancy services
Meaning of Audit
The audit is the examination or inspection of various books of accounts by an auditor
followed by physical checking of inventory to make sure that all departments are following
documented system of recording transactions. It is done to ascertain the accuracy of
financial statements provided by the organization.
Meaning of an Auditing firm
A company that reviews activities to identify inefficiencies, reduce costs and otherwise
achieve organizational objectives. Auditing firms may investigate potential theft or fraud
and ensure compliance with applicable regulations and policies.
Services provided by audit firms
The services provided by professional accounting firms can be tailored to meet your needs
which include basic day-to-day bookkeeping, tax services, auditing, management consulting,
and fraud investigations and in most cases, they serve as an outsourced service to provide
financial oversight for small businesses.
Responsibility of an Audit firm
The auditor’s responsibility is to express an independent, objective opinion on the financial
statements of a company.
Accountant having a certificate of practice from the institute of chartered accountants of
India can be a qualified auditor of a company.
Meaning of Auditor
An auditor is an individual who is appointed to inspect the books of accounts of a
company, and the validity and accuracy of the transactions contained therein. He also forms
an opinion view of the financial statements, whether the statement depicts a true and fair
view of the entity’s financial position. Qualification of an Auditor According to the
companies act, 2013, a Chartered Accountant having a certificate of practice from the
institute of chartered accountants of India can be a qualified auditor of a company.
Duties of the Auditor
An auditor is authorized personnel who reviews and verifies the accuracy of financial
records and ensures that companies comply with tax norms. Their primary objective is to
protect businesses from fraud and highlight any discrepancies in accounting methods,
among their things. The auditor’s opinion makes or breaks the reliability of the financial
statements and the information they provide.
• Prepare an audit report
• Form a negative opinion, where necessary
• Make inquiries
• Lend assistance in case of a branch audit
• Comply with auditing standards
• Reporting of fraud
• Adhere to the code of ethics and code of professional conduct
• Assistance in an investigation
FIRM PROFILE
N Sreedhar & Co was established in the year 2020. It is a small chartered
accountancy firm rendering comprehensive professional services which
includes audit, management consultancy, tax consultancy, accounting services,
secretarial services etc.
N Sreedhar & Co is a professionally managed firm. The team consists of
distinguished chartered accountants, corporate financial advisors and tax
consultants. The firm 6 combination of specialized skills, which are geared to
offer 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.
Name of the audit firm: N Sreedhar & Co
Established: 2020
Office Address: F-1, Park View Appartment, Chitlapakkam, 24 Ramanujar
Street, Chennai. 600064.
Staff Members: 1
Significance Of Internship
1. Sales invoice verification: ( sales invoice with sales ledger)
Verify all Invoice No. with sales ledger.
Check whether amount in the invoice as same in the sales ledger
Verify the GST amount with nature of GST like CGST ,SGST, IGST.
It should be based on buyer location
If the value of Goods is above Rs 50,000. Invoice should be mandatorily
attached with E-way bill.
2. Sundry Creditors verificaition.
It is required to check the liabilities of the company
Collect relevent documents from third parties and verify that with
sundry creditors list.
3. Closing stock verification with purchase rate
Whether the purchase rate are properly disclosed or not
Verify the stock value with last purchase rate. By the reference of GRN no. .
4. Bank Reconciliation Statement
I have worked on the Bank reconciliation statement for a charitable
organization and school.
5. Cash receipts and expenses vouchers
Verified cash receipts vouchers and expenses vouchers of charitable
Organisations and school.
6. Stock verification
It is a process used to confirm and validate the accuracy of a company’s
Physical inventory.
Verified the Inventory of Private limited companys and Hospital also.
7. Tally
Posted entries in the tally for Logistics company.
Data entered in the tally for charitable organisations.
8.Income Tax calculation
I have been worked on computation of Income tax of the sole proprietorship.
On new slab rate and old slab rates
Internship Certificate
CONCLUSION
Internship is a bridge between theoretical knowledge and practical
knowledge. In review, this internship has been an excellent and rewarding
experience. I have been able to meet and network with so many people that, I
am sure will be able to help with the opportunities in future. As an intern of N
Sreedhar & Co , I have truly enjoyed my internship.
In this era of rapid changing economy, chartered accountant firms are one of
the keys to get success.
There should be more firms in our country with great quality. Last but not the
least, more students should come and explore this field. Without the support
of good resources this field will not be able to get strength and to be
economically benefitted it is a must. I am confident that this one month
internship at N Sreedhar & Co will definitely help me to realize my career in the
job market.
