A Project Report

On
Internship in Finance from
R.D. Joshi & Company

Submitted in the partially fulfillment for the award of degree

in
Bachelor of Business Administration
To
Medicaps University, Indore
Submitted by
Greshika Soni
Under the guidance of
Prof. Anupriya Soni
 PREFACE

This internship report is a reflection of the professional experience I gained during my internship
under the guidance of a Chartered Accountant. The internship was a crucial part of my academic
journey, offering me the opportunity to apply theoretical knowledge to practical scenarios in the
field of accounting, finance, and taxation.

Throughout the course of this internship, I was exposed to a wide range of tasks and
responsibilities, including auditing, financial reporting, tax preparation, and compliance with
regulatory frameworks. The mentorship and training provided by the Chartered Accountant were
invaluable, helping me to develop a deeper understanding of the intricacies of accounting and
financial management.

This report provides a detailed account of the work I undertook, the skills I acquired, and the
challenges I faced during my internship. It also highlights the key learnings and professional
development that resulted from this hands-on experience.

I would like to express my sincere gratitude to my mentor for their guidance, support, and
insights, which significantly contributed to my growth as an aspiring professional in the field of
accounting. I am also thankful to the entire team for their cooperation and for making this
internship an enriching experience.
 DECLARATION

I hereby declare that the internship report entitled “Internship Report in Finance” is a result of
my own work and has been prepared based on my experience during the internship at R.D. Joshi
& Company under the supervision of the Chartered Accountant, Ankit Jain.
The information and data presented in this report are true to the best of my knowledge and belief.
I affirm that this report has not been submitted previously to any other institution or organization
for any academic or professional purpose.

I acknowledge the guidance and support received from R.D. Joshi & Company and express my
gratitude to everyone who contributed to my learning during this internship.

I understand that any form of plagiarism or misrepresentation of facts in this report will result in
disciplinary action and that I am solely responsible for the content provided herein.

Greshika Soni
Enrollment No.-
MS22MS301112
 ACKNOWLEDGEMENT

I would like to express my sincere gratitude to R.D. Joshi & Company for giving me the
opportunity to intern under their esteemed Chartered Accountancy firm. I am deeply thankful to
Mr. Ankit Jain , whose constant guidance and valuable insights provided me with a wealth of
knowledge in the field of finance and accounting.

I would also like to extend my heartfelt appreciation to all the team members at R.D. Joshi &
Company for their continuous support, patience, and cooperation throughout the internship.
Their mentorship helped me gain practical experience and improve my understanding of various
financial processes and principles.

Finally, I am grateful to my family and friends for their unwavering encouragement, and to all
those who have contributed directly or indirectly to the successful completion of this internship.

Thank you.
 INDEX

 Introduction

 Rationale of the study

 Objectives of study

 Review of literature

 Learning from the study

 Limitations of the study

 Suggestions

 Conclusion

 References

 Appendix
 INTRODUCTION
R.D. Joshi & Company is a well-established Chartered Accountancy firm based in Indore,
Madhya Pradesh. The firm has built a reputation for providing high-quality professional services
in the fields of audit, taxation, and financial consultancy. Over the years, the firm has grown by
delivering excellent client service and maintaining high standards of professional ethics.

Founding and History : The firm was founded by CA R.D. Joshi in 1952, a seasoned Chartered
Accountant with decades of experience in the field. Since its inception, the firm has become
known for its expertise in handling complex financial matters, offering personalized services to
businesses, individuals, and organizations across various industries.

Services Offered : R.D. Joshi & Company offers a wide range of services, catering to the
diverse needs of its clients. These include:

Audit and Assurance Services :

 Statutory Audits
 Internal Audits
 Tax Audits
 Compliance Audits

Taxation Services :

 Income Tax Planning and Compliance

 Goods and Services Tax (GST) Consultancy
 Corporate Taxation
 Tax Representation and Litigation
Advisory Services :

 Financial Planning and Analysis

 Business Valuation
 Mergers and Acquisitions
 Corporate Restructuring

Accounting and Compliance :

 Bookkeeping and Accounting Services

 Financial Reporting
 Regulatory Compliance
 Payroll Management

Clientele : The firm serves a wide spectrum of clients, including:

 Small and Medium Enterprises (SMEs)

 Large Corporates
 Non-Profit Organizations
 Individuals and Professionals

Internship Program : R.D. Joshi & Company offers an enriching internship experience
for students pursuing Chartered Accountancy and related financial courses. Interns are
exposed to a variety of tasks, including auditing, tax filing, financial analysis, and client
management. The internship program emphasizes practical learning, enabling students to
gain hands-on experience in real-world financial scenarios.

Key Highlights of Internship :

 Exposure to live projects and audits

 Interaction with clients and stakeholders
 Mentorship under experienced Chartered Accountants
 Training in accounting software and tax filing procedures
  Opportunities to work on compliance and regulatory assignments

Vision and Mission : The firm’s vision is to provide exceptional accounting and
financial advisory services while maintaining the highest level of integrity and
professionalism. Its mission is to assist clients in achieving their financial goals by
offering sound advice and customized solutions.

Contact Information :

 Address: R.D. Joshi & Company, Indore, Madhya Pradesh

 Email: rdjoshica@gmail.com
 City office: Shiv Vilas palace , Rajwada , Indore (M.P.) 452004
 Phone : 9827254346 , 9993297761
 Branch office: (1) 334, Tilak Marg,
Neemuch (M.P.) 458441
Phone no. : 07423- 220137
Mobile no. : 9425106697

(2) C/o Rakesh Jain

99-B Mahavir Nagar colony ,
Barwani , (M.P.) 4541551
Mobile no. : 9893065624

This profile outlines the company’s commitment to delivering quality services while offering
valuable learning opportunities for aspiring Chartered Accountants through its internship
programs.
 RATIONALE OF THE STUDY

The primary rationale for undertaking an internship at R.D. Joshi & Company, a leading
Chartered Accountancy firm, stems from the need for practical exposure to the field of
accountancy and auditing. The internship is a critical part of the academic curriculum for
students pursuing commerce, finance, or professional qualifications like Chartered Accountancy
(CA). It provides an invaluable opportunity to bridge the gap between theoretical knowledge and
practical application.

 Practical Experience : While theoretical knowledge is vital, the practical aspects of

accounting, taxation, auditing, and financial reporting are crucial to becoming a proficient
Chartered Accountant. This internship allows for hands-on experience with real-world
clients and scenarios, which is essential to understanding complex financial systems,
compliance requirements, and regulatory frameworks.

 Exposure to Professional Practices : Working under the guidance of experienced

professionals at R.D. Joshi & Company gives interns exposure to industry standards,
corporate practices, and ethical guidelines followed by Chartered Accountants. This
professional environment sharpens problem-solving skills and the ability to apply
accounting principles in dynamic business situations.

 Learning from Experts : The firm offers a wide range of services in auditing, taxation,
financial planning, and advisory services. Being a part of this diverse and robust
environment allows interns to gain insights from specialists, enhancing both technical
skills and professional judgment, which are critical for aspiring CAs.

 Compliance and Regulatory Knowledge : Understanding the intricacies of laws related

to taxation, audits, and financial regulations in India is critical for any professional
accountant. The internship provides direct learning experiences with compliance issues,
audits, tax filings, and financial management, which are crucial for a CA’s career.
  Career Preparation : The internship helps in preparing students for the rigorous CA
exams by providing practical exposure that complements theoretical studies. It also helps
in building a professional network, developing communication skills, and understanding
client handling, all of which are indispensable for a successful career as a Chartered
Accountant.

 Contribution to the Firm : From the firm’s perspective, interns contribute fresh
perspectives and assist in managing tasks related to auditing, tax planning, and financial
documentation. The experience mutually benefits both the firm and the intern, as it
enhances productivity while providing learning opportunities for the intern.

In conclusion, the internship at R.D. Joshi & Company provides the necessary practical exposure
that complements academic learning, offering a platform to develop skills that are essential for a
successful career in Chartered Accountancy.
 OBJECTIVES OF STUDY

1. Understanding Audit Procedures :

 Gaining in-depth knowledge of audit procedures, including statutory audits, internal
audits, and tax audits.
 Learning how to verify financial statements and identify discrepancies.

2. Practical Application of Accounting Standards :

 Understanding and applying accounting standards such as Indian Accounting Standards
(Ind AS) and IFRS during audit and preparation of financial reports.

3. Taxation :
 Gaining exposure to various tax laws (e.g., Income Tax, GST) and their practical
applications.
 Understanding how to prepare and file tax returns, including corporate tax, GST returns,
and individual income tax.

4. Financial Reporting :
 Learning the process of preparing financial statements (Balance Sheet, Profit & Loss
Account, Cash Flow Statement) as per applicable regulatory frameworks.
 Analyzing financial statements and reports for discrepancies or improvements.

5. Compliance and Regulatory Understanding :

 Understanding compliance requirements under the Companies Act, 2013, and other
relevant laws like FEMA and SEBI regulations.
 Learning to file compliance forms, audit reports, and handle company secretarial work.

6. Risk Assessment and Internal Control :

 Learning to assess the risk and effectiveness of internal controls in different
organizations.
 Providing suggestions for strengthening internal controls where necessary.
7. Client Communication and Management :
 Developing skills in client interaction, including conducting meetings, discussing
findings, and presenting reports.
 Understanding the importance of maintaining client confidentiality and professional
ethics.

8. Software and Tools Exposure :

 Learning to use accounting and auditing software like Tally, SAP, QuickBooks, and other
specialized audit tools.
 Exposure to Excel and financial modeling techniques for report generation and analysis.

9. Team Collaboration and Reporting :

 Working in a team environment, understanding how to contribute to audit engagements,
and communicating findings.
 Learning how to draft reports, audit summaries, and management letters.

These objectives help interns gain a comprehensive understanding of the real-world

practices of a Chartered Accountant’s profession while developing skills that are critical
for their future careers.
 REVIEW OF LITERATURE

Internships are critical for bridging the gap between academic knowledge and real-world
practice. In the financial sector, internships in firms offering services such as accounting,
auditing, taxation, and financial consulting provide interns with practical experience that is
highly valued by employers.

 Relevance of Finance Internships :

Internships help develop essential skills such as financial analysis, reporting, tax planning, and
compliance with regulations. According to Narayanan et al. (2019), internships in finance
significantly contribute to enhancing technical skills and employability, making them crucial in a
competitive job market. These internships also help interns to familiarize themselves with
financial markets, instruments, and business dynamics, which are often hard to grasp solely
through classroom learning.

 Impact on Career Development :

As highlighted by Jackson (2017), internships can be a pathway to full-time employment, with
many employers favoring candidates who have undergone internships due to their prior exposure
to industry practices. In finance, students acquire hands-on experience, which helps them build a
solid foundation for future roles in areas such as financial analysis, taxation, and auditing.

 Internship Structure at R.D. Joshi & Company :

Interns at R.D. Joshi & Company are typically involved in key financial tasks, such as assisting
with audits, preparing financial statements, and filing tax returns. This hands-on experience
allows them to gain in-depth knowledge about financial management and compliance
regulations.
  Learning opportunities :
Interns at R.D. Joshi & Company are exposed to real-world financial challenges, such as
handling complex audits and ensuring regulatory compliance. Training in financial software,
such as Tally and QuickBooks, is a crucial part of the internship, equipping interns with technical
skills that are highly demanded in the finance industry.

 Skills Acquired in Finance Internships :

Internships at firms like R.D. Joshi & Company enable interns to develop a range of key skills:

 Technical Skills :
 Accounting Software Proficiency : Interns gain familiarity with Tally,
QuickBooks, and other financial management systems, which are essential in
professional practice.

 Financial Statement Preparation : They learn how to prepare financial reports

in compliance with national and international accounting standards.

 Tax Compliance and Auditing : Interns also gain knowledge about tax filing
processes, including GST and income tax, and audit procedures, which are critical
for roles in accounting and taxation (Smith, 2020).

 Analytical and Critical Thinking :

Finance internships often involve analyzing financial statements, evaluating business
performance, and providing insights for improvement. These experiences help interns develop
the analytical skills required for roles in financial reporting, auditing, and advisory services.

 Challenges Faced During Finance Internships :

Although internships are beneficial, they can pose challenges, such as:

 Workload Management : Financial firms are typically fast-paced environments where

interns must juggle multiple tasks and meet deadlines. Balancing these responsibilities
can be overwhelming, especially for those with limited experience.
  Complexity of Financial Regulations : Understanding and complying with complex
financial regulations and tax codes can be daunting for interns, requiring a steep learning
curve (Jackson, 2017).

 Industry Feedback and Internship Impact :

Internship experiences in financial firms are generally viewed positively by both interns and
employers:

 Positive Impact on Employability : Research by Smith (2020) shows that graduates

with internship experience are more likely to secure full-time employment in finance.
Employers value the practical experience gained during internships, which prepares
candidates for the demands of the industry.

 Industry Relevance : Firms like R.D. Joshi & Company provide interns with real-world
exposure to finance, ensuring that they are familiar with the current challenges and
regulatory frameworks of the industry.
 LEARNING FROM THE STUDY

Basics of mutual funds :

 Types of Mutual Funds : I learned about equity, debt, and hybrid funds, and how each
suits different investor profiles.

 NAV (Net Asset Value) : I explored how the NAV represents the per-share value of the
fund and its role in determining profitability.

 Risk & Return : Understanding the relationship between risk levels and expected returns
in mutual fund investments.

GST Compilation and Return Filing Procedures :

 GST Categories : I learned about the different types of GST: CGST, SGST, IGST, and
how they apply to intrastate and interstate transactions.

 GST Returns : Filing GSTR-1 (outward supplies), GSTR-3B (monthly returns), and
reconciliation of GST data was part of our hands-on experience.

 Compliance : Ensuring timely submission of returns to avoid penalties, and how the
online GST portal functions for this.

Calculation of Capital Gains :

 Types of Capital Gains : Learning the difference between short-term and long-term
capital gains and their taxation based on the holding period of assets.
 Indexation : Applying indexation to long-term capital gains for assets like real estate to
account for inflation, reducing taxable gains.

 Capital Gain Exemptions : Knowledge of Section 54 exemptions for reinvestment in

residential property and Section 10(38) related to equity gains.

Basics of Accounting :
 Double-entry System : Fundamental understanding of debit and credit rules and their
application in day-to-day bookkeeping.

 Journal Entries & Ledgers : Recording transactions and posting them into ledger
accounts .

 Trial Balance & Financial Statements : Drafting trial balances and understanding how
they lead to the preparation of financial statements (P&L, Balance Sheet).

Income tax return filings :

 ITR Forms : Learning about various ITR forms (ITR-1, ITR-2, ITR-3) based on the
taxpayer’s income type (salaries, business, capital gains, etc.).

 Deductions & Exemptions : Applying deductions under Sections 80C, 80D, and
exemptions like HRA (House Rent Allowance) to minimize tax liability.

 TDS (Tax Deducted at Source) : Understanding the importance of reconciling TDS

deductions with Form 26AS while filing returns.
 LIMITATIONS OF THE STUDY

 Limited Scope of Work : As an intern, the range of tasks you were involved in might be
limited to certain areas like auditing, bookkeeping, or tax preparation. This means you
didn’t gain exposure to all aspects of the firm’s services, such as advanced financial
consulting or international tax planning.

 Time Constraints : The duration of your internship may have restricted your ability to
delve deeply into certain topics or projects, especially if some areas require a long-term
understanding of clients or projects.

 Learning Curve : As a student, there may have been a steep learning curve, especially if
the work involved technical accounting or tax software, or complex financial regulations.
This may have limited your ability to contribute to certain tasks or fully grasp intricate
procedures.

 Confidentiality : Client confidentiality obligations may have restricted access to some

sensitive documents or financial statements, limiting your ability to analyze all aspects of
the firm’s operations or case studies.

 Limited Autonomy : Interns often work under the direct supervision of senior staff,
meaning that much of the work is reviewed and may be limited in its creativity or
independence, reducing the scope for decision-making.
 Sampling of Work Experience : You might have been involved only in specific types of
accounting work (e.g., audits for small businesses), which does not fully represent the
variety of clients the firm handles.

 COVID-19/Remote Work : If the internship was during a period of remote work or the
COVID-19 pandemic, this might have reduced hands-on experience, limited interactions
with team members, or decreased exposure to in-office procedures.

 Limited Interaction with Clients : As an intern, you might not have had direct
interaction with clients, which is crucial for understanding client needs, preferences, and
the soft skills required for maintaining client relationships.

 Technical Limitations : Access to certain accounting software, databases, or proprietary

tools may have been restricted, limiting your ability to fully participate in or understand
more advanced technical work.

 Geographical Constraints : If the firm operates in specific regions, the exposure you
received might be limited to local regulations or financial practices, which might not
apply universally in different regions or industries.
 SUGGESTIONS

Suggestion 1: Improve Data Management for Auditing

 Observation:
During the audit process, I observed that data collection from clients often caused delays
due to unstructured information and inconsistent formats.

 Suggestion:
Implement a standardized data collection template for clients to provide information
before the audit. A digital platform can be developed where clients upload necessary
financial documents in a structured manner.

 Benefit:
This would streamline the audit process, reduce delays, and improve the accuracy of data
provided by clients, leading to quicker and more efficient audits.

Suggestion 2: Enhance Tax Compliance Monitoring

 Observation:
I noticed that tax filings were often rushed due to last-minute document collection,
leading to a higher risk of errors or missed deadlines.

 Suggestion:
 Introduce a quarterly review of tax documents to ensure ongoing compliance and avoid
the rush during the annual filing season.

 Benefit:
This would reduce the chances of errors and penalties while spreading the workload more
evenly throughout the year.

CONCLUSION

My internship at R.D. Joshi and Company has been an enriching and invaluable experience,
offering me deep insights into the accounting and financial sector. I had the opportunity to work
closely with professionals, gaining practical knowledge of tax laws, audit procedures, financial
statement preparation, and compliance regulations.

Throughout the internship, I developed a solid understanding of accounting standards and how
theoretical concepts are applied in real-world scenarios. The hands-on experience with tasks such
as bookkeeping, filing returns, and auditing gave me a well-rounded perspective of the
responsibilities handled by a Chartered Accountant.

Moreover, the mentorship and guidance provided by the senior members of the firm enhanced
my technical skills and soft skills, such as communication, time management, and teamwork. I
am confident that the skills and knowledge I acquired during this internship will contribute
significantly to my future career in accounting and finance.
In conclusion, my time at R.D. Joshi and Company has solidified my interest in pursuing a career
in accounting and has equipped me with the tools to excel in this field. I am grateful for the
opportunity to work with such a supportive and knowledgeable team, and I look forward to
applying the insights gained in my future professional endeavors.

REFERENCES

 Jackson, D. (2017). Developing pre-professional identity in undergraduates

through work-integrated learning. Higher Education, 74(5), 833-853.

 Narayanan, V., Olk, P., & Fukami, C. (2019). Determinants of internship

effectiveness: An exploratory model. Academy of Management Learning &
Education, 9(1), 61-80.

 Smith, A. (2020). The impact of internships on graduate employability in the

financial services sector. Journal of Finance and Accounting, 8(2), 14-22.