“Project Report on Internship at Shah Mulewa & Associates”

A PROJECT SUBMITTED TO
THE UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION OF
THE
DEGREE OF
MASTER IN COMMERCE
(ADVANCED ACCOUNTANCY)
SEMESTER – IV
UNDER THE FACULTY OF COMMERCE
BY
SUFIYA WAHAJ AHMED SIDDIQUE
ROLL NO. 22231715

UNDER THE GUIDANCE OF

Dr. Rajesh Mankani

LALA LAJPATRAI COLLEGE OF COMMERCE & ECONOMICS

MAHALAXMI, MUMBAI – 400034
APRIL 2024
 LALA LAJPATRAI COLLEGE
OF COMMERCE AND ECONOMICS
Lala Lajpatrai Marg, Mahalaxmi, Mumbai – 400034. Tel. No. 23548240/ 23548241 Fax: 23544708

E-mail:principal@lalacollege.edu.in |principal.llc@gmail.com | website:www.lalacollege.edu.in

CERTIFICATE

This is to certify that MS SUFIYA WAHAJ AHMED SIDDIQUE has worked and duly
completed her Project Work for the degree of master’s in commerce under the Faculty of
Commerce in the subject of accountancy and her project is titled, Project Report on Internship
at Shah Mulewa & Associates Under my supervision.

I further certify that the entire work has been done by the learner under my guidance and that no
part of it has been submitted previously for any Degree or Diploma of any University.
It is her own work and facts reported by her personal findings and investigation.

Seal of College
Signature of I/C Principal
(Prof. Dr. Mahalakshmi Kumar)

Signature of External Examiner Signature of Internal Examiner

(Dr. Rajesh Mankani)

Date of Submission
Signature of M. Com Co-ordinator
(Dr. Rahul Shetty)
 DECLARATION BY LEARNER

I the undersigned MS SUFIYA WAHAJ AHMED SIDDIQUE here by, declare that the work
embodiedin this project work titled Project Report on Internship Shah at Mulewa &
Associates form my own contribution tothe research work carried out under the guidance of Dr.
Rajesh Mankani is a result of my own research work and has not been previously submitted to
any other University for any other Degree/ Diploma to this or any other University.
Wherever reference has been made to previous works of others, it has been clearly indicated as
such and included in the bibliography.
I hereby further declare that all information in this document has been obtained and presented in
accordance with academic rules and ethical conduct.

SUFIYA SIDDIQUE
(Signature of the Learner)

Certified by,
DR. RAJESH MANKANI

(Signature of the Guiding Teacher)

 ACKNOWLEDGEMENT

To list who all have helped me is difficult because they are so numerous, and the
depth is so enormous.
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me the chance
to do this project.
I would like to thank my Principal, Dr. Neelam Arora, for providing the necessary
facilities required for the completion of this project.
I take this opportunity to thank our M. Com Co-Ordinator Dr. Rahul Shetty formoral
support and guidance.
I would also like to express my sincere gratitude towards my project guide Dr. Rajesh
Makani whose guidance and care made the project successful.
I would like to thank my College Library for having provided various reference
books and magazines online related to my project.
Lastly, I would like to thank each person who directly or indirectly helped mein the
completion of the project, especially my parents and peers who supported me
throughout my project.
 INDEX

1.EXECUTIVE SUMMARY...................................................................................................................... 1
2. INTRODUCTION................................................................................................................................... 2
2.1 FIRMS PROFILE ............................................................................................................................. 3
2.2 ABOUT COMPANY ........................................................................................................................ 4
2.3 OUR WORK CULTURE ................................................................................................................. 6
2.4 WHY I CHOSE SHAH MULEWA & ASSOCIATES .................................................................. 8
2.5 VISION OF THE FIRM ................................................................................................................... 9
2.6 MISSION OF OUR FIRM ............................................................................................................... 9
2.7 INDUSTRIES SERVED BY SMNA .............................................................................................. 10
2.8 VALUES .......................................................................................................................................... 11
2.9 SERVICES OFFERED .................................................................................................................. 12
2.10 SIGNIFICANCE OF INTERNSHIPS IN CA FIRM ................................................................. 15
3. OBJECTIVES OF THE STUDY ....................................................................................................... 17
4. CHALLENGES ENCOUNTERED DURING INTERNSHIPS ...................................................... 18
5. JOB DESCRIPTION .......................................................................................................................... 20
6. SIGNIFICANCES OF THE STUDY ................................................................................................ 21
7. OVERVIEW OF MY INTERNSHIP ROLES ................................................................................. 22
8. JOB RESPOSIBILITY ....................................................................................................................... 24
9. EXPOSURE TO REAL-WORLD ACCOUNTING PRACTICES ............................................... 35
10. SWOT ANALYSIS ............................................................................................................................ 37
11. SUMMARY OF FINDINGS ............................................................................................................. 38
12. INTERN'S ASSESSMENT ............................................................................................................... 41
13. FORM FEEDBACK .......................................................................................................................... 42
14. FORM QUESTIONS ......................................................................................................................... 43
15. FORM RESPONSES ......................................................................................................................... 44
16. SUGGESTIONS ................................................................................................................................. 49
17. CONCLUSION .................................................................................................................................. 51
18. EXPERIENCE CERTIFICATE ....................................................................................................... 52
19. BIBLIOGRAPHY .............................................................................................................................. 53
 1. EXECUTIVE SUMMARY

This project report was made by Sufiya Siddique, for completion of the Degree of master’s in
commerce under the Faculty of Commerce in the subject of Accountancy, from Lala. College of
Commerce and Economics.

The report is entitled "Project Report on Internship at Shah Mulewa & Associates" and highlights
the experience and the skills gained while doing internship.

The internship completed was of 20 days full time work of 6-8 hours comprising of a total of 120
hours. The title held by the student was that of an “intern” and was paid a stipend as
consideration for the work done by her.

The report first explains which Private Firm the student has chosen for internship. It describes
the firm's formation history and what services does it offers to its clients briefly. It also
highlights the industry status it currently has at present with respect to the other firms in the
industry. The report explains the general organizational tree or the hierarchy of the organization.
The work culture as experienced by the intern from her perspective is also explained.

The report then describes the interview and onboarding experience of the intern. After which the
intern’s accountability, day wise work and executed work breakup is elaborated upon. A series of
assignment summaries, such as valuation of taxation of varied sectors like individuals, short term
capital gains/losses,long term capital gains/losses; internal and external auditing and advance
accounting and budgeting of associations, partnership firms, and other related services are given.

This project then highlights the experience of the intern from the standpoint of skills gained and
career enhancement and knowledge received while performing the work during the internship.
Strengths, weaknesses, opportunities, and threats analysis is done on the organisation/firm.

To know the performance of student from her superior’s point of view a form is drafted and sent
to her superiors. The form in full and its respective responses are elaborated later in the report.
This form helps the intern to assess how the intern has behaved and performed from her
superior’s perspective.

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 2. INTRODUCTION

CA firms provide professional services in the field of accounting, auditing, advisory and
consultancy to various individual corporate A firm runs by one or more partners authorized by
institute of chartered Accountant of India conduct internal and external audit of public and private
limited companies, NGO‟s and the other organization. C.A firms provide tax, audit, and advise on
other legal matters to the financial aspect of the organization under the rules and regulation of the
CA by laws of the International Accounting Standards. CAs are professionals who have more
knowledge about taxation, accounting, audit, and other financial topics than us. and industries. CA
provides deeper insight into areas of risk and opportunity, while strengthening governance
structure

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 2.1 FIRMS PROFILE

NAME OF THE FIRM: M/s. SHAH MULEWA & ASSOCIATES

ADDRESS: J/9, GANDHI NAGAR, WORLI, D S ROAD, OPP SAI SERVICE, MUMBAI,
MAHARASHTRA, INDIA, 400018

PHONE NO: 8879000062

EMAIL ID: office@smna.in

PROPRIETOR/PARTNERS:

1. PRATEEK PURUSHOTTAM SHARMA (ACA, CISA, ISA, PMP, ISO 27001 LA)
2. AMEEN ABDUL MUTALIB SHAH (FCA, B.COM)
3. ABHISHEK MOHANLAL SHAH (ACA, B.COM)
4. DEEPAK RAJARAM MULEWA (FCA, B.COM)

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 2.2 ABOUT COMPANY

Shah Mulewa & Associates is a young and dynamic firm comprising of 4 Partners having rich
corporate experience in Accounting, Taxation, Audit, Consulting.

They are a team of professionals coalescing varied specialized skills for offering sound financial,
technical and compliance related advice to our clients. They are committed to adding value and
optimize the benefits accruing to the clients.

They are a fully integrated CA firm providing end to end services to the clients in various functions
such as Accounting, Audit (Internal, Statutory, Tax), IS Audits, Management assurance,
Application reviews & testing, Process consulting, ISO 27001 consulting, Project Management,
Company law, Business advisory services, Management consultancy, Transaction processing
services.

They employ highly motivated staff and train them, which helps to sharpen their skills, enabling
us to provide quality services to our clients.

Their vision is to be the single window solution enabler for all compliance, regulatory and advisory
challenges faced by clients in business.

As a player in the financial services industry, Shah Mulewa and Associates recognizes the
importance of nurturing talent and providing practical exposure to aspiring professionals. To this
end, the firm offers internship programs designed to offer students and young professionals
invaluable hands-on experience within a dynamic and professional environment.

Interns at Shah Mulewa and Associates are exposed to a diverse array of tasks and responsibilities,
ranging from assisting in audit engagements and tax filings to participating in client meetings and
conducting financial analysis. The firm emphasizes a culture of mentorship and learning, providing
interns with guidance and support from experienced professionals who are committed to fostering
their growth and development.

Despite the firm's reputation for excellence, internship experiences may vary, and interns may
encounter challenges such as managing workload, adapting to the fast-paced nature of the industry,
and acquiring technical knowledge and skills. However, these challenges are viewed as

4
opportunities for growth and learning, and the firm provides a supportive environment where
interns can thrive and overcome obstacles.

Internship experiences at Shah Mulewa and Associates are integral to shaping the future generation
of accounting professionals, equipping them with the skills, knowledge, and mindset required to
excel in their careers. Through their internship program, the firm aims to not only impart technical
expertise but also instill values such as integrity, professionalism, and a commitment to excellence.

As a current employee at Shah Mulewa and Associates, this study provides a unique opportunity
to explore and reflect on my internship experience, offering insights into the roles and
responsibilities, learning environment, challenges faced, and the overall impact on your career
development. By sharing your experiences and perspectives, this study aims to contribute to a
deeper understanding of internship dynamics within the context of a leading CA firm like Shah
Mulewa and Associates.

With more than 10 years of experience and a combined professional experience of over 50 years,
they have a proven track record of serving more than 150 happy clients. Their affiliation with RBI,
CAG, and Cooperative Societies speaks to their credibility, while their advisory board membership
with a software company showcases their expertise.

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 2.3 OUR WORK CULTURE

“Client Satisfaction is the key” The prime motto of our firm “well done is better than well said”
by which we focused for 100% client satisfaction and to be recognized as the best in what we do,
Built on a foundation of quality, an ability to think out of the box and a business-focused and result
oriented approach: the firm is committed to ensuring delivery of timely, high-quality work that
brings measurable value to its clients. Ethics, integrity, and professionalism are the key notes of
our work culture and approach. We believe in Maintaining good long-term relations with our
clients. Work culture in CA firms is characterized by a strong emphasis on professionalism,
requiring adherence to ethical standards and the delivery of high-quality services to clients.
Employees often work long hours during peak periods, collaborating in teams to efficiently
complete projects and engagements. Continuous learning is encouraged to stay abreast of industry
developments, while direct client interaction fosters communication and the provision of financial
advice. Attention to detail is paramount, ensuring accuracy in accounting and auditing processes.
Typically organized hierarchically, with opportunities for career advancement, some firms also
prioritize work-life balance through flexible arrangements. With exposure to diverse clients, CA
firms operate within a performance-based culture, evaluating employees based on their
contributions, client satisfaction, and adherence to quality standards.

▪ Fair Treatment:
At no time at Shah Mulewa & Associates, did I notice any discrimination on any basis.
The work environment was fair and just, as anyone would expect from a company of such
stature and size. However, at one point I did feel the distance caused between the
colleagues due to peer causes which was gradually resolved over time.

▪ Work:
Even though I had joined Shah Mulewa & Associates. at the peak season during which the
workload is at its highest,the scheduling and quality of work at Shah Mulewa & Associates.
was always top notch. I would like to give special credit to my superiors for planning my work
in such a manner that I was never felt overburdened despite ofmultiple assignments,

6
 To add to great scheduling, I always received progressively challenging work. I never
thought or experienced that the assignment would not lead to my growth and development,
which is another nod to the level of confidence my superiors had in me. This is in special
focus after listening to what some of myfriends and classmates have had to undergo in their
respective internships.

▪ Remuneration:
Even as an intern, I was compensated. When I compared my remuneration to those of my
classmates and friends in the same field, I realized that Shah Mulewa & Associates. was paying
an appropriate remuneration for my qualifications and experience, along with incentives in
kind. This thoroughly motivated me and inspired me to give back to the company who had so
much belief and confidence in me.

▪ Politics:

I had nightmare stories from family and friends, that the most challenging part of any
organisation is politics. It is not work or time, but the clash of egos and goals that lead to
the most friction in the workplace. Although it was present in Shah Mulewa & Associates,
I did not think it was very prevalent in the any department for that matter. In fact, the entire
office is a tight-knit group, with frequent jokes and loud laughter. I loved being part of the
jovial atmosphere where there were no inhibitions, and everyone was free to express their
thoughts and feelings. It felt like home and being around family. Credits to the trips
organized by the firm of which I had the opportunity to be a part of after the workload was
over in the month of February.

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 2.4 WHY I CHOSE SHAH MULEWA & ASSOCIATES

Since Shah Mulewa & Associates is a small and medium sized firm, there is little to no brand
awareness among the public, and I was no exception. I discovered it through one of my friends
who was already working in the same firm.

What caught my attention is that a firm called close by to my house. This encouraged me to know
more about the firm. I came to know that there are small firms as well in the industry other than
the Big Four's that has such a good base. The perquisite to this was that was just a 15 minutes’
walk from my house in Worli.

It was really fascinating for me to learn about Shah Mulewa & Associates as all I had been hearing
for the past two years was about the Big Four's. As a Chartered Accountancy student, we are
always looking for a good base firm that gives us an insight into all industries and sectors that a
CA works in. In such a case the probability of getting into those firms is only about 20%.
Therefore, this firm came as a boon to me. Some people have an ideology that entering a Big 4 is
the only way to strategise a path of their career, some believe that industries give a better
knowledge base as the entire work is to be done from scratch. However, some say that SME firms
give better opportunities.

Whenever someone mentioned the CA industry, all that came to mind was auditing financial
statements, the government, and taxes of various institutions. I had never been exposed to the
information that CA's also work in other industries, other than just accounting and auditing. The
wide-spectrum that CA's are exposed to while performing their duties and the sense of
responsibility that they have on behalf of the shareholders, banks, governments, investors and
stakeholders on various fronts like legal, financial, and business but also give a true and fair view
of their financial statements on the basis of which loans arecleared by financial institutions.

When I researched a bit further, it was akin to going down a rabbit hole. I also realized how highly
leveraged their work was in terms of impact. Learning about the industry was very exciting. I went
ahead looking for career opportunities in this sector,which suitably leads us to the next part, the
application, interview, and onboarding process.

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 2.5 VISION OF THE FIRM

COMPLIANCE WITH COMFORT

2.6 MISSION OF OUR FIRM

At M/s. SHAH MULEWA & ASSOCIATES, our mission is to serve as trusted advisors and strategic
partners to our clients, empowering them to achieve their financial objectives and navigate the
complexities of the modern business landscape with confidence and clarity.

We are committed to upholding the highest standards of integrity, professionalism, and ethical
conduct in all aspects of our work. Our team of highly skilled and experienced professionals is
dedicated to delivering comprehensive accounting, auditing, taxation, and advisory services
tailored to meet the unique needs and challenges of each client.

Central to our mission is a deep understanding of our clients' businesses, industries, and goals. We
strive to develop long-term relationships built on trust, transparency, and open communication,
ensuring that we are always aligned with our clients' objectives and priorities.

In pursuit of our mission, we continuously invest in our people, processes, and technology to stay
at the forefront of our field. We are committed to fostering a culture of excellence, innovation, and
continuous improvement, where every member of our team is empowered to excel and grow
professionally.

Our mission is not only to provide exceptional service and expertise but also to make a meaningful
and positive impact on the success and prosperity of our clients, our team members, and the
communities we serve. By fulfilling our mission with passion, dedication, and integrity, we aim to
be the premier CA firm of choice, known for our commitment to excellence, innovation, and client
satisfaction.

9
 2.7 INDUSTRIES SERVED BY SMNA

1. Manufacturing

2. BFSI

3. Hospitality & Food Processing

4. Shipping and Logistics

5. Trading

6. Media & Entertainment

7. Software Companies

8. Co-operative Societies, NGOs, and Trusts

9. Government Departments / PSUs

10. Retail Clients

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 2.8 VALUES

1. Personalized Approach

We cater to all our clients with partner driven personalized attention and meet their
business challenges.

2. Nimble approach

We understand and appreciate the dynamic nature of business. Accordingly, we adopt a

nimble approach to amend our scope and services basis changes in client’s needs.

3. Ethics & transparency

We aim to protect our client’s interests. We adopt transparent practices and adhere to high
ethical standards thus ensuring confidentiality and our own credibility.

4. Excellence & Client satisfaction

We continuously focus on the quality and deploy best practices. We bring excellence to
our work and add value to our clients. We believe that client satisfaction is of utmost
importance, and we constantly strive for it.

5. Simplicity with speed

We believe in providing simple solutions to clients efficiently.

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 2.9 SERVICES OFFERED

Business Advisory

Direct Tax & GST

Advisory
Services offered

Tax Audit & Assurance

Information
Technology Advisory

Secretarial And
Company Law
Advisory

ISO Advisory

12
• Business Advisory
▪ Outsourced CFO & Compliance officer advisory
▪ Process / operation outsourcing.
▪ Payroll, Reconciliations, Expenses
▪ Maintaining Books of Accounts
▪ Process consulting & Designing SOP’s
▪ Investment / Funding advisory
▪ Training services
▪ Project management

• Direct Tax & GST Advisory

▪ Income tax
▪ GST
▪ International Taxation
▪ VAT
▪ Excise Duty

• Tax Audit & Assurance

▪ Statutory Audit
▪ Internal / Concurrent Audit
▪ Enterprise Risk Management
▪ Transfer pricing Audit.
▪ Forensic & Investigation
▪ IFC Testing
▪ SOX Reviews
▪ Due diligence
▪ Process Audits

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• Information Technology Advisory
▪ IT Audits
▪ Data Privacy Consulting
▪ Cybersecurity reviews
▪ SSAE 18 implementation & review
▪ VAPT Ethical Hacking
▪ Outsourced CISO Services
▪ Software testing
▪ BCP & DR reviews

• Secretarial And Company Law Advisory

▪ Incorporation / winding up service.
▪ MCA / ROC compliances

• ISO Advisory
▪ Implementation and audit
▪ ISO 27001 – Information security
▪ ISO 20000 – IT Service management
▪ ISO 22301 – Business continuity management
▪ ISO 9001 – Quality
▪ ISO 14001 – Environment
▪ ISO – 45001 – Occupational health & safety
▪ ISO – 22000 – Food Safety

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 2.10 SIGNIFICANCE OF INTERNSHIPS IN CA FIRM

The significance of internships in Chartered Accountancy (CA) cannot be overstated, as these

programs serve as a critical bridge between academic learning and real-world application. Here
are some key points highlighting the importance of internships in the field of Chartered
Accountancy:

➢ Practical Exposure:
Internships provide students and aspiring professionals with valuable hands-on experience in
accounting, auditing, taxation, and other key areas of finance. This practical exposure is
essential for understanding the complexities of real-world financial practices and gaining
insight into industry-specific challenges and requirements.

➢ Skill Development:
Internships offer opportunities for skill development and enhancement, allowing interns to
apply theoretical knowledge gained in the classroom to practical scenarios. Through tasks and
responsibilities assigned during internships, individuals can develop technical competencies,
analytical skills, and critical thinking abilities essential for success in the field of Chartered
Accountancy.

➢ Professional Networking:
Internships enable students to establish connections with industry professionals, including
Chartered Accountants, senior associates, and partners within CA firms. Building a
professional network during internships can open doors to future career opportunities,
mentorship relationships, and potential employment upon graduation.

➢ Career Exploration:
Internships provide a firsthand look into the day-to-day responsibilities and challenges faced
by professionals in the field of Chartered Accountancy. This exposure allows interns to explore
various career paths within the accounting profession, including auditing, taxation, financial
analysis, and advisory services, and to make informed decisions about their future career goals.

15
➢ Industry Insights:
Internships offer insights into the inner workings of Chartered Accountancy firms, including
their organizational structure, client interactions, project management processes, and industry
trends. Understanding the dynamics of the CA sector through internships equips individuals
with a deeper understanding of the profession and its role in the broader business environment.

➢ Professional Development:
Internships contribute to the overall professional development of individuals by fostering
attributes such as professionalism, teamwork, communication skills, and time management.
Engaging in real-world projects and collaborating with experienced professionals during
internships helps interns build confidence and competence in their abilities, preparing them for
future career challenges.

➢ Employability Enhancement:
Internships enhance the employability of individuals by providing them with practical
experience and skills valued by employers in the accounting and finance industry. Having
internship experience on one's resume signals to potential employers a candidate's readiness
for the workforce and can significantly improve their prospects in the job market.

In summary, internships play a vital role in the Chartered Accountancy profession by offering
practical exposure, skill development, networking opportunities, career exploration, industry
insights, professional development, and employability enhancement. These experiences are
instrumental in preparing individuals for successful careers as Chartered Accountants and
contribute to the overall growth and development of the accounting profession.

16
 3. OBJECTIVES OF THE STUDY

I choose to work with Shekhar CA & Co. During this internship I have Start many new skills.
Before the 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 must give me an understanding of business and about the elements of strategic
thinking, planning and implementation. and how these things are applied in a real-world
organization environment. The following are the objectives that I have in my mind before working
as an internee.

➢ To improve communication skills.

➢ To analyze the business situation.
➢ To establish high standards in professionalism.
➢ To learn more than theoretical knowledge.
➢ To learn bookkeeping practices of different companies.
➢ To apply theoretical knowledge in actual organization.
➢ To compare practical aspects with theoretical aspects.
➢ To make quick decisions in real situations.
➢ To learn how to promote and to conduct research in business areas.
➢ To enhance my personal knowledge and professional preparation for the future.
➢ To properly integrate my theoretical knowledge and practical work.
➢ To plan for the future of oneself and learn how to adjust in an organization.
➢ To know how to present your recommendations in front of your boss.
➢ To get knowledge of opportunities and threats while entering an organization.
➢ To get exposure to do a work in an organization and to know about organizational behavior,
ethical rules, and regulations.
➢ Assist the student development of employer-valued skills such as teamwork, strong
communication and attention to details.

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 4. CHALLENGES ENCOUNTERED DURING INTERNSHIPS

Identifying and addressing challenges encountered during internships is crucial for optimizing the
internship experience and ensuring the professional development of interns. Some common
challenges faced by interns in CA firms like Shah Mulewa and Associates may include:

1.Workload Management:

Interns often face the challenge of managing heavy workloads, particularly during peak periods
such as tax season or audit engagements. Balancing multiple tasks and deadlines while maintaining
accuracy and quality can be demanding and may lead to stress and burnout.

2.Technical Knowledge and Skills Gap:

Interns may encounter challenges in applying theoretical knowledge to practical scenarios,

especially in complex accounting or taxation issues. Bridging the gap between academic learning
and real-world application requires continuous learning and adaptation to new concepts and
practices.

3.Interpersonal Communication:

Effective communication with colleagues, clients, and supervisors is essential in a professional

environment. Interns may face challenges in communicating effectively, whether due to language
barriers, lack of confidence, or unfamiliarity with professional etiquette and norms.

4. Adapting to Firm Culture:

Each CA firm has its unique organizational culture, norms, and procedures. Interns may find it
challenging to adapt to the culture, including its work style, values, and expectations.
Understanding and aligning with the firm's culture are essential for integration and success within
the organization.

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5. Feedback and Performance Evaluation:

Interns rely on constructive feedback and performance evaluations to assess their progress and
identify areas for improvement. However, the absence of timely feedback or unclear performance
criteria can hinder interns' development and growth within the firm.

6. Time Management:

Efficient time management is crucial for meeting deadlines and completing tasks effectively.
Interns may struggle with prioritizing tasks, estimating time requirements, and maintaining
productivity, especially when juggling multiple assignments simultaneously.

7. Technical Resources and Tools:

Access to adequate resources and technology tools is essential for performing tasks efficiently and
effectively. Interns may encounter challenges if they lack access to necessary software, databases,
or technical support needed to complete their assignments.

8. Client Interactions and Professionalism:

Engaging with clients and stakeholders requires professionalism, tact, and diplomacy. Interns may
face challenges in managing client expectations, addressing inquiries or concerns, and maintaining
confidentiality and ethical standards in client interactions.

9. Work-Life Balance:

Maintaining a healthy work-life balance is essential for interns' overall well-being and
performance. However, long working hours and demanding schedules may pose challenges to
interns' personal lives, leading to stress and fatigue.

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 5. JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained during my
studies. On my first day at the firm, they gave me training session about TDS returns and
computerized accounting in tally software and shared his practical experience with me and gave
me some techniques of this process. They also guided me that how to prepare GST return and
filing data in income tax return preparation software.

Different task that I performed during my internship:

➢ Vouching
➢ Preparing books of accounts in tally
➢ Voucher Entry
➢ Preparing Data in Excel Sheet
➢ Preparing Partnership Deed
➢ Prepare Projected and other Balance Sheet
➢ Auditing
➢ Taxation
➢ Maintenance of accounts/ bookkeeping.
➢ TDS return preparation and filing.
➢ MCA Compliance
➢ GST and Tax Audit
➢ GST return preparation and filing.

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 6. SIGNIFICANCES OF THE STUDY

1. Every Internship report is an essential partial requirement.

2. Because knowledge & learning become great when it is linked both academic and practical
knowledge. By internship program student can create contacts & networking

3. Contact helps us to get a good job in our practical life. Every student prepares themselves
for the job market.

4. An internship is work related learning experience for individuals who wish to develop
hands on work experience in certain occupation field.

5. An internship is a position in which always a student to gain professional experience in an

occupational area which they are considering.

6. An internship is supervising pre- professional learning experience in which students apply

their skills knowledge in professional settings.

7. It provides students with a full and realistic view of the workplace, culture, and experience.

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 7. OVERVIEW OF MY INTERNSHIP ROLES

Certainly, here is an overview of the internship roles within Shah Mulewa and Associates,
encompassing both your background and the typical responsibilities interns might undertake:

"In the context of Shah Mulewa and Associates, internships offer a dynamic and hands-on learning
experience tailored to individuals aspiring to pursue careers in Chartered Accountancy. The
internship roles within the firm encompass a range of responsibilities, leveraging the diverse skill
sets and backgrounds of interns.

Interns at Shah Mulewa and Associates play an integral role in supporting various departments,
including the Income Tax department, and accounting functions. Drawing upon their prior
experiences and academic knowledge, interns are entrusted with responsibilities that contribute to
the firm's operational efficiency and client service delivery.

In the Income Tax department, interns are actively involved in tax-related projects, under the
guidance of experienced professionals. Responsibilities may include assisting in tax planning
strategies, conducting research on tax laws and regulations, preparing tax returns, and supporting
clients during tax audits. Interns leverage their expertise in taxation acquired from prior roles or
academic coursework to provide valuable insights and assistance to the team.

Additionally, interns are immersed in accounting functions, where they apply their skills in
financial reporting, analysis, and reconciliation processes. Responsibilities may entail preparing
financial statements, analyzing financial data to identify trends and discrepancies, and assisting in
audit engagements. Interns collaborate with accounting professionals to ensure accuracy and
compliance with accounting standards and client requirements.

Furthermore, interns can engage in client-facing roles, where they develop their communication
and interpersonal skills. They may assist in client meetings, address inquiries or concerns, and
provide support in delivering tailored solutions to meet clients' financial needs. This aspect of the
internship role allows interns to gain exposure to client relationship management and enhance their
understanding of client service best practices.
22
Overall, the internship roles within Shah Mulewa and Associates offer a multifaceted learning
experience, blending technical expertise with practical application and professional development.
Interns contribute actively to the firm's projects and initiatives, while also benefiting from
mentorship, training, and networking opportunities to prepare them for future careers in Chartered
Accountancy."

23
 8. JOB RESPOSIBILITY

➢ INCOME TAX DEPARTMENT

My role within the Income Tax department at Shah Mulewa and Associates, I have been actively
involved in income tax filing activities. This includes assisting in the preparation and filing of
income tax returns for individuals, businesses, and other entities. The due date for filing ITR is
31st July for individuals and non-audit cases, and 31st October for audit cases of the relevant
assessment year.

My responsibilities in income tax filing encompass several key tasks:

1. Data Collection and Analysis:

I gather and analyze financial information provided by clients to ensure accuracy and completeness
in tax return preparation. This involves reviewing income statements, balance sheets, expense
reports, and other relevant financial
documents to determine taxable
income and deductions.

2. Tax Calculation and Preparation:

Using the gathered financial data and
in-depth knowledge of tax laws and
regulations, I calculate the tax liability
for clients accurately. I ensure compliance with applicable tax laws and regulations while
maximizing available deductions and credits to minimize clients' tax obligations.

3. Form Completion and Documentation:

I complete the necessary tax forms and schedules required for income tax filing. Additionally, I
ensure that all relevant documentation, including supporting schedules and attachments, is
properly prepared and organized for submission with the tax return.
24
4. Review and Quality Assurance:
Before finalizing the tax return, I conduct thorough reviews to verify the accuracy of calculations,
completeness of information, and compliance with tax laws and regulations. This includes
identifying and rectifying any discrepancies or errors to ensure the integrity of the tax filing
process.

5. Electronic Filing:
Once the tax return is completed and reviewed, I facilitate the electronic filing process, submitting
the tax return to the appropriate tax authorities securely and efficiently. I ensure compliance with
electronic filing requirements and deadlines to avoid penalties or delays in tax processing.

6. Client Communication and Support:

Throughout the income tax filing process, I maintain open communication with clients, providing
updates on the status of their tax returns, addressing any inquiries or concerns they may have, and
offering guidance on tax planning strategies for future periods.

7. Types of ITR Filed:

There are different types of ITR forms depending on the nature of income and the category of the
taxpayer. For the financial year 2022-23 (assessment year 2023-24), the following ITR forms are
applicable:

i) ITR-1 (Sahaj): This form is for individuals having income from salary, one house property,
and other sources (interest, etc.), but no income from business or profession.
ii) ITR-2: This form is for individuals and Hindu Undivided Families (HUFs) having income
from profits and gains of business or profession.
iii) ITR-3: This form is for individuals and HUFs having income from profits and gains of
business or profession and also having income from salary, house property, and other sources.
iv) ITR-4 (Sugam): This form is for individuals, HUFs, and firms (other than LLPs) having
income from business or profession and having presumptive income from business or
profession under sections 44AD, 44ADA, or 44AE of the Income Tax Act.

25
 v) ITR-5: This form is for persons other than companies, such as firms, associations of persons
(AOPs), and body of individuals (BOIs), having income chargeable to tax.
vi) ITR-6: This form is for companies other than those claiming exemption under section 11 of
the Income Tax Act.
vii) ITR-7: This form is for persons including companies required to furnish returns under the
Income Tax Act.
8. Taxpayer Registration on E-Filing Portal
i) Go to the e-Filing portal homepage, click Register.
ii) Enter your PAN under Register as a Taxpayer option and click Validate. In case the PAN is already
registered or invalid, an error message is displayed.
iii) Enter all the mandatory details including Name, DOB / DOI, Gender (if applicable) and Residential
Status as per your PAN on the Basic Details page and click Continue.
iv) Two separate OTPs are sent to the primary mobile number and email ID mentioned in Step 5. Enter
the separate 6-digit OTPs received on the mobile number and email ID and click Continue.
v) Edit the details in the page if necessary and click Confirm.
vi) On the Set Password page, enter your desired password in both the Set Password and Confirm
Password textboxes. Enter your personalized message and click Register.
vii) When you are successfully registered, click Proceed to Login to begin the login process.

Overall, my involvement in income tax filing activities at Shah Mulewa and Associates is
characterized by attention to detail, adherence to compliance requirements, and dedication to
providing exceptional service to our clients. By leveraging my expertise and resources effectively,
I contribute to the timely and accurate completion of income tax filings, helping clients meet their
tax obligations efficiently and effectively.

26
 ➢ GST DEPARTMENT

I have been actively involved in Goods and Services Tax (GST) filing activities. This encompasses
assisting clients in complying with GST
regulations, preparing GST returns, and
ensuring accurate and timely submission to the
tax authorities.

Here is an overview of my responsibilities in

GST filing:

1. Data Collection and Verification:

I work closely with clients to gather relevant financial data and transaction records
required for GST filing. This involves verifying the accuracy and completeness of the data
to ensure compliance with GST regulations.

2. GST Calculation and Preparation:

Using the collected data, I calculate the GST liability or input tax credits accurately for
clients. This includes determining taxable supplies, input tax credits, and any applicable
exemptions or concessions under GST laws.

3. Formulation of GST Returns:

Based on the calculated GST liability and input tax credits, I prepare the necessary GST
returns, such as GSTR-1 for outward supplies and GSTR-3B for monthly summary returns.
I ensure that all required information is accurately reported in the returns to avoid penalties
or audit issues.

27
4. Verification and Reconciliation:
Before finalizing the GST returns, I conduct thorough verification and reconciliation
processes to ensure consistency and accuracy in the reported figures. This includes cross-
checking transactional data, reconciling GST amounts with financial records, and
rectifying any discrepancies or errors identified.

5. Electronic Filing and Compliance:

Once the GST returns are prepared and verified, I facilitate the electronic filing process
through the GST portal or authorized GST software. I ensure compliance with GST filing
deadlines and requirements specified by the tax authorities to avoid penalties or non-
compliance issues.

6. Client Consultation and Support:

Throughout the GST filing process, I maintain open communication with clients, providing
guidance on GST compliance requirements, addressing their queries or concerns, and
offering recommendations for improving GST compliance and efficiency.

7. Updates on GST Changes:

I stay updated on changes in GST laws, regulations, and filing procedures to ensure clients
are informed about any updates that may impact their GST compliance obligations. I
provide proactive advice and support to help clients adapt to changes and maintain
compliance with GST requirements.

8. Registering a startup firm under Goods and Services Tax and E-Filing GST Returns

GST registration applies to all individuals and entities supplying goods or services in India.
GST registration becomes mandatory when the aggregate value of supply exceeds Rs.20
lakh. The Ministry of Finance (MoF) simplified the GST registration procedure to ease the

28
 tax filing process. If the entity operates in a special category state, GST registration
becomes applicable if the value exceeds Rs.10 lakh p.a.

The MoF simplified the GST registration procedure online. The applicant can process the
GST registration procedure through the GST Portal. After submission of the application,
the portal generates GST ARN immediately. Using the GST ARN, the applicant can check
the application status and post queries if necessary. Within 7 days of ARN generation, the
taxpayer shall receive a GST registration certificate and GSTIN.

Overall, my involvement in GST filing activities at Shah Mulewa and Associates is focused on
ensuring accurate, timely, and compliant GST reporting for clients. By leveraging my expertise in
GST regulations and procedures, I help clients navigate the complexities of GST compliance
effectively and minimize their exposure to risks and penalties associated with non-compliance.

29
➢ TAX AUDIT

I facilitate tax audit filing processes for our clients. This involves gathering financial data,
preparing audit documentation, assisting during tax audits, resolving audit issues,
managing compliance documentation, and providing client support throughout the process.
My responsibilities
ensure accurate,
efficient, and
compliant tax audit
filings, contributing
to the firm's
commitment to
delivering high-
quality tax services.

Certainly, here are the key points regarding my role in tax audit filing:

1. Client Coordination: Collaborate with clients to gather financial data and

documentation for tax audits.

2. Data Verification: Meticulously verify accuracy and completeness of financial data.

3. Audit Documentation: Assist in preparing audit documentation, including schedules

and reconciliations.

4. Assistance During Audits: Provide support during tax audits, liaising with auditors
and addressing inquiries.

5. Issue Resolution: Collaborate to resolve audit issues and discrepancies efficiently.

30
 6. Compliance Management: Maintain organized documentation to ensure compliance
with tax audit requirements.

7. Client Communication: Keep clients informed and engaged throughout the audit
process, providing updates and guidance.

Your role ensures smooth, accurate, and compliant tax audit filings, supporting the firm's
commitment to delivering high-quality tax service.

➢ VOUCHING

During the internship term, we visited a few firms wherein we did vouch before the audit.
In vouching, we had to cross check the company receipts and payment alongside the
company’s cash book.

➢ TALLY ENTRIES

Most of utilize TALLY ERP 9 for recording all their financial transactions as it is more
accurate and there is low risk of data loss. So, it is required skills for employees to have
knowledge regarding tally. As for interns like us, who will be doing work for short period,
it’s kind of difficult to fully understand tally. Yet there are the following processes to be
followed to accomplish the task.
▪ Firstly, we carefully review all records of vouchers and arrange into different heads
like purchase, sales and so on
▪ Then we created a company in Tally software by that company name and started
entering data.
▪ After completing entries posting, then we rechecked the data by Balance sheet, Trial
balance and Day book.
▪ In case of difficulties during the task, we immediately contacted our mentors in the
firm.

31
➢ CLIENT SUPPORT TASKS:

▪ Client Communication: I have also assisted in client communication by responding to

inquiries, addressing concerns, and providing updates on project status or deliverables.
▪ Client Meetings: I have participated in client meetings, taking notes, and assisting in
presentations or discussions related to financial matters.
▪ Delivering Client Solutions: To collaborate with team members to develop and deliver
tailored financial solutions to meet clients' needs and objectives.
▪ Documentation Management: I also assisted in organizing and maintaining documentation,
files, and records related to client engagements, ensuring completeness and accuracy.
▪ Data Entry and Analysis: I have been given responsibility for entering financial data into
accounting software systems, performing data analysis, and generating reports for review.
▪ Assisting in Firm Operations: To support firm operations by performing administrative
tasks such as scheduling meetings, preparing correspondence, and coordinating logistics
for events or activities.
▪ These tasks provide interns at Shah Mulewa and Associates with comprehensive learning
experience, allowing them to apply their skills, gain practical experience, and contribute to
the firm's objectives under the guidance of experienced professionals.

➢ ACCOUNTING TASKS:

▪ Financial Reporting: I have also assisted in preparing financial statements, including

balance sheets, income statements, and cash flow statements, in accordance with
accounting standards and client requirements.
▪ Financial Analysis: I have also analyzed financial data and performance metrics to identify
trends, anomalies, and areas for improvement, supporting decision-making processes.
▪ Reconciliation Processes: To reconcile financial accounts, such as bank statements,
accounts receivable, and accounts payable, to ensure accuracy and integrity of financial
records.

32
 ▪ Assisting in Audit Engagements: To support audit engagements by conducting audit
procedures, gathering audit evidence, and preparing audit documentation under the
supervision of auditors.

➢ MAINTENANCE OF ACCOUNTS/ BOOKKEEPING:

In maintaining accounts and bookkeeping, my role involves accurately recording financial

transactions, maintaining ledgers, and reconciling accounts. This includes recording income,
expenses, assets, and liabilities, ensuring compliance with accounting principles and regulatory
requirements. I also prepare financial statements, such as balance sheets and income
statements, and assist in analyzing financial data to support decision-making. Through
meticulous record-keeping and attention to detail, I contribute to the financial stability and
transparency of the organization.

➢ TDS RETURN PREPARATION AND FILING:

In TDS (Tax Deducted at Source) return preparation and filing, my role involves ensuring
compliance with tax regulations by accurately reporting and remitting taxes deducted at source.
This includes:

▪ Gathering relevant financial data and transaction records to calculate the total amount of TDS
deducted during the reporting period.
▪ Completing the necessary TDS return forms, such as Form 26Q for TDS on payments other
than salaries or Form 24Q for TDS on salaries.
▪ Verifying the accuracy of TDS calculations and reconciling TDS amounts with financial
records to identify any discrepancies.
▪ Submitting the TDS return electronically through the government's online portal or authorized
software, adhering to filing deadlines specified by tax authorities.
▪ Maintaining proper documentation and records of TDS filings for audit and compliance
purposes. Through meticulous attention to detail and adherence to regulatory requirements, I

33
 contribute to the accurate reporting and timely remittance of TDS obligations, helping to avoid
penalties and ensure compliance with tax laws.

➢ MCA COMPLIANCE FORM 8

I have also filed Form 8; It is a crucial document for MCA (Ministry of Corporate Affairs)
compliance under the Companies Act. It is filed annually by companies to declare their
solvency status. The form includes details such as the company's financial year, assets and
liabilities, and directors' declaration regarding solvency. It must be filed within 30 days from
the date of the annual general meeting or from the end of the financial year. Non-compliance
may result in penalties and fines.

34
 9. EXPOSURE TO REAL-WORLD ACCOUNTING PRACTICES

Interns at Shah Mulewa and Associates are provided with extensive exposure to real-world
accounting practices, enabling them to gain practical experience and develop essential skills
relevant to the field of Chartered Accountancy. Here is an overview of the exposure interns receive
to real-world accounting practices:

1. Client Engagements: Interns actively participate in client engagements, working on projects

across various industries and sectors. They gain firsthand experience in addressing the accounting
needs of clients, understanding their business operations, and delivering tailored solutions to meet
their financial objectives.

2. Financial Statement Preparation: Interns are involved in the preparation of financial

statements, including balance sheets, income statements, and cash flow statements, adhering to
accounting standards such as GAAP (Generally Accepted Accounting Principles) or IFRS
(International Financial Reporting Standards). They learn the intricacies of compiling financial
information, adjusting entries, and presenting accurate and comprehensive financial reports.

3. Audit Assistance: Interns support audit engagements by assisting auditors in conducting audit
procedures, gathering audit evidence, and preparing audit documentation. They gain insights into
audit methodologies, risk assessment processes, and compliance requirements, contributing to the
assurance of financial statement accuracy and reliability.

4. Tax Compliance and Planning: Interns participate in tax compliance and planning activities,
assisting in the preparation of tax returns, analyzing tax implications of business transactions, and
exploring tax-saving strategies for clients. They learn to navigate complex tax laws, regulations,
and filing requirements, ensuring compliance with applicable tax legislation.

5. Software Proficiency: Interns acquire proficiency in accounting software and tools commonly
used in the industry, such as QuickBooks, SAP, or Tally. They learn to leverage these software

35
 platforms for financial data manag0065ment, analysis, and reporting, enhancing their technical
skills and efficiency in performing accounting tasks.

6. Professional Development: Interns undergo continuous professional development through

training sessions, workshops, and seminars conducted by the firm. They have the opportunity to
expand their knowledge of accounting principles, industry trends, and regulatory updates, staying
abreast of developments in the accounting profession.

7. Client Interaction: Interns engage in client interaction and communication, liaising with clients
to gather information, address inquiries, and provide updates on project progress. They develop
interpersonal skills, professionalism, and client relationship management abilities essential for
building trust and rapport with clients.

8. Team Collaboration: Interns collaborate closely with experienced professionals and team
members, working together to deliver high-quality services to clients. They learn to work
effectively in a team environment, share knowledge and expertise, and contribute to the
achievement of common goals and objectives.

Overall, interns at Shah Mulewa and Associates receive comprehensive exposure to real-world
accounting practices, preparing them for successful careers in the field of Chartered Accountancy.
Through hands-on experience, professional development initiatives, and mentorship from
seasoned professionals, interns gain the skills, knowledge, and confidence needed to excel in the
accounting profession.

36
 10. SWOT ANALYSIS

Certainly, here is a SWOT analysis for Shah Mulewa & Associates:

STRENGTHS:

▪ Expertise and Experience

▪ Reputation and Trust

▪ Client Relationships

▪ Industry Knowledge

WEAKNESS:

▪ Firms may need to invest more resources in training and development.

▪ Hiring mostly fresh graduates lead to challenges limited experience, increased training needs,
etc.

OPPORTUNITIES:

▪ Growing demand
▪ Grow of indirect tax practices (Government implementation of GST in India)
▪ Better customer satisfaction
▪ Technology Adoption
▪ Advisory Service

THREATS:
▪ Rising of competitors
▪ Government regulations
▪ Increasing complexity in the tax laws, FEMA, auditing etc.
▪ Talent Retention

37
 11.SUMMARY OF FINDINGS

Certainly, here is a summary of the findings based on the internship experiences at Shah Mulewa
and Associates within the Income Tax department and accounting roles:

1. Diverse Exposure to Accounting Practices:

• Interns at Shah Mulewa and Associates receive diverse exposure to real-world accounting
practices, encompassing taxation, financial reporting, audit assistance, and client
engagements.

• This exposure enables interns to gain practical experience across different facets of
accounting, enhancing their skills and knowledge in preparation for future careers in
Chartered Accountancy.

2. Hands-on Learning Environment:

• Interns actively participate in client engagements, working alongside experienced

professionals to deliver high-quality services and solutions.

• The hands-on learning environment allows interns to apply theoretical knowledge to

practical scenarios, reinforcing their understanding of accounting principles and practices.

3. Technical Skill Development:

• Interns develop technical proficiency in accounting software and tools commonly used in
the industry, such as QuickBooks, SAP, or Tally.

38
 • This technical skill development enhances interns' efficiency and effectiveness in
performing accounting tasks, contributing to the accuracy and reliability of financial
reporting and analysis.

4. Client Interaction and Communication:

• Interns engage in client interaction and communication, gaining experience in addressing

client inquiries, providing updates on project progress, and delivering tailored solutions to
meet clients' needs.

• This client interaction enhances interns' interpersonal skills, professionalism, and client
relationship management abilities, essential for building trust and rapport with clients.

5. Professional Development Opportunities:

• Interns undergo continuous professional development through training sessions,

workshops, and seminars conducted by the firm.

• These professional development opportunities expand interns' knowledge of accounting

principles, industry trends, and regulatory updates, preparing them for successful careers
in the accounting profession.

6. Challenges and Growth Opportunities:

• Interns encounter challenges such as workload management, adapting to firm-specific

procedures, and technical knowledge gaps.

• However, these challenges are viewed as opportunities for growth and learning, and interns
receive support and guidance from experienced professionals to overcome obstacles and
enhance their skills and competencies.

39
7. Overall Impact on Career Development:

• The internship experience at Shah Mulewa and Associates has a positive impact on interns'
career development, equipping them with practical experience, technical skills, and
professional competencies valued by employers in the accounting profession.

• Interns emerge from the internship program with enhanced employability, confidence, and
readiness to pursue rewarding careers in Chartered Accountancy.

In conclusion, the internship experiences at Shah Mulewa and Associates provide interns with
valuable opportunities to gain practical exposure, develop technical skills, and prepare for
successful careers in the field of Chartered Accountancy. Through hands-on learning, professional
development initiatives, and mentorship from experienced professionals, interns emerge from the
program well-equipped to excel in the accounting profession.

40
 12. INTERN'S ASSESSMENT

Shah Mulewa & Associates is a well-known Chartered Accounting firm, and I had the pleasure of
working as an intern at that company. I believe that this experience has taught me a great deal
about myself, my strengths, weaknesses, comfort zones and activities which need to be improved
since it has been the initial proper exposure of corporate life.

Although, more importantly, it is the opinion of those who had to get the work out of me, and work
with me that will lead to the most impactful development in this stage of my career.
The assessment of the intern's performance is a process in which they are assessed by comparing
their current performances to existing standards and then given feedback on how well they have
performed so that an organisation can improve them if necessary.

The very purpose of the performance assessment is to find out how an intern performs, followed
by determining whether training and improvements are necessary. Accordingly, I have prepared a
questionnaire to assess my performance that has been submitted by ten responding staff members
in addition to their superiors, senior colleagues, and trainees. Below is an overview of the forms.

41
 13. FORM FEEDBACK

This form is intended to provide feedback on the intern's work and professional skills and abilities.
The form consists of a mix of subjective and determinative issues. Qualitative responses, e.g., the
qualities that impressed the evaluator and areas where improvement is needed, are assessed on a
subjective basis.

The rating scale is explained as below:

•Performance exceeds expectations in all areas of

responsibility. A remarkable achievement and
OUTSTANDING: pacesetting performance.Its over and above other
subordinates and has initiative qualities.

•Performance exceeds expectations. Its over and above

EXCEEDS other subordinates and what the superiors had
EXPECTATIONS: expected from the intern based on resume profile and
initial work period.

MEETS •Performance meets expectations. The required amount

EXPECTATIONS : of work is done by the intern.

• Performance does not meet expectations at the relevant

SATISFACTORY : time.The work is yet done but needs improvement and
hardwork.

42
 14.FORM QUESTIONS

Rating Scale Questions:

1) What are her strengths?

2) Proactive and Resourceful

(Measures effectiveness in using resources in creative ways even during difficult times
and makesthings happen.)
3) Communication
(Effectiveness in listening to others, expressing ideas, both orally and in writing.)
4) Communication with clients/customers
(Effectiveness in proving relevant and timely information/reporting to management, co-
workers,subordinates and dealing with customers.)
5) Knowledge of work
(Consider skill level, knowledge and understanding of all phases of the internship)
6) Teamwork
(Measures how well the intern gets along with fellow employees/interns, respects the
rights ofother employees/interns, and shows a cooperative spirit.)
7) Decision Making/ Problem solving.
(Measures effectiveness in understanding the problems noted by the
superiors/management andmaking timely and relevant corrections.)
8) Execution/Application
(Measures effectiveness in applying technical and/or non-technical knowledge and skills.)
9) Administration
(Measures effectiveness in planning, organizing, prioritizing, and effectively handling
activitiesand eliminating unnecessary activities.)
10) Motivation levels and eagerness to learn

43
 15. FORM RESPONSES

The form was sent to my fifteen immediate seniors, colleagues, and juniors through a web link.
The form was made on Google Forms, and their responses were recorded online, Following are
the summarized account of their responses:

➢ What are her strengths?

70%

60%

50%

40%

30%

20%

10%

0%
Focus, Confident, All Rounder Dedication to Helpful and Capable of Determination,
Creativity, Strong Opinion, Work supportive handling things Ambitious,
Flexibility & Fears no One timely Hardworking,
Taking Initiative Sincere

➢ Proactive and Resourceful

(Measures effectiveness in using resources in creative ways even during difficult times and
makesthings happen.)

Outstanding
30%
Meet Expectations
50%
Exceed Expectations

20% Satisfactory
0%

44
➢ Communication
(Effectiveness in listening to others, expressing ideas, both orally and in writing.)

20%
Outstanding
40%
Meer Expectations

20% Exceed Expectations

Satisfactory

20%

➢ Communication with clients/customers

(Effectiveness in proving relevant and timely information/reporting to management, co-

workers, subordinates and dealing with customers.)

10%

10% Outstanding
Meer Expectations
10%
Exceed Expectations

70% Satisfactory

45
➢ Knowledge of work
(Consider skill level, knowledge and understanding of all phases of the internship)

0%

Outstanding
40%
Meer Expectations
50%
Exceed Expectations
Satisfactory

10%

➢ Teamwork
(Measures how well the intern gets along with fellow employees/interns, respects the rights of
other employees/interns, and shows a cooperative spirit.)

10%

10% Outstanding
Meer Expectations
50%
Exceed Expectations

30% Satisfactory

46
➢ Decision Making/ Problem solving.
(Measures effectiveness in understanding the problems noted by the superiors/management
and making timely and relevant corrections.)

10%
Outstanding
40%
Meer Expectations
Exceed Expectations
40%
Satisfactory

10%

➢ Execution/Application
(Measures effectiveness in applying technical and/or non-technical knowledge and skills.)

20%
Outstanding
Meer Expectations
50%
Exceed Expectations

30% Satisfactory

0%

47
➢ Administration
(Measures effectiveness in planning, organizing, prioritizing, and effectively handling
activities and eliminating unnecessary activities.)

20%
Outstanding
Meer Expectations
50%
Exceed Expectations
30% Satisfactory

0%

➢ Motivation levels and eagerness to learn.

20%
Outstanding
Meer Expectations
10% 50%
Exceed Expectations
Satisfactory
20%

48
 16. SUGGESTIONS

Shah Mulewa & Associates is a small firm to work in. Although the current conditions are
good there is still room for improvement.

From my time at Shah Mulewa & Associates, I have noticed there were certain factors
which where there was roomfor improvement. They are as follows.

➢ Bottlenecks

There are two classifications of assignments that Shah Mulewa & Associates accepts. The
first are the small ones which are worked on by the lead consultant, principal consultant,
consultant, and associate consultant. The second classification is that of bigger and more
complex assignments, which have greater difficulty. These assignments must pass through
the CEO. This creates over dependence on him. As he already has a lot of work and must
fly around the country for work, he often cannot attend to all projects personally and on
time. Thus, this creates bottle necks in performance.

➢ Aspects of Valuation

There are certain aspects of the valuation process which need to be given more attention
by the firm. Certainly, the first aspect to be considered is that there can be better
understanding of client needs andthen customizing the valuation process according to the
client. Currently there are fixed templates which undergo minor changes and then reports
are prepared for the clients.

➢ Space Friendly Office

The current setup of the office is such that there is clutter in the space of the office premises,
which does not have any space or extra room when clients come to visit the place for query
purposes. Also, there are a smaller number of systems that are present which results in two
shift work. Proper space management can solve the problem.

49
➢ Brand Awareness
As of now there is very little brand awareness among the general public of Shah Mulewa &
Associates, and the CA consultancy industry in general. The company should engage in
development of its website to boost goodwill and spread awareness about its brand which will
help fetch not only better customers, but it will also build a favorable image in the minds of
prospective employees.

➢ Provide regular training sessions.

Instead of overwhelming new employees with training all at once. Schedule regular training
sessions on specific topics. Tools or skills throughout the year. This allows for better retention
and application of learning.

50
 17. CONCLUSION

In conclusion, the internship experiences at Shah Mulewa and Associates provide interns with
successful careers in the field of Chartered Accountancy. Through hands-on learning,
professional development initiatives, and mentorship from experienced professionals, interns
emerge from the program well-equipped to excel in the accounting profession.

One of the key takeaways from this study is the vital role that CA firms play in ensuring
financial transparency, compliance, and accountability. These companies are playing an
important role in the enhancement of investor confidence, facilitation of timely decisions and
promotion of growth by offering a wide range of services including audits, taxation or
advisory.
All of the above services are very good, which means that they attract a number of clients
similar in size. To carry out the work in accordance with the requirements, all departments
have hired the best personnel. Therefore, being placed at Shah Mulewa & Associates yields
the advantage of working with the best people, on great work, with superb clients.
My superiors have been supportive of me all the time during my internship. They did not leave
any of my questions unanswered and structured my work in such a way that I never felt I was
extremely overburdened, but they had the vision to give me assignments of just enough difficulty
that I always felt challenged and never thought that a particular assignment did not give me any
room to grow and learn.
The experience of this internship has been amazing and educational. It taught some vital career
enhancing and even life skills such as communication skills, teamwork, adaptability, and
willingness to accept change, strong-willed and determined research, time management, financial
modelling skills, and even MS Excel and Word Skills.
I also had the opportunity to survey my superiors to understand how I performed from their point
of view. I have greatly benefited from this perspective, which has given me a clear idea of where
I am and what needs to be improved as well as the areas that need immediate attention. The survey,
as described in the section on international assessment.
The internship at Shah Mulewa & Associates was the best I have spent, learning, and growing
at every step, not only during the internship, but also after it due to continued feedback and
support that I received from my wonderful colleagues and superiors.

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18. EXPERIENCE CERTIFICATE

52
 19. BIBLIOGRAPHY

1. Company Handbook
2. Company Manual
3. www.smna.in
4. IStock images
5. Google form

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