INTRODUCTION

Training is the process of learning a sequence of programmed behaviour. It is the

application of knowledge and gives people an awareness of rules and procedures to guide
their behaviour. It helps in bringing about positive changes. Training helps in getting more
and better from your talent. Training is the process for providing required skills to the
employee. Training provides many advantages and benefits to the employee. Training is
teaching, or developing in oneself or others any skills and knowledge or fitness that relate to
specific useful competencies. Training has specific goals of improving one’s capability,
capacity, productivity and performance. In addition to the basic training required for a trade,
occupation or profession, training may continue beyond initial competence to maintain,
upgrade and update skills throughout working life.

People within some professions and occupations may refer to this sort of training as
professional development. Training also refers to the development of physical fitness related
to a specific competence, such as sport, martial arts, military applications and some other
occupations. It helps us with learning opportunities in the workspace to receive practical
experience to improve our skills and knowledge. Training programmes are necessary for
everyone for improving the quality of work at all levels. The importance of training lies in the
opportunity to strengthen your employees’ existing skills and learn new ones helping to boost
individual performance. Training allows employees to become more effective while also
increasing satisfaction and reducing employee turnover.

Training is also vital from the organization’s perspective. It contributes to better employee
performance, fewer mistakes, higher productivity, and increased customer satisfaction. Well-
trained employees require less supervision and are more capable of taking initiative. In a
rapidly changing world, continuous learning and development are essential. Training is no
longer a one-time event but a lifelong process that helps individuals stay updated and
competitive. With advancements in technology and evolving market trends, organizations
must invest in regular training programs to maintain a skilled and adaptable workforce.

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OBJECTIVE OF INTENSHIP

The main objective of this internship was to:

- Gain practical knowledge in accounting, GST, and taxation.

- Understand the professional work environment of an accounting firm.

- Apply academic knowledge in real-world financial processes.

- Enhance my technical and communication skills.

- Learn the usage of accounting software such as Tally and Microsoft Excel.

BENEFITS OF INTENSHIP

Internships are a vital part of professional education, offering real-world experience and
helping students connect theory with practice. My internship at Win Accounting Solutions
Pvt. Ltd. provided a meaningful platform to apply the concepts I learned in my B.Com
(Banking and Insurance) course. I gained practical knowledge in key areas such as GST
filing, TDS returns, income tax preparation, payroll processing, and bank reconciliation.

Working with professional accounting software like Tally ERP 9, Microsoft Excel, and
Power Query allowed me to improve my technical skills. Beyond technical work, I developed
important soft skills such as time management, teamwork, attention to detail, and
professional communication. I also learned how to manage client data responsibly and the
importance of financial accuracy and legal compliance.

This internship helped me understand how an accounting firm functions daily and how
deadlines and client expectations are handled. It boosted my self-confidence and prepared me
to face future challenges in the finance sector. Most importantly, it gave me clarity about my
career path and confirmed my interest in pursuing opportunities in accounting and taxation.

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 COMPANY PROFILE

Win Accounting Solutions Pvt. Ltd. is a professional accounting firm offering a wide range
of financial

CIN: U74999TN2019PTC130538

Incorporated On: July 16, 2019

Location: SPP Building, SN High Road, Tirunelveli, Tamil Nadu – 627001

Email: krjb7777@gmail.com / winvinothbabu@gmail.com

SERVICE OFFERED;
services to startups, MSMEs, and corporate clients. Their key services include:

- Bookkeeping & Accounting

- GST Registration & Return Filing

- TDS Return Filing

- Income Tax Filing

- Payroll Processing

- Business Registration Services (PAN, TAN, MSME, etc.)

- Virtual CFO Services

-Udyam Registration

-PF and ESI Registration

-Import Export Code

-Digital Signature Certificates

-Company Incorporation

-Trademark Registration

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OVERVIEW

Win Accounting Solutions Private Limited is a professional services firm specializing in

accounting, bookkeeping, taxation, payroll, GST compliance, and financial consulting
services. The company has earned a reputation for offering reliable and timely solutions
tailored to meet the financial needs of businesses and individuals.

Win Accounting Solutions operates with a mission to simplify accounting and financial
management for small and medium enterprises (SMEs), startups, and professionals. The firm
is known for its expert team, modern technology integration, and client-focused approach.

MISSION

To empower small‑to‑medium enterprises by unifying all facets of business accounting—

debtors, creditors, stock, general ledger—into a single, easy-to-use solution. The goal is to
help users save time, visualize data clearly, and make informed, data-driven decisions .

VISION

-A seamless, modular accounting platform built locally that provides:

-Multi-user and multi-company support,

-Real-time integration across financial functions,

-Enables SMEs, accountants, and bookkeepers to focus on growth by trusting their financials
to robust software .

Technology & Tools Used

 Tally ERP
 Zoho Books
 MS Excel (Advanced Functions and Power Query)
 GST portal tools
 Online Income Tax and MCA portals

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COMPANY LOGO

ORGANISATIONAL CHA

AUDITOR AUDITOR

SENIOR ASSISTANT
ACCOUNTANT ACCOUNTANT

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 DEPARTMENT

Win Accounting Solutions Private Limited is a professional service firm that provides
financial, accounting, taxation, and compliance services to businesses and individuals. The
company is structured into several departments to ensure efficient service delivery and client
satisfaction.

ACCOUNTS AND BOOKKEEPING DEPARTMENT

 Responsible for recording day-to-day financial transactions.

 Maintains ledgers, journals, and cash books.
 Prepares trial balances, profit & loss accounts, and balance sheets.
 Uses accounting software like Tally, Zoho Books, and QuickBooks.

TAXATION DEPARTMENT

 Manages GST registration, GST return filing, and income tax filing.
 Handles TDS, advance tax, and other tax compliance services.
 Offers consultancy on tax planning and savings strategies.

AUDITING ASSURANCE DEPARTMENT

 Conducts internal audits, statutory audits, and tax audits.

 Reviews financial records for compliance and accuracy.
 Prepares audit reports and supports in risk assessment.

PAYROLL AND HR SERVICE DEPARTMEN

 Manages employee salary processing and payslip generation.
 Handles EPF, ESI, and labour law compliance

COMPANY LAW & ROC COMPLAIN DEPARTMENT

 Offers services related to company registration, LLP formation, and other entity
setups.
 Handles ROC filings, annual returns, and DIN/KYC updates.
 Ensures compliance with the Companies Act, 2013.

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CLIENT SERVICES & ADVISORY DEPARTMENT

 Acts as the first point of contact for clients.

 Provides financial advisory, business consultancy, and startup support.
 Ensures customer satisfaction and manages queries efficiently.

DIGITAL SERVICE DEPARTMENT

 Supports cloud-based accounting systems and data security.

 Helps clients with digital transformation, e-invoicing, and automation.
 Maintains internal IT infrastructure and tools.

DEPARTMENT OVER VIEW

Win Accounting Solutions Pvt. Ltd. operates through multiple key departments to offer
complete financial services. The Accounts Department handles bookkeeping, ledgers, and
financial reports using tools like Tally and QuickBooks. The Taxation Department manages
GST, income tax, TDS, and tax planning. The Auditing Department ensures compliance
through internal and statutory audits. The Payroll & HR Department processes salaries, EPF,
ESI, and maintains HR records. The ROC & Compliance Department oversees company
registration, MCA filings, and legal compliance. The Client Servicing Team provides
financial advice and support to clients, while the IT & Digital Department manages cloud
accounting, e-invoicing, and system security

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 AUDITING

Auditing is a systematic and independent examination of financial, operational, and strategic

aspects of a business, with the objective of expressing an opinion on their fairness and
accuracy. It is a critical component of the financial reporting system and ensures
transparency, accountability, and integrity in financial and non-financial reporting.

The word "audit" is derived from the Latin word "audire", which means "to hear". In earlier
times, auditors listened to accounts being read out, as records were not well-documented.
Today, auditing is a formal, evidence-based evaluation of records, systems, and controls.

MEANING AND DEFINITION OF AUDITING

Simple Definition
Auditing refers to the process of examining and verifying the books of accounts, financial
statements, and other documents of a business to ensure accuracy and compliance with
statutory laws.

Standard Definitions

1. According to AICPA (American Institute of Certified Public Accountants):

> “Auditing is a systematic process of objectively obtaining and evaluating evidence
regarding assertions about economic actions and events to ascertain the degree of
correspondence between those assertions and established criteria and communicating the
results to interested users.”

According to Spicer and Pegler

> “An audit is such an examination of the books, accounts, and vouchers of a business as will
enable the auditor to satisfy himself that the balance sheet is properly drawn up, so as to give
a true and fair view of the state of affairs of the business and whether the profit and loss
account gives a true and fair view of the profit or loss for the financial period.”

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OBJECTIVE OF AUDITING
Auditing is a systematic examination of books of accounts, records, documents, and other
relevant information of an organization to ensure their accuracy, reliability, and compliance
with established laws and standards. The primary objective of auditing is to provide an
independent opinion on the financial statements of an organization.

MAIN OBJECTIVES

1. Primary Objective:
To express a true and fair view:

The main objective of an audit is to determine whether the financial statements reflect a true
and fair view of the financial position and performance of the organization.

2. Secondary Objectives:

a.Detection of Errors and Frauds:

An audit helps in identifying both unintentional errors and intentional frauds in accounting
records and systems.

b.Verification of Accounting Records:

To check the correctness of books of accounts by verifying vouchers, invoices, receipts, and
other financial records.

c.Ensuring Compliance:
Auditing ensures compliance with applicable laws, accounting standards, and internal
policies.

e.Assessment of Internal Control System:

To evaluate the effectiveness of internal controls in place to safeguard assets and prevent
misstatements.

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f.Detection and Prevention of Frauds:
By thoroughly examining financial records, auditors can detect fraudulent activities and
suggest improvements to avoid such instances in the future.

g.Accuracy and Reliability of Financial Statements:

To ensure the financial statements prepared by the organization are accurate and free from
material misstatements.

h.Providing Confidence to Stakeholders:

Auditing gives assurance to stakeholders such as shareholders, investors, regulators, and
creditors about the reliability of financial information.Auditing serves both primary and
secondary objectives.

IMPORTANT OF AUDITING

 Auditing holds paramount importance in today’s business environment for the

following reasons:
 Credibility to Financial Statements: An audited financial statement ensures accuracy
and fairness, thus increasing stakeholder confidence.
 Assurance to Investors: Investors rely on audited reports for informed decision-
making.
 Compliance with Laws: Audit ensures adherence to the legal and regulatory
framework like Companies Act, Income Tax Act, etc.
 Detection of Fraud and Errors: Auditors help uncover fraudulent activities and
accounting manipulations.
 Efficiency of Business Operations: Through auditing, inefficiencies in internal control
systems and operations are detected and corrected.
 Facilitates Decision-Making: Audit provides reliable data and recommendations for
better managerial decisions.

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SCOPE OF AUDITING

 The scope of auditing varies depending on the type and purpose of the audit.
Generally, it includes:
 Examination of financial statements and records.
 Evaluation of internal controls and processes.
 Verification of compliance with legal requirements.
 Assessment of business risks and fraud controls.
 Review of accounting standards and policies.

TYPES OF AUDITING
Auditing can be classified into various types depending on the scope, nature, and objective.

a. Statutory Audit
 Mandated by law (e.g., Companies Act).

Objective: To ensure compliance with statutory requirements.

b. Internal Audit
 Conducted by internal staff or consultants.

Focus: Operational efficiency, risk management, and internal control evaluation.

c. External Audit
 Performed by independent third-party auditors.

Focus: Objective and impartial financial review.

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d. Cost Audit
 Verifies cost accounting records and methods.
 Ensures cost efficiency and appropriate cost allocation.

e. Tax Audit
 Conducted to verify compliance with tax laws and regulations (e.g., Section 44AB of
Income Tax Act).

f. Management Audit
 Evaluation of policies and operations from a managerial perspective.
 Helps in performance improvement.

g. Performance Audit
 Examines whether the resources are utilized efficiently and effectively.

PRINCIPLE OF AUDITING
Auditing is governed by a set of universally accepted principles and standards:

1. Integrity: The auditor should be honest and truthful.

2. Objectivity: Decisions must be based on facts, not personal bias.
3. Confidentiality: Information acquired during audit must be kept confidential
4. Professional Competence: Auditors should have adequate knowledge and skills.
5. Due Professional Care: Auditors must exercise due diligence.
6. Independence: The auditor must be free from conflicts of interest.
7. Evidence-based Opinion: Conclusions should be based on reliable audit evidence.

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AUDITING PROCESS/ PROCEDURE
The audit process generally involves the following stages:

a. Planning and Preparation

 Understanding the client’s business.
 Assessing risks and designing audit programs.

b. Internal Control Evaluation

 Review of internal controls and systems.
 Determining control effectiveness.

c. Evidence Collection
 Performing audit tests and analytical procedures.
 Collecting sufficient and appropriate audit evidence.

d. Verification and Vouching

Checking balances, entries, and documents for accuracy.

Cross-verifying with supporting documents.

e. Finalization and Reporting

Drafting audit report with opinion (qualified, unqualified, adverse, disclaimer).

Submitting the report to stakeholders or authorities.

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4.8. Audit Evidence and Documentation
Auditors rely heavily on evidence to draw conclusions. Good audit evidence must be:

 Sufficient (quantity)
 Appropriate (quality)

TYPES OF AUDITING EVIDENCE

1. Physical Evidence (inspection of assets)

2. Documentary Evidence (invoices, bills, ledgers)
3. Analytical Procedures (ratios, trends)
4. Oral Testimony (discussions, interviews)

Audit working papers must be properly documented for accountability, legal compliance, and
quality control.

FRAUD,ERROR,AND AUDITOR’S RESPONSIBILITY

 While detecting fraud is not the primary aim, an auditor has a duty to ensure that:
 Errors and frauds that materially affect financial statements are detected.
 Internal controls are strong enough to prevent or detect irregularities.

Auditors must report any suspected frauds as per legal obligations (e.g., CARO 2020 in
India).

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AUDIT REPORT

An audit report is the final product of the auditing process. It communicates the auditor's
opinion on the financial health and fairness of the entity's financial statements.

The audit report reviews the financial practices of the organization to ensure compliance with
accounting standards and regulations. It confirms the accuracy of financial records, identifies
discrepancies, and provides recommendations for improvements. The report enhances
transparency, supports internal control systems, and builds trust with clients and stakeholders.

TYPES OF AUDIT OPINIONS

1. Unqualified Opinion – Financial statements are true and fair.

2. Qualified Opinion – Except for specific issues, the rest is fairly presented.

3. Adverse Opinion – Financial statements do not reflect a true and fair view.

4. Disclaimer of Opinion – Unable to express an opinion due to limitations.

AUDITOR’S QUALIFICATION AND ROLES

Qualifications:
In India, an auditor must be a Chartered Accountant (CA) under the ICAI (Institute of
Chartered Accountants of India).

Role of Auditor:
 Verify financial statements.
 Detect fraud and error.
 Ensure compliance with regulations.
 Evaluate internal controls.
 Submit audit report.

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Auditors play a vital role in ensuring the accuracy and integrity of financial statements. They
must possess strong analytical skills, professional ethics, and qualifications such as a degree
in commerce or chartered accountancy. Their work promotes transparency, detects errors or
fraud, and supports sound financial decision-making in organizations.

AUDIT IN MODERN ERA- TECHOLOGY & INNOVATION

With the growth of digitalization and automation, auditing is also evolving.

1. Tools used:
2. Data Analytics Software
3. ERP Systems (SAP, Oracle)
4. AI and Machine Learning
5. Blockchain Audit Trails

LEGAL FRAMEWORK FOR AUDITING IN INDIA

Auditing in India is governed by:

 Companies Act, 2013
 Income Tax Act, 1961
 ICAI Auditing Standards
 GST Act (for GST audit)
 SEBI Regulations (for listed companies)

LIMITATION OF AUDITING
1. Despite its importance, auditing has some limitations:
2. Depends on sampling; cannot check 100% records.
3. Time constraints and deadlines.
4. Risk of management manipulation.
5. Auditors may miss concealed frauds.
6. Judgmental errors in interpreting data.

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 LEARNING OUTCOMES

a. Practical Knowledge of Accounting Systems

During the internship at Win Accounting Solutions Pvt. Ltd., I gained hands-on experience
with accounting software like Tally ERP 9 and Microsoft Excel. I learned how to:

1. Record transactions in journals and ledgers.

2. Create trial balances and manage balance sheets.
3. File GST returns and prepare tax documents.

b. Understanding of GST & Taxation

1. The internship gave me a deep understanding of:

2. GST registration and filing procedures.
3. Monthly and quarterly GSTR-1 and GSTR-3B.
4. TDS calculation, deduction, and returns.

PAN, TAN, and other regulatory documents. I also learned how small mistakes in tax filings
can have big implications for businesses.

c. Improved Technical Skills

1. I became proficient in:

2. Microsoft Excel: Using formulas, data validation, and basic MIS reporting.
3. Tally ERP 9: Voucher entries, GST setups, and ledger reports.
4. Power Query: For importing and cleaning data

d. Professional Communication

1. I learned how to:

2. Communicate professionally with clients and seniors.
3. Draft emails for follow-ups and documentation.
4. Understand the importance of tone and timing in client interactions.

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e. Time and Task Management

1. Through daily work and deadlines, I learned:

2. How to prioritize tasks based on urgency and importance.
3. To plan my day and complete tasks within time constraints.
4. Manage files systematically (both physical and digital).

f. Teamwork and Workplace Etiquette

1. Collaborated with senior accountants and other interns.

2. Learned to accept feedback positively and improve.
3. Gained experience in maintaining confidentiality and ethics in finance.

g. Problem-Solving Ability

1. When faced with mismatches in data or unclear invoices:

2. I learned to ask the right questions.
3. Verify information logically.
4. Apply rules to real-life accounting situations.

GST REGISTRATION

Every registered entity whose aggregate turnover during a financial year exceeds Rs.2.00
crore has to get its accounts audited as the provisions of GST Act. Such person has to furnish
a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM
GSTR-9C,

electronically through the common portal either directly or through a Facilitation Centre
notified by the Commissioner.Earlier, under the Central excise and service tax laws, there
was no requirement for audit of accounts and furnishing reconciliation statement by a
Chartered Accountant and/or Cost accountant. However, many State VAT laws had
stipulated audit of records by a Chartered Accountant and filing of VAT audit reports.

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Threshold limits were prescribed for such audits. Reconciliations between the tax records and
audited statement of accounts was generally sought for at the time of assessment, audit or
investigation by the revenue authorities. There was no statutory requirement to furnish such
reconciliation statements under the erstwhile laws.

Followings areas are required to be certified by the auditor:

The total turnover of outward supplies declared in the returns including all the outward

supplies taxable under GST Act effected during the year.

The total turnover of inward supplies declared in the returns including all the inward
supplies

taxable under GST Act made during the year.

The deductions from the total turnover including deduction on account of sales /supply
returns

claimed in the returns which are to be in conformity with the provisions of the law.

The adjustment to turnover of outward supplies and inward supplies has to be based on the

entries made in the books of account maintained for the year.

The classification of outward goods/services supplied and inward supplies, rate of tax

applicable and computation of output tax and input tax and net tax payable as shown in the

return has to be certified as correct.

The computation of classification of goods supplied, the amount of input tax paid and

deductions of input tax credit claimed and reversed in the return has to be certified as correct

and in conformity with the provisions of law.

Conducting GST Audit & Issue of GST Audit report

1. Appointment of GST Auditor:

A proprietor, partner or Board of Directors in case of a Company should appoint a GST

Auditor at the beginning of the financial year.
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2. Accounts to be to be reviewed by GST Auditor:

Following are important accounts or records for review:

Sales Register

Stock Register

Purchase Register and Expenses ledgers

Input tax credit availed and utilized

Output tax payable and paid

E-way bills generated during the period under Audit, if in compliance with rules.

Any documents that record communications from the GST department relating to the year

Documents to be furnished by the taxpayer for GST Audit:

Audited financial statements (which is PAN-based)

Annual return in form GSTR-9 (for every GSTIN)

Certified reconciliation statement in Form GSTR-9C, reflecting reconciled values of

supplies and tax amounts declared in GSTR-9 compared to audited financials in Part-A, along
with the

Applicable for GST Audit

Taxpayers whose turnover exceeds Rs. 2 crores in FY GSTR-9C

a.Review of comments by GST Auditor:

The Auditor must report any tax liability pending for payment by the taxpayer, identified
through the reconciliation exercise and observations made on GST audit. Taxpayers can settle
taxes as recommended by the auditor in Form DRC-03.

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b. Submission of GST Audit report & Annual return:

The finalized GSTR-9C can be certified by the same CA who conducted the GST audit or it
can also be certified by any other CA who did not conduct the GST Audit for that particular
GSTIN.

The following must be reported and certified by the GST Auditor or the certifier:

Whether or not all the requisite accounts or records are maintained.

Whether or not the Financial Statements are prepared as per the books of accounts
maintained at the principal place of business or additional place of business of the taxpayer.

Certify the accuracy of information in GSTR-9C.

To list down the audit observations or reservations or comments, if any.

c. Due dates for submission of GST Audit report:

GSTR-9 and GSTR-9C are due on or before 31st December of the subsequent fiscal year.

Special Note: For FY 2017-18, the due date for filing GSTR 9 and GSTR-9C is extended to
30th June 2019, through an order

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 CONCLUSION

The internship I undertook at Win Accounting Solutions Pvt. Ltd., tirunelveli, from May 20
to June 7, has proven to be a significant turning point in my academic and professional
journey. This 15-day program offered me practical exposure to the field of accounting,
taxation, and financial compliance, aligning seamlessly with my B.Com (Banking and
Insurance) curriculum at Kongunadu Arts and Science College.

Working at Win Accounting Solutions Pvt. Ltd., I became familiar with commonly used
software like Tally ERP 9 and Microsoft Excel, which are essential in the financial services
industry. I also had the opportunity to work with tools like Power Query, and I observed how
digital transformation has streamlined accounting processes. Using these tools, I was
involved in tasks such as transaction recording, GST preparation, payroll documentation, and
financial reporting. Each task assigned to me was supervised by experienced accountants,
which helped me build confidence and accuracy.

In conclusion, this internship was not just an academic requirement—it was a life lesson in
professional growth, responsibility, and self-discovery. The exposure I gained has enriched
my educational experience and laid a strong foundation for my future career in finance and
banking.

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