INTERNSHIP

SUBMITTED TO PARTIAL FULFILLMENT OF THE

REQUIREMENT FOR THE DEGREE OF BACHELORS
OF
ACCOUNTING AND FINANCE

INTERNSHIP REPORT BY
PAGIRE SUJATA JIJABHAU

S.N.D.T. ARTS AND COMMERCE COLLEGE FOR

WOMEN PUNE-38

CONDUCTED COLLEGE OF
S.N.D.T. WOMEN UNIVERSITY
MUMBAI 2020-2021

P a g e 1 | 23
COMPLETION CERTIFICATE

P a g e 2 | 23
 ACKNOWLEDGEMENT

The internship opportunity I had with Mr. Madhav Sutar was a great chance for
learning and professional development. Therefore, I consider myself as a very
lucky individual as I was provided with an opportunity to be a part of it. I am also
grateful for having a chance to meet so many wonderful people and professionals
who led me though this internship period.
Bearing in mind previous I am using this opportunity to express my deepest
gratitude and special thanks to the Mr. Patil Sir who despite being extraordinarily
busy with his duties, took time out to hear, guide and keep me on the correct path
and allowing me to carry out my internship at their esteemed organization and
extending during the training.
I express my deepest thanks to Mr. Madhav Sutar, [Certified Auditor and
consultant] for taking part in useful decision & giving necessary advices and
guidance and arranged all facilities to make life easier. I choose this moment to
acknowledge his contribution gratefully.
I perceive as this opportunity as a big milestone in my career development. I will
strive to use gained skills and knowledge in the best possible way, and I will
continue to work on their improvement to attain desired career objectives. Hope
to continue cooperation with all of you in the future,
I express me since thank to Dr. Anand Jumle, principal S.N.D.T. Arts and
Commerce college Pune-38.
Sincerely,

Name: Sujata Jijabhau Pagire

Place: Pune
Date: 27th February 2021

P a g e 3 | 23
 INDEX
SR. NO. TITLE PAGE NO.

1 EXECUTIVE SUMMARY 5

2 ORGANISATIONAL PROFILE 6

3 WORK DESCRIPTION 7 to 15

4 LEARNING OUTCOMES 16

5 CONCLUSION 17

6 LETTER OF APPLICATION 18

7 LETTER OF ACCEPTANCE 19

8 LETTER OF PARENTS FOR 20

PERMISSION

9 LETTER OF ATTENDANCE SHEET 21 to 22

10 EVALUATION SHEET 23

P a g e 4 | 23
 EXECUTIVE SUMMARY

This report titled “Auditor & consultancy” – A case study on Mr. Madhav Sutar
is an outcome of BCP internship program. Such programs facilitate us to apply
our understanding of the theoretical knowledge in the practice filed. This report
contains the details of the audit practice followed by M. S & consultancy. Auditor
& consultancy – as my first experience to professional world.

Auditor & consultancy has established a close working relationship with many
national consulting firms for providing services to clients in Pune & Mumbai. In
this way auditor M.S & consultancy has enriched its professional base for serving
the client interest in best manner.

In these 240 hours internship program. I was allocated in the auditor apartment as
an audit staff. I have worked in report followed by the knowledge that I have
gained form working, training and my personal experiences.

The first part of the report consists acknowledgement of the report.

The second part of the report contains of organization’ s profile of auditor &
consultancy. In this third part the job description in vouching entries, Books and
register maintain, GST, taxation, auditing in the fourth part the I have introduced
my learning outcome. I have tried my best to include my first day on, content, my
role, action taken, performance in auditor & consultancy. In have drawn on
overall conclusion.

P a g e 5 | 23
 ORGANIZATIONAL PROFILE

NAME: Mr. MADHAV SUTAR

ADDRESS: RAHATANI NAGAR, KALE WADI, PIMPRI,
CHINCHWAD, PUNE – 411033.
PHONE NO: 7276381804
EMAIL ID: [email protected]

Services provided to the firm are as follows;

➢ Taxation of Corporate Firm.

➢ Auditing of the firm’s and professional people.
➢ GST Registration.
➢ Income tax returns.
➢ Tax Consultancy Service.

P a g e 6 | 23
 WORK DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained
during the internship. On my first day at the firm my senior in charge Mr. Madhav
Sutar gave me training session about TDS returns and computerised accounting
in tally software and shared his practical experience with me and gave me some
techniques of this process. He also guided me that how to prepare VAT/GST
return and filing data in income tax return preparation software.

Different task that I performed during my internship;

➢ Preparing books of accounts in tally
➢ Voucher entry
➢ Auditing
➢ Taxation
➢ TDS return preparation
➢ Auditing standards
➢ Tally entries
➢ Theatrical learning of different type of taxation in GST

Software used during internship;

➢ MS-Office
➢ Tally Software

P a g e 7 | 23
 AUDIT

BROADLY, AUDIT INVOLVES THE FOLLOWING:

➢ In-depth study of existing systems, procedures and controls for proper

understanding, suggestions for improvement and strengthening.

➢ Ensuring compliance with policies, procedures and statutes.

➢ Comprehensive review to ensure that the account is prepared in accordance

with generally accepted accounting policies and applicable Reporting
efficiencies at any operation level.

➢ Detection and prevention of leakages of income and suggesting corrective

measures to prevent recurrence.

➢ Certification of the books of accounts agreeing with the balance sheet and
profit and loss account.

➢ Issue of audit reports under various laws.

➢ accounting standards/IFRS.

➢ Checking the genuineness of the expenses booked in accounts.

P a g e 8 | 23
 PREPARATIONS ON BOOKS ON TALLY

Following are the books that were made in tally;

➢ VOUCHERS ENTRY: -
Tally provides flexibility to use predefined vouchers types, comprising of
accounting and inventory vouchers types to record various business transactions.
It also allows you to use keyboard shortcut keys as well as mouse operations
during vouchers entry.
To create a new voucher type;
Go to Gateway of Tally>Accounts Info.>Voucher type>Create
• Enter the voucher name
• Specify the type of voucher
• Specify the method of numbering
• Activate or deactivate the other functions as required

➢ BOOKS AND REGISTERS: -

Tally provides you capability to generate various books and registers for any
specific period viz, month, date, and year and as on date. In Tally, once voucher
entry is made, the transactions are automatically and immediately in the Day
BOOK AND BOOKS OF ACCOUNTS without any additional effort. Tally
allows you to maintain and generate all primary books of accounts and registers
like:

• Cash book
• Bank book
• Purchase register
• Sales register
• Journal registers
• Debit note register
• Credit note register
• General ledger

P a g e 9 | 23
 ➢ TALLY ENTRIES: -

• Firstly, we review all records of vouchers carefully, that no any vouchers

had any queries related to adjustments.

• Then, we make a separate folder for that work.

• Then, we create a company in tally software by that company name and

started doing entries.
• Receipts and payment entries are posted carefully as it carries some contra
entries also.

• Then after completing entries posting recheck the data by balance sheet,
trial balances and day book.

• Any queries related to this work communicated to our external mentor.

➢ AUDITING STANDARDS: -
The public company accounting oversight board (PCAOB) maintains external
auditing standards for public companies registers with the securities and exchange
commission (SEC).

As of 2012, PCAOB has 15 permanent standards approved by the SEC and a

number interim standard that reflect generally accepted auditing standards, as
described in standards issued by the auditing standards board (ASB), which is a
part of American institute of CPAs (AICPA).

For internal auditing, the institute of internal auditors provides a conceptual

framework called the international professional practices framework (IPPF) that
provides guidance for internal audits. Some of the guidance is mandatory, while
others are considered strongly recommended, but not required by law.

P a g e 10 | 23
There are four main steps in the auditing process. The first one is to define the
auditor’s role and the terms of engagement which is usually in the form of a letter
in which is duly signed by the client.

The second step is to plan the audit which would include details of deadlines and
the departments the auditor would cover.

➢ AUDITING: -
These steps were followed by us in auditing;
• Build an audit strategy.

• Verify that all outgoing checks were properly signed, accounted for and
posed to the correct accounts.

• Ensure that all deposits were properly posted.

• Review all financial statements.

• Ensure compliance with all state and federal requirements.

• Review all treasure reports.

• Compete the financial review worksheet.

• Suggest improvements to internal controls.

• Determine your audit opinion.

• Submit all documents to companies.

P a g e 11 | 23
 ➢ OVERVIEW ON GST: -
GST is an indirect tax which has replaced many indirect taxes in India. The goods
and service tax act was passed in the parliament on 29th March 2017. The act came
into effect on 1st July 2017; goods and services tax law in India is a
comprehensive, multi-stage, destination based tax that is levied on every value
addition.

In simple words, goods and service tax (GST) is an indirect tax levied on the
supply of goods and services. This law has replaced many indirect tax laws that
previously existed in India.
What is GSTR-1?
Form GSTR-1 is a return statement in which a regular dealer needs to capture all
the outward supplies made during the month or a quarter. In simple words,
GSTR 1 is a return in which details of sales and other outward supplies needs to
be captured.
While GSTR-3B is a monthly self-assessed return, you need to file GSTR-1 with
outward supplies details that substantiate the liability declared in GSTR-3B.
GSTR-1 due date
The due dates for GSTR-1 are based on the turnover. Basis the business
turnover, GSTR-1 returns needs to be filed either on the monthly or quarterly
basis.
Businesses with turnover of up to INR 1.5 crore will be allowed to file quarterly
returns, other businesses with a turnover of above INR 1.5 crore must file monthly
returns.
Here are the due dates to file GSTR-1
GSTR-1 Due Date
GSTR-1 return filing frequency Due date
Monthly GSTR-1 11th of Subsequent month

Quarterly GSTR-1 Last of the date of the month following the

end of the quarter

P a g e 12 | 23
GSTR 3B
On the 18th of June 2017, the GST Council in its 17th meeting decided to extend
the timeline for an invoice – wise return filing in Form GSTR 1 and Form GSTR

2 for the first two months of the GST era. The move was made to provide relief
to businesses, and to smoothen the roll-out of GST across the country. As per this
decision, businesses will need to file a much simplified GSTR 3B returns, by
declaring the summary of their inward and outward supplies for the months of
July and August. However, the invoice – wise details for both months, also do
need to be filed, but later.
As per the latest GST council notifications, GSTR 3B filing has been extended
till March 2018, and it will continue to be filed by the 20th of the next month.

Revised GST Returns Filing Due Dates

GSTR-3B Due Date

Month Turnover Turnover Turnover up to
more than 5 exceeding 1.5 1.5 crores
crores crores to 5
crores
Feb 2020 24th June 2020 29th June 2020 30th June 2020
March 2020 24th June 2020 29th June 2020 3rd July 2020
April 2020 24th June 2020 30th June 2020 6th July 2020

GSTR-4 (offline)

File GSTR-4 returns

1. Log in to the GST portal.
2. Click Services > Returns > Returns Dashboard.
3. Select the Return Filing Period, and click SEARCH.
4. Click GSTR4.
5. Click PREPARE OFFLINE.

P a g e 13 | 23
6. Click Choose File to import the JSON file generated from Tally. ERP 9 or the
offline tool. Once your JSON file is uploaded successfully, you will be notified
by a message.
7. Verify the uploaded details after the time specified in the GSTR screen.

8. Submit your returns and e-sign.

➢ TDS RETURNS: -

TDS is a system whereby the income tax is deducted at the time of making some
payments like rent, interests, commission, etc. The person making such specified
payments is responsible for deducting the TDS and paying the balance amount of
the person entitled to receive such payment. The TDS amount deducted must be
deposited to the government within the due dates specified by the TDS is
applicable only on salary income, but it is also applicable in many other cases
such as;

• Income from interest on securities and debentures.

• Income from interest other than those on securities.

• Income from dividends.

• Income from withdrawal of EPF (before expiry of a certain period or if

amount withdrawn is beyond the limit specified)

• Payment to contractors/subcontractors/freelancers.

• Winnings from horse races, lottery, crossword puzzles of any game related
wins.
P a g e 14 | 23
 • Income from rendering technical or professional services.

• Income from royalty, etc.

➢ OVERVIEW ON TAXATION: -
A tax is a mandatory financial charge or some other type of levy imposed upon a
taxpayer by a governmental organizational to find various public expenditures. A
failure to pay, along with evasion of or resistance to taxation, is punishable by
law.
In this we learned about the direct and indirect taxes. We filled most of the
income tax returns of different clients.
In this we learned about different heads of income, calculation of taxes and
different deduction with sections. As well in indirect taxes we file returns of GST
in which different forms are involved for regular scheme and composition
scheme. For regular scheme, we filled GSTR-1 and GSTR-3B(online) and for
composition scheme we filled GSTR-4(offline).

➢ TYPES OF TAXES: -
Taxes are of two distinct types, direct and indirect taxes. The difference comes in
the way these taxes are implemented. Some are paid directly by you, such as the
dreaded income tax, wealth tax, corporate tax, etc. while others are indirect taxes,
such as GST.

P a g e 15 | 23
 LEARNING OUTCOMES

While working with MADHAV SUTAR AND ASSOCIATION Certified auditor

& Consultant. I learned so many things which are going to be helpful for the rest
of my life.
On my first days of internship; I had to use my knowledge and skills. I read
different books and journals talking on how financial institutions operate.
I started to apply theoretical knowledge gained at university and socialize with
the employees of the outlet and to learn how I can manage the work process to
enhance my level of understanding and co-operation with other employees.
For this day, I improved my level of communications skills simply by expressing
myself to the branch manager and other staff, and receiving instructions from my
supervisor.
I have learned at Mr. Madhav Sutar and association are:
• Responsibility to the profession.
• Knowledge about auditing and taxation.
• I learn the vouching, maintain books of account, Journals entries, voucher
entry etc.
• Importance & objective of auditing
• Discuss the principles and legal rules applying to dealing and other matters.
• Describe the primary books of account and registers like: cash book, bank
book, purchase registers, sales register, journal register, debit note register,
general ledger etc.
• Submit all documents to companies.
• Verify that all outgoing checks were properly signed, accounted for and
posted to the correct account.
• Review all financial statements.

P a g e 16 | 23
 CONCLUSION

Mr. Madhav Sutar is overall one of the profit making and reputed auditor and
consultant. The organisation since it’s very first day is devoted to providing
quality services. The detailed and through review of work and client struts shows
the perfection with which it is working.

Mr. Madhav Sutar has earned a distinction of being placed in the category “A” in
the list of panels of auditors maintained by State bank of India. Moreover, only
these “A” category firm can audit of listed companies.

The institute of charted accountants of India has also carried out the quality
control review and has issued satisfactory QCR report stating that the firm has
conducted the audits of the clients in accordance with international standards on
auditing.

P a g e 17 | 23
LETTER OF APPLICATION

P a g e 18 | 23
LETTER OF ACCEPTANCE

P a g e 19 | 23
LETTER BY PARENTS FOR PREMISSION

P a g e 20 | 23
ATTENDANCE SHEET

P a g e 21 | 23
P a g e 22 | 23
EVALUATION SHEET

P a g e 23 | 23