INTERNSHIP REPORT
An Internship Report submitted to Bengaluru City University in partial fulfillment
of the requirement for the award of the degree of
Bachelor of Commerce
Bengaluru City University
By
Name : Poornima S
Student ID : 20019848
Register No :C2054375
Under the Guidance of
Prof. Lokesha
Associate Professor, Department of Commerce and Management
Seshadripuram college
Nagappa Street
Bengaluru 560020
2022-23
SESHADRIPURAM EDUCATIONAL TRUST
SESHADRIPURAM COLLEGE
Nagappa Street Bengaluru – 560020
Student Profile
Name: Poornima S University Student ID: 20019848
Class: III B.COM University Register No: C2054375
Assessment Credentials
Date: Record Book/Internship Report
Viva Voice
Total
Examiner H.O.D Principal
GUIDE CERTIFICATE
This is to certify that Poornima S bearing student Id number 20019848 has done the
Internship Report and has prepared the report under my guidance. This report has not
formed a basis for awarding any other degree/diploma/certificate by this university or any
other university.
Place: Bengaluru Signature of the Guide
Date:
DECLARATION BY THE STUDENT
I hereby declare that the Internship Report prepared by me is the result of the Internship,
carried out by me under the guidance of Associate Prof. Lokesha in partial fulfillment
for the award of Bachelor of Commerce and Management (B.com) by Bengaluru City
University.
I also declare that this report is the outcome of my own efforts and that is has not been
submitted to any other university or Institute for the award of any other degree or Diploma
or Certificate.
Place: Bengaluru Name: Poornima S
Date: Register Number: C2054375
ACKNOWLEGEMENT
I take this as an opportunity to express my profound gratitude to all who have been
significant contributors and have helped me to complete this Internship Report.
I express my deepest sense of gratitude to DR. B. G. Bhaskara, Principal, Seshadripuram
College for his constant support.
I am grateful to Prof. KalaNaik, Head of the Department of Commerce and
Management, Seshadripuram College, for sparing his valuable time and guiding in the
successful completion of the report
I am thankful to Prof. Lokesha, Seshadripuram college for his support, guidance and
encouragement.
I convey my gratitude to all the staff members for their valuable contribution.
Place: Bengaluru Signature of the Student
Date:
TABLE OF CONTENTS
Sl No Particulars Page No
01 Introduction 1-2
02 Profile of the Organisation 3-5
03 Nature of Work 6-9
04 Work Experience 10-16
05 Conclusion 17-17
INTRODUCTION
An internship is a temporary work opportunity provided by organizations to
individuals, typically students or recent graduates, who seek to gain practical
experience in a particular field or industry. It is a structured program that allows interns
to apply and enhance the knowledge and skills acquired through academic studies in
a real-world work setting.
The primary purpose of an internship is to provide hands-on learning experiences,
allowing interns to observe and actively participate in the day-to-day operations of a
company or organization. Interns are often assigned to specific projects or tasks
related to their area of interest, which helps them develop practical skills, gain
industry-specific knowledge, and make professional connections.
Internships offer numerous benefits to participants. They provide an opportunity to
explore a potential career path, helping individuals make informed decisions about
their future. Internships also allow individuals to develop transferable skills such as
communication, teamwork, problem-solving, and time management. Additionally,
internships provide a platform for networking, allowing interns to establish
connections with professionals in their field and potentially secure future job
opportunities.
Overall, internships serve as a bridge between academic learning and the
professional world, offering valuable insights and experiences that contribute to
personal and professional growth. They provide a platform for individuals to gain
practical skills, expand their knowledge, and build a foundation for a successful
career.
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Significance of Internship
The significance of internships cannot be overstated, as they offer a multitude of benefits
for both individuals and organizations. Here are some key reasons why internships hold
great importance:
Practical Application of Knowledge: Internships provide an opportunity to
apply theoretical knowledge gained through academic studies in a real-
world work environment. It allows individuals to bridge the gap between
classroom learning and practical skills by engaging in hands-on projects and
tasks relevant to their field of study. This practical experience enhances their
understanding and prepares them for future professional challenges.
Skill Development: Internships are instrumental in developing a wide range
of skills essential for professional success. These include technical skills
specific to the field or industry, as well as transferable skills such as
communication, problem-solving, teamwork, time management, and
adaptability. Interns can hone their skills through exposure to real work
scenarios, gaining confidence and competence in their abilities.
Industry Exposure and Networking: Internships offer a valuable opportunity
to gain insight into the industry or specific field of interest. Interns get
firsthand exposure to the organizational culture, industry trends, and
professional practices. Moreover, they have the chance to network and
establish connections with professionals in their field. These connections can
prove invaluable for future job prospects, mentorship, and professional
references.
Career Exploration and Clarification: Internships provide a platform for
individuals to explore different career paths and industries. By immersing
themselves in a specific work environment, interns can assess their interests,
strengths, and preferences. This experience helps them make informed
decisions about their future career goals and aspirations.
Resume Enhancement: Having relevant internship experience significantly
enhances a candidate's resume. Employers often value the practical experience
gained through internships, as it demonstrates a proactive approach to learning
and the ability to apply knowledge in a professional setting. Internships can
make a candidate stand out among their peers and increase their chances of
securing future employment.
Pathway to Employment: Internships can serve as a pathway to future
employment. Many organizations use internships as a talent pipeline, offering
full-time employment opportunities to successful interns. By making a positive
impression, interns may receive job offers upon completion of their internship
or be considered for future positions within the organization.
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PROFILE OF THE ORGANISATION
History of the Organisation
ROY VARGHESE & ASSOCIATES
CHARTERED ACCOUNTANTS
Roy Varghese & Associates, Chartered Accountants in Bangalore is one of the leading
businesses in accounting services. Also known as CA, accounting services, and much
more. Roy Varghese & Associates is a professional services firm under which
dedicated professionals have developed core competence in the field of audit, financial
consulting services, financial advisory, risk management, and direct and indirect
taxation services to clients.
Each partner is specialized in a different service area. The services are structured
differently by national laws, regulations, customary practices, and other factors. We
continuously strive to improve these services to meet the growing expectations of our
esteemed customers.
The firm was started with the ambition to provide services in accountancy and audit.
Our legacy of vast experience and exposure to different types of industries made us
rapidly adaptable to the changing needs of time and technology by not only increasing
our range of services but also increasing the quality of service.
Roy Varghese & Associates, Chartered Accountants is located in varies states and
includes branches in Bangalore, Chennai, Trivandrum & Kochi. This well-known
establishment acts as a one-stop destination servicing customers both locally and from
other parts of Bangalore. Over the course of its journey, this firm has established a
firm foothold in its industry. The belief that customer satisfaction is important as their
products and services have established garner a vast base of customers which
continues to grow by the day. This business employs individuals that are dedicated to
their respective roles and put in a lot of effort to achieve the common vision and larger
goals of the company. In Bangalore, this establishment occupies a prominent location
in Malleshwaram. It is an effortless task in commuting to this establishment as there
are various modes of transport readily available. It is known to provide top service in
accounting, taxation, and auditing services.
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INDUSTRY OVERVIEW
Firm Background: Roy Varghese & Associates is a professional auditing firm based in
Bangalore, India. Established in 1966, the firm has been serving clients in the local
market over years. It focuses on providing audit, tax, and advisory services to a diverse
range of clients in Bangalore and the surrounding areas.
Local Expertise: The firm has in-depth knowledge and understanding of the local
business environment, regulations, and cultural nuances. This expertise allows them to
provide customized solutions and personalized attention to clients operating in
Bangalore. They have a strong network and relationships within the local business
community.
Audit and Assurance Services: The firm offers a comprehensive range of audit and
assurance services. This includes conducting statutory audits, internal audits, special
audits, and compliance reviews. They ensure that client’s financial statements are
prepared by applicable accounting standards and regulatory requirements.
Tax Advisory and Compliance: The firm provides tax advisory services to assist clients
in managing their tax obligations efficiently. This includes tax planning, tax
compliance, tax return preparation, and assistance in tax-related matters. They stay
updated with the latest tax laws and regulations to provide accurate and timely advice.
Business Advisory Services: The firm offers business advisory services to support
clients in making informed business decisions. This may include financial consulting,
risk management, business valuation, feasibility studies, and strategic planning. They
provide insights and recommendations to help clients achieve their business objectives.
Small and Medium Enterprises (SMEs) Focus: The firm specializes in serving small and
medium-sized enterprises (SMEs) in Bangalore. They understand the unique challenges
faced by SMEs, such as limited resources and regulatory compliance, and provide
tailored solutions that cater to their specific needs. The firm aims to support the growth
and success of local businesses.
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Client-Centric Approach: The firm adopts a client-centric approach, placing importance
on building strong relationships and delivering personalized services. They take the time
to understand their client’s businesses, goals, and challenges to provide relevant and
practical advice. The firm values open communication and transparency with its clients.
Local Team of Professionals: The firm has a team of skilled professionals with expertise
in various areas, including auditing, accounting, tax, and business consulting. The team
comprises certified professionals, such as Chartered Accountants (CAs) and other
relevant designations. They stay abreast of industry trends and regulatory changes to
provide up-to-date services.
Ethical Standards and Integrity: The firm upholds the highest ethical standards and
integrity in its work. They adhere to professional codes of conduct and maintain strict
confidentiality of client information. The firm values trust and strives to build long-term
relationships based on integrity and reliability.
Contribution to the Local Community: The firm is committed to giving back to the local
community. They may be involved in community service initiatives, corporate social
responsibility programs, or other activities that contribute positively to society and make
a difference in Bangalore.
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NATURE OF WORK
The nature of work in auditing firms is dynamic and multifaceted, involving a range of
activities and responsibilities aimed at ensuring the accuracy, reliability, and
transparency of financial information. Auditors play a crucial role in examining an
organization's financial records, processes, and controls to provide independent and
objective assessments.
Services offered by Roy Varghese & Associates; Chartered Accountants are as
follows:
1. Auditing Services: Auditing services based on Indian Generally Accepted
Accounting Principles (GAAP) play a vital role in ensuring the accuracy,
reliability, and transparency of financial information. They ensure the
accuracy, reliability, and transparency of financial information.
2. ROC Compliance: While auditing firms primarily specialize in financial
audits and assurance services, they may also offer certain ROC (Registrar of
Companies) services to assist companies in meeting their compliance
obligations under the Companies Act, 2013.
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3. Taxation Compliances: Taxation services refer to the range of professional
services offered by tax experts, accountants, or tax advisory firms to
individuals, businesses, or organizations. These services are designed to assist
clients with their tax-related matters and ensure compliance with tax laws
while maximizing tax benefits and minimizing tax liabilities. They provide
with both direct and indirect tax services.
4. GST Audit: GST audit refers to the examination and verification of a taxpayer's
financial records and GST returns by a qualified professional, known as a GST
auditor. The primary objective of a GST audit is to ensure that the taxpayer has
accurately reported their GST liability and complied with the provisions of the
Goods and Services Tax (GST) laws.
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5. Consultancy Services: As an esteemed auditing firm, they go beyond core
auditing services to provide comprehensive consultancy services to
businesses. With expertise and industry knowledge, they offer a wide range of
consulting solutions to help businesses thrive in today's competitive
landscape. The dedicated team of consultants brings a wealth of experience
and a client-centric approach to deliver tailored strategies and
recommendations that drive growth, improve operational efficiency, and
ensure regulatory compliance.
6. Accounting Services: They offer a diverse range of accounting services that go
beyond traditional financial audits. With their deep understanding of accounting
principles and regulations, they are well-equipped to meet the unique needs of
businesses. From bookkeeping and financial statement preparation to tax
planning and advisory services, they strive to be a trusted partner in managing
our client’s financial affairs.
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7. Transfer Pricing: They offer comprehensive transfer pricing services to assist
businesses in managing their cross-border transactions and ensuring compliance
with international transfer pricing regulations. With their specialized expertise in
this complex area, they help businesses navigate the intricacies of transfer
pricing to optimize their tax position, mitigate risks, and maintain sound
relationships with tax authorities.
8. Payroll Services: As a trusted provider of comprehensive payroll services, their
firm is dedicated to assisting businesses in managing their payroll processes
efficiently and accurately. With their expertise and advanced payroll systems,
they streamline payroll operations, ensure compliance with payroll regulations,
and deliver timely and accurate payments to employees.
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WORK EXPERIENCE
As a student pursuing a degree in finance and accounting, I had the opportunity to intern
in the accounts department of a renowned company for one month. This experience
provided me with valuable insights into the practical aspects of accounting and finance.
In this report, I will share my observations, challenges, and key takeaways from my time
in the accounts department, offering a student's perspective on the role.
Week 1
Introduction to the Department and Team: On my first day, I received a warm welcome
from the team. They introduced me to the department's structure, explaining the roles
and responsibilities of each team member. I was given an overview of the company's
financial systems and software. Throughout the day, I familiarized myself with the
department's processes, such as accounts payable, accounts receivable, and general
ledger maintenance.
On my first day, I received an introduction to Tally and its features. The team
guided me through the software's interface, explaining the different modules
and functions relevant to data entry. They also provided an overview of the
company's chart of accounts, which outlines the specific categories and codes
used to classify transactions in Tally.
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The second day was dedicated to understanding voucher entry in Tally. I
learned about various types of vouchers, such as sales, purchase, payment,
receipt, and journal vouchers. The team demonstrated how to accurately enter
data in each voucher type, including details like invoice numbers, dates, parties
involved, and appropriate ledger accounts for debit and credit entries.
Bank reconciliation was the focus of the third day. I learned how to reconcile
the company's bank statements with the corresponding entries in Tally. This
involved verifying and matching the records of deposits, withdrawals, and bank
charges. I also gained insights into identifying discrepancies and resolving
them to ensure accurate financial records.
The fourth day involved working with inventory entries in Tally. I learned how
to create and manage stock items, define units of measurement, and record
inventory transactions such as purchases, sales, and adjustments. This
experience highlighted the importance of maintaining accurate inventory
records for effective financial management.
On the fifth day, I explored the reporting capabilities of Tally. The team
demonstrated how to generate various financial reports, such as trial balances,
balance sheets, and profit and loss statements. I also had the opportunity to
analyze the data entered in Tally and extract meaningful insights that could aid
decision-making processes within the organization.
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Week 2
During my next week’s internship in the accounts department, I had the opportunity
to work on filing GSTR-1, which is a monthly or quarterly return under the Goods
and Services Tax (GST) regime in India. This experience provided me with practical
exposure to the process of compiling and submitting GST sales data. In this report, I
will share my observations, challenges, and key takeaways from my week-long
experience of filing GSTR-1.
On the first day, I received an overview of GSTR-1 and its significance in the
GST compliance framework. The team explained the different sections and
components of the return, including details of outward supplies, invoices, and
tax rates. I also familiarized myself with the GSTN (Goods and Services Tax
Network) portal, the online platform for filing GST returns.
The second day focused on compiling data for outward supplies. I learned to
gather information related to sales invoices, including invoice numbers, dates,
customer details, taxable values, and GST rates applicable. I also understood
the importance of accurately classifying supplies as either interstate or
intrastate, as this determines the appropriate tax treatment.
On the third day, I worked on verifying the compiled data for GSTR-1 filing.
This involved cross-checking the sales invoices with the company's accounting
records to ensure accuracy and completeness. I also gained insights into the
process of reconciling the GST data with the financial records to identify and
rectify any discrepancies.
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The fourth day was dedicated to understanding the application of tax rates and
Harmonized System of Nomenclature (HSN) codes. I learned how to correctly
assign the applicable GST rates to different types of supplies. Additionally, I
familiarized myself with HSN codes, which are used to classify goods and
services for GST purposes.
On the fifth day, I learned how to upload the compiled data onto the GSTN
portal and file GSTR-1. The team guided me through the process of creating a
JSON file from the prepared data and submitting it online. I also had the
opportunity to review the filed return and understand the importance of timely
and accurate filing for GST compliance.
Week 3
During my third week of internship in the accounts department, I had the opportunity
to work on vouching for sales and purchase entries and conducting stock verification.
This experience provided me with practical exposure to the process of verifying and
reconciling financial transactions and ensuring accurate inventory records. In this
report, I will share my observations, challenges, and key takeaways from my week-
long experience of vouching for sales and purchase entries and conducting stock
verification.
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On the first day, I received an introduction to the concepts of vouching and
stock verification. The team explained the importance of vouching, which
involves examining and verifying supporting documents for sales and purchase
entries. I also learned about the significance of stock verification in ensuring
accurate inventory records and valuations.
The second day focused on vouching sales entries. I learned how to review and
match sales invoices, delivery challans, and other relevant documents with
recorded sales transactions. This process involved ensuring that the sales
amounts, customer details, tax calculations, and any discounts or allowances
are accurately reflected in the accounting system.
On the third day, I worked on vouching purchase entries. I learned to review
purchase orders, supplier invoices, and other supporting documents to validate
the recorded purchase transactions. This process involved verifying the
accuracy of purchase amounts, supplier details, tax calculations, and any
applicable discounts or rebates.
The fourth day was dedicated to the stock verification process. I participated in
physical stock counts and learned how to reconcile the physical quantities with
the recorded stock figures in the system. This involved comparing the
stocktaking sheets, inventory tags, and other documentation with the inventory
records to identify any discrepancies and ensure accurate stock valuations.
On the fifth day, I learned about the importance of reconciliation and reporting
in the vouching and stock verification processes. I observed how the team
reconciled the discrepancies identified during vouching and stock verification
and made necessary adjustments in the accounting records. I also gained
insights into the preparation of reports summarizing the findings and
recommending corrective actions, if required.
Week 4
During my fourth week of internship in the accounts department, I had the opportunity
to work on compiling data and preparing Excel calculations for GST refund claims.
This experience provided me with practical exposure to the process of organizing and
analyzing data to support GST refund applications. In this report, I will share my
observations, challenges, and key takeaways from my week- long experience of
compiling data and preparing Excel calculations for GST refund claims.
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On the first day, I received an introduction to the concept of GST refund and
its importance in the taxation system. The team explained the need for accurate
data compilation to support refund claims. I learned about the specific data
elements required for different types of refund claims and the significance of
maintaining organized records.
The second day focused on gathering and organizing the necessary data for
GST refund claims. I learned how to collect invoices, purchase records, export
declarations, or any other relevant documents required to substantiate the
refund claim. The team emphasized the importance of organizing the data
systematically for efficient data entry and calculations.
On the third day, I gained hands-on experience in entering the collected data
into Excel spreadsheets. I learned about data validation techniques and ensuring
data accuracy during the entry process. The team guided the structure in the
spreadsheets, defining appropriate column headings, and using formulas to
perform calculations.
The fourth day was dedicated to performing calculations and reconciling the
data in Excel. I learned how to use Excel formulas and functions to calculate
refund amounts, input tax credits, or any other relevant calculations specific to
the refund claim. The team emphasized the need for accuracy and attention to
detail during the calculation process.
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On the final day, I focused on reviewing and ensuring the quality of the
compiled data and calculations. I learned how to perform data validation
checks, identify errors or inconsistencies, and make necessary corrections. The
team emphasized the importance of thorough quality control to ensure the
accuracy and reliability of the data for the GST refund claim.
Challenges Faced:
Throughout the internship, I encountered several challenges that pushed me out of my
comfort zone and encouraged me to learn and grow. Some of the notable challenges I
faced include:
Time Management: Balancing multiple tasks and deadlines was a significant
challenge. Learning to prioritize and manage time effectively was crucial in
ensuring that all responsibilities were fulfilled promptly and accurately.
Accuracy and Attention to Detail: Ensuring accuracy in data entry,
calculations, and documentation was a constant challenge. The internship
taught me the importance of meticulous attention to detail to avoid errors that
could have significant financial implications.
Adapting to the Fast-Paced Environment: The accounts department operated in
a fast-paced environment, where quick decision-making and efficient problem-
solving were essential. Adjusting to the rapid pace and meeting deadlines
demanded adaptability and a proactive approach.
Technology and Software Usage: Familiarizing myself with accounting
software and tools was initially challenging. However, with guidance and
hands-on practice, I gradually became more proficient in using these tools,
which greatly enhanced my efficiency and productivity.
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Conclusion
In conclusion, my internship experience at the accounting firm has been an invaluable
opportunity for professional and personal growth. Throughout my time at the firm, I have
been exposed to a wide range of accounting practices and gained practical knowledge that
will undoubtedly benefit me in my future career.
During the internship, I had the chance to work closely with experienced professionals
who generously shared their expertise and guided me through various accounting
processes. This hands-on experience allowed me to apply the theoretical knowledge
gained during my studies and enhance my understanding of accounting principles in real-
world scenarios. I was able to contribute to the firm's daily operations by assisting with
financial statement preparation, tax return filing, and auditing procedures.
Moreover, the internship provided me with a comprehensive understanding of the
accounting profession's ethical standards and the importance of maintaining
confidentiality and integrity in handling clients' financial information. I learned how to
navigate complex financial software and utilize various tools and techniques to analyze
financial data accurately.
Furthermore, the internship exposed me to the fast-paced nature of the accounting
industry. I learned to meet tight deadlines, manage multiple tasks simultaneously, and
prioritize work effectively. These skills will undoubtedly be valuable in my future career,
where efficiency and time management are essential.
During my internship, I had the opportunity to observe and contribute to the firm's
commitment to maintaining the highest ethical standards in the accounting profession. I
witnessed firsthand the importance of integrity, objectivity, and confidentiality in
financial reporting and decision-making processes. These values have become an integral
part of my professional ethos.
I would like to express my sincere appreciation to the management and staff of the
accounting firm for providing me with this invaluable opportunity. I am confident that the
experiences and skills I have gained during this internship will serve as a solid foundation
for my future endeavors in the accounting profession. Also I’m immensely grateful to
Seshadripuram college for enabling me to be a part of this enriching experience.
I look forward to utilizing the knowledge and skills acquired during this internship to
make meaningful contributions to the accounting field and to continue my personal and
professional development in the pursuit of excellence.
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