Internship Report on

“Accounts and Finance”

At Sreenivasulu & Company, Bangalore-48

Submitted in Partial Fulfilment of the Requirements of

Bachelor Of Commerce Degree of Bengaluru North
University

BY
Mr. Prasad Kumar
Reg no: U19GZ21C0486
UNDER THE GUIDANCE OF
Dr. Srinavasa M
Associate Professor of Commerce
GOVERNMENT FIRST GRADE COLLEGE KR PURAM
 CERTIFICATE
This is to certify that the Internship Report entitled “Accounts &
Finance, Direct & Indirect Taxation” by “Supreeth M R” is his
original work. He has worked under my guidance for the required
period. This dissertation fulfils the requirement of the ordinance
relating to Summer Internship Training.

No part of this report has ever published by any other university or

institution for any purpose whatsoever.

Mrs. Manjula M
GFGC, KR Puram
 DECLARATION BY THE STUDENT
Dated: - 10-June 2024

This is to certify that the present Internship Report entitled “Accounts

& Finance, Direct & Indirect Taxation” is my original work. This
Internship Report fulfils the requirement of the “B.Com” degree of
this University. It does not form the basis for the award of any degree
or diploma from any other university or institution.

Student Signature

Supreeth M R
(B.Com VI Sem)
Reg. No: - U19GZ21C0654
 ACKNOWLEDGEMENT
I would like to express my deepest appreciation to all those who
provided me the possibility to complete this report. I have taken efforts
in this project. However, it would not have been possible without the
kind support and help of many individuals and the organization. A
special gratitude I give to our project manager Mr. Sreenivasulu N and
my college mentor Mrs. Manjula M whose contribution in
stimulating suggestions and encouragement, helped me to coordinate
my project specially in writing this report.

Furthermore, I would also like to acknowledge with much appreciation

the crucial role of the staff, who gave the permission to use all required
equipment and necessary materials throughout the period. Last but not
least, my thanks go to the head of the project Mr. Manoj who have
invested his full effort in guiding the team in achieving the goal. I have
to appreciate the guidance given by the other supervisor as well as the
panels especially in our project presentation that has improved our
presentation skills thanks to their comment and advices.
 Index
1. CHAPTER 1: Introduction..............................................................................
1.1. Introduction of Organization Business Sector ...............................................
2. CHAPTER 2: Company Profile.......................................................................
2.1. About the Company......................................................................................
2.2. Services Offering..........................................................................................
3. CHAPTER 3: Conceptual Discussion .............................................................
3.3. Overview of TDS.........................................................................................
3.4. Overview of Vouching ................................................................................
3.5. Preparation of books on Tally......................................................................
3.10 Overview of Auditing................................................................................
3.11 Overview of GST.......................................................................................
3.12 Overview of Taxation................................................................................
4. CHAPTER 5: Learning, Conclusion & Suggestions .................................
4.1. Suggestions and Recommendations.........................................................
4.2. Limitations...............................................................................................
4.3. Conclusion...............................................................................................
 CHAPTER 1
INTRODUCTION
 INTRODUCTION OF THE ORGANIZATION’S BUSINESS SECTORS

About The Industry

Organization is working as Chartered Accountants firm under the rules and regulations and
code of ethics designed for CA firms by ICAI (The Institute of Chartered Accountants of
India).

The Institute of Chartered Accountants of India (ICAI or the Institute) was established as
statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the
profession of accountancy in the country.

ICAI is governed by the Council which consists of nineteen members. Fifteen members are
elected from amongst the members for a period of four years. The remaining four of the
Council members are nominated by the Government of India.

These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.

The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of

India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai,
Mumbai and New Delhi) and 81 branches under these regional centers.

MISSION & VISION

Mission of ICAI

Is to achieve excellence in professional competence, add value to businesses and economy,

safeguard public interest; ensure ethical practices and good corporate governance while
recognizing the needs of globalization.

Vision of ICAI

The profession of Chartered Accountants in India should be the benchmark of professional

excellence upholding the principles of integrity, transparency and accountability.
 CHAPTER 2
COMPANY PROFILE
 ABOUT THE COMPANY

Sreenivasulu CA & Co. is a leading chartered accountancy firm. It is rendering

comprehensive professional services which include audit, management consultancy, tax
consultancy, accounting services, manpower management, secretarial services etc.

It is a professionally managed firm. The team consists of distinguished chartered accountants,

corporate financial advisors and tax consultants. The firm represents a combination of
specialized skills, which are geared to offers sound financial advice and personalized
proactive services. Those associated with the firm have regular interaction with industry and
other professionals which enables the firm to keep pace with contemporary developments and
to meet the needs of its clients.

Sreenivasulu CA & Co. has a clear vision for the future growth and development of financial
markets and services and researches to stay ahead of these trends and developments.
Sreenivasulu CA & Co. moulds its operations and areas of competencies and introduces
services so as to assist clients in their business operations and growth.

DEPARTMENTS OF CA COMPANY

Sreenivasulu CA & Co. is having its head office in KR Puram. Almost all the controls and
regulations are dealt at head office in KR Puram. All the offices constitute different number of
departments who basically handle their respective functions. The major departments include:

 Audit and Assurance Department: -

Firm provides audit and assurance services to wide range of clients which include performing
audits of financial statements of limited companies, NGOs and partnerships. Firm also
performs special assignments which include management audits, internal audits and
investigations. Audit focuses on business issues and the matters that can impact on the financial
statements, whilst also retaining the basic audit procedures that test the information contained
in the financial statements. Services are aimed to comply with the legal requirements as
defined under the various laws and regulations in India. In doing so firm not only identify the
non-compliances but also assists clients in its rectification, designing remedial measures and
provides guidance to adhere with the laws and regulations. Firm always endeavor to meet
reporting deadlines as set out by the laws and regulations or as mutually agreed with clients,
without compromising the professional, legal and ethical requirements.

Firm’s emphasis is on delivering high quality services to clients, adding value to their business
through identification of existing and potential control risks and suggesting best possible
measures in the given circumstances. Firm always places priority to deploying audit teams to
clients who are well equipped with the specific industry knowledge, experience and are
professionally sound.
 Tax and Corporate Department: -

Firm delivers taxation services to clients and assists them in obtaining optimal tax benefits
available under the laws. Firm also assist clients to comply with the tax rules and regulations
and always keep them updated with the latest developments and amendments. Tax personnel
are qualified professionals, experienced and knowledgeable. We maintain a comprehensive
tax library which always provides ready references and timely solution in complex situations.
Firm provides a comprehensive range of tax services which includes;

Preparation and submission of annual tax returns. Compliance services.

Tax advisory services.
Representation and litigation with tax authorities.
Personal income tax services.

In Sreenivasulu CA & Co. same staff is handling with tax matters as well as corporate sector.
While in corporate firm provides different kinds of services relating to corporate sector from
incorporation to winding up of a Company.

 Computer Department: -

Department handles the computer related matters and assists other departments in working
properly and efficiently. Department deals with online filing of returns of income for tax
department and finalize audit reports in proper format in a presentable manner. It deals with
networking of computers in office and all other problems which may be faced by computer
users time to time.
 SERVICES OFFERING

 Company Registration: -

The most common business composition is to register a Pvt. Ltd. Company. Company
registration will enable limiting the person liability of promoters to the extent of paid up
capital. Promoters have to get DIN & check availability of the company name.

 One Person Company: -

Register one-person company (u/s 2 (62) of Companies Act 2013) for quick start of your
business within reasonable fees by experienced CA firms.

 LLP Registration: -

Limited Liability Partnership (LLP) has benefit of the company registration & easiness of
partnership. It is apt for small businesses. Experienced CA firms can ease out the process
within reasonable fees.

 GST Registration: -

GST registration of business is to enable selling of goods with turnover value beyond a certain
limit. Limit may differ from state to state. It is necessary to get GST Input Tax Credit.
Experienced CA firms can ease out the process within reasonable fees.

 ROC Filing: -

Periodic returns/forms need to be submitted to Registrar of Companies (ROC) for company’s

act compliance. Experienced CA firms can file timely & correct ROC filing in reasonable
overall cost.

 GST Return: -

GST returns to be filed on periodic basis by business to provide information about value of
turnover & total GST liability & mode of payment. Frequency may differ from state to state.
Delays will attract penalty. Experienced CA firms can ensure compliance with reasonable
fees.

 Income Tax (Business): -

Income Tax returns filing is requirement of Income Tax Act for companies/businesses. Tax
Audit Report helps in compliance of income tax laws. Experienced CA firms can help in
reducing non- compliance of income tax laws.
 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 accounts are prepared in accordance with
Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS. 
 Checking the genuineness of the expenses booked in accounts.
 Reporting inefficiencies at any operational level. 
 Detection and prevention of leakages of income and suggesting corrective measures
to prevent recurrence.
 Certification of the books of account being in agreement with the Balance Sheet and
Profit and Loss Account.
 Issue of Audit Reports under various laws. 

Types of Audits conducted: -

 Statutory Audit of Companies.

 Tax Audit under Section 44AB of the Income Tax Act, 1961.
 Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.
 Concurrent Audits.
 Revenue Audit of Banks.
 Branch Audits of Banks.
 Audit of PF Trusts, Charitable Trusts, Schools, etc.
 Audit of Co-operative Societies.
 Information System Audit.
 Internal Audits.
 CHAPTER 3
CONCEPTUAL
DISCUSSION
 OBJECTIVES OF STUDY

I choose to work with Sreenivasulu CA & Co. During this internship I have learnt many new
skills. Before internship I have only theoretical knowledge about work in organization but
now I have 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 has to gives me the understanding of business and also about the elements of
strategic thinking, planning and implementation, and how these things are applied in a real
world organization environment. 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 standard in professionalism.
 To learn more than the theoretical knowledge.
 To learn book keeping practices of different companies.
 To apply the theoretical knowledge in actual organization.
 To compare practical aspects with theoretical aspects.
 To make quick decision in real situations.
 To learn how to promote and to conduct research in business areas.
 To enhance my personal knowledge and professional preparation for 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 into an organization.
 To get exposure to do a work in an organization and also known about organizational
behavior, ethical rules and regulations.
 Assist the student development of employer-valued skills such as teamwork, strong
communication and attention in detail

JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge that I gained during the
studies. On my first day at firm, company in- charge Mr. Sreenivasulu and Mr. Manoj gave me
training session about TDS returns and computerized accounting in tally software and also
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:

 Vouching
 Preparing books of accounts in tally
 Preparing Data in Excel Sheet
 Preparing Partnership Deed
 Intangible Assets
 Prepare Projected and other Balance Sheet
 Auditing
 Taxation
 Theoretical learning of different type of Taxation and GST
 Maintenance of accounts/ book keeping.
 TDS return preparation.

Software used during internship:

 MS office
 Tally software

Overview of TDS

Tax deducted at source (TDS) is a tax that is deducted from income that a company in India
pays to a recipient or supplier if the income amount exceeds a specific statutory limit in a
financial year. The types of income that are subject to TDS include:

 Salary
 Interest and dividends.
 Winnings from the lottery.
 Insurance commission.
 Rent.
 Fees from professional and technical services.
 Payments to contractors and subcontractors.

The withholding amounts for TDS can be deducted from an invoice submitted by a supplier or
from the payment that is issued to the recipient or supplier. Examples of recipients and
suppliers include contractors, providers of professional services, employees, and real estate
landlords. Companies submit a TDS certificate to each supplier on a monthly or yearly basis.
The certificate includes the payments, as well as information about the company and supplier.
Companies must also submit an annual return to the government for each recipient or supplier
for the financial year. TDS certificate can be either Form 16 (R75I10A) or Form 26Q-P2P-
IND (R75I122EQ). Form 16 is the TDS
certificate which an individual submits and Form 26Q is the TDS certificate which a company
submits to the tax authorities.
 TDS RETURNS: -

TDS is a system whereby the income tax is deducted at the time of making some payments
like rent, interest, commission etc. The person making such specified payments is responsible
for deducting the TDS and paying the balance amount to the person entitled to receive such
payment. The TDS amount deducted must be deposited to the government within the due
dates specified by the person deducting TDS. While it is commonly assumed that 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 or any
game related wins.
 Income from rendering technical or professional services.
 Income from royalty, etc.

All income is taxable only at the end of the financial year, hence the government has instituted the
concept of TDS, in order to ensure:

 Prevention of tax evasion: This mechanism ensures that the government collects a
portion of the income itself, chances of hiding income or tax defaults are minimized
significantly.
 Timely collection of tax.
 Ease in filing tax returns: As the tax is automatically collected and deposited with the
concerned authorities by the deductor, it becomes easier for individuals to file their
returns. If there are no other sources of income for a person, once TDS has been
appropriately deducted, they need not pay any additional tax during return filing.
 PROCESS FLOW OF TDS: -

This process flow shows the steps to charge and remit TDS: -

Create vouchers for suppliers with

pay status % and applicable tax type

Calculate TDS on vouchers

Issue payments to suppliers with TDS

amounts deducted

Submit monthly payment for TDS to

tax authority

Update Challan

Generate monthly statements and

submit quarterly and annual returns
 Overview of VOUCHING

Vouching is a technical term which refers to the inspection of documentary evidence

supporting and substantiating a transaction, by an auditor. It is the practice followed in an
audit, with the objective of establishing the authenticity of the transactions recorded in the
primary books of account. It essentially consists of verifying a transaction recorded in the
books of account with the relevant documentary and the authority on the basis of which the
entry has been made; also confirming that the authority on the basis of which the entry has
been made; also confirming that the amount mentioned in the voucher has been posted to an
appropriate account which would disclose the nature of the transaction on its inclusion in the
final statements in account. Vouching do not include valuation. Vouching can be described as
the essence or backbone of auditing.

PREPARATION ON BOOKS ON TALLY

Following are the books that were made in tally:

 VOUCHER ENTRY: -
Tally provides flexibility to use predefined voucher types, comprising of accounting and
inventory voucher types to record various business transactions. It also allows you to use
Keyboard Shortcut Keys as well as mouse operations during voucher 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: -
 Cash Book
 Bank Book
 Purchase Register
 Sales Register
 Journal Register
 Debit Note Register
 Credit Note Register
 General Ledger

OVERVIEW ON AUDITING

An auditor is someone who prepares and examines financial records. They ensure that
financial records are accurate and that taxes are paid properly and on time. They assess
financial operations and work to help ensure that an organization runs efficiently.
In this area, we were done different type of work such as matches the balances of transactions
from software information with our tally voucher entries information. We check different
financial records of companies any analyze that and identify the mistakes then give some
suggestions to them.

An audit is a systematic and independent examination of books, accounts, statutory records,

documents and vouchers of an organization to ascertain how far the financial statements as
well as non-financial disclosures present a true and fair view of the concern. It also attempts to
ensure that the books of accounts are properly maintained by the concern as required by law.
Auditing has become such a ubiquitous phenomenon in the corporate and the public sector
that academics started identifying an Audit Society. The auditor perceives and recognizes the
prepositions before them for examination, obtains evidence, evaluates the same and
formulates an opinion on the basis of his judgement which is communicated through their
audit report.

Any subject matter may be audited. Auditing is a safeguard measure since ancient times.
Audits provide third party assurance to various stakeholders that the subject matter is free from
material that the subject matter is free from material misstatement. The term is most frequently
applied to a legal person. Other areas which are commonly audited include: secretarial and
compliance audit, internal controls, quality management, project management, water
management and energy conversion.
 OVERVIEW ON GST

 What is 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 & 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.

GST is one indirect tax for the entire country.

So, before Goods and Service Tax, the pattern of tax levy was as follows:
 Advantages of GST

GST has mainly removed the Cascading effect on the sale of goods and services. Removal of
cascading effect has impacted the cost of goods. Since the GST regime eliminates the tax on
tax, the cost of goods decreases. GST is also mainly technologically driven. All activities
like registration, return filing, application for refund and response to notice needs to be done
online on the GST Portal; this accelerates the processes.

 Components of GST

There are 3 taxes applicable under this system: CGST, SGST & IGST.
 CGST: Collected by the Central Government on an intra-state sale (Eg: transaction
happening within Maharashtra)
 SGST: Collected by the State Government on an intra-state
sale (Eg: transaction happening within Maharashtra)
 IGST: Collected by the Central Government for inter-state sale
(Eg: Maharashtra to Tamil Nadu)
 OVERVIEW ON Taxation

A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by
a governmental organizational in order to fund 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 & 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 & different deduction
with sections. As well in Indirect taxes we file returns of GST in which different forms are
involved for Regular scheme & Composition scheme. For regular scheme we filled GSTR-1 &
GSTR-3B (online) and for composition scheme we filled GSTR-4 (offline)

 Purposes & Effects

The levying of taxes aims to raise revenue to fund governing and to alter prices in order to affect
demand. States and their functional equivalents throughout history have used money provided
by taxation to carry out many functions. Some of these include expenditures on economic
infrastructure, military, scientific research, culture and the arts, public works, distribution, data
collection and dissemination, public insurance, and the operation of government itself. A
government’s ability to raise taxes is called its fiscal capacity.

 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.
Description of process followed to accomplished the assigned task in the organization

 Tally Entries

Following process are followed for accomplishment this task:

 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 & 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
& Day book.
 Any queries related to this work communicated to our external mentor.

 Auditing

These steps were followed by us in auditing:

 Build an audit strategy.

 Verify that all outgoing checks were properly signed, accounted for and posted 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 treasurers’ reports.
 Complete the financial review worksheet.
 Suggest improvements to internal controls.
 Determine your audit opinion.
 Submit all documents to companies.

 Taxation

Following steps are followed by us –

 All of the first, we study about the taxation and mainly headed Income Tax.
 Then, we started to prepare ITR’S statement in excel sheet according to the
format given to us.
 After that, we prepare the offline utilities of ITR’S according to the income status in
statement.
 TOPIC – TAXATION

What is TAX?

A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an
individual or other legal entity) by a governmental organization in order to fund various public
expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by
law. Taxes consist of Direct and Indirect taxes and may be paid in money or as its labor
equivalent.

 Purposes and Effects -

The levying of taxes aims to raise revenue to fund governing and to alter prices in order to affect
demand. States and their functional equivalents throughout history have used money provided
by taxation to carry out many functions. Some of these include expenditures on economic
infrastructure, military, scientific research, culture and the arts, public works, distribution, data
collection and dissemination, public insurance, and the operation of government itself. A
government’s ability to raise taxes is called its fiscal capacity.

 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.
a. Direct Taxes
b. Indirect Taxes
Direct Tax
An Income tax is a tax that government impose on financial income generated by all entities
within their jurisdiction. By law, businesses and individual must file an income tax return
every year to determine whether they owe any taxes or are eligible for a tax refund.

 Financial year – A year as reckoned for taxing or accounting

purposes.
 Assessment year – Assessment year is the year immediately following the financial year
wherein the income of the financial year is assessed.
There are some examples of Direct Taxes like:

1. Income Tax
2. Corporate Tax
3. Wealth Tax
4. Gift Tax
5. Estate Duty
6. Expenditure Tax
  Income Tax is a tax imposed on individuals or entities that varies with respective
income or profits. Income tax generally is
computed as the product of a tax rate time’s taxable income. There are 5 different
heads of income sources for tax:
1. Salary
2. House Property
3. Profit & Gains from Business & Profession
4. Capital Gains
5. Other Sources

We calculate tax on financial year income in assessment year in which year we are calculating the
income tax. These are filing ITR necessarily:
1. Individual/Proprietors
2. Firms
3. Trust/ NGO’s/Societies/Association Of Persons/Body Of
Individuals.
4. Companies
5. Local authorities/Municipality

Indirect Tax
An indirect tax is a tax collected by an intermediary from the person who bears the ultimate
economic burden of the tax. The intermediary later files a tax return and forwards the tax
proceeds to government with the return. GST is the most prominent example of Indirect tax
levied in India on the supply of goods & services. GST is levied at every step in the
production process, but is refunded to all parties in the chain of production other than the final
consumers. Goods & Services are divided into five tax slabs for collection of tax – 0%, 5%,
12%, 18% and 28%.

Petroleum products, alcoholic drinks, electricity, and real estate are taxed separately by the
individual state governments. India adopted a dual GST model, meaning that taxation is
administered by both the Union & State governments. Transactions made within a single state
are levied with Central GST (CGST) by the Central government and State GST (SGST) by
the State governments. For inter-state transactions and imported goods & services, an
integrated GST (IGST) is levied by the Central government.
The GSTN software is developed by Infosys Technologies and IT network is maintained by
the NIC. “Goods & Services Tax” Network (GSTN) is a non-profit organization formed for
creating sophisticated network, accessible to stakeholders, government and taxpayers to
access information from on a single source (portal).
 CHAPTER 4
LEARNING,
CONCLUSION AND
SUGGESTIONS
SUGGESTIONS AND RECOMMENDATIONS

Though the organization is really good at everything and everything is well maintained and
managed. But still there are some chances of improvement whether it is a human being or any
organization till there are improvements and chances to develop and grow, the organization
must improve itself at its best. In my opinion some of the suggestion/recommendations are:

 They have good opportunity to introduce the ISO standards training program which no
other firm is giving to customer.
 Try to adopt new technologies that their competitors are not using.
 Make a network that allows its customers to negotiate with them easily.
 In comparison with their competitors, Sreenivasulu CA & CO. has an edge in making an
accurate and error free report.
 The local economy continues to be strong and we believe our typical clients will
continue to flourish.
 The company has mostly professional educated human resources, which are the biggest
threat for their competitors.
 Sreenivasulu CA & Co. strongly needs to improve its network firms so as to be counted
among one of the extensively know firms in India. The partner needs to make the best
use of their goodwill to bring more clientage and reputation to firm. They need to offer
the audit services at most economical cost with the assured quality services to retain and
expand clients.
 The infrastructure and working condition reviews can improve the working efficiency of
the trainees. Audit and Assurance is the tough job. Some motivational meetings and
mentoring exercises would bring good feel among employees for their work. Time to
time financial bonuses or performance incentives will energize the staff.
 LIMITATIONS

 They have a small staff with limited skill set in many areas.
 Less number of staff members.
 Developments in technology are changing this market. Sreenivasulu CA & Co. needs to
adopt new technology and adapt to the changed market realities.
 Change in government policies and procedures may act as threat for company.
 A small change in focus of large competitor might wipe out any market position achieved.
 Sreenivasulu CA & Co. has many competitors. Under certain circumstances stiff competition
can threaten the margins and hence the survival of the firm.

CONCLUSION

 Sreenivasulu CA & Co. is overall one of the profit making and reputed firm of Earth. The
organization since its very first day is devoted to providing quality services. The detailed and
through review of work and clients’ trust shows the perfection with which it is working.

 The firm has earned a distinction of being placed in the category 'A' in the list of panel of
auditors maintained by State Bank of India. Moreover, only these “A” category firms can
audit of listed companies.

The Institute of Chartered 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.