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A Project Report: ON Summer Training Undertaken at A.K.A & CO
A Project Report: ON Summer Training Undertaken at A.K.A & CO
PROJECT REPORT
ON
Submitted by
Arjit Maheshwari
BCMH1CF11012
Batch of 2011-14
At
June-July 2013
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DECLARATION
Place: Etah
Date:
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ACKNOWLEDGEMENT
It is a great opportunity & pleasure for me to express my profound gratitude to wards all the
individuals who directly or indirectly contributed towards completion of this report.
Working on this report was a great fun, excitement, challenges and a new exposure in the
field of finance. I am greatly in debated to under whose guidance and concern I am able to
bring the report into its real shape.
Arjit Maheshwari
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INDEX
Chapter 1: 5
1
Introduction
Chapter 2: 6
2
Industry Profile
Chapter 3 10
3
Company Profile
Chapter 4 12
4
Objective of the Study
Chapter 5 13
5
Job / Work Description
Chapter 6 26
6
Achievements & Learning
Chapter 7 27
7
Suggestions
Chapter 8 29
8
Limitations
30
9 Conclusion
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Organization is working as a 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.
Mission of ICAI:
These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.
Organizational Structure
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A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which
the items are represented as being "above," "below," or "at the same level as" one another
and with only one "neighbour" above and below each level. These classifications are made
with regard to rank, importance, seniority, power status, or authority. A hierarchy of power
is called a power structure.
• Partners
• Directors
• Senior Managers
• Managers
• Supervisors
• Senior Trainee Students
• Junior Trainees
Partners are often the founders of the firms. Most of the firms’ names are associated with
the names of partners. They are basically the main parties who issue and sign any report
(specifically audit report) on behalf of the firm. Partners mostly communicate with the
Senior Managers. In other words, the progress of any report and any inquiry is made from
the Senior Managers and hierarchal structure is strictly followed to avoid any disruption.
Managers are inquired of by Senior Managers and mostly manager manage audit field
works etc and after field work managers with cooperation of senior managers makes and
finalize any audit report to be issued. Senior Manager is a qualified Chartered accountant
having more than 10 year working experience.
Field work and information collection and implementation of policies by adopting changes
in rules & regulations is the main responsibility of supervisors and trainees. They use
different kind of techniques for error and fraud detection.
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A.K.A & Co. Is having its head office in Etah. Almost all the controls and regulations are
dealt at head office in Etah. All the offices constitute different number of departments who
basically handle their respective functions. The major departments include
Firm emphasis 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 place priority in deploying audit teams to
clients who are well equipped with the specific industry knowledge, experience and are
professionally sound.
• Tax & 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
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provides ready references and timely solution in complex situations. Firm provides a
comprehensive range of tax services which includes;
In A.K.A. & 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.
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department is to provide a good working environment for staff and try to make by
facilitating them and arranging some recreational activities for them. HR knows the real
worth of its employees so cares for them and motivate them to work more efficiently and
diligently.
The hierarchy adopted by A.K.A. & Co. is in accordance with the legal structure a CA firm
shall have. Although the ICAI rules permit of not having the supervisors and does not make
it mandatory having senior manager and manager, yet this goes as additional benefit for the
firm of having such an extensive hierarchy.
COMPANY PROFILE
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Accountancy firm rendering comprehensive professional services which include audit,
management consultancy, tax consultancy, accounting services, manpower management,
secretarial services etc.
CORPORATE SERVICES
• Incorporation of company
• Clause 49 review for compliance with fiscal, corporate and tax laws
AUDIT
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