THE INSTITUTE OF FINANCE MANAGEMENT

FACULTYOF ECONOMICS  AND  MANAGEMENT  SCIENCE    

DEPARTMENT  OF  ECONOMICS  AND  TAX  MANAGEMENT  
BACHELOR  OF  ECONOMICS  AND  FINANCE   
YEAR II
ACADEMIC YEAR 2020/2021
A FIELD REPORT AT

Baker Tilly DGP & Co DAR ES SALAAM, TANZANIA.

NAME: ISIDORI DAVIS JACOB

REG NUMBER: IMC/BEF/2010329

SUPERVISOR: MR. ABDULFATTAH

SUBMISSION: 11th JANUARY 2022

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 ACKNOWLEDGEMENT

To God be the glory and honor, for the grace and mercies during the entire period of the
academic year. I thank God for the gift of life and good health that he provides to me
every day. I would also like to extend my appreciation and gratitude to all those that
contributed tremendously towards the completion of this practical training.

First and foremost, I am grateful to my supervisors MR. ABDULFATTAH for your

tireless assistance and experience which guided me in enriching and completing my
practical training and report writing. But also I am thankful to my family especially to my
parents.

Moreover am indebted to my colleagues of IFM for their inspiration and help which
helped me to complete this work and for all those who helped me in one way or another.

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 EXECUTIVE SUMMARY

This is the student’s practical training report which was conduct at Bakertilly Dar es
salaam, Tanzania, that took place in 8 weeks (two months) from 16 th August 2021 to 8th
October 2021. This Practical training is aimed to apply theories taught in class in the
whole academic year and to improve efficiency and skills in various areas such as in
report writing, personal presentation and time management.

Chapter one explains deeply about Bakertilly, the historical background of the company,
the activities performed by the company, the vision and mission of the company, the
organizational structure of the company, roles, staff’s performances, and other associated
activities that Bakertilly is associated with.

Chapter two explains about the tasks undertaken during the practical training which
included preparation of financial statements, bank reconciliation, VAT filling and use of
the tally accounting software. Lessons learnt included use of excel in drafting financial
statements, navigating through the tally accounting software and filling of VAT returns
online.

Chapter three gives a description about relationship existing between a class theory and
what was conducted during the training at Bakertilly. The different accounting theories
that were taught in class helped to guide the practical application during the time of
training at bakertilly.
Chapter four gave conclusion and also gave recommendations concerning on the practical
training that took place. Such that the students suggested that Bakertilly should take into
consideration students who they accept for field training purposes, by allocating the
students in departments which they are fully competent. To IFM, the gap between theory
and practical training was observed. Therefore IFM should put more emphasis on
theories that are applicable in the real market.

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 LIST OF ABBREVIATIONS

 AS- Accounting Standards

 CAG - Controller and Auditor General
 ERM- Enterprise risk management
 ERP- Enterprise resource planning
 IFM - Institute of finance management
 IFRS - International Financial Reporting Standards
 IT- Information Technology
 TIN - Tax Registration Number
 TRA - Tanzania Revenue Authority
 VAT - Value Added Tax
 VRN - VAT Registration Number

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 TABLE OF CONTENTS
ACKNOWLEDGMENT....................................................................................................2

EXECUTIVE SUMMARY..............................................................................................3

CHAPTER ONE................................................................................................................7

INTRODUCTION..........................................................................................................7

1.1 Overview of the chapter........................................................................................7

1.2 Overview of field placement.................................................................................7

1.3Background of Bakertilly.......................................................................................7

1.4 Mission.................................................................................................................. 7

1.5 Functions perfrormed by each sector at Bakertilly................................................8

1.6 Review of Bakertilly............................................................................................10

CHAPTER TWO.............................................................................................................11

WORK DONE AND LESSON LEARNT....................................................................11

2.1 Introduction.........................................................................................................11

2.2 Task and Lesson Learnt.......................................................................................11

CHAPTER THREE..........................................................................................................15

ANALYSIS..................................................................................................................15

3.1 Introduction.........................................................................................................15

3.2 Practical side of the Theory.................................................................................15

3.3 Skills learned and enhanced.................................................................................15

3.4: skills lacked........................................................................................................16

3.5 Career Planning and Ambition............................................................................16

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 CHAPTER FOUR........................................................................................................17

CONCLUSION AND RECOMMENDATION...............................................................17

4.1 Introduction.........................................................................................................17

4.2 Conclusion...........................................................................................................17

4.3 Recommendations...............................................................................................17

REFERENCE................................................................................................................... 19

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 CHAPTER ONE
INTRODUCTION
1.1 Overview of chapter
This is the first chapter of the student’s practical training report, it comprises of the over
view of the field placement, historical background of Bakertilly, mission, vision,
organization structure and services offered by this company.
1.2 Over view of the field placement
Practical field training is aimed to apply theories taught in class in the whole academic
year and to improve efficiency and skills in various areas such as in report writing,
personal presentation and time management.
The practical training took place at Bakertilly, from 16th August 2021 to 8th October 2021,
total of eight weeks (two months). The Training took place in its departments which are
Accounts department, Audit department, Tax department and Administration.
1.3 Background of Bakertilly
Bakertilly is a firm of Certified Public Accountants in public practice
since 1956. It is one of the oldest audit firms in Tanzania and is currently recognized as
one of the leading medium sized audit firm in Tanzania, East Africa. In November 2019,
the firm completed 63 years of professional services to Tanzania. By virtue of which the
company has experience over a broad spectrum of industries and services.
Baker Tilly DGP & Co, trading as Bakertilly is a member of the global
network of Baker Tilly International, the members of which are separate and independent
legal entities. The Bakertilly international is a top ten global network of independent
accounting and business advisory firms, which has 146 members serving independently
across different countries in the world, in nearly 750 offices, with more than 36,000 staffs
that serve clients of every sector and size who look to Bakertilly for the insights needed
to accelerate their growth.

1.4 Mission
The mission of bakertilly stands firm because the company is dedicating
itself into making the following commitments:
 Lead by example
 Deliver a quality service with an emphasis on integrity
 Are open and honest in all communications
 Act ethically
 Foster teamwork and collaboration with other member firms
 Maintain a supportive environment in which their individuals can flourish.
These values of Baker Tilly define what the company stands for and how it does things,
forming the basis for a consistent approach to service delivery in Tanzania.
The company’s mission is “To Provide Focused Value Added Services”.

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 1.5 The Funtions performed by each department at Bakertilly

As explained before that Bakertilly has several services ptovided

by the existing departments in the company
 Account Department

The accounting department at bakertilly deals with providing the

services which are focused in outsourced accounting and compliance. Accounting and
Book keeping can be both one of the most essential and most onerous tasks facing a
business. Bakertilly provides a full range of services to support the book keeping
requirementsof a company, provided by Bakertilly’s in-house book keeping bureau.
Tailored to the needs of each client, Bakertilly combines core book
keeping services with other services such as accounts preparation, VAT recording and
reporting and payroll to provide a comprehensive service for any company finance
support needs.
To any company either new or existing worrying about VAT, payroll and
taxes, Bakertilly takes the non-core challenging parts of running a business off their plate
to give them more time, less stress and accurate finances, helping them do what they do
best and grow their businesses.
Accounting & Compliance services provided by Bakertilly include:
Accounting and Bookkeeping up to finalization, Preparition and filing of, Monthly VAT
returns, Payroll processing and taxes (PAYE/SDL), Withholding Taxes, City Services
Levy, Half yearly returns (Payroll and Withholding Taxes), Income tax returns
(Provisional & Final), Social Security Deductions and Payment and Excise Duty Returns
Preparation & Payment.
 Audit Department.
The financial reporting environment has changed significantly within the last
decade, and many businesses are still grappling with the new concepts and requirements
introduced by the slew of new accounting standards.
A company, company’s stakeholders and society wish to have assurance with regard to a
company’s figures. An audit will provide that assurance. During an audit, there is an
investigation into whether the business processes and supporting IT systems in an
organization produce reliable data and financial data. These data form the basis for the
annual accounts or the subsidy accountability. Corporations can count on a thorough and
complete investigation of the annual accounts at Baker Tilly.
At Baker Tilly, the dedicated specialised Quality Assurance & Technical Department, as
well as the access to a global methodology, audit technology platform and network of
technical teams around the world, allows bakertilly to be at the forefront of all these latest
changes affecting different industries.
The risk-based audit methodology allows bakertilly to thoroughly understand an
organisation, key business risks, operations and financial processes. This understanding

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forms the foundation for a highly effective audit that gives stakeholders confidence and
trust in the integrity of an organization financial statements.
The over Six Decades of experience, resources and expertise across various industries,
allows an organization to focus on growing its business, having an assurance that ther
statutory obligations are in order, and also provides investors with the confidence that the
checks and balances are in place.
The Audit & Assurances services include:
Statutory audit, Governance advisory, Forensic audit, Expenditure Verification,
Due diligence, Compliance audit, Donor funded project audit, CAG audit, Interim
Reporting, Capital markets transaction reporting, Reporting under IFRS / Indian AS,
special audits and reviews.
 Tax department
With the ever increasing complexity of taxation and the penalties for non-
compliance, Bakertilly’s portfolio of tax accounting services can provide invaluable
support for an organization business.From the day to day running of the business to
planning for the future, bakertilly’s tax accounting services ensure that the organization
understand both the tax obligations and the options the organization will have for future
change.An effective tax strategy is imperative for every individual and every
organisation, not only to ensure that they do not fall foul of tax legislation but also
because of its cash impact. This requires a thorough understanding of tax laws and
regulations that can be challenging to navigate through.
At Baker Tilly, the experienced tax advisors help give different clients peace of
mind knowing that they have fulfilled their tax obligations correctly, allowing them to
focus on growing their business.
Tax Advisory services include:
Strategic tax planning, Corporate and Business Tax Advisory, Transfer Pricing
& Cross border tax planning, Acquisitions and investments related tax advice, Tax audits,
Investigation Support and certification, Client representation, VAT Refunds and Tax
health checks & Tax Compliance.
 Governance Risk and Compliance department.
Governance Risk and Compliance in business includes the methods
and processes used by organizations to manage risks and seize opportunities related to the
achievement of their objectives. It is a plan-based business strategy that aims to identify,
assess, and prepare for any dangers, hazards, and other potentials for disaster both
physical and figurative that may interfere with an organization’s operations and
objectives.
At Baker Tilly an organization could avail of Governance Risk &
Compliance services that will allow the competency and skills of an experienced team of
risk resources. bakertilly’s endeavor is to bring an organization practical and cost-
effective advice tailored for a company. The Governance & Risk Management services
encompasses Risk Framework Design, Implementation, Risk Gap Analysis, Risk
Identification and Risk Assessment, Risk Analysis, Risk Evaluation, Risk Reporting,
Risk Remediation, Risk Management and Compliance Framework.

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 At Baker Tilly you can avail the following ERM Services:
Internal audit services, IT Audit & Advisory services, Forensic Audit,
Financial, Due Diligence, Operations Advisory Services.
In Tanzania, compliance being a vital challenge to most of the corporations,
Baker Tilly has developed a proprietary Compliance Management Solution tailored to the
statutory requirements of the Laws of United Republic of Tanzania.

1.6 Review of Bakertilly

Through the critically analyzed functions and services provided at
bakertilly,  Baker Tilly DGP & Co has the apt ability to provide high quality audit &
assurance, taxation advisory, enterprise risk management, corporate finance, accounting
& business advisory, compliance management solutions, ICT & financial advisory
services to multinational corporations, large conglomerates, public sector units, non-
government organizations and SMEs, across all industry sectors in Tanzania.

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 CHAPTER TWO
TASKS AND LESSON LEARNT
2.1 Introduction
This is the second chapter of the practical training report; this chapter comprises the
description of the tasks undertaken during the training and lessons learned from those
tasks undertaken

2.2 Tasks and lesson learnt

During two months of practical training at Bakertilly, students were admitted to Accounts
department in section of Accounts and were assigned different tasks which were
performed well. The aim was to build up an experience and to understand how Accounts
as a subject really applies in the real practical world.

1.2
2.2
2.1.
2.2.
2.2.1. Training on Accounting tools
In this section training was provided on accounting tools and Bakertilly uses
Tally accounting software for its conducting of accounting activities. Tally is an ERP
accounting software package used for recording day to day business data of a company.
The latest version of Tally is Tally ERP 9. Tally ERP 9 Software is one acclaimed
financial accounting system and inventory. Management system with power computer.

In this task the students learnt how the tally accounting package is used and how
to generate reports on different transactions which are recorded in the software an also
how to navigate through the tally accounting software. In addition the training on tally
accounting software gave a wide understanding to students at the field practical training
that nowadays using book accounting is not an only choice instead the accounting
software’s such as tally are there to ease the work.
2.2.2. Drafting of statements of financial position for different companies.
In this section tasks were provided to draft statements of financial
position for different companies which were clients to Bakertilly. Those companies
include Rising star Activity Centre, Coastal Dredging, Domus international company
limited, Kibo Training Limited, and many others that Bakertilly is subjected to for
services.

The lesson acquired from this task is on how to carefully use the Microsoft excel
for the drafting of statement of financial position through the format set and followed by
Bakertilly in the excel sheet. The statement of financial position is extracted and posted
to the excel from the trial balance which is available in the Tally. Also the use of different
formulas that are applied to balance the digits in the excel were carefully learnt and used

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to draft the statement of financial position for the companies which were clients to
Bakertilly.

2.2.3. Introduction to VAT and filling of VAT returns for different companies.
In this sections an introduction and overview was given on VAT and its
components and tasks were assigned to file VAT returns for different clients of
bakertilly.

In this section lessons on VAT were acquired. VAT (Value Added Tax)
refers to the consumption tax charged on taxable good, services, immovable property of
any economic activity whenever value is added at each stage of production and at the
final stage of sale. Different concepts were learnt such as TIN which is Tax Identification
Number and VRN which is the VAT Registration Number given to every person whose
chargable income is 100 million. Knowledge was also acquired on the steps for filling
VAT returns on the TRA website link which are:
 Prepare excel sheet for VAT flling
 Register your company information to have username and password
 Log in to the account registered
 File VAT
Also, learned that in order to file VAT returns taxable supplies, exempt supplies,
tacable purchases, exempt purchases, and others related are required in the filling and the
date for VAT payment is on 20 th day of the following month of the business and late
submission can lead to penalty given to the company by TRA.

2.2.4. Preparation bank reconciliation statement

Bank reconciliation statement is a document reconciles the differences
between bank statements and the cash book. At the end of each month Bakertilly’s
accountants have to prepare bank reconciliation statement so as to ensure that balance
available in the bank corresponds with balance in the books.

Lesson learned from this activity is that most of the times the bank balances
fails to corresponds with the cash book balances due to various reasons such as bank
charges, credited cheques, uncredited cheques, and many others hence it is the
responsibility of the accountant to reconcile the differences between the two books.

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2.2.5. Simple audit
Audit is an important term used in accounting that describes the examination and
verification of a company's financial records. It is to ensure that financial information is
represented fairly and accurately. As explained before that Bakertilly provides audit and
compliance services, task were assigned to conduct simple audit whereas the Opening
balance test was conducted.

In this section lesson learnt is that during the opening balance test one may
recognize that sometimes the opening balances and closing balances may differ due to
goods in transit or Transit goods so, checkup has to be done before full audit to asses
risks which can be involved.

2.2.6. Posting of Entries in Tally

In this section, task was given to enter different entries on the tally accounting
software

Knowledge was acquired on how to enter entries in tally where as several

components that are important. The opening balances of the current financial year must
be the same as from the previous year, in tally any correction made can be corrected
through alteration that can either create or alter the information, narration can be done in
tally and it gives the description of the journal entry, how to exchange currencies by
using foreign exchange rate,checking of more information on the company its features
and how to configure in the tally accounting software and many other things that can be
performed in the tally accounting software.

2.2.7. Scanning of Accounting Documents

In this section task was given to scan accounting documents for Ivory Tower Ltd
which were in hard copies in order to be converted into soft copy for entry of different
transactions done by the company.

Lesson learnt from this task is that its easy to share documents when they are
scanned and the documents involved are receipts from bank, different invoices, bank
statements and others which are importantly required for accounting purposes.

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 Challenges Encountered
During the field practical training, students faced the following problem which
made the field practice a little complicated for the students at Bakertilly. Students were
given some tasks were seemed irrelevant to the theories learned in class by the students.
Another challenge was lack of enough supervision being that many of the employees had
other tasks to perform hence the supervision of the trainees at bakertilly was not
sufficient to enable the students to learn the activities properly.

This challenge was eliminated through provision of training theoretically by the

Bakertilly staffs who provided knowledge on how to tackle the difficulties in the
performing of the tasks assigned hence, providing light to the students on how to do the
tasks without facing many difficulties hence, making the field practice a success for
them.

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 CHAPTER THREE
ANALYSIS
3.1 Introduction.
The intention of this chapter is to explain the relationship between the activities
done during the practical training with the theory that was taught in class and how the
works had done have helped in attaining the objective of the practical training.
3.2 Practical Side of the theory.
The various tasks student performed during practical training has been of help
to transform the theoretical knowledge into practical whereby it has helped in one way
another. The students were able to apply theories like, the theory of double entry which
explains that each business transaction had to be recorded twice. Also, the knowledge on
the concept like trial balance and how to balance, the balance sheet, and other accounting
theories that were learnt in class were a huge help to the success of this field practice.
Through the conducting of this field practice for the two months has raised an awareness
that it is true that the field practices are there to bridge the gap between what is learnt in
class and what is really happening in the real world.
3.3 Skills learnt and enhanced
The different tasks that student was assigned and able to perform during
practical training at Bakertilly have played a huge role in helping students enhance and
acquire different skills and knowledge which include;

3.3.1 Skills of using Tally accounting program, and use of Excel

Students gained skills on how to prepare different organizational documents
such as bank reconciliation statement, preparing of financial statements, filling of VAT
returns, performing insertion of entries in Tally accounting software and many other
intellectual skills that students gained have been helpful to students and the company at
large.

3.3.2 Interpersonal skills.

These skills involved how to work and cooperate with other workers in an
organization. Through the interaction of students and Bakertilly staffs, students gained
skill of how to work with other people in order to achieve the organizational goals.

3.3.3 Communication skills

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 Also students gained skills on how to communicate with other staffs at
different time e.g. When the Chief accountant is speaking to you stop everything even if
you were on a phone call, how to talk to the clients and interact with them. Most of the
communication skills the students were taught by the Bakertilly staffs.

3.4 Skills lacking

During the entire period of performing practical training duties, students took
note that there is a gap between theory and practice. This is due to the fact that not all that
learned in theory are really practiced in the industry. In the field experience and
competence is most used instead of theories. The skills lacked included:

3.4.1 Accounting programs.

During the preparation of bank reconciliation statement, students were
required to use accounting package which is Tally of which was not taught in class. It
was then understood that students had no skills on using any accounting package for
preparation of different accounting documents. Therefore the trainers at Bakertilly had to
teach the students first on how to use the program and then provide the task of using the
program.

It was discovered that it is easier for a student to understand clearly when

practicing in the field rather than teaching theories only. Also students can easily
remember what they learn in the field rather than theories. But these two things means
theory and practical are part and parcel because for any student in order to do practical in
an efficient manner it depends much on how well he or she has been taught in the class
though it is not a guarantee for a good working performance of student in the practical
training

3.5 Career plans and ambitions

During practical training as students met different people who at some
point helped in boosting the career path since from them as a student was able to take
some experience, some of the employees are well experienced in the field of Accounting
so they shared various ideas which have helped in knowing how the market operates and
the key qualifications one has to have so as to be able to cope with the existing market as
well as the challenges. Also the tasks undertaken have been of great help as they expose
to the world students meet after graduating this makes students feel the need to study
hard as they can so as to perform well and to become experts in the profession.

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 CHAPTER FOUR
CONCLUSION AND RECOMMENDATION
4.1 Introduction
This last chapter contains the conclusion and recommendations of the overall work
done in practical training. It gives the conclusion about the whole report and the
recommendations to Bakertilly and recommendation to IFM.

4.2 Conclusion
The practical training is a very essential tool that create link between what was
taught in class that is the theories learnt and what is practiced in the industry. It gives a
chance to the students to see how much burden he or she needs to resolve before going to
the market, it also provides an opportunity to the student to think and investigate
opportunities available in various companies. Apart from benefits student got during
practical training.

4.3 Recommendation

4.3.1 to Bakertilly
Bakertilly should accept more students for the field practice because there are
only few students accepted for field practice at this company. Also there should be more
departments at the organization which will enable students to work in the departments of
which are relevant to their courses for example finance department should be added in
order to help students who study economics and finance to be able to acquire skills from
theories learnt from the course modules in class.

4.3.2 to the Institute of Finance Management

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During the time of practical training, gaps in teaching between theory and practical were
observed to a vast extent, the following are the recommendation in improving the gaps
between theory and practical. Apart from computer applications taught in classes, the
time of learning computer program especially Microsoft office and Account package
programs should be increased for those taking Bachelor of Science in Economics and
Finance for year one instead of these will enable a student to be convenient with the
profession of computer applications and simplifying the understanding of the software
before doing it practically when performing the profession and also priority on
communication skills should be made so as to enable students to be able to communicate
during the practical training and also for their future benefits, all rating system that are
used in the market of Finance, should be taught in class in order to make a student to be
aware with what current exists in the market, moreover the institute should also make
proper arrangements for students not to get difficulties to perform the field practice
because students hinder the acceptance of field practice in some organization hence
making it difficult to perform the field practice.

4.3.3 to students

Field practical training is very essential to students hence, students are supposed to
attend the field trainings because it improves their knowledge on what is learnt in class
and what really happens in the real world hence students become aware. Field training
also helps students to develop careers for after school hence, they do not get obstacles in
the employment industry after school.

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REFERENCES
https://bakertilly.co.tz/

https://corporatefinanceinstitute.com/resources/knowledge/accounting
https://www.tra.go.tz/
student logbook

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