Sip Report 1
Sip Report 1
SCHOOL OF BUSINESS
ON
SUBMITTED TO:
SUBMITTED BY-
UID-22MBA10319
MBA-Batch 2022-24
Introduction to the Company.
KSN & 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. KSN & 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
KSN & CO. is having its head office in KOLKATA, Almost all the controls and regulations aredealt at
head office in KOLKATA. All the offices constitute different number of departments who basically
handle their respective functions. The major departments include:
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 KSN & 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.
Correspondence Department: -
It handles with all the correspondence of the firm by sending the solicited and
unsolicited information from time to time. Effectively and efficiently manage
the day-to-day operations of the Correspondence. Interact with clients to resolve
policy and customer issues. Identify trends and remove obstacles in Statement
production and delivery by properly maintaining record of all communication
for future reference.
HR Department: -
The hierarchy adopted by KSN & 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
CORPORATE SERVICES
Incorporation of company
Consultancy on Company Law matters.
Advisory planning for Mergers, Acquisitions, De-mergers, and
Corporate re-organizations.
Filing of annual returns and various forms, documents.
Clause 49 review for compliance with fiscal, corporate and tax
laws
Secretarial Matters including share transfers
Maintenance of statutory records
Consultancy Services on Public/Rights/Bonus Issue of shares.
Change of Name, Objects, Registered Office, etc.
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.
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.
Project Financing: -
Companies need funds to grow their business. Experienced CA can prepare
project report for loan financing to ensure that you get best eligible amount in
the shortest time. Generally, fees are charged as percentage of financed
amount.
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.
TDS Return: -
Income tax act requires TDS (Tax Deducted at Source) deduction file the TDS
return on periodic basis by mentioning TAN No.
Tally Accounting: -
Tally is most used accounting software. Small and medium sized business can
take services from CA firms who can allocate accountants to handle accounting
for your business.
Statutory Audit: -
Get the statutory audit of your company under Companies Act from
experienced CA firms. Statutory Audit is compulsory for any type of company.
Tax Audit: -
Tax Audit is requirement of Income Tax Act for companies/large businesses.
Tax Audit Report helps in compliance of income tax laws & highlights key tax
related information. Experienced CA firms can help in reducing non-
compliance of income tax laws.
Internal Audit: -
Internal Audit & Internal Financial Control Testing is needed as per Companies
Act. Internal Audit is not as compulsory as Statutory Audit. Internal auditor can
add value to your business to arrest leakage & improve control and efficiency.
AUDIT
I choose to work with KSN & 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 practical 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 andobjectives.
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 analyse 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 details.
Expose student to the environment & expectations of performance on part
of accountants in professional accounting practices.
Enhance & expand the student’s knowledge of particular areas of
accounting.
Expose the students to professional role models or mentors who will
provide the student with support in the early stages of the internship & provide
an example of behaviour expected in the internship workplace.
Expand networks of professionals’ relationship & contacts.
Develop a solid work ethic & professional demeanour as well as
commitment to ethical conduct & social responsibility.
Develop time management skills and the ability to be responsible for more
than one project at a time.
Develop organizational skills to complete the project in a timely manner.
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.
Nand Kishore Sharma gave me training session about TDS returns and
computerized accounting in tally software and also shared his practical
experience with meand gave me some techniques of this process. He also
guided me that how toprepare VAT/GST return and filing data in income
tax return preparation software.
The implications studies performed on the Core Purpose and Vision Statement
at various Forums revealed that CAs working in all segments of the profession
have common points from which they will drive change. An overview of the top
rated implications from the Forums, along with examples for segments of the
profession, are as follows:-
Major implications
Pro-active advice and specially tailored services built from detailed knowledge and
understanding of the client's business and industry. In effect, general practice will essentially
be a specialty.
Assessing companies' identification of risks and the control systems designed to
respond to those risks.
Working closely with internal auditors to test compliance with control systems.
Extending the range of assurance services to current users of annual statements (for
example, by taking a more active role in fraud detection, giving opinions on long-term
shareholder value and non-financial performance measures).
Increasing the relevance of audited financial statements to a broader range of
stakeholders.
Using audit skills to offer assurance in new sectors such as environmental
information, tendering procedures and quality control.
Increasing the timeliness, and therefore relevance, of auditing by giving opinions on
reporting systems producing financial information for the markets on a monthly or quarterly
basis.
Developing databases from which auditors can extract, and give their opinion on, the
specific financial and commercial information requested by users.
Developing new assurance reports on pensions to meet the needs of an aging
population - for example, reporting on whether the systems used by investment managers are
adequate to protect a pension fund's investments.
Providing the new assurance reports that may also be needed in the public sector and
by quasi-governmental agencies such as municipalities and cooperatives.
New Rural / Welfare schemes taken up by Government, Public Expenditure through
Government Departments monitoring of special functions on behalf of various,
Government/other authorities and agricultural operations are some of the new areas which
will come under the purview of our profession.
Offering sophisticated audit services to other parts of the Globe as the barriers to
cross-border services are dismantled.
Developing ad hoc assurance reports for (and perhaps even irectly to) third parties
such as banks and credit agencies - particularly in respect of smaller businesses There may
even be a need for assurance on specific items, such as stock & receivables, rather than on the
financial statements as a whole.
Internal audit, however, is one area where the number of ccountants could increase.
Although limited in terms of overall employment potential, we believe internal audit will
become much more important within large organizations. Internal auditors will, in effect,
become risk and control consultants working on the development and enhancement of new
systems, products and processes. They will also be involved in due diligence work, which
will be seen as providing a credible starting point for a successful career in business.
Financial Reporting
The internationalization of business and the harmonization of reporting standards will
increase the pressure to raise the quality of financial information and be fully consistent
across national boundaries.
At the same time, management and financial accounts are likely to converge with
non-financial performance measures, as companies and stakeholders demand greater value
from the financial reporting process. Although, the analytical and interpretative functions
(including benchmarking) are likely to remain the preserve of skilled professionals, those
professionals will not necessarily be accountants.
Small companies, on the other hand, are likely to see a significant simplification in
their statutory reporting requirements.
This simplification, coupled with increasing competition and new technology, will
reduce the amount of financial reporting support, which small companies need from
Chartered Accountants. But this effect may be partially offset by demands from banks and
other third parties for customized financial reports.
The drive for greater accountability and efficiency will open up new financial
reporting and auditing opportunities in the public sector.
Tax Compliance
We believe that tax compliance services have some (limited) scope for expansion. But
we also believe that tax compliance will be an unattractive area for many practitioners -
except possibly as a semi-detached adjunct to the main practice of those able to exploit
technology to handle high volumes profitably.
Self-assessment and the broadening of the groups of taxpayers having to complete tax
returns will mean more people will be looking for help.
But work in this sector will be increasingly driven by technology and will need only a
relatively small number of trained tax staff in supervisory roles. Margins will be low because
of the competition from ex-income tax staff, tax shops and unqualified advisers made
possible by the low barriers to entry.
Annual compliance work will, of course, continue to be a platform from which
accountants can sell other advisory services. But even here we may well see other
competitors moving 'up market' into advisory roles.
Becoming more accountable for bottom-line results i.e. tax as a percentage of pre-tax
profits.
Developing much closer ties with the finance function in planning and executing tax
strategies.
Developing international financial products.
Campaigning against Finance Bill provisions, which are not in the company's interest.
Integrating tax planning into long-term strategic planning and setting benchmarks for
judging success.
Advising on the organization and accountability of tax staff.
Responding to uncertainties caused by the changing judicial approach to the
interpretation of statute law.
Managing the outsourcing of direct and indirect tax compliance work.
Corporate finance
Insolvency and corporate recovery
Facing troubled times, many a corporate require restructuring and corporate recovery
process, which involves more of partners time and less of juniors time.
Firms that can operate across borders have the resources to develop industry
specialisms, and can exploit technology to trace assets and automate procedures, will have a
major competitive advantage.
Management consultancy
New opportunities for the profession will pose challenges to both individual
Chartered Accountants and the Institute of Chartered Accountants in India. The challenge for
the profession as a whole, and for the different stakeholder groups within the profession, is to
adopt a structure and mindset that can rapidly adapt to the changes in the profession and
business community. A core skill will be change management with willingness to abandon
the old and move toward the new.
CABS - CABs is the acronym for Chartered Accountants who work in the business
community. However this group also includes Chartered Accountants who work in
government and academic organizations.
Significance of the Report to the Company.
The concept is often associated with providing personalized, actionable
financial planning for individuals. That being said, financial advisors can also
be valuable resources for entire businesses, providing insight on corporate
governance, financial risk, and customer and supply chain operations.
Our Firm, Providing curriculum and teaching approach developed student
creativity, resilience and practical skills to enhance their opportunities for better
employment/ trading financial market.
It, provide the motivation &inspiration for students to be achiever, and to be
able to apply learned knowledge in real world environment by understanding
the fundamental & practical aspects of trading.
Limitation.
They have a small staff with limited skill set in many areas.
Less number of staff members.
Developments in technology are changing this market. KSN & Co. needs to adoptnew
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.
KSN & Co. has many competitors. Under certain circumstances stiff competitioncan
threaten the margins and hence the survival of the firm.
To learn how to communicate with clients and our partners , shareholders and
our teams.
With this project I will be confident that I can write what I learns and to know
my potentials.