INTERNSHIP REPORT

Submitted to
THE UNIVERSITY OF KERALA
In Partial Fulfillment of the Requirements for the Degree Of

MASTER OF COMMERCE
Submitted by
MIRIYA SARA EAPEN

Under The Supervision Of

Ms. AMALA K. ALEXANDER
(professor P.G Department of commerce)

P.G DEPARTMENT OF COMMERCE

MAR THOMA INSTITUTE OF SCIENCE & TECHNOLOGY
(affiliated to university of Kerala)
Ayur P.O, Chadayamangalam, Kollam(Dist.)
Kerala 691534
2019
 DECLARATION

I hereby declare that the internship report entitled “An Organisation Study in Jibin Jose and
Associates-CA firm, Kottayam” is a bonafide work done by me and is submitted to the
University of Kerala, in partial fulfillment of the requirements for the award of the Degree of
Master of Commerce, is a record of original work under the guidance of Ms.Amala K
Alexander, Assistant Professor of Department of Commerce,Mar Thoma College of Science
and Technology, Chadayamangalam, Ayur during the academic year 2018-2020.I also
declare that no part of internship report has previously formed the basis for the award of any
Degree/Diploma/Associates ship/Fellowship or other similar titiles of this or any other
University or Society.

ACKNOWLEDGEMENT

“THANK YOU is the best prayer anyone could say. Thank you expresses extreme gratitude,
humility and understanding”.
I thank the Almighty God for guiding me throughout my internship and for showering his
blessings on me. I deeply thankful to our supervising guide Ms. Amala K. Alexander for her
valuable advice and support and for her precious time she spent to complete my report.
I express my profound sense of gratitude to Dr. Benson Kunjukunju, Head of Commerce
Department, for his advice, inspiration and guidance and I also like to thanks Dr Jacob
Thomas.
I am grateful to Jibin Jose, for giving me an opportunity to work in his prestigious firm. My
special thanks to my friends who helped me by providing the necessary information and
advices to the best of their knowledge throughout my internship.
I am very grateful to our principal Prof.Dr. Joseph Mathai for giving me the opportunity to
undergo my internship.
My heartfelt gratitude and appreciation go to my parents, who constantly kept support I would
like to express my deepest appreciation to all those who provided the possibility to complete
this report.

I would like to express my deepest appreciation to all those who provided the possibility to
complete this report.

MIRIYA SARA EAPEN

 CONTENTS

SI.NO TITLE PAGE NO.

1 Introduction

2 Company Profile

3 Service Profile

4 Industry Profile

5 Work Diary

6 Internship Report
 INTRODUCTION

An internship is a period of work experience offered by an organization for a limited specific

period. The major focus of an internship training is to acquire professional skills and abilities
in the specific field. From the student’s perspective, an internship assists with career
development by providing real work experiences that provide students with opportunities to
explore their interest and develop professional skill and competencies.
During internship, students are provided with opportunities to apply what they learned in
classes to actual practice.
This report is a short description of 14 days internship carried as a compulsory component of
M.com . The internship is carried out in JIBIN JOSE AND ASSOCIATES-CA Firm Kollam
from 24/04/2019 to 10/05/2019.Jibin Jose and Associates is a sole proprietorship firm and
started its operations in 2017.yjis internship is intended to acquire knowledge regarding the
overall working of a CA Firm and to familiarize with the auditing procedure of the firm.
The responsibility of Chartered Accountants are considered as the best in the financial fields.
And this is supposed to take up during the auditing process. Auditing is a regular process to
check the financial aspects. Everything, that is bought or sold and each payment that goes out
and comes in, has to pass through a proper procedure. This procedure is to be maintained for
the future audits.

SIGNIFICANCE OF THE STUDY

The main purpose of the internship is to get practical exposure to students about working in an
organization, building up different skills and developing overall personality. Internship helps
us to work in different accounting related fields and we gain a lot of practical knowledge and
experience.
The context of this report is the work experience of a month’s duration in Jibin Jose and
Associates Chartered Accountancy firm. The purpose of this report is to give information about
the firm in a systematic manner. Most importantly it enables to communicate about the
internship experience and inform othiss about the services being offered by the firm. This report
also acts as evidence that I have worked as an intern in this firm.

OBJECTIVES
1. To understand the working of the CA firm.
2. To get an overall idea about the auditing process.
3. To gain practical knowledge in auditing more than theoretical knowledge.
4. To compare practical aspects with theoretical aspects.

SCOPE OF THE STUDY

The internship program enable to know about the audit procedure and the overall functioning
of a CA firm. The study gives a generalized description of the firm, the auditing process and
general accounting functions of the Jibin Jose and Associates -Chartered Accountants firm,
Kottayam.

LIMITATIONS OF THE STUDY

1. The main limitation is that sufficient time was not available to conduct the detailed
study and gain experience in all the operational areas of the firm.
2. Secrecy of the firm prevents them from giving some of the details regarding the firm.
3. The study was restricted to 14 days.

COMPANY PROFIE
Profile of the firm
Jibin Jose and Associates-Chartered Accountants, is a chartered accountant firm in Kottayam,
Which was established in 2017. They have associated office at Thiruvananthapuram, Kollam,
Ernakulum, Thrissur, Calicut, Palakkad, Chennai and Mumbai.
Jibin Jose and Associates has well established systems in place and has many audit assistants,
article assistants and other staffs. At times in order to gain practical knowledge and experience,
this firm have trainee students who work in the office on various audits.
 They provide various services to their clients in addition to statutory audit performed by them.
These include:
• Internal Audit
• Attestment Service
• Tax Consultancy
• Project Consultancy Services etc.
The Chartered Accountancy is a noble profession and it is established under an Act in the
Parliament under the Chartered Accountants Act 1948. Only persons who are qualified as per
this Act can be partners of a Chartered Accountant firm. Practicing chartered accountants have
numerous statutory rights and duties, which have to be performed in a responsible manner

ORGANIZATION STRUCTURE

CA

SECRETARY OF CA

Taxation Special Audit

Income Tax & GST Compliances &
Hearing Othere Services
 Audit
5s audit

Income Tax
Statutory Audit Compliances on
co. Act

Forensic
Audit

Internal Audit Advisory Service

International
Taxation Mergers &
acquisition

Slum scale
&
Other Audit Management amalgamatio
Consultancy n

VISION
The vision is to provide best solutions in matters of accounting, auditing and finance.
They constantly strive for excellence in all related activities by ensuring the highest quality
standards. They build enduring relationship with clients by providing most cost efficient and
highly professional services. They always believe in satisfying their customers with their
world-class services to attain maximum customer satisfaction. They had defined their values
by the way of excellence, credibility and commitment towards the work they perform which
guides them to the road of success. They have been following ethical business principles to
underline the true values of our esteemed organization. They are the most trusted partners
worldwide for your financial needs and services.

MISSION
 To provide the highest quality of service to its members towards ensuring the integrity and
protecting the public interest, in discharging its role as the governing authority for chartered
accountants.

MAIN FEATURES
• Excellence
They ensure the highest quality possible in all that they do – needs analysis, training delivery,
consulting, material production and administration.
• Involvement
They provide specially tailored training and involve their clients in every stage of the design,
delivery and review process. Their training methods are interactive and participative and are
designed to stimulate and motivate the attendees.
• Responsiveness
They respond to their client’s needs as quickly as possible and pro-active wherever they feel
they can add value.
• Professionalism
Their dealings with clients, suppliers, other business partners and employees are at the highest
levels of property and professionalism

SERVICE PROFIE
SERVICES OFFERED BY THE FIRM:
The firm offers various services as listed below-
1. Taxation Service
•Computation of Income tax to individuals and LLP companies
• Consultancy on Transfer pricing
• Double taxation relief
• Tax planning
2. Audit Services
• Statutory audit
• Internal audit
• Management audit
• Stock audit
• Credit audit
• Concurrent audit
• Forensic audit
• Mergers and acquisition audit
• Amalgamation audit

3.GST registration and GST filling.

4. TDS filing
5.Income tax hiring and GST hiring, project report, book keeping, partnership firm registration,
financial analysis, valuation of business, goodwill, assets, liabilities, expenses, revenue.

MAJOR CLIENTS

1.Essior Sankar &Co Optics Pvt Ltd., Coimbatore

2. GKB Hi-Tech Lenses Pvt Ltd., Goa
3. Prime Lenses Pvt Ltd., Mumbai
4. National Projects Construction Corporation (NPCC)Limited, Bangalore

5. Eram Group, Saudi Arabia

6. ITL Group, Thiruvananthapuram
7. Plaparambil Constructions, Kollam
8. Mulamoottil Financiers Ltd., Kozhencherry
9. Mangroves Hospitality Pvt. Ltd., Kollam
10. Ananthapuri Coconut Producer Company Ltd., Thiruvananthapuram
11. South Indian Bank Ltd
12. Federal Bank Ltd
13. Canara Bank
14. Bank of Baroda

UNIT-4
INDUSTRY PROFILE

INDUSTRY PROFILE
ABOUT CHARTED ACCOUNTANCY
The Institute of Chartered Accountants of India (ICAI) is the national professional
accounting body of India. It was established on 1 July 1949 as a body corporate under the
Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional
Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI is the
second largest professional Accounting & Finance body in the world in terms of membership,
after American Institute of Certified Public Accountants.

ICAI is the only licensing cum regulating body of the financial audit and accountancy
profession in India. It recommends the accounting standards to be followed by companies in
India to The National Financial Reporting Authority (NFRA) and sets the accounting standards
to be followed by this types of organizations. ICAI is solely responsible for setting the auditing
and assurance standards to be followed in the audit of financial statements in India. It also
issues this technical standard like Standards on Internal Audit (SIA), Corporate Affairs
Standards (CAS) etc. to be followed by practicing Chartered Accountants. It works closely
with the Government of India, Reserve Bank of India and the Securities and Exchange Board
of India in formulating and enforcing such standards.
Members of the Institute are known as Chartered Accountants. However, the word
chartered does not refer to or flow from any Royal Charter. Chartered Accountants are subject
to a published Code of Ethics and professional standards, violation of which is subject to
disciplinary action. Only a member of ICAI can be appointed as statutory auditor of an Indian
company under the Companies Act, 2013. The management of the Institute is vested with its
Council with the president acting as its Chief Executive Authority. A person can become a
member of ICAI by taking prescribed examinations and undergoing three years of practical
training. The membership course is well known for its rigorous standards. ICAI has entered
into mutual recognition agreements with this professional accounting bodies world- wide for
reciprocal membership recognition

The Role of ICAI can be discussed as follows:

1. To regulate the profession of accounting in India. It carries out his function by laying down
rules of conduct for members, sending guidelines, etc.
2. To educate students to become Chartered Accountants
3. To conduct Chartered accountant’s exams in different parts of the country by giving
representation to all the states.
4. To ensure on going professional education.
5. To provide inputs to Government for policy decision making.
6. To bring out accounting standards through the Accounting Standards Board (ASB)
7. To lay down standards of performance and ethical standards to the members.
8. To conduct post- qualifications courses
9. To review and analyze financial reports, etc.
ICAI also brings out annual and periodical publications to help the members and the general
public to be abreast with developments in the field of accounting and taxation.

MOTTO AND MISSION:

The motto of the ICAI is Ya Aeshu Suptaeshu Jagruti. The motto literally means "a person who
is awake in those that sleep". It is a quotation from the Upanishads (Kathopanishad). It was
given to the ICAI at the time of its formation in 1949 by Sri Aurobindo as a part of its emblem.
CA. C. S. Shastri, a Chartered Accountant from Chennaiwent to Sri Aurobindo and requested
him through a letter to give an emblem to the newly formed Institute of which he was an elected
member from the Southern India. In reply to this request, Sri Aurobindo gave him the emblem
with a Garuda, the mythical eagle in the centre and a quotation from the Upanishad: Ya Aeshu
Suptaeshu Jagruti. The emblem along with the motto was placed at the first meeting of the
Council of the Institute and was accepted amongst many other emblems placed by other
members of the Council.
Apart from its emblem, ICAI also has a separate logo for its members. As a part of a brand
building exercise, ICAI introduced this separate new CA logo for the use of its members in
2007. The logo is free for use by all members of ICAI subject to
Certain conditions. The logo was launched by the then Minister of Corporate
Affairs, Prem Chand Gupta at the occasion of the Chartered Accountant Day (1 July) in the
presence of the then President of ICAI Sunil Talati. Members of ICAI cannot use the ICAI
emblem, but they are encouraged to use the CA logo instead on their official stationery.
The Mission of the ICAI as stated by it is: “The Indian Chartered Accountancy profession will
be the Valued Trustees of World Class Financial Competencies, Good Governance and
Competitiveness.”

HISTORY
The companies Act,1913 passed in pre independent India prescribed various books which had
to be maintained by a company appointment of a formal Auditor with prescribe Qualifications
to audit such records. In order to act as an auditor a person had to acquire a restricted certificate
from the local government upon such conditions as may be prescribed. The holder of a
restricted certificate was allowed to practice only within the province of issue and in the
language specified in the restricted certificate. in 1918 a course called a Government Diploma
in Accountancy was launched in Bombay (now known as Mumbai). On passing this diploma
and completion of three years of articled training under an approved accountant, a person was
held eligible for grant of an unrestricted certificate. This certificate entitled the holder to
practice as an auditor throughout India. Later on the issue of restricted certificates was
discontinued in the year 1920.
In the year 1930 it was decided that the government of India should maintain a register called
the Register of Accountants. Any person whose name was entered in such register called the
Register Accountant. Later on a board called the India on accountancy and the qualifications
for auditors. However, it was felt that the accountancy profession was largely unregulated, and
this caused lots of confusion as regards the qualifications of auditors. Hence in the year 1948,
just after independence in 1947, an expert committee was created to look into the matter. This
expert committee recommended that a separate autonomous association of accountants should
be formed to regulate the profession. The Government of India accepted the recommendation
and passed the Chartered Accountants Act in 1949 even before India became a republic. Under
section 3 of the said Act, ICAI is established as a body corporate with perpetual succession and
a common seal.
Unlike most this commonwealth countries, the word chartered does not refer to a royal
charter, since India is a republic. At the time of passing the Chartered Accountants Act,
various titles used for similar professionals in this countries were considered, such as Certified
Public Accountant. However, many accountants had already acquired membership of the
Institute of Chartered Accountants in England and Wales and this Chartered Societies of Great
Britain and were practicing as Chartered Accountants. This had created some sort of brand
value. This designation inhibited a public impression that Chartered Accountants had better
qualifications than Registered Accountants.
Hence the accountants were very stern in their stand that, the Indian accountancy professionals
should be designated only as Chartered Accountants. After much debate in the Indian
Constituent Assembly, the controversial term, chartered was accepted. When the Chartered
Accountants Act, 1949 came into force on 1 July 1949, the term Chartered Accountant
superseded the title of Registered Accountant. This day is celebrated as Chartered Accountants
day every year.

Membership
Members of the Institute are known as Chartered Accountants. Becoming a member requires
passing the prescribed examinations, three years of practical training (known as article ship)
and meeting this requirements under the Act and Regulations. A member of ICAI can use the
title CA before his/his name. A member of ICAI may ethics be an Associate Chartered
Accountant (A.C.A.) or a Fellow Chartered Accountant (F.C.A.) based on his experience. Fur
this based on holding Certificate of Practice, they may also be classified as practicing and non-
practicing Chartered Accountants. As of 1 April 2014, the Institute has 2,50,000 members out
of which 152,899 are Associates and 76,247 are Fellows.

Associates and Fellows

Any person who is granted membership of the Institute becomes an Associate Chartered
Accountant and is entitled to use the letters A.C.A. after his name. Generally, associates are
members of the Institute with less than 5 years of membership after which they become entitled
to apply for being a fellow member. Some associate members, particularly those not in practice,
often voluntarily chose not to apply to be a fellow due to a variety of reasons.
An associate member who has been in continuous practice in India or has worked for a
commercial or government organization for at least five years and meets this conditions as
prescribed can apply to the Institute to get designated as a "Fellow". A fellow Chartered
Accountant is entitled to use the letters FCA. after his name. Responsibilities and voting rights
of both types of members remain the same but only fellows can be elected to the Council and
Regional Councils of ICAI. Fellows are perceived as enjoying a high is status due to their
longer professional experience.

Practicing Chartered Accountants

Any member wanting to engage in public practice has to first apply for and obtain a Certificate
of Practice from the Council of ICAI. Only members holding a Certificate of Practice may act
as auditors or certify documents required by various tax and financial regulatory authorities in
India. Once a member obtains a Certificate of Practice, his responsibility to the society
increases manifold.
The ethical principles applicable to a practicing CA provided in first and second schedule of
the Chartered Accountants Act, 1949 are more rigorous than the ones applicable to non-
practicing CAs or both.
In India an individual Chartered Accountant or a firm of Chartered Accountants can practice
the profession of Chartered Accountancy. After the enactment of the Limited Liability
Partnership Act, 2008 it is expected that in the near future a Limited Liability Partnership (LLP)
will be legally allowed to practice. A Bill has already been introduced in the Indian Parliament
to give effect to the same. Corporation, companies and this bodies corporate are prohibited
from practicing as Chartered Accountants in India.

Role of Chartered Accountants

Chartered Accountants enjoy a statutory monopoly in audit of financial statements under the
Companies Act, 2013, Income Tax Act, 1961 and various this statutes in India. Financial
statements audited by a chartered accountant are presumed to have been prepared according to
GAAP in India (othiswise the audit report should be qualified). However, not all Chartered
Accountants work in audit. Firms of accountants provide varied business services, and many
accountants are employed in commerce and industry. Their areas of expertise include
Financial Reporting, Auditing and Assurance, arbitration, risk management, economics,
corporate finance, management accounting, information systems audit, corporate law, direct
tax, indirect tax and valuation of businesses. Apart from the field of professional practice, many
CAs work in the industry and commerce in financial and general management positions such
as CFO and CEO.
 UNIT-5

Work Diary
Days Activities Process observed Learnings(stated in
and data handed terms of experience
and competences)
Day 1 Met the charted 1.identified various Learned various
accountant services provided by services provided by
the firm a chartered
2.collected various accountant firm.
details about the Such as income
organization tax,GST hearing,
audit, special audit,
compliances, and
other services
Day 2 Met the Accounts Collected 1. Functioning of the
Manager and information from the accounting
department
 Accounts staffs of accounts 2.The various books
the clients departments handled-
Cash book and
Bank statement
Day 3 Verification of cash The various books Detailed verification
payment handle in there are: of books of accounts.
1.cash book Verification of
2.payment register voucher with
3.payment voucher supporting
4.petty cash book evidences. In the
supporting document
is necessary to have
the signature of
HOD, General
manager, prepared
by, Receiver, If the
signature is not there
then it will be shown
in the remarks.

Day 4 Continuation of The various books Detailed verification

previous day work handle in there are: of books of accounts.
(Verification of cash 1.cash book Verification of
payment) 2.payment register voucher with
3.payment voucher supporting
4.petty cash book evidences.
Day 5 Continuation of The various books Detailed verification
previous day work handle in there are: of books of accounts.
(Verification of cash 1.cash book And made a list of
payment) 2.payment register unsigned vouchers
3.payment voucher with amount and
4.petty cash book voucher number.
Day 6 Bank reconciliation Cash book, pass 1.Fixed the
and physical book and Bank difference between
verification of cash Statement cash book and
passbook
2. To find out
fraudulent and
misappropriation of
fraud.
Day 7 Continued Bank Cash book and pass 1.Fixed the
reconciliation and book difference between
physical verification cash book and
of cash passbook
2. To find out
fraudulent and
misappropriation of
fraud.
Day 8 To verify the Asset Company provided 1.how the asset is
of the current year the asset list of booked in the system
 current year, through 2. At the time of
the list four sample booking asset we
is selected and asked have to give age for
the accounts team to asset
provide the
supportive
documents
Day 9 Formation of Preparation of
1. How to prepare a
partnership firm partnership deed and
partnership firm.
basic detail of partner
2. What are the basic
details should be
shared in partnership
firm.
Day 10 Preparation of final Data handling of 1 how to prepare final
account of a trust. cash book, bank account
statement for bank
reconciliation

Day 11 Work Continuation Preparation of 2. how to prepare

of day 10. income and cash flow statement.
expenditure account,
balance sheet

Day 12 Preparation of Preparation of 1.how to prepare

project report for project report and project report.
loan financial figures. 2.how to apply for
Projected balance loan on the basis of
sheet and P&L. project.
scope of project.

Day 13 Preparation of Verifying the bank 1. any individual

Income tax return statement, credit card whose income
filing of individual statement and other exceeds Rs. 2.5
source of income. lakhs is required to
file an income tax
return in India.
Day 14 Continuation of Verifying the bank 2.how to prepare
previous day. statement, credit card Income tax return
Preparation of statement and other filing of individual.
Income tax return source of income.
filing of individual
 UNIT-6
INTERNSHIP REPORT

INTERNSHIP REPORT
As I was working as an intern in Jibin Jose and Associates . I joined a chartered accountancy
firm in order to get new experience and to improve my knowledge. I joined on 24th April 2019
and continued till 10th May 2019. I had got various opportunities to prove myself. This report
is prepared on the basis of tasks performed by me during my internship period. The working
environment was friendly and I enjoyed each and every work assigned to me. The staff helped
me and treated everyone equally. The way they completed their work gave me motivation and
inspired me to work to the best of our abilities.
I got an opportunity to learn many new things. I got knowledge about the, statutory audit, TDS,
etc. I learnt the aspects of auditing. This internship program was highly useful and it was a
useful utilization of my vacations. But the limiting factor was the duration of internship. I was
interested in learning about tax audit but didn’t get an opportunity to do so. We could not get
more experience and get more information and knowledge about other aspects of being a
chartered accountant. But with the experience that I have got I have prepared this report on
various tasks that I had performed during the course of my internship.
I feel that the firm is operating very well but I have some suggestions which according to me
would benefit the employees. Firstly I would want the salary of the staff to increase because
the staffs feel that the salary paid to them is less. Secondly, I would want some Chartered
Accountants to be employed in the firm so that the work could be done more effectively. Then
I would like the files in the office to be maintained more systematically because whenever any
file is needed, we spend a lot of time searching for it. The work hours in the office are very
long, so my suggestion would be to reduce it a little.
On the whole, this internship was a good and useful experience. I have gained new knowledge,
skills and met many new people. I achieved several of my learning goals. My internship taught
me to be dedicated at work and I’m sure this experience will definitely help me in future, in
my future job. Therefore I can say this internship given in order to bring out the best potential
out of us.