Internship Report
Internship Report
Internship Report
WITH
N Sreedhar & Co Audit Firm
Submitted in partial fulfilment of the requirements for the award of
BACHELOR’S OF COMMERCE – FINANCIAL ACCOUNTING
By
DANUSHSARWIN J P
(DEEMED TO BE UNIVERSITY)
OCTOBER -2023
ACKNOWLEDGEMENT
I am pleased to acknowledge my sincere thanks to Board of Management of
SATHYABAMA for their kind encouragement in doing this project and for
completing it successfully. I am grateful to them.
I heartily express my sincere thanks to N Sreedhar & Co Audit firm for giving
me an opportunity for internship in their esteemed firm . I also thank my
external guide Sankar S, Article assistance CA. for his constant support and
encouragement in the completion of my internship.
Position: Intern
1
Introduction 1
2 Firm Profile 5
3 Significance Of Internship 6
4 Internship Certificate 8
Conclusion 9
5
INTRODUCTION
Meaning of firm
A firm is defined as a business with two or more persons. An example of a firm is a law
office.
Types of firms
• Sole proprietorship
• Partnership
• Corporation
Partnership firm
An association of two or more persons who have agreed to share theprofits of a business
which they run together. The persons who own the partnership business are individually
called 'partners' and collectively they arecalled 'firms' or 'partnership firms'.
Corporation
A corporation is a business entity that is owned by its shareholders, whoelect a board of
directors to oversee the organization’s activities. Corporations can be for-profit, as
businesses are, or not-for-profit, as charitable organizations.
A limited liability company (LLC) is a business structure for private companies. All partners
in a general partnership are responsible for the businessand are subject to unlimited liability
for business debts.
• Bookkeeping
• Accounting
• Statutory audit
• Internal audit
• Revenue audit
• Pre-audit
• Tax audit
• Consultancy services
Meaning of Audit
A company that reviews activities to identify inefficiencies, reduce costs and otherwise
achieve organizational objectives. Auditing firms may investigate potential theft or fraud
and ensure compliance with applicable regulations and policies.
The services provided by professional accounting firms can be tailored to meet your needs
which include basic day-to-day bookkeeping, tax services, auditing, management consulting,
and fraud investigations and in most cases, they serve as an outsourced service to provide
financial oversight for small businesses.
An auditor is authorized personnel who reviews and verifies the accuracy of financial
records and ensures that companies comply with tax norms. Their primary objective is to
protect businesses from fraud and highlight any discrepancies in accounting methods,
among their things. The auditor’s opinion makes or breaks the reliability of the financial
statements and the information they provide.
• Make inquiries
• Reporting of fraud
• Assistance in an investigation
FIRM PROFILE
N Sreedhar & Co was established in the year 2020. It is a small chartered
accountancy firm rendering comprehensive professional services which
includes audit, management consultancy, tax consultancy, accounting services,
secretarial services etc.
Established: 2020
Staff Members: 1
Significance Of Internship
1. Sales invoice verification: ( sales invoice with sales ledger)
Verify all Invoice No. with sales ledger.
Check whether amount in the invoice as same in the sales ledger
Verify the GST amount with nature of GST like CGST ,SGST, IGST.
It should be based on buyer location
If the value of Goods is above Rs 50,000. Invoice should be mandatorily
attached with E-way bill.
7. Tally
Internship Certificate
CONCLUSION
Internship is a bridge between theoretical knowledge and practical
knowledge. In review, this internship has been an excellent and rewarding
experience. I have been able to meet and network with so many people that, I
am sure will be able to help with the opportunities in future. As an intern of N
Sreedhar & Co , I have truly enjoyed my internship.
In this era of rapid changing economy, chartered accountant firms are one of
the keys to get success.
There should be more firms in our country with great quality. Last but not the
least, more students should come and explore this field. Without the support
of good resources this field will not be able to get strength and to be
economically benefitted it is a must. I am confident that this one month
internship at N Sreedhar & Co will definitely help me to realize my career in the
job market.