SUMMER INTERNSHIP PROJECT REPORT

ON

“ACCOUNTING FIRM OF CHARTERED OF ACCOUNTANT(RSMA & CO.)”

Submitted in the partial fulfillment for the award of Degree of Bachelor in Business
Administration 2016-2018

Under The Guidance: Submitted By:

MS. AASHISH DUA
Faculty (Management), CPJCHS Enrollment No:- 35121501917
BATCH NO. 2017-2020

CHANDERPRABHU JAIN COLLEGE OF HIGHER STUDIES & SCHOOL OF LAW

An ISO 9001:2008 Certified Institute (Approved by the Govt of NCT of Delhi
Affiliated to Guru Gobind Singh Indraprastha University, Delhi)
Plot No OCF Sector A-8, Narela New Delhi -40
 DECLARATION

This is to certify that Report entitled “ACCOUNTING FIRM OF

CHARTERED ACCOUNTANT (RSMA & CO.)” which is submitted by me in
partial fulfillment of the requirement for the award of degree B.B.A (G). to GGSIP
University, Dwarka, Delhi comprises only my original work and due
acknowledgement has been made in the text to all other material used.

Date: Name of Student

Aashish Dua

Approved By:
Mr.
 ACKNOWLEDGEMENT

I offer my sincere thanks and humble regards to Chanderprabhu Jain College of

Higher Studies & School of Law, GGSIP University, New Delhi for imparting
us very valuable professional training in BBA(G).
I pay my gratitude and sincere regards to Ms. Tanu Gupta, my project Guide for
giving me the cream of his knowledge. I am thankful to her as she has been a
constant source of advice, motivation and inspiration. I am also thankful to him for
giving his suggestions and encouragement throughout the project work.
I take the opportunity to express my gratitude and thanks to our computer Lab staff
and library staff for providing me opportunity to utilize their resources for the
completion of the project.
I am also thankful to my family and friends for constantly motivating me to
complete the project and providing me an environment which enhanced my
knowledge.

Student’s Signature
AASHISH DUA
 EXECUTIVE SUMMARY

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.

I am thankful to Mr.RAZWAN AHEMAZ and all faculty members of Management

Department in providing me useful guidance for the completion of this report. I convey my
gratitude to all those who are directly or indirectly related in the completion of this project
report.

AASHISH DUA

Roll No: 5012421717

Course: BBA(G)
 TABLE OF CONTENTS
Sl. No Title Pages No
Student declaration
Certificate from Guide
Acknowledgement
Executive Summary

Chapter-1 INTRODUCTION
1.1 Purpose of the study
1.2 Research Objectives of the study
1.3 Research Methodology of the study
1.3.1. Research Design
1.3.2 Data Collection
1.3.3 Limitation
Chapter -2 Company Profile
2.1 About the Organization / Company Profile
2.2 About the topic of study
Chapter -3 Findings and Analysis
Chapter -4 Suggestions
Chapter -5 Conclusion and Limitation
Bibliography
Annexures
Questionnaire
 Chapter-1
Introduction
 INTRODUCTION
Introduction of the Organization’s Business Sector

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.

Vision of the ICAI is:

The profession of Chartered Accountants in India should be the benchmark of professional

excellence upholding the principles of integrity, transparency and accountability.

Mission of ICAI:

Is to achieve excellence in professional competence, add value to businesses and economy,

safeguard public interest; ensure ethical practices and good corporate governance while
recognizing the needs of globalization.

These kinds of firms provide different kinds of professional services like audit, taxation and
management consultancy to its clients.

The Chartered Accountancy course is conducted by the Institute of Chartered Accountants

of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur,
Chennai, Mumbai and New Delhi) and 81 branches under these regional centres.
 Organizational Structure

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.
 RSMA & 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

 Audit and Assurance Department:

Firm provides audit and assurance services to wide range of clients which include performing
audits of financial statements of limited companies, NGOs and partnerships. Firm also
performs special assignments which include management audits, internal audits and
investigations. Audit focuses on business issues and the matters that can impact on the
financial statements, whilst also retaining the basic audit procedures that test the information
contained in the financial statements. Services are aimed to comply with the legal requirements
as defined under the various laws and regulations in Pakistan. In doing so firm not only
identify the non-compliances but also assists clients in its rectification, designing remedial
measures and provides guidance to adhere with the laws and regulations. Firm always
endeavour to meet reporting deadlines as set out by the laws and regulations or as mutually
agreed with clients, without compromising the professional, legal and ethical requirements.

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 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 RSMA & 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.
 Chapter -2
Company Profile