A Project Report: ON Summer Training Undertaken at A.K.A & CO

A
PROJECT REPORT
ON
SUMMER TRAINING UNDERTAKEN AT
A.K.A & CO.
In partial fulfilment for the award of the degree of
Bachelors of COMMERCE (BCOM) Honours
Submitted by
Arjit Maheshwari
BCMH1CF11012
Batch of 2011-14
At
ITM UNIVERSITY, OPP. SITHOULI RAILWAY

STATION,
JHANSI ROAD, GWALIOR, M.P.
June-July 2013
1 | Page
DECLARATION
I, ARJIT MAHESHWARI student of ITM UNIVERSITY, Gwalior Batch in BCOM

Honours, hereby declare that, this Project Report under the title A.K.A & CO. is the record
of my original work under the guidance of CA Mr. Arvind Kumar Agarwal. This report has
never been submitted anywhere else for award of any degree or diploma.
Signature of the Student:
Place: Etah
Date:
2 | Page
ACKNOWLEDGEMENT
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.Abhinandan Chakroborty 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.
Arjit Maheshwari
Roll No: BCMH1CF11012
Course: BCOM (Honours)
3 | Page
INDEX
S. NO. CONTENT PAGE
Chapter 1: 5
1
Introduction
Chapter 2: 6
2
Industry Profile
Chapter 3 10
3
Company Profile
Chapter 4 12
4
Objective of the Study
Chapter 5 13
5
Job / Work Description
Chapter 6 26
6
Achievements & Learning
Chapter 7 27
7
Suggestions
Chapter 8 29
8
Limitations
30
9 Conclusion
Introduction of the Organization’s Business Sector
4 | Page
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
5 | Page
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.
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A.K.A & 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
7 | Page
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 A.K.A. & 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: This department is mainly concerned with the recruitment,

hiring/firing of the firm and this department presents the timely reports on effective
utilization of the resources by the firm. A purpose of the human resource is to keep the
trained employees and recruit new energetic staff to work. Another purpose of this
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department is to provide a good working environment for staff and try to make by
facilitating them and arranging some recreational activities for them. HR knows the real
worth of its employees so cares for them and motivate them to work more efficiently and
diligently.
The hierarchy adopted by A.K.A. & 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.
COMPANY PROFILE
A. K. A. & Co. was established in the year 1991. It is a leading chartered
9 | Page
Accountancy firm rendering comprehensive professional services which include audit,
management consultancy, tax consultancy, accounting services, manpower management,
secretarial services etc.
A. K. A. & Co is a professionally managed firm. The team consists of distinguished chartered

accountants, corporate financial advisors and tax consultants. The firm represents a
combination of specialized skills, which are geared to offers sound financial advice and
personalized proactive services. Those associated with the firm have regular interaction
with industry and other professionals which enables the firm to keep pace with contemporary
developments and to meet the needs of its clients.
CORPORATE SERVICES
• Incorporation of company
• Consultancy on Company Law matters.
• 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 on Public/Rights/Bonus Issue of shares.
• Change of Name, Objects, Registered Office, etc.
AUDIT
Broadly, Audit involves the following:
• In-depth study of existing systems, procedures and controls for proper

understanding. Suggestions for improvement and strengthening.
• Ensuring compliance with policies, procedures and statutes.
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A

SUMMER TRAINING UNDERTAKEN AT

A.K.A & CO.

In partial fulfilment for the award of the degree of

Bachelors of COMMERCE (BCOM) Honours

ITM UNIVERSITY, OPP. SITHOULI RAILWAY

JHANSI ROAD, GWALIOR, M.P.

I, ARJIT MAHESHWARI student of ITM UNIVERSITY, Gwalior Batch in BCOM

Signature of the Student:

I am thankful to Mr.Abhinandan Chakroborty and all faculty members of Management

Roll No: BCMH1CF11012

Course: BCOM (Honours)

S. NO. CONTENT PAGE

Introduction of the Organization’s Business Sector

Vision of the ICAI is:

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

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

The Chartered Accountancy course is conducted by the Institute of Chartered

• Audit and Assurance Department:

• Preparation and submission of annual tax returns

• Computer Department: Department handles the computer related matters and

• Correspondence Department: It handles with all the correspondence of the firm

• HR Department: This department is mainly concerned with the recruitment,

A. K. A. & Co. was established in the year 1991. It is a leading chartered

A. K. A. & Co is a professionally managed firm. The team consists of distinguished chartered

• Consultancy on Company Law matters.

• Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.

• Filing of annual returns and various forms, documents.

• Secretarial Matters including share transfers

• Maintenance of Statutory records

• Consultancy on Public/Rights/Bonus Issue of shares.

• Change of Name, Objects, Registered Office, etc.

Broadly, Audit involves the following:

• In-depth study of existing systems, procedures and controls for proper

• Ensuring compliance with policies, procedures and statutes.

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