Practical Training Report

on Accounting at

K.N. CHAUBEY AND ASSOCIATES

For the period 08th July, 24 to 05th Aug, 24

Submitted by : Submitted to:

Adarsh Anand Faculty of Commerce,

B.com. (Hons.) – FMM - 5th Semester BHU,Varanasi.

Class roll no. – 04

Exam roll no. – 22216BCF004

Enrolment no. – 455893

Session. – (2022 – 2025)

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 DECLARATION
I Adarsh Anand, Roll no.- 22216BCF004, Session- (2022 – 2025), a
student of B.COM. (HONS.) – FMM, FACULTY OF COMMERCE, BHU,
hereby declares that the report entitled “PACTICAL TRAINING REPORT
ON ACCOUNTING” has been completed by me. All the information
provided here are true to the best of my knowledge and belief.

Yours Truly,

Adarsh Anand

(22216BCF004)

B.Com. (Hons.) – FMM

5th Semester

(2022-2025)

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ACKNOWLEDGMENT
The internship opportunity I had with K.N. CHAUBEY AND ASSOCIATES
was a great chance for learning and professional development.
Therefore, I consider myself to be obliged as I was provided with an
opportunity to be a part of it.

Firstly I would like to thank PROF. TWINKLE PURSTY Mam, Placement

and internship cell coordinator Faculty of commerce, Banaras Hindu
University for providing me the opportunity to go for summer internship.

I would like to express my gratitude and special thanks to my corporate

mentor MR. MANOJ S. CHAUBEY for providing me with an opportunity to
work on this project and for being continuous support throughout.

I humbly express my deep gratitude to the entire FIRM STAFF for their
unwavering support, guidance and insightful suggestions throughout
the project.

Also, I would like to give my sincere thanks to my parents, friends and

colleagues for their constant support.

Lastly, I want to thank FACULTY OF COMMERCE, B.H.U. for handing over

the opportunity of gaining hands-on experience in the corporate world.

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4|Page
 INDEX
S.No. Content Page no.
Declaration 2
Acknowledgment 3
Training certificate 4
1. INTRODUCTION 6-16
1.1 About the Industry 7-8
1.2 Mission and Vision 9-12
1.3 Organisational Structure 13
1.4 Big 4 CA Firms in India 14-16

2. CONCEPTUAL DISCUSSION 17-37

2.1 Objective of the Training 18-19
2.2 Job Description 20
2.3 Overview of Vouching 21
2.4 Overview of Tally ERP 9 22-29
2.5 Preparation of books on Tally 30-31
2.6 Preparation of Partnership deeds 32-37

3. LEARNING, CONCLUSION AND SUGGESTION 38-48

3.1 Behavioural Learning from the Firm 39-41
3.2 5 Best Practices Observed In The Organization 42-43
3.3 Suggestion And Recommendation 44-46
3.4 Limitation 47
3.5 Conclusion 48

4. Bibliography 49-50
4.1 References 50

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 1. INTRODUCTION

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 1.1 AbOUT ThE INDUsTRy

The Institute of Chartered Accountants of India, abbreviated as ICAI, is

India's largest professional accounting body under the administrative
control of Ministry of Corporate Affairs, Government of India. It was
established on 1 July 1949 as a statutory body under the Chartered
Accountants Act, 1949 enacted by the Parliament for promotion,
development and regulation of the profession of Chartered Accountancy
in India.

In India, accounting standards and auditing standards are recommended

by the National Financial Reporting Authority (NFRA) to the Government
of India which sets the Standards on Auditing (SAs) to be followed in the
audit of financial statements in India.

Members of the institute are known as ICAI Chartered Accountants or

ICAI Accountants (either Fellow or Associate). However, the word
chartered does not refer to or flow from any Royal Charter. ICAI
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 a
company under the Companies Act, 2013. The management of the
institute is vested with its council with the president acting as its chief
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executive authority. A person can become a member of ICAI and become
a financial (i.e. statutory) auditor of Indian Companies. The professional
membership organization is known for its non-profit service. ICAI has
entered into mutual recognition agreements with other professional
accounting bodies worldwide for reciprocal membership recognition.
ICAI is one of the founder members of the International Federation of
Accountants (IFAC), South Asian Federation of Accountants (SAFA), and
Confederation of Asian and Pacific Accountants (CAPA). ICAI was
formerly the provisional jurisdiction for XBRL International in India. In
2010, it promoted extensible Business Reporting Language India as a
section 8 Company to take over this responsibility from it. Now,
extensible Business Reporting Language (XBRL) India is an established
jurisdiction of XBRL International Inc.

The Institute of Chartered Accountants of India was established under

the Chartered Accountants Act, 1949 passed by the Parliament of India
with the objective of regulating the accountancy profession in India. ICAI
is the second largest professional accounting body in the world in terms
of number of membership and number of students after the AICPA. It
prescribes the qualifications for a Chartered Accountant, conducts the
requisite examinations and grants Certificate of Practice.

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1.2 MIssION AND VIsION

Mission of ICAI

The Mission 2030 of ICAI lays focus on following key elements:

Global Professionals: ICAI will develop skilled professionals with

competencies to service clients not only within India but across the
globe that requires technical skills as also cross cultural appreciation
and understanding of global needs. As one of the largest producers of
CAs in the world, we will make sure our members can take the rightful
place in the global talent pool.

Independent and Transparent Regulatory Mechanism: ICAI will further

strengthen and visibly demonstrate its regulatory role through
proactive, visible, timely and unbiased action. We will create public
awareness and sensitize all stakeholders to the effectiveness of the
quasi judicial role of ICAI and ensure inclusion of wider section of users
of member services in carrying out our role as regulator.

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Highest ethical standards: ICAI will continue to inculcate highest ethical
standards amongst its members to assist them in upholding the values
that the accounting profession stands for. We will continue to include
and emphasize ethical values as part of the education and training of
students and members.

Cutting-edge research and development: ICAI will become the hub of

valued Thought leadership and innovation in the field of accounting,
assurance, taxation, finance and business. ICAI will devote resources
and create an enabling environment to become the predominant
contributor to setting standards across the world in these fields. We will
support, fund and take up research on issues that impact has locally
and globally.

Multi-national Service Providers: ICAI will facilitate the Indian

professional services firms and professionals to establish as multi-
national service providers and help them in harnessing global
opportunities on one hand and assist them in building capabilities on the
other. The six strategic priorities and Action Plan in line with Vision 2030
are:

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Vision of ICAI

ICAI Vision 2030 emphasizes four elements:

To be World’s leading accounting body: ICAI envisions becoming the

world’s leading accounting body by playing a predominant role in setting
world class standards in identified service areas developing thought
leadership and research that addresses concerns of countries,
developed, developing and under-developed.

A regulator and developer of Trusted and Independent Professionals:

ICAI will lay further thrust on its regulatory and developmental role that
sets the highest standards of professional and ethical conduct of its
members as a core value. Each and every member of ICAI will not only
have the obligation to maintain exacting standards of clarity,
transparency and disclosure and present an independent, informed and
balanced opinion but ICAI will make examples of delinquent members
to ensure this core value is embedded in the DNA of its members.

With World Class Competencies: ICAI will ensure that members have
the right skills to serve global markets which are regularly updated and
are relevant in the changing economic order. ICAI will provide holistic
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education, effective practical training and continuous professional
development to ensure that the knowledge base of the profession keeps
pace with emerging global practices and innovations.

In accounting, assurance, taxation, finance and business advisory

services: ICAI will strengthen facilities available for providing education,
training and continuous updation of knowledge as also research and
development relevant in current times to establish thought leadership
in these areas where members of ICAI have been providing services.

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1.3 ORGANIsATIONAL sTRUCTURE
There may be multiple departments or teams, each with its own
management structure and reporting lines. A typical organizational
structure for a large accounting firm might include the characteristics
listed here.

Partners: Situated at the highest management level, partners are

responsible for setting the firm’s direction and making critical business
decisions.

Directors or Managers: Found at the next level of management, these

senior associates are responsible for overseeing one or more
departments or teams within the firm.

Team Leaders: The first level of management within a specific

department or team, team leaders are responsible for overseeing a
group of employees and ensuring their work is completed on time and
at a high standard.

Associates: These employees carry out the day-to-day work of the firm,
such as preparing financial statements, managing client relationships,
and conducting audits.

Support Staff: The administrative and support employees who provide

essential services to the rest of the firm, such as HR, IT, and office
management

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1.4 bIG 4 CA FIRMs IN INDIA

1. Deloitte India:

Deloitte India is the first and most significant subsidiary of Deloitte

Touche Tohmatsu ltd., a UK-based firm known as DTTL throughout the
entire globe.

Deloitte India offers Services like:

Audit, Tax, Financial Advice, Legal, Consulting, and risk advisory

services, among other things.

Furthermore, this accounting business is one of India’s top four CA

Firms In India.

DTTL is one of the world’s biggest professional services networks, both

in terms of the number of people and income and assets.

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2. PwC- Price Waterhouse Coopers India:

Price Waterhouse Coopers India has a global network of over 157

countries and over 280,000 passionate professionals.

PWC India’s objective’s to provide the highest quality tax and advice
services possible.

It is the world’s second-largest professional services network

3. Ernst & Young India - EY, India:

Ernst & Young India is one of India’s leading four accounting firms.

EY, India, offers the following services to qualified applicants interested

in pursuing a career as a CA:

Transaction Advisory Services, Assurance Services, Advisory Services,

Tax Services, and Consulting Services

Ernst & Young India is a member firm of Ernst & Young Global Ltd. with
its own legal system of India.

Ernst & Young Global Ltd. is a UK-based firm that offers professional
services from its headquarters in London.

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4. KPMG India:

KPMG India Private Ltd. comes in second on our ranking of the best
accounting companies in India. The firm was founded in India in the year
1993.

KPMG India offers its renowned clients a wide range of financial

services, business advice, tax-related regulation, and risk advisory
services.

You may feel confident that KPMG India offers many career-building
possibilities for prospective CAs and boosts their motivation to study
first and earn afterward.

With its worldwide headquarters in Amstelveen, the Netherlands, it is

expanding for additional professional services from across the globe.

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 2. CONCEPTUAL DIsCUssION

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2.1 ObjECTIVE OF ThE TRAINING
I choose to work with Chaubey and Associates. 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 and objectives.

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 analyze 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.

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➤ 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

orgaisation.

➤ 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.

➤ Enhance & expand the student's knowledge of particular areas of

accounting.

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2.2 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. MANOJ S CHAUBEY gave me training session about
computerized accounting in tally software and also shared his practical
experience with me and gave me some techniques of this process.

Different task that I performed during my internship:

➤ Vouching & Voucher Entry

➤ Preparing books of accounts in tally

➤ Preparing Data in Excel Sheet

➤ Preparing Partnership Deed

➤ Prepare Projected and other Balance Sheet

➤ Maintenance of accounts/ book keeping.

Software used during internship:

➤ MS office

➤ Tally software

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 2.3 OVERVIEW OF VOUChING

Vouching is a technical term which refers to the inspection of

documentary evidence supporting and substantiating a transaction, by
an auditor. It is the practice followed in an audit, with the objective of
establishing the authenticity of the transactions recorded in the primary
books of account. It essentially consists of verifying a transaction
recorded in the books of account with the relevant documentary and the
authority on the basis of which the entry has been made; also confirming
that the authority on the basis of which the entry has been made; also
confirming that the amount mentioned in the voucher has been posted
to an appropriate account which would disclose the nature of the
transaction on its inclusion in the final statements in account. Vouching
do not include valuation. Vouching can be described as the essence or
backbone of auditing.

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2.4 OVERVIEW OF TALLy ERP 9

➤ Journal Entry

Journal Vouchers are used to adjust the debit and credit amounts
without involving the cash or bank accounts. Hence, they are referred
to as adjustment entries.

➤ Creating a Journal Entry: -

Journal entries are usually used for finalization of accounts. To pass a

Journal Voucher,

Go to Gateway of Tally > Accounting Vouchers

Click on F7: Journal on the Button Bar or press F7.

For example, there may be entries made for interest accrued or interest
due. If you have to receive Interest from a party, the same can be
entered using Journal Voucher.

1. Debit the Party

2. Credit the Interest Receivable Account the Journal entry is displayed

as shown:

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SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

➤ ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.

➤ CTRL+R: Recalls the Last narration saved for a specific voucher type,
irrespective of the ledger.

Allowing Cash Accounts in Journals:

Journals are adjustment entries, which do not involve Cash account and
Bank account. However, in exceptional cases where the user would like
to account Journal entries involving Cash/Bank Account, Tally ERP 9 has

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the flexibility of passing such entries by enabling the option under F12
configuration.

To enable Cash Accounts in Journal voucher,

Set Allow Cash Accounts in Journals to Yes in F12: Configure (Voucher

Entry Configuration).

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To pass a Journal voucher with Cash/Bank Ledger,

1. Go to Gateway of Tally > Accounting Vouchers > Select F7: Journal

2. Press the spacebar at the Debit or Credit field.

The Journal Voucher Screen with Cash/Bank Ledger selection will

appear as shown:

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➤ Debit Note Entry

Debit Note is a document issued to a party stating that you are debiting
their Account in your Books of Accounts for the stated reason or vice
versa. It is commonly used in case of Purchase Returns, Escalation/De-
escalation in price, any other expenses incurred by you on behalf of the
party etc.

Debit Note can be entered in voucher or Invoice mode.

You need to enable the feature in F11: Accounting or Inventory features.

To use it in Voucher mode you need to enable the feature in F11:

Accounting Features - Use Debit / Credit Notes.

To make the entry in Invoice mode enable the option F11: Accounting
Features - Use invoice mode for Debit Notes.

To go to Debit Note Entry Screen,

Go to Gateway of Tally > Accounting Vouchers

Click on Ctrl+F9: Debit Note on the Button Bar or press Ctrl+F9.

You can toggle between voucher and Invoice mode by clicking Ctrl+V.
Pass an entry for the goods purchased returned to Supplier A:

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SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

1. ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.

2. CTRL+R: Recalls the Last narration saved for a specific voucher type,
irrespective of the ledger.

➤ Credit Note Entry

Credit Note is a document issued to a party stating that you are crediting
their Account in your Books of Accounts for the stated reason or vice
versa. It is commonly used in case of Sales Returns.

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A Credit Note can be entered in voucher or Invoice mode.

you need to enable the feature in F11: Accounting or Inventory features.

 To use it in Voucher mode you need to enable the feature in F11:

Accounting Features - Use Debit / Credit Notes.
 To make the entry in Invoice mode enable the option F11: Accounting
Features - Use invoice mode for Debit Notes.

To go to Credit Note Entry Screen:

Go to Gateway of Tally > Accounting Vouchers

1. Click on Ctrl+F8: Credit Note on the Button Bar or press Ctrl+F8. You
can toggle between voucher and Invoice mode by clicking Ctrl+V. Pass
an entry for goods sold returned from Customer A:

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SPECIAL KEYS FOR VOUCHER NARRATION FIELD:

1. ALT+R: Recalls the Last narration saved for the first ledger in the
voucher, irrespective of the voucher type.

2. CTRL+R: Recalls the Last narration saved for a specific voucher type,
irrespective of the ledger.

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2.5 PREPARATION OF bOOKs ON TALLy

Following are the books that were made in tally:

➤ VOUCHER ENTRY: -

Tally provides flexibility to use predefined voucher types, comprising of

accounting and inventory voucher types to record various business
transactions. It also allows you to use Keyboard Shortcut Keys as well
as mouse operations during voucher entry.

To create a new Voucher Type,

Go to Gateway of Tally > Accounts Info. > Voucher Type > Create

➤ Enter the Voucher name

➤ Specify the Type of voucher

➤ Specify the Method of numbering

➤ Activate or deactivate the other functions as required.

➤ BOOKS AND REGISTERS: -

Tally provides you capability to generate various books and registers for
any specific period viz., month, date, and year and as on date. In Tally,
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once voucher entry is made, the transactions are automatically &
immediately in the Day Book and other Books of Accounts without any
additional effort. Tally allows you to maintain and generate all primary
books of accounts and registers like:

➤ Cash Book

➤ Bank Book

➤ Purchase Register

➤ Sales Register

➤ Journal Register

➤ Debit Note Register

➤ Credit Note Register

➤ General Ledger

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2.6 PREPARATION OF PARTNERshIP DEEDs

In this, we prepare the partnership deed of different persons, in which

different rules and regulations we mentioned according to the law. A
partnership deed also known as partnership agreement, is a document
that outlines in detail the rights and responsibilities of all parties to a
business operation. It has the force of law and is designed to guide the
partners in the conduct of the business. It is helpful in preventing
disputes and disagreements over the role of each partner in the
business and the benefits which are due to them. The partnership deed
normally carries the name of the business, the address of its principal
place of business and a short summary of the business the partners
intend to operate.

Q.How to prepare a partnership deed in India?

When registering a partnership firm in India for startups, there are some
basics that need to be covered. Partnership and proprietorship are the
two most popular forms of business organisations in India. The reason
why these two forms of organisations are so popular is because they
are relatively easy to set-up and the number of statutory compliance
requirements needing to be followed by these forms of organisations is
relatively less than the statutory compliance requirements applicable

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to LLP's and companies. As such, this article focuses on the registration
process for the partnership firm.

➤ Choose a partnership name: The partners are free to choose any

name as they desire for their partnership firm subject to the following
rules:

1. The names must not be too identical or similar to the name of another
existing firm doing similar business, so as to avoid confusion. The
reason for this rule being that the reputation or goodwill of a firm may
be injured, if a new firm could adopt an allied name.

2. The name must not contain words like Crown, Emperor, Empress,
Empire or words expressing or implying the sanction, approval or
patronage of the Government, except when the State Government
signifies its consent (in writing) to the use of such words as part of the
firm name.

➤ Create a Partnership Deed: The document in which the respective

rights and obligations of the members of a partnership is written is
called the Partnership Deed. A partnership deed agreement may be
written or oral. However, practically an oral agreement does not have
any value for tax purposes and therefore the partnership agreement
should be written. The following are the essential characteristics of a
partnership deed:

➤ Name and address of the firm as well as all the partners.

➤ Nature of business to be carried on.

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➤ Date of commencement of business.

➤ Duration of partnership (whether for a fixed period/project).

➤ Capital contribution by each partner.

➤ Profit sharing ratio among the partners.

➤ The above are the minimum essentials which are required in all
partnership deeds.

➤ Consider whether additional clauses are needed: - The partners may

also mention any additional clauses. Some of the examples of additional
clauses which may be mentioned in the partnership deed are mentioned
below:

➤ Interest on the partner's capital, partners' loan, and interest, if any,

to be charged on drawings.

➤ Salaries, commissions etc., if any, payable to partners.

➤ Method of preparing accounts and arrangement for audit.

➤ Division of task and responsibility, namely, the duties, powers and

obligations of all the partners.

➤ The rules to be followed in case of retirement, death and admission

of a partner.

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➤ Do the partnership deed in the appropriate form: - The deed so
created by the partners should be on a stamp paper in accordance with
the Indian Stamp Act. Each partner should have a copy of the
partnership deed. A Copy of the Partnership Deed should also be filed
with the Registrar of Firms in case the firm is being registered.

➤ Decide whether or not to register the partnership firm: -

Partnerships in India are governed by the Indian Partnership Act,

1932.As per the Partnership Act, registration of partnership firms is
optional and is entirely at the discretion of the partners. The Partners
may or may not register their Partnership Agreement. However, in the
case where the partnership deed is not registered, the partners may not
be able to enjoy the benefits which a registered partnership firm enjoys.

➤ Registration of a partnership firm may be done before starting the

business or anytime during the continuance of partnership. However,
where the firm intends to file a case in the court to enforce rights arising
from the contract, the registration should be done before filing the case.

➤Register: - The procedure for registration of a partnership firm in

India is fairly simple/An application and the prescribed fees are required
to be submitted to the Registrar of Firms of the State in which the firm
is situated. The following documents are also required to be submitted
along with the application:
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1. Application for Registration of Partnership in Form No. 1.

2. Duly filled specimen of Affidavit.

3. Certified True Copy of the Partnership Deed.

4. Ownership proof of the principal place of business or rental/lease

agreement thereof.

➤ Sign the application: The application or statement must besigned by

all the partners, or by their agents especially authorised in this behalf.

➤ Expect the registration process to proceed formally: -

When the registrar is satisfied with the points stated in the partnership
deed, he or she shall record an entry of the statement in a register
called the Register of Firms and issue a Certificate of Registration. The
Register of Firms maintained at the office of the Registrar contains
complete and up-to-date information about each registered firm.

➤ This Register of Firms is open to inspection by any person on payment

of the prescribed fees; any person interested in viewing the details of
any firm can request the Registrar of Firms for the same and on
payment of the prescribed fees, a copy of all details of the firm
registered with the Registrar will be given to the applicant.

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➤ Be registered for tax: - It should be noted that registration with the
Registrar of Firms is different from registration with the Income
Taxation Department. It is mandatory for all firms to apply for
registration with the Income Tax Department and have a PAN Card. After
obtaining a PAN Card, the partnership firm is required to open a Current
Account in the name of the partnership firm and to operate all its
operations through this bank account.

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3. LEARNING, sUGGEsTIONs & CONCLUsION.

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3.1 bEhAVIORAL LEARNING FROM ThE ORGANIzATION

➤ COMMUNICATION

Good communication consists of many other different sub-skills, from

suitable patterns of body language and eye contact with the ability to
write clear and accurate reports. Accurate listening and the ability to
follow instructions are especially important but are often ignored or
taken for granted. Many people simply do not pay close attention to what
others say or write and do not ask follow-up questions to check their
understanding. As a result, individuals act on their own inaccurate
assumptions and create inefficiencies and frustrations at work.
Communication training will help them overcome these challenges.

➤ GOAL SETTING AND PLANNING

Anybody can wish for something to happen, but to accomplish anything

one must plan which surprisingly few people know how to do. Planning
requires setting concrete goals, identifying workable action steps, and
making a commitment to see the plan through.

Even setting the primary goal can be difficult when multiple issues are
competing for attention. Effective planning requires arranging problems
by importance and delegation. It is impossible to do everything at once,

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but if one focuses on the most important tasks and ask fo r help, then
can accomplish a lot.

➤ SELF-IMPROVEMENT

Life in the workplace should not enforce stagnation; there should be a

constant need or desire for improvement. Satisfaction leads to a
perception of repetition, which is the essential of a job perceived as
unchallenging. Employees should improve to avoid both the frustration
of inexperience and contentment with their work.

People always have room to grow, and advance behavioral skills are
always welcomed. At the upper end, one can give your workers the tools
and mindset to aim for improvement by observing their behavior, work
habits, and production. Self-improvement training will help provide
feedback and criticisms that they can use to benefit their next
assignments. An essential part of promoting improvement is to
communicate to the employees that failure.

➤ EMPATHY

Being an empathetic individual comes naturally to some, but is less

natural to others. Behaving with empathy means more than feeling bad
for someone who's sad or sharing in someone else's joy. It means being

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able to step into someone else's world to understand not just what their
point of view is, but also why they have that point of view.

Empathy is a behavioral skill that can help one not only keep their own
peace of mind but can also help one to grow in your career because
empathetic people tend to put others at ease.

➤ CONFLICT RESOLUTION

At points of imbalance and friction, the employees must be able to

confront the tension between them and resolve whatever disagreement
arises. This is a twig of communication, though it is a distinct skill that
can be hard to develop due to hesitation and the intimate nature of the
workplace.

The bad habit to breed is ignoring these conflicts to the point that they
grow and spread like wild-fire, damaging relationships and the
productivity of both individuals and the team. Instead, employers should
remain aware of potential conflicts and be active in entering and
facilitating these more emotional interactions, and over time, help their
workers see the bigger picture when they harbor uncertainties.

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3.2 5 bEsT PRACTICEs ObsERVED IN ThE ORGANIzATION

✓ There is no racism on the basis of any caste, creed, color or gender.

Everyone is treated same thus making it easy to co-ordinate with each
other and to share views and ideas with each other. The mentors as well
as the colleagues are always ready to sort out any problem that the
interns could not resolve on their own.

✓ Everyone is disciplined and dedicated towards their job, thus provides

motivation to do our jobs perfectly and to learn and grab as much as we
can. The perfect competitive environment always motivates us to excel
in our job responsibility and to perform better than we are performing

✓ The working environment is lenient in the organization. Neither the

employees are overburdened by the work given. Neither they nor the
proprietor force them to work for extra time. All the work/targets are
completed by the employees in the provided time frame.

✓ The employees are always energetic and ready to do work; they don't
waste their time. They always strive for excellence with effectiveness
and efficiency in their work. Even if the proprietor is not at the office
they don't skip work hours.
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✓ The proprietor is really good at customer handling, he is always too
humble towards the clients even though if the clients are in bad mood
or tempered, he never loses his temper and handles them greet fully.
he never abuses his employees even if they make silly mistakes, and
corrects their mistakes by smiling and sarcastically commenting on it
so the employees don't feel down and eventually improve themselves.

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3.3 sUGGEsTIONs AND RECOMMENDATIONs

Though the organization is really good at everything and everything is

well maintained and managed. But still there are some chances of
improvement whether it is a human being or any organization till there
are improvements and chances to develop and grow, the organization
must improve itself at its best. In my opinion some of the
suggestion/recommendations are:

✓ They have good opportunity to introduce the ISO standards training

program which no other firm is giving to customer.

✓ Try to adopt new technologies that their competitors are not using.

✓ Make a network that allows its customers to negotiate with them

easily.

✓ In comparison with their competitors K.N. CHAUBEY AND

ASSOCIATES has an edge in making an accurate and error free report.

✓ The local economy continues to be strong and we believe our typical

clients will continue to flourish.

✓ The company has mostly professional educated human resources,

which are the biggest threat for their competitors.

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✓K.N. CHAUBEY AND ASSOCIATES strongly needs to improve its
network firms so as to be counted among one of the extensively know
firms in India.

✓ The partner needs to make the best use of their goodwill to bring more
clientage and reputation to firm. They need to offer the audit services at
most economical cost with the assured quality services to retain and
expand clients.

✓ The infrastructure and working condition reviews can improve the

working efficiency of the trainees. Audit and Assurance is the tough job.
Some motivational meetings and mentoring exercises would bring good
feel among employees for their work. Time to time financial bonuses or
performance incentives will energize the staff.

✔ The trainees are not offered extra financial or any other incentive for
the extra work or over time. This causes some sort of abstractions
which immediately need to be overcome by the management.

✔ The firm, to be more competitive in future, still has room for

improvement in Information Technology. As firm don't have any of its
website to attract customer and their timely feedback as most of the
good firms have their own web and well organized.

✓ Firm also lacks in marketing perspective as it does not any marketer

to market and introduce their business, firm is getting business only on
personal relations of the partners and other firm personnel. So if firm
wants to improve its business volume it needs a professional marketer
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as many other big firms adopted and have complete marketing
department.

✓ The employees are provided less salary than the government has
asked to provide in minimum wage act, therefore the employees must
be provided at least the minimum salary.

✓ It is 6 days working in the organization; most of the organizations are

using 5 days working schedules so that employees don't feel exhausted
and their efficiency increases. So the organization must provide at least
one-day leave to the employees to rest and freshen up.

✓ Most of the computers and laptops in which the work was done were
old and because of that we were unable to carry out our tasks properly.
The organization must have proper systems so that the work load can
be handled efficiently.

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3.4 LIMITATIONs

✓ They have a small staff with limited skill set in many areas.

✓ Less number of staff members.

✓ Developments in technology are changing this market K.N. CHAUBEY

AND ASSOCIATES needs to adopt new 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.

✓K.N. CHAUBEY AND ASSOCIATES has many competitors. Under certain

circumstances stiff competition can threaten the margins and hence the
survival of the firm.

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3.5 CONCLUsION

✓K.N. CHAUBEY AND ASSOCIATES is overall one of the profit making

and reputed firm of the Varanasi. The organization since its very first
day is devoted to providing quality services. The detailed and through
review of work and clients' trust shows the perfection with which it is
working.

✓ THE INSTITUTE OF CHARTERED ACCOUNTANTS of India has also

carried out the Quality Control Review and has issued satisfactory QCR
report stating that the firm has conducted the audits of the clients in
accordance with International Standards on Auditing.

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4. bIbLIOGRAPhy

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4.1 REFERENCEs

✔ https://cleartax.in/s/income-tax-slabs

✔ https://economictimes.indiatimes.com

✔https://www.avalara.com

✓https://www.business-standard.com

✔https://www.google.co.in/imghp?hl=en&tab=wi&ogbl

✓http://www.gstcouncil.gov.in/

✓https://www.myloancare.in/tax/income-tax-slabs-rates/

✔https://www.wikipedia.org/

✓ www.google.com

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