M A Chaudary & Co. Internship Report

M.
A Chaudary & company
INTENSHIP REPORT ON
M A Chaudary & Co.
Internship Report Submitted to the Faculty of Management & Administrative
Sciences in Partial Fulfillment of the Requirements for the Degree of Master
Of Business Administration.
Program & session:
M.B.A (3.5)
Date of submission
16-09-2013
Name of Program Coordinator:
Signature of Program Coordinator
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M.A Chaudary & company

Acknowledgement
In the name of thy Lord who created, man from clot. Thy Lord is the most
Bounteous who taught man that he knew nothing.
Above all we are indebted to almighty ALLAH, Lord of our lives and of
everything in the universe and his Holly Prophet (P.B.U.H) whose blessing
enabled us to perceive life.
By the grace of Allah Almighty we have been able to complete our work. We
would like to thank The Commerce Department for giving us the opportunity
and providing us with a platform to prove our mettle. We would particularly
like to thank our Supervising Members and other members who have
patiently and incessantly guided us in completing this task. Their collateral
assistance helped us realize and achieve what we initially aimed at. Finally,
we would specially like to thank our families and friends who were always
there when we needed them and also were never around when we did not
need them! This report would not have been possible without them. We also
offer heartiest thanks to all the persons who guided us and encouraged to
complete this tough task successfully.
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Dedication
To Almighty Allah who has created us as crown of creation and enable

us to learn. We dedicate this report to our parents who always
appreciate us in every step and to our teachers who help us at all stages
of study.
Executive summary
The purpose of this report is to give the detailed information about M.A
Chaudary & Co. that is an Auditing firm providing the different services such
as the Tax consultancy, corporate consultancy, Audit and other consultancy
such as feasibility studies and foreign study consultancy.
To complete this documentation I personally work with the company for one
month, learn the so many things and collect the information about the
company and its working. We work on companys different departments like
Tax Department Audit Department and Corporate consultancy department.
I have chosen the M.A Chaudary & Co for my internship because it is among
the leading Auditing firms of Gujranwala and I want to continue my learning at
well-reputed organization, which would be productive, both for the
organization and me as well.
In this document we give detailed working of each department. In Auditing
Department we learn how the actual audit is performed and how the different
financials such as the Annual reports, projected reports and the spread is
prepared for the different companies. We conduct different techniques to
analyze the company environment (internal and external). We also conduct
SWOT analysis of M.A Chaudary & Co. which details is attached in with this
report.
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We meet Mr. Khurram Mumtaz Hanjra the Audit Manager of the company and
we ask questions to him about the operations of the firm and also meet Mr.
Bilal Yaqoob who is the corporate consultant of the firm and collect many
information from him about corporate consultancy and regarding our report.
Mr. Khurram Mumtaz Hanjra assigns us the different tasks such as the
preparation of the financials and gives us the opportunity to participate in
audit of different organization. By participating in the audit of different
organizations we check the detail of different accounts and physical checking
of the inventory and get the information about the different aspects of
conducting audit.
Table of Content
Main body of the report
Introduction
Overview of the organization
6
6
7
Vision Statement
Mission Statement
7
7
History
7 to 8
Nature of the Organization
Clients of M.A Chaudary & Co
8 to 9
Major Competitors
10
Services Line
10 to 11
Organizational Structure
11
Management Hierarchy
No. of Employees
Overview of Departments
Critical Analysis
Internee work
1st Week ( 10 - July - 2013 to 16- July - 2013 )
2nd Week (18 July - 2013 to 25 July 2013 )
3rd Week ( 25 July - 2013 to 31 July 2013 )
12
13
13 to 23
24 to 26
26 to 27
28 to 29
30 to 33
33 to 35
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4th Week ( 01 August - 2013 to 07 August 2013 )
5th Week ( 08 August - 2013 to 14 August 2013 )
6th Week (15 August - 2013 to 22 August 2013)
Experience of 5th and 6th week
Summary of learning
Duties & Responsibility
Rights as Internee
How internship experience impact on my career
Gain New Knowledge
Conclusion of the report
SWOT Analysis
Recommendations
References
Glossary
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36
37
38
39 to 46
47
47
48
48
49
49 to 50
50 to 53
54
54
55 to 56
Main Body of the Report

I prepared this report in two segments. In my first part I explained about the
M.A Chaudary & Company and in second part I focused on the Work done
during internship. I had to collect data for analyzing Audit process. I had to
rely on Audit Report of the client companies for regression analysis. Secondly,
I talked with officials to know about the Audit process.
Now we start from first part.
Introduction:
During Master in Business Administration it is compulsory for every student to
get the internship of six weeks from any business sector through which he
can explore his knowledge. So, I was looking for the organization for the
purpose of internship and for gaining the practical experience. After consulting
my elders, seniors and with my own thinking I decided to do internship in
audit firm instead of any bank or any manufacturing organization because in
audit firm I can get the real practical experience and knowledge related to my
interest. .For this purpose I have chosen M.A Chaudhari & Co. (Chartered
Accountants) Gujranwala branch. They required a recommendation letter
from the University and CV. M.A Chaudhari & Co the audit firm is one of the
biggest firms of Gujranwala and has so many very clients in Gujranwala and
other cities also. M.A Chaudhari & Co has a very good reputation because of
their work. Clients of M.A Chaudhari & Co are very satisfied from the firm
work. With this company I tried to implement educational experience in this
company. Auditing section of CA firm support me to do audit in different type
of organization and share with me their experiences. This research report is
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the reflection of my working experience at this company and summary of my
responsibilities that had been bestowed on me.
Overview of the Organization

Vision statement
We believe in adding value to your organization and building mutually
beneficial long term business relationship by delivering high quality service to
your organization.
Mission statement
Our mission is to provide our valued clients the quality they deserve.
History:
The institute of Chartered Accountants of Pakistan was established under The
Chartered Accountants Ordinance, 1961. It is a self regulatory body and also
it is operating under the CA Bye Laws 1983. ICAP conducts the examination
for the candidates who are willing and wishes to become Chartered
Accountants. It regulates the auditing and accounting profession in Pakistan.
The head office of ICAP is situated in Karachi but it has also the regional
offices in Lahore and Islamabad.
M.A Chaudhari & Co. is a fast growing, dynamic network of independent
professional accounting firms and business advisers. Formed in 1982, M.A
Chaudhari & Co ranks in the top in Gujranwala accounting networks,
servicing clients through its member firms in different cities of Pakistan.
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We know that the history of M.A Chaudhari & Co. is very old which start from
1982. Mubarak Ali Chaudhari is the father of M.A Chaudhari & Co. He passed
his C.A in 1988 and then he get the certificate of an audit firm from ICAP and
start business in Gujranwala. He built up a good name in this field. He is very
hardworking person and a very good reputation in business world of
Gujranwala and so many other cities. Time to time he tried to expand their
business from Gujranwala to other cities and open more offices in other cities
like in Lahore and Rawalpindi but the Gujranwala office is the main and head
office off all offices which is situated in Trust Plaza Gujranwala.
Nature of the Organization:
M.A Chaudhari & Co. endeavor to elevating finance and accounting
outsourcing from transaction processing to the level of a true business
transformation to provide auditing, accounting, taxation, management
consultancy and other consultancy services.
It is sensitive to selecting a firm to entrust your accounting, financial, financial
services, and business development coaching and mentoring needs is an
important decision requiring great care and forethought.
Rapid economic changes and increases in competitive pressures magnify the
significance of the decision as every business, organization and individual
must make the very most of their valuable resources. It can provide its clients
with valuable information to help you make the right decisions with tools such
as benchmarking, cash flow, forecasting, payroll and much more.
Clients of M.A Chaudary & Co:
In Gujranwala M.A CHAUDHARY & CO is working as market leader, it has
more than 70 clients in different sectors. Client portfolio comprises of large as
well as medium to small-sized organizations in the public and private sectors.
M.A Chaudary has serviced clients in the following sectors:
Agriculture
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Automobile
Electrical Goods
HealthCare
Hospitality
Oil & Gas
Textile
Utility Companies
As Gujranwala is a rural urban area so clients of M.A Chaudary & Co are not
very big firms but it has more clients as compared to other audit firms
operating in Gujranwala.
Actually M.A Chaudary & Co is an audit firm which provides the financial help
and service to their clients which registered in ICAP. M.A Chaudary & Co. has
a very big business volume because of long history and a great goodwill.
Mubarak Ali Chaudary is a very hardworking person which built up a good
name in his field and has so many high clients like,
Coca Cola Co.

Pak pipes steel industry
Master Tiles
Super Asia
Climax
Asia Fan
Faisal Industry
Golden Pumps
Gujrat Chamber of commerce
Different Schools
Hospitals
And so many others, all clients of M.A Chaudary & Co are very satisfied from
the work of it. The market share of M.A Chaudary & Co is so high. Mubarak
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Ali Chaudary running his business in three cities Gujranwala, Lahore and
Rawalpindi and planning to expand further more. In Gujranwala he has his
own building the worth of Rs 80,00,000 but in Lahore and Rawalpindi the
offices is in rental buildings. M.A Ch. has purchased Cars for his employs,
which they use when go outside the firm for the purpose of audit.
Major Competitors:
There are not so many competitors of M.A Chaudary & Co in Gujranwala.
There are three main competitors of M.A Chaudary & Co in Gujranwala which
are as follows
1. Iyaz saeed & Co. which started their business since 7 years and not a
very big competitor of M.A Chaudary & Co.
2. The second competitor of M.A Chaudary & Co is Ch. Shafaqat Ali &
Co. Which started their business from 3 years which also not a very
shocking competitor of M.A Chaudary & Co.
3. And the third one competitor of M.A Chaudary & Co. is Waqas & Co.
which started their business in Gujranwala from 8 years.
Services Line:
Every service sectored has its products in the form of its services. So,
that M.A. Chaudary and Co. has also its various products in the form different
services with they have provided to the clients. The three major services are
as follows:
1. Taxation:
The M. A. Chaudary & Co. provides to its customers the taxation
consultancy. In tax consultancy the firm provides to his customers the
consultancy of sales tax return, income tax return, calculation of income tax,
the replies of the notices given to the client from FBR, online registration of
clients in FBR and E-filing of returns. The firm also gives the consultancy by
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making the wealth statement of the clients if the FBR by notice demanded
from the client.
2. Audit:
Today in that modern era in the organizations the managers and the
owners are two separate entities. So, that the owners and the shareholders
want to know that is there firm is running well or not? They want the surety
that there is not any material misstatement in the books of account and the
management has not conducted any fraud.
3. Corporate consultancy:
In the corporate consultancy M.A. Chaudary & Co.
deals with their customers and collects the payments from different
banks and customers. For the purpose of audit the audit fee and audit
planning is shared by the clients in the consultancy department. It
helps the clients of solve their different problems relating to the
accounts.
Organizational Structure
Main Offices:
Gujranwala Office
Lahore Office
Rawalpindi:
2/C, Trust Plaza,G.T. Road,
Syed Plaza, 2nd floor, 30-
House No. 25, Javid Street,
Gujranwala
Ferozepure Road Lahore.
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Ph: 055-3259556-
Ph: 042-7550126-7566262
3256258,Fax:055-325625
e-mail: macgrw@gmail.com
Defense Road, New Lalazar,

Rawalpindi
Fax:042-7582015
Organizational Hierarchy:
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Phone & Fax: 051-5573093

H.R.Department
(Khadija Mubarik
Audit Manager
(Khurram Mumtaz
Hanjra)
Azeem Khalid
Muhammad
Rizwan
Haji Bilal
Hafiz Muhammad
Abubakar
Principal
(M.A. Chaudhari)
Tax Manager
(Ahmed Raza
Khan)
Aqib Raza
Bilal Afzal
Nadeem
Qaisar
Consultancy
Manager
(Bilal Yaqoob)
Khawaja Azeem
Dawood
No. of Employees:
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There are 15 permanent employees working in the firm out of which
three are the managers of different departments of the firm. There are also
some internees, doing ACCA, C.A and masters of accounting and business
administration, working under the supervision of the employees.
Overview of Departments
No. of Employees working in department:
There are total 15 numbers of employees in the firm.
Mr. Khurram Hanjra
Mr. Ahmad Raza Khan
Mr. Bilal Yaqoob
(Audit Department)
(Tax Department)
(Consultancy
Mubarak Ali (H.R
Department)
Department)
Hajji Bilal
Abu Bkar
Khawaja
Aqib
Azeem
Bilal
Dawood
Nadeem
Qaisar.
Muhammad
Miss Khadija
Rizwan
Azeem Khalid
Departments
There are following department in M.A CHAUDHARI & CO;
1. Taxation Department:
In the taxation department, tax consultancy and guidance is provided to
different clients whenever it is needed. Monthly E-filing of sales tax returns
and E-filing of income tax return is also done in this department of the firm.
Following are the services that are provided under the head of auditing
department.
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Tax consultancy:
M.A Chaudary & Co. is one of the market leaders for tax services. We assist
businesses, individuals and organizations with tax strategy, planning, and
compliance, whilst also delivering a wide range of business advisory services
with dedicated tax professionals.
Tax services include the following:
Income Tax
Corporate Taxation
Non Resident Taxation
Personal Taxation
Specialized Services
Indirect Taxation (Sales Tax, Customs & Federal Excise)
Income Tax
The objective of our tax services is to deliver integrated solutions that result in
most tax efficient structure. We also provide business advice tailored to meet
the specific needs of individual clients. We suggest doable options always
keeping in view the fact that such options should be within the legal
framework.
Corporate Taxation
Our range of services in the area of corporate taxation includes:
Preparation and filing of tax returns.

Advisory services on interpretational issues in the tax laws.
Determination of income and chargeability of tax.
Obtaining exemptions and withholding tax certificates on behalf of
clients.
Compliance services relating to corporate taxation including advance
payment of tax.
Non Resident Taxation
The tax services are also provided to non residents and the partners are
capable to handle intricate tax issues involving nonresident taxation. The
services interlaid include the following:
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Advising nonresident on transactions before these are entered into.
Obtaining Advance Ruling from CBR on tax treatment of any proposed
transaction.
Advising on tax implications of stock options plans.
Personal tax services including International Executive Tax Services.
Specialized Services
Our specialized services encompass the following:
Researching tax implications of proposed business transactions or of
new businesses.
Assisting in the preparation of and in obtaining various approvals for
employee retirement schemes such as Provident Fund, Gratuity Fund
and Pension Fund.

Indirect Taxation (Sales Tax, Customs & Federal Excise)
Over the past few years, the indirect tax net has spread all over the economy,
covering almost all sectors of business. Lack of knowledge on the part of tax
administrators / tax payers coupled with abrupt changes in law require the
provision of timely and effective business advice to help organizations plan
and implement the required compliance measures.
2. Auditing Department:
In the audit department audit teams visit the client premises and verify the
different accounts and balances when the financial year closes. Following are
the services that are provided under the head of auditing department.
Corporate Reporting Improvement
Reporting more comprehensively on important non-financial assets can often

improve the valuation of your company in the capital markets. Research
shows that investors and analysts consider financial reports by themselves to
be of limited use in determining a company's prospects. M.A Chaudary & Co.
can assist organizations that need to ensure the quality and credibility of
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internal management information and external disclosures and, in particular,
nonfinancial indicators.
Our professional leadership on issues related to nonfinancial performance
reporting, has not been limited to simply advocating reform. Instead, M.A
Chaudary & Co. can help its client in the practice of non-financial
performance reporting with the development of Value Reporting the most
comprehensive and robust approach to reporting transparency available in
the marketplace.
Financial Statements Audit
The financial statement audit has never been more important. In today's
business environment there is more scrutiny and skepticism of a company's
financial statements than ever before. For organizations that require an audit
for statutory or regulatory reasons associated with the filing of their annual
and periodic financial information, M.A Chaudary & Co. can provide high
quality audit services. M.A Chaudary & Co work takes into account all current
and where appropriate prospective auditing, accounting, and reporting
regulations and guidance.
Sustainability Reporting
Shareholders expect your company to generate profits. But, they also want
your company to assume its responsibilities to contribute to society while
minimizing any negative effects on the environment. For companies looking to
improve business performance and create long-term shareholder value, M.A
Chaudary & Co. can help develop a corporate social responsibility
(CSR)/sustainability strategy that focuses on key issues for your business and
enhances relationships with key stakeholder groups.
We can assist our clients in the areas of corporate governance and business
ethics, environmental health and safety management, social responsibility,
strategy and economics, responsible supply-chain management, and
reporting and assurance of non-financial information.
Independent Controls & Systems Process Assurance
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Attention to the design, documentation and operation of controls is critical to
ensuring the accuracy and timeliness of information used for financial
reporting and management decision-making. M.A Chaudary & Co. provides
services related to controls around the financial reporting process, including
financial business process and IT management controls.
Internal Audit
Internal audit function in todays world needs to walk on a fine line between
providing assurance and consulting to management without impairing its
objectivity and independence. We can assist organizations that need help
improving the quality and effectiveness of their internal audit processes in a
number of ways. First, by advising and assisting in the development of
internal audit and risk management methodologies, including assessing
whether the internal audit function is delivering effectively to stakeholders.
Second, by providing internal audit resourcing solutions, including full
outsourcing or complementing in-house functions with specialist skills or
geographical coverage. In addition, we can develop training for internal
auditors using our extensive market and industry knowledge to create highly
tailored solutions.
Regulatory Compliance & Reporting
Regulatory compliance and reporting needs to be viewed as a natural
extension of the governance duties entrusted on top management and
corporate boards. For all organizations engaged in activities that come under
the control of a regulator, M.A Chaudary & Co. provides support, advice, and
assurance to help you manage your regulatory risks. In an ever-changing
regulatory environment, we help ensure that you identify, manage, and control
any existing and future regulatory risks. A proactive rather than a monitoring
approach to regulation is now a full time strategic necessity.
M.A Chaudary & Co. experienced regulatory risk specialists, who not only
know the rules, but have also, implemented and assessed compliance
against them. Our people can help you at the strategic level by maximizing
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any competitive advantages from regulation through to the operational level
and by minimizing the costs and disruptions to your business, thereby freeing
up management time in the process.
3. Corporate consultancy department:
Financial consultancy:
M.A Chaudary & Co. Finance professionals provide comprehensive financial

advice and execution expertise, encompassing mergers, acquisitions,
divestitures, restructurings, private placements, privatizations and equity
capital markets to clients ranging from corporations and financial institutions;
adding value for our clients throughout all stages of the process. Financial
Consulting services include the following:
Financial Performance Improvement

Financial Accounting
Accounting Valuation
Advice on Fundraising
Financial Due Diligence
Project Finance
Structuring Services
Financial Performance Improvement
We support CEOs, CFOs, Controller and Treasurers to optimize the structure

of their Finance functions thus improving contribution to business.
We structure our support to ensure that Finance addresses the challenges of
achieving appropriate standards of control, efficient back office opportunities
and support to the business through insight and challenge. Recently, the
emphasis of Finance has been control and efficiency characterized by a
heavy focus on compliance delivered through streamlined back office models.
Financial Accounting
With the advancement in International Financial Reporting Standards (IFRS)

for many of our clients, financial accounting has become a lot more
complicated. And if the past few years are any guide, the future holds more
regulations, new requirements, and an increasing compliance burden.
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Accounting Valuation
International Financial Reporting Standards (IFRS) introduce significant

changes to the way that accounts must be prepared and presented, requiring
a wider range of assets to be valued on an annual basis.
IFRS changes the accounting treatment for acquisitions. All assets
(tangible and intangible) from a merger or acquisition now have to be
included in the balance sheet of the acquirer at their current market
value and are depreciated over their useful economic life.
Goodwill is now tested for impairment annually, and is marked down
according to the conclusions of that annual process.
A range of financial assets now also need to be valued under IFRS,
including
financial
instruments
and
insurance
contracts.
IFRS
requires# share options to be valued as they are charged against the

profit and loss account on an annual basis.
M.A Chaudary & Co. valuation services draw on considerable technical
and financial specialization, as well being able to access accounting
specialists to deliver integrated advice to our clients.
Advice on Fundraising
Raising finance to fund expansion plans means examining a wide range of

issues and answering a complex set of questions. The capital markets have a
challenging environment and selecting the right location and structure
requires considerable insight and experience.
Financial Due Diligence
All businesses involved in an acquisition, as buyers or sellers, need to ensure

that the financial information they hold is as accurate as possible, not only to
prevent paying too much (or in a sellers case receiving too little) but also to
ensure that their governance and risk management objectives are met,
Project Finance
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Funding for large projects (like infrastructure projects) is a complex area, and
there are specific challenges involved in creating the appropriate finance
structures to manage risks effectively. M.A Chaudary & Co. has experienced
professionals who have working experience with both governments and
private sector bidders.
We help the public sector develop the right approach to procurement.
We help private sector partners to get the best out of the process.
Structuring Services
A number of different considerations can influence the optimal structure for a
deal requiring a balance between the objectives behind the deal and
accounting, tax, regulatory and commercial considerations. We help clients to
identify the principal concerns that will determine the right structure for a
transaction.
We can assist with marshalling the complex range of factors including
tax, legal, accounting and regulatory issues that will need to be
considered together.
Business Consultancy:
Today's business world is fast-paced. To succeed, you must seize the

opportunities while also managing the risks. You need to move quickly, but
you also need long-term strategies to help ensure your business can cope
with the demands placed on it today and tomorrow.
M.A Chaudary & Co. business consulting practices:
Take an objective, long-term view.
Deploy professional resources that can bring global knowledge to local
issues.
Have an integrated approach to client service with teams of
experienced professionals with a breadth of specific technical and
industry sector skills.
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M.A Chaudary & Co. provides advice and assistance to companies,
corporations and other concerns. Our services can help you respond to
immediate needs as well as put in place the strategies for the longer term.
Business consulting includes the following:
Business Recovery Services

Dispute Analysis & Investigations
Commercial & Market Due Diligence
Modeling And Business Planning
Information Technology Consulting
Enterprise Risk Management
Business Process Outsourcing:
Business Process Outsourcing (BPO) provides accounting, financial reporting

and transaction-intensive process support to clients. While your management
concentrates on enhancing the core business, our skilled professionals focus
on your financial accounting and reporting. We perform these functions
efficiently and cost-effectively, using a broad knowledge of business
processes and financial software packages.
These resources not only enhance our ability to help clients with their finance,
accounting and applications outsourcing, but also assists them in selecting
and implementing software systems; establishing company-wide networks;
writing policies and procedures; creating call centers; and, standardizing
processing after mergers and acquisitions.
Through Business Process Outsourcing (BPO) services, we take over a
client's back-office F&A and related procurement business processes and
manage them on an ongoing basis. We offer a full IFRS compliant services
and solutions, including transaction processing; financial accounting and
reporting; statutory/regulatory accounting and reporting; and, transaction
processing.
Our
transaction
processing
services
cover
payables,
disbursements and expenses; receivables, receipts and revenues; general

ledger; and, payroll.
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Our approach to BPO is a highly collaborative blend of client and firm
strengths. We customize each engagement according to our client's
processes, internal controls and system requirements.
4. Other Consultancy:
Feasibility studies:
Under the head of the feasibility studies, M.A Chaudary & Co. can conduct
the project feasibility study on behalf of the other companies. Firm conduct
the study and furnish the comprehensive report on that and make the
recommendation to other companies for the project.
Foreign study consultancy:
Foreign study consultancy is the new service provided by the M.A Chaudary
& Co. for those students who wish to study abroad and those who want the
foreign immigration. Mr. Bilal Yaqoob is expert in foreign study consultancy
and he provides the consultancy for Canada, England and Australia.
Function and Operations of Departments:

Tax Department:
In M. A. Chaudary & Co. every department has a manager who is
responsible for the performance of that department. Mr. Ahmad Raza Khan is
the manager of tax department. All types of affairs and works regarding to tax
consultancy is done under the supervision of him.
Audit Department:
In the audit department Mr. Khurram Mumtaz Hanjra is the manager.
He was also our site supervisor. The conduction of external audit, internal
audit, preparing of financial statements, reviewing of books of accounts, book
keeping and record checking of different companies, AOP, Trust, NGOs and
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Individuals are taken place in this department under the supervision of Mr.
Khurram.
Human Resource Department:
As I have also mentioned in above that the human resource
department is fully hold and controlled by Miss Khadija Mubarak who is
beloved daughter of Mubarak Ali Chaudhary. In this department the new staff
is hired. There are some policies and regulations, which I have mentioned
above, through which the recruiting takes place. The human resource
department also deals with the training, workshop and development of the
employ. Miss Khadija also has made some policies for the retirement of the
existing employees.
Corporate Consultancy Department:
Mr. Bilal yaqoob is the manager of Corporate Consultancy Department.
In this department the dealings are taken place with the clients on their all
kind of problems and assignments. They also make deals with clients
regarding to preparing financials, the payments, fees, and audit of the
companys of the client.
Critical Analysis
Financial Analysis:
M. A. Chaudary & Co is a service sector. It provides services to different type
of clients. So according to the manager of the firm Mr. Khurram Mumtaz
Hanjra the company evaluates its self by the service satisfaction of clients.
The firm has not prepared the proper books of accounts and financial
statements. The firm only submits the tax return at the end of the year to
FBR. So, that the financial analysis cannot be preformed for the company.
Comparison of Financials Analysis with Competitors:
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Mostly all the audit firms have not prepared the financial analysis in the
Gujranwala so that we are unable to make comparison between the firm and
its competitors.
Marketing Strategy:
According to Institution of Chartered Accountancy of Pakistan the
Chartered Accountancy Firms are not allowed to do advertising and marketing
of their firms. So that the M.A. Chaudary & Co. has not its any marketing
strategy. The clients whom want to consultancy with Chartered Accountancy
practitioners they trace them with the help of ICAP.
Major Competitors:
The main and major competitors of M. A. Chaudary & Co. are as
follows who are also situated at trust plaza but in different block and flour.
Iyaz saeed & Co.( Chartered Accountants)
Ch. Shafaqat Ali & Co ( Chartered Accountants)
Asjad & Co.( Chartered Accountants)
Success and Failure of different Products of the

Organization:
As I have mentioned above that M. A. Chaudary & Co. is a service
sector firm so that its products are the services which they are provided to
their services. The M. A. Chaudary and Co. is an old firm in Gujranwala so
that many people have loyalty with that firm and have strong trust on the
services of this firm. There are many factors due to which they have success
in this field and performing their better services as compare to the
competitors. Some factors are as follows:
People confident
Clients priority
Employs loyalty
MBA (3.5)
Page 25
Clients Loyalty
High market share

But they have to bear some loss as their some customs move to the
other organization by leaving them due to some weaknesses of the firm which
are as follows:
There is not any check and balance system in M. A. Chaudary and co.
I think it is due to the mostly absence of the owner.
There is not any regularity policies in the firm as every employee and
internee come in firm late with his own will and leave the firm at any
time.
Mostly work is done by the internees under the supervision of senior

employees but beside of this the work done by internees does not
review. Due to which the mistakes occurs and many clients claim the
faults against the services provided by the firm.
Human Resource Policies and Practices:

Human resources policies are the policies made by the organizations.
They made these policies for recruit the eligible and capable person for the
vacant post. In different organizations there are different human resource
policies.
In M.A Chaudary & Co. there are also some policies and procedures
introduced by the human resource manager by adoption them the new
persons will hire. The manager told me and my group members that there are
some steps which they followed for hiring new employees, which are as
follows:
In the first step the firm gives the advertisement of placement in
different colleges through and in I.C.A.P through Its broachers.
In the second step the firm collects C.Vs from the willing applicants.
MBA (3.5)
Page 26

In third step they call the applicant and make an interview with them.
But before interview they conduct test from them.
Finally the selection done on pure merit bases by keeping in mind the
applicants mentality and education and experience.
After recruitment the firm gives the training to the recruited for its
betterment.
The firm also made some retirement policies form their loyal and
retired employees.
Future prospects of the organization:

Mr. Khurram Mumtaz Hajnra who was our site supervisor gives us the
future prospects of the organization in written form which is as follows:
The Future prospect of the organization is to apply the Quality Control
Review (Rating) in the firm. And also to acquire from ICAP this QCR rates
which testify the quality of audit work done. The company further looks
forward to attain this QCR rating positively.
Internee work:
Chartered accountant industry in Pakistan is the fastest growing sector, which
is the first in the financial sector. So, I think, M A Chaudary & co. company is a
good company to work in this area, this is a good opportunity for me. July 10,
2013, I joined the MA Chaudary. Internship extended to one month and a half,
from 10 July 2013 to 22August 2013. In the tenure of my internship, I showed
the different works. I've done my best efforts, to improve my ability to apply
the knowledge acquired in the course of my study. We know, M A Chaudary &
co. history is very old. M A Chaudary & co. Chaudary Mubarak Ali's is the
father of organization, he passed his CA and start audit firm business in
Gujranwala in 1988, he received the certificate from the ICAP and began . At
that time, he tried to expand their business like in other cities to other big
cities from Gujranwala and Lahore and Rawalpindi to open more offices,
MBA (3.5)
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Gujranwala office is main offices and headquarter located in the Trust Plaza
GT road Gujranwala. I have worked under the supervision of Mr. Khurram
Mumtaz Hanjra who is the audit manager of this firm. he has worked as an
article student because of his efficiency and work determination he proved his
self and became an audit manager. He believe that work should be done with
pure ethical and professional manner. He is a very competent person I have
learned a lot under his supervision,
During the period of my internship I preformed the different task in different
areas of the M.A Chaudary & Co. which are the following;
1.
2.
3.
4.
5.
6.
7.
8.
9.
The audit process

The audited reports
Maintain of Accounts/Book keeping
Sale tax return filling
Income tax return filling
Corporate consultancy
Preparation of form A
Preparation of form 29
Preparation of the financial which include the following;
a. Current year financials
b. Projected financials
c. Spread ( for banking purpose )
1st Week ( 10 - July - 2013 to 16- July - 2013 ):

Date
10 July
11 July
Department
General
Work
Official work
Maintenance of files
Printing
12 July
Letter Acknowledgement
Printing
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Page 28

Receiving letters of FBR
13 July
Printing
14 July
Sunday holiday
16 July
Financials of the organizations
Printing
Experience gained in 1st week:

During my first week as a junior trainee. Very 1st day i was introduced with
the members of the management and the other office persons and then I was
given the overview of the organization and the types of work being carried in
the organization. I was visited by Mr. Khurram Mumtaz Hanjra who is the
audit manager of M. A Chaudary & Co. Charted Accounted firm. He introduce
me to other staff of the organization, told me the client of Charted Accounted
firm for professional working. During my first week training period he assign
me task to handle the file of the different organizations that are the client of
the M. A Chaudary & Co. There are different types of the companies that are
the client of the M A Chaudary & co, here I learn there are two types of
business according to the corporation, incorporate & un-incorporate in
incorporate there are two types private limited & public limited and according
to un-incorporate there are two types individual business that is also called
sole proprietor & partnership firm also knows as association of persons (AOP)
. During my first week of internship I also assist to my seniors and teach who
to prepare the financials of the different organizations. There are two types of
MBA (3.5)
Page 29

the financials annual & projected, annual is for the one year and projected is
for coming three years it shows the estimated position of the company on the
behalf of the ratio analysis of current and previous year, annual financials
shows the correct financial positions of the business in current year. I also
learn that who to make the print. In M A Chaudary there are three types of
paper are used, letter head that consist organization name and address,
continuous sheet that consist only the name of the organization, white sheets
that are blank, important things like audit report & reply of letters are printed
on letter head. During the internship I obtain the knowledge of how we can
use MS Excel for the purpose of calculation of financial figure and how we
can make the financial report through this software. Another benefit of using
this software is that we can also make tax return voucher for FBR. I also learn
about the different function of MS excel assign the task by my supervisor is
the calculating and checking the total, main record in the book of relevant
matter, either journal or ledger. I also assign a task of rectifying the error
indifferent book and repot to my supervisor. My supervisor also teaches me
about the test checking technique, in this technique we only check the some
entries through sampling procedure and make conclusion on this.
2nd Week (18 July - 2013 to 25 July 2013 ):

Date
18 July
Department
Tax Department
Work
Learn what is Sale tax
Returns and what rates
are applied on company,
AOP, Individuals etc.
Visit FBR sit and also
our clients profile on
FBR sit
Working on sale tax
19 July
return
Telephones bills
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Sui gas bills
Electricity bills
Working on sale tax
20 July
return
Telephones bills
Sui gas bills
Electricity bills
Compile the result and
21 July
make sale tax return

Working on sale tax
Sunday holiday
return
22 July

File Sale tax return
Working on sale tax
return
23 July

Receive letter from FBR
in case of any error and
other requirement
24 July
Financials of the
organizations
Printing
nd
Experience gained in 2 week:

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Page 31

in 2nd week of my internship I mostly spend my time in tax department, In M A
Chaudary & co. every department has a manager who is the responsible for
the performance of that department. Mr. Ahmad Raza Khan is the manager of
tax department. All types of affairs and works regarding to tax consultancy is
done under the supervision of him. I assist business, individuals and
organization with tax strategy, planning and compliance. I have experience of
working with an expansive and diverse client in all type of business
multinational, local companies, privately owned organization, entrepreneurs,
family business, trusts, partnerships and private individuals. Tax department
includes the following services,
Calculation of Income & sale Tax for individual.

Calculation of income & sale Tax for organization.
Property tax.
Calculation tax for seasonal business.
Calculation of import duty.
The purpose of this tax service is providing solid solution to our valuable
clients and work as a tax consultant on behalf of the client. We also provide
the helpful information to individual, company clients. The variety of services
in the region of organization taxation includes
Start initial working for fill up return voucher.

Provides over expertise services on complex issues in the tax legal
opinion.
Strength of mind and calculate the tax charging amount.
Receiving exemption in withholding tax certificates on behalf of the
client
The tax services are also provided to nonresident and the partners are
capable to handle the tax issues involving nonresident taxation. These
services are as follows
Advising nonresident on transactions before these are enter into

Obtaining advance ruling from CBR on tax treatment of any proposed
transaction.
MBA (3.5)
Page 32
Advising on tax implications of stock options plans.

Advising the tax implications under various agreements for avoidance
of double taxation ( treaties )

Personal tax services including international executive tax services.
We also provide our services to specialized organization, we also known as

seasonal business. The tax year of seasonal business is according to there
season. Our specialized services are as fellows.
Researching tax implications of proposed business transactions or of
new business.
Assisting in the preparation and obtaining various approvals for
employee retirement schemes such as provident fund, gratuity fund
and pension fund.
In this department income tax invoices and sale tax invoices are filed in
Federal Board of Revenue ( FBR ) . In 2nd week I learn how to make the
filing of sale tax return,
Mr. Ahmad Raza Khan send me to permanent
employee of the M A Chaudary & co. named Mr. Nadeem he is the permanent
employee of tax department and work only on every affair and issue relating
to tax, in this week he told me about the sale tax issues and working on filling
the sale tax returns. Mr. Nadeem gave me some utility bills of the organization
and teach me how to find the general sale tax (GST) from telephone bills,
electrical bills and sui gas bills. Then he compile the whole result collected
from utility bills and note down in the organization federal board of revenue
( FBR ) Account in FBR site. After completing the working on given data of the
organization Mr. Nadeem told me how to filling the sale tax return. Its
amazing work and totally being done online.
3rd Week ( 25 July - 2013 to 31 July 2013 ):

Date
25 July
Department
Tax Department
Work
Learn what is Income
Tax Returns and what
rates are applied on
company, AOP,
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Page 33

Individuals etc.
Visit FBR sit and also
our clients profile on
FBR sit
Working on income tax
26 July
return
Telephones bills
Sui gas bills
Electricity bills
Wasa bills
27 July
Working on income tax

return
Telephones bills
Sui gas bills
Electricity bills
Wasa bills
Payment Chillan(under
section 153)
28 July
Sunday holiday
Working on sale tax
29 July
return
Telephones bills
Sui gas bills
Electricity bills
make income tax return
Working on sale tax
30 July
return
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Appeals of income tax
Make a form of ground
of appeal
Working on sale tax
31 July
return
rd
Experience gained in 3 week:

In this week there is a lot of things to
learn in the tax department. Mr . Nadeem teach me about the income tax.
Here I learn that FBR apply tax on any kind of business like individual, AOP,
companies. The tax year ended of individual, partnership ( AOP ), and
companies are same that is 30 th june in every year but their return filling date
is separate in case of individual and partnership there return filling date is till
30th September and in case of companies their return filling date is till 31 st
December. According to the FBR law all companies must submit their tax
return file by online its compulsory for every company and partnership firm,
but for individual it is not compulsory to submit their tax return online its
optional they can submit manually or computerized form, means by hand or
online. In individual business If a person earn Rs: 500000 the it is in optional
form, if he earn more then Rs: 500000 their tax return must be submit online.
4th Week ( 1 August - 2013 to 07 August 2013 ):

Date
1 august
Department
Corporate law Department
Work
Information regarding SECP
Visit site of SECP
Visit the files of clients
Preparation of form A
Filing of form A
2 august
3 august
4 august
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Sunday holiday
5 august
6 august
Filing of form 29
Preparation of bank challan
Preparation of form 29
7 august
Experience gained in 4th week:

after getting involved in office affairs I was transferred to consultancy
department to get the knowledge of corporate affairs. The head of
consultancy department gave introduction and explanation of the corporate
law. I was told to explore Security and exchange commission Pakistan
(SECP) and also consult corporate law books which were available in office.
Then I had pointed out the main and imported issue regarding corporate law
which I had saw in website of security and exchange commission of Pakistan
and corporate law books. Then I written down in my personal note dairy and
consult that issues with the organization those client files which were getting
consultancy services from M A Choudheri & company. there are number of
famous clients who have sound reputation in business market like
Royel Fan (pvt )ltd .

Pak Steel Industries (pvt) ltd .
General fan company (GFC) (pvt) ltd .
Golden pumps (pvt) ltd .
they are all satisfy with the work of the M A choudheri and had a great trust
because of the great performance of the M A Choudheri & co .
There are two main documents or forms of the corporate law department that
is form A & form 29, firstly I learn how to prepare the form A, form A basically
includes the general information of the company that is further divided into
different parts the first part consist name of the organization, registration
number, date, day, registered office address, nature of business, contact
detail etc, 2nd part consists the authorized capital of the company, types of the
shares preferred or ordinary. Third part includes the information about the
MBA (3.5)
Page 36

management like the name and the address of the organization like chief
executive, chief accountant, secretary, legal advisor and auditor, at the end it
consist the list of the directors and the members of the company, if shares are
transferred to other person then it is also mention in form A.
5th Week ( 8 August - 2013 to 14 August 2013 ):

Date
8 august
Department
Audit Department
Work
Information about audit
And meet the management
Attend the orientation and
9 august
meet audit team

10 august
Go to the industry named

Faisal sanitary fitting
industries private limited GT
road Gujranwala
11 august
Sunday holiday
12 august
Starting the audit by
13 august
checking vouchers
Checking evidences
attached with vouchers of 1st
quarter for the year ended
on 30th june 2012
14 august
National holiday
MBA (3.5)
Page 37
6th Week (15 August- 2013 to 22 August 2013 ):

Date
15 august
Department
Audit Department
Work
Checking evidences
attached with vouchers
of 2nd & 3rd quarters for
the year ended on 30th
june 2012
Checking evidences
16 august
attached with vouchers

of 4th quarter for the
year ended on 30th june
2012
Checking of double
17 august
entries and reconciled

amounts with relevant
ledger accounts
18 august
Sunday holiday
19 august
Presentation of audit
observations found
during audit for the year
ended on 30th june 2012
Visit the factory area of
20 august
that company and check

the different process of
production and finalized
the report
MBA (3.5)
Page 38

21 august
Reconcile the bank
statements with there relevant
ledger accounts
Experience gained in 5th & 6th week:

In audit section the audit team inspects the promises of client and conform
the different account organizational account and justify the financial figures in
the statement of financial closeting year which is prepaid by the employee of
the organization. Some different type of services is provided by audit
department to facilitate their customers. Which are describe below
Declaration;The function of the facility is the sign of successful business and how work in
modify when they need required. We provide the expertise with time to time
when they needed to our clients. Following are the expertise which I providing
to our clients.
Improve the organization reporting structure

Audit of the financial statement.
Maintain reporting
Interior audit of the organization.
authoritarian fulfillment and reporting
Corporate reporting improvement

Reporting is extra expansively on significant non financial assets can often
improve the valuation of your organization in the capital markets. Research
show that investor and psychoanalysis consider financial reports by
themselves to be of limited use in determining a companys prospects. M A
Chaudary & co. can support organization that need to make sure the quality
and trustworthiness of inner management information and outside disclosures
and, in particular, non financial indicators. Our professional leadership on
issue related to non financial performance reporting, has not been limited to
simply advocate reform. in its place M A Chaudary & co. can help its clients in
MBA (3.5)
Page 39

the practice of non financial performance reporting with the development of
the value reporting.
Financial Statements Audit:

The financial statement audit is not at all been more significant in todays
business environment there is more scrutiny and cynicism of a companys
financial statements than ever before. For organization that requires an audit
for statutory or regulatory reasons associated with the filing of their annual
and periodic financial information, M A Chaudary & co. can provide high
superiority audit services. M A Chaudary & co. work takes into account all
current and where fitting prospective auditing, accounting, and reporting,
regulation and guidance.
Independent controls and System Process Assurance:

Attention to the design, documentation and operations of controls is critical to
ensuring the accuracy and time lines of information use for financial reporting
and management decision making. M A Chaudary & co. provide services
related to controls around the financial reporting process, including financial
business process and it management controls.
Internal Audit:
Internal audit function in todays world needs to walk on a fine line between
providing assurance and consulting to management without importing its
objectives and independence. We can assist organizations that need help
improving the quality and effectiveness of their internal audit process in a
number of ways. 1st, by advising and assisting in the development internal
audit and risk management methodology, including assessing whether the
internal audit function is delivering effectively to stakeholders. 2 nd, by
providing internal audit resourcing
solution, including full outsourcing or
complementing in-house function with professional skills, or geographical

coverage .furthermore we arrange the training program of internal auditors
using our extensive market and industrial knowledge to develop highly
adapted answer.
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Regulatory observance & exposure
Regulatory agreement and reporting needs to be viewed as a natural
extension of the governance duties entrusted on top management and
corporate board. For all organizations engage in activities that come under
the control of regulatory, M A Chaudary & co. provides support, advice, and
assurance to help you manage your regulatory risks. In an ever changing
regulatory environment, we help ensure that you identify, manage, and control
any existing and future regulatory risk. A proactive rather than a monitoring
approach to regulation is now a full time strategic necessity. M A Chaudary &
co. experienced regulatory risk professional, who not only know the rules, but
have also implemented and assessed compliance against them. Our people
can help you at the strategic level, by maximizing any competitive advantage
from regulation through to the operational level and by minimizing the cost
and disruptions by your business, thereby freeing up management time in the
process.
Process of auditing
The firm after getting appointed as the auditor , in the annual general meeting
by the shareholders or by the management , starts he audit. First it asks the
management for the letter of appointment the management is asked to give a
list of all books of accounts maintained by the client and a list of all officers of
the company along with their designation and authority. Previous years
audited accounts are also demanded. These accounts are studied to gain
about the clients business. If the audit of the client was also done in the
previous year then these information can be obtained from the working
papers i.e. file maintained by the audit firm containing documents received
from the client.
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Inner control of management:

Executives and semi executives determine the inter control within the
organization. It is held for the point out the drawbacks in the organization
system, this is due to innovate the test check techniques while audit is held. It
facilitate the auditor to express his expert opinion regarding to the different
books of record
Initial starting of audit program

Audit program is started by our senior who are very skilled in this field. It was
determine that this audit program will be done under the supervision of the
seniors. While the period of auditing some important notes are created before
it. These are following.
Audit review notes

This note help the auditor for the further discussion of the management of the
organization.
Audit Queries
In these notes the record of uncompleted vouchers are kept and further
discuss with the management of the organization for completion of audit
process.
Important Balance
Recording of all closing financial figures of cash in bank and stock in the
market.
Compliance Testing
It is a techniques through which auditor check the work of whole year of the
organization regarding the books of accounts and rectifying the errors if any
error accure in these books of account, without this techniques auditor never
perform their duties effectively as well as efficiently
Checking of Books of Accounts
MBA (3.5)
Page 42

Auditor check the books of accounts with fully consideration to check that the
organization fallow their standard of accounting rules or nor whether in the
preparation of the book of account of the firm.
Operation of audit
Audit is performed by the conduct of following techniques
Vouching
Every transaction is checked by the auditor with the help of documentary
evidence. Documentary evidence includes vouchers, invoices, and goods
inward and outward notes, cash memos and receipts. The transaction should
be checked by the authorized person having power to do so. Audit start from
here.
Verification
The process of verification is take place after vouching. Here verification of
assets and liabilities take place. Assets that held by the organization are
verified by checking them and letter is written to them with their title to verify
their presence. For confirmation of major debtors a letter is written to them to
confirm the balance due from them. To confirm bank balance account,
statement is received from the client's banker. For the confirmation of
liabilities letters to the creditors is written to confirm their balance because of
them. For the purpose of the accountability the auditors himself visit the
warehouses if they find any doubt.
Ticking
For the propose of highlighting any entry red pan is used this shows that the
entry is marked for certain reason. Various shaped used to mark transactions
that show that there is some fault in entry. that were used to denote checking
of additions, postings carry forwards etc.
Posting check:
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Posting entry id the critical stage and there necessary to transferred the
accurate amount in the accurate ledger. Special attention must be given for
this purpose because if the wrong name with the wrong tilts of the accounts
make the wrong posting which remain undetected.
Cross Checking
It is the comparison of entries in two or more books or of any entry in a book
whit its supporting evidence or voucher. May senior assisted me in this step.
Accuracy of cross checking plays a vital role in the procedure of auditing.
Thats why we should perform this activity with proper care and attention.
Trail Balance Checking:

The accurate record of balance was done by the staff members and done
proper record in worksheet paper regarding all balances. If during the time
period of audit various queries and unexplained events are seen, then all
these types of queries is checked by the management team and they make
necessary adjustments. And if during audit some irregularities is witnessed
that
systematic process:
All the transaction are done regarding analytical procedure is also adopt to
confirm the accuracy and rightness of the result obtained from procedure,
financial statement and balance sheet. In here the results are compared with
periodic result, rations, expected results and industrial information. Any major
difference looked into. At this stage stock valuation, material variations,
financial ratios and variance analysis are done,
Auditors Report
After doing the previous steps, if the auditor is satisfy with the given
information that is required for the audit purpose then he makes audit reports.
That includes the information about the books of accounts, profit and loss
account and balance sheet and shows the true and fair view of the
organization, if he not satisfied with the detail information that is provided by
MBA (3.5)
Page 44

the management and find irregularities the the report that he given is called
Qualified Report .
Review of Performance
After the end of the audit process it is the duty of the seniors or the
management of the audit firm to check and review the performance of the
team. Then they analyze the audit and fine that the audit is done on proper
time, and are this audit is free of mistakes. The team that is send for audit
purpose is worked as group or individual. If something is found to be un
satisfactory then proper steps are taken ensure that these irregularities do not
appear in future audits. During the course of audit documents, balances and
papers etc. are collected which at the end of the audit are kept in a file for the
future audits.
Faisal sanitary fitting industries private limited GT road Gujranwala is the
organization where our Audit manager Mr. Khurram Mumtaz Hanjra send
auditing team including me for audit purpose. Mr. Haji Bilal leading the audit
team firstly we check the books of accounts of the organization. Only a
sample of entries are checked, the size of the sample is based on different
matters like materiality level, efficiency of the internal control system,
possibility of occurrence of error and other condition. Apart from applying test
checking method some transaction of unusual natures or amount were also
checked to find out the errors or frauds. After checking every transaction a
tick mark was put on red pan that shows the entry has been checked.
Vouching:
After checking the books of accounts of Faisal sanitary fitting industries
private limited GT road Gujranwala vouching was done. The basic purpose of
vouching is to ensure that the entries that was made by the organization was
original. Here we use the testing method with the help of their supporting
MBA (3.5)
Page 45

documents to checking the entries of the organization, the supporting
document are helpful that are includes the invoices of sale and purchases,
inventory inward and outward record, bills and receipt on cash memo, letter of
credit in case of export and import, inventory in and out record etc. here we
also checked that the supporting documents are issued on behalf of the
authorized person and also find out his authority.
Verification:
When we vouch organization in every aspect that is compulsory for the audit
then we start the verification. Here we checked the existence of the
organizations assets, this is a new thing for me to check assets physically
and I learn a lot from there. Clients bank accounts are verified by obtaining
their bank statements personally by the clients bank. There investment are
physically examined are they held that or not. And after the verification of the
assets and liabilities we find the market value of them and also the ownership
of that assets is examined by verify their title documents. If you need any
information management requirements in the audit process to prove that they
are legally obliged to provide the required information. Also found a number of
errors, and pointed out, and the interpretation of the requirements and
correct.
In some cases, at the same time check, some employees wages

Single no record of their name did not even appear in the attendance
sheet. This is because the management fraud.

Most of the record is maintain by computer thats why there is less
chance of fraud.
Sometimes debtors pay the amount but the entry is not made
Another mistake is wrong distinction between the capital and revenue
expenses an earnings,
Entertainment expenses are incurred but there is not any original or
rough record.
MBA (3.5)
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It was a awesome experience and I enjoyed that work, I really learn a lot
during the audit of Faisal sanitary fitting industries private limited GT road
Gujranwala.
Summary of learning
Skills and Qualification Gain
M A Chaudary & co. experience is very big, there are so many things to
collect. I am glad that I did my internship in M A Chaudary & co. I get the
following different types of knowledge and learning.
Check the company's bank account in a different city
Maintaining files in M A Chaudary & co. (Institute of Chartered Accountants)
Understand how to check the books of accounts
How can we prepare the report
How to check the balance sheet.
Compared with previous reports
How to deal with customers
Duties and Responsibilities

During my internship, I have to follow steps which were directed to me from
my supervisor.I have different tasks to perform like Book keeping, Stock
takeover make Purchase & Sales invoices, E -Filing. So many Duties and
Responsibilities were applied on me in respect of tasks which were given to
me.
Some of the responsibilities and duties are as follows:
Reach the office in time and never waste the time.

Complete the work in time which was given to me.
Detecting the mistakes and errors in books of accounts,
After detecting the mistakes in accounts correct them nicely.
After completing the report and documents arrange them in file and re-
check them whether any mistake is left or not.

After completion my work gives the related documents to supervisor.
Rights as Internee:
MBA (3.5)
Page 47

I have also some rights as an internee. Some of them are as follows:
Right to access the books of accounts of the company.

Right to get the documents and information about the company.
Right to know about the each and every thing that I need related to
documents prepared by me.
Above I explain the duties, responsibilities and right which were applied on
me during internship. I tried my best to follow the rules of organization and
perform all my duties in well mannered.
How internship experience impact on my career

In todays competitive job in finance, an internship is a mean to gain
experience in a field where you want, get a foot in the door at your dream
company, and a primary way to network within that organization.
Firstly I can say that no learning can be gained unless theory is

practiced. Theory cannot be practiced unless opportunity is availed.
Internship is not a job rather it is an opportunity to see the jobs
qualities whether good or bad, deeply. Internship is a kind of work
experience where basic objective is learning, not money making.
Internship encourages me to test my education in the surrounding area
of official environment.
I have also learned that the most hidden gain of internship is building
up good relations with your bosses, which means you need to work on
public relations. It would really help you in pushing your career
quickly.
Another aspect which will give positive edge to my career is that in

practical life we should minimize our non serious behavior.
. Internship gives me a chance to test skills and it provides a chance of

self analysis. You would know your strengths and weaknesses. It is a
practical form of SWOT analysis of your own self.
MBA (3.5)
Page 48

Gain New Knowledge
The whole internship program was full of learning. I gain lot of practical
knowledge which will help me lot in my future. It was the chance for me to
implant my bookish knowledge in practical work. So, it gave me chance to
meet more people and learn from their experience.
Some of the things which I have learned are as follow;
I learn about the environment in an organization.

My communication skill is improved.
I learn how to work as a team member.
I get knowledge that how the information & data get from companies
and compiling them and prepared and filed.

I learn how to use the theoretical knowledge in an organization.
I come to know what kinds of services are provided by a Chartered
Accountants firm.
I get the chance to come know about the culture of different
companies.
I come to know how take work from employees within time
Conclusion of the report

By concluding my full internship report on M A Chaudary & co. I
want to give an overlook which I have done in the 6 week internship. M A
Chaudary & co. is a leading chartered accountancy firm in the market. It
has four various department named as Audit department, Tax Department,
Corporate Consultancy department and Human Resource Department.
I have tried to work in each department and seek a great
knowledge from them. In audit department I have learned how to make
audit of NGs. I have learned that the NGOs and non-trading concerns
have not prepared the profit and loss account and cash account but they
prepares the Income and expenditure account and receipts and payments
account. I have also learned how to make financials of different
companies.
In the Tax department I have learned about the different tax affairs
of different companies. I have learned how to file the sales tax refund, EMBA (3.5)
Page 49

Filing of returns, apply for NTN no. and how to reply to the notices of the
FBR as well as register the person.
In corporate consultancy department I have learned how to deals
with customers and what are their methods to recover the amount from
clients. Usually they involve a third party to recover the client named as
bank. I also have gotten the chances to go to different banks for recovery
of payment.
SWOT Analysis
SWOT is an acronym for the advantage of weaknesses
opportunities and threats. The strengths and weaknesses of the first two
methods are internal organizational factors, organizations can control. The
other two factors are external factors, which is beyond the control of the
organization. M A Chaudary & co. SWOT analysis is as follows:
Strength:
Strength, I observed the success of the company in M A Chaudary & co. M
A Chaudary & co. the key point is that
Experienced MGT:
M A Chaudary & co. is a qualified,
experienced management, a strong and experienced management M A
Chaudary & co. its performance is very good, a great name in the market.
Most of the management is a CA and ACCA students and one year or
more long-term experience in their article; this experienced management
is the basic strength of M A Chaudary & co.
Quality of service:
Under the same roof, like the audit, tax and business consulting
services business. Due to the number and the quality of service customers
have a lot of trust.
Accounting Consulting:
MBA (3.5)
Page 50

Consulting services are also available in MA Chowdhury today's
business is very important. Each organization must improve their
technology. This is why M A Chaudary & co. computerized accounting
systems of different organizations, different work.
Interpersonal communication:
Partners interact with each other to help increase the enthusiasm of
the staff. M A Chaudary & co. of the company's decentralized

management. Each member, and detained him permission directly with
members and detained senior management, if they need any assistant.
learning behavior:
M A Chaudary & co. Internship students is between knowledge and
behavior, to improve their knowledge. M A Chaudary & co. audit firm,
detained many experienced managers can learn a lot of things to help
them in their work. I think learning environments, M A Chaudary & co. and
learned a lot of things from my internship.
work opportunities:
M A Chaudary & co. CA firm also provide job opportunities for its
members. M A Chaudary & co. customers close to the company, their
body for professional accountants. In this way, M A Chaudary & co.
Limited recruitment of different organizations in different detention.
Weaknesses:
Internet facilities:
Students lack of Internet access, which affects their ability to learn
and change them according to the changing environment. Restrictions of
detention, M A Chaudary & co. audit company is not allowed to use the
network equipment, which may affect the ability of the detention and to
improve their knowledge.
Compensation scheme
The compensation package, especially for students is not so good.
They were not under their work to reduce their work commitments. There
MBA (3.5)
Page 51

are a lot of employees and detainees burden of, but their compensation is
based
on their work and
may cause employee
dissatisfaction.
Office timing:
Office time is strictly followed. Office time is from 9:00 am to 5:00
pm, but most of the staff and management personnel in 10:00 hours.
Behavior of that kind of opportunity to show the side of the nonprofessional
staff
and
management
personnel.
Terms and Conditions:

Defined rules and regulations in M A Chaudary & co. but there is no
one in the organization, strictly abide by these rules and the company's
supervision. It also shows that the non-professional behavior of the
members of the company.
Opportunities:
Strengthen the business:

Most of the local business people are illiterate, tax and legal issues
that do not know the business, therefore, the audit firm's business is very
easy. This is for the purpose of, M A Chaudary & co. such business in
order to improve the business approach and the opportunity to
communicate.
Location
advantages:
M A Chaudary & co. Ltd is located in a prime location in
Gujranwala. The Square of letter Trust Plaza Gujranwala city is the
financial center of the business. Take advantage of this opportunity, the
company can increase the number of customers, and also increase the
volume of business.
Network:
M A Chaudary & co. is the oldest audit firm in Gujranwala. This is a
well-known audit firm in Gujranwala District. The cities of the network
through the use of this advantage, allowing customs consulting and
MBA (3.5)
Page 52

communicate easily with the company's internal and external customers,
can increase its volume of business.
To establish long-term cooperative relations:

M A Chaudary & co. customers are very loyal to the organization,
and a strong relationship with the company and some of our customers. M
A Chaudary & co. have the opportunity to convert to a long-term business
relationship, it is very important to the growth of the organization's loyalty
and strong partnership.
Threats:
The state of the economy:

Due to the bad economic conditions in the country do not have any
business. Because most of those poor economic conditions of the people
to change their business to other countries of the world. This is the
situation of the company and the state, as well as shocking.
Competitors:
There are many companies competing companies. Between
instances of market competition for customers, for the company to

compete in Lahore and Rawalpindi and Gujranwala. That game is the
main threats M A Chaudary & co. is strong enough to take the business or
customers.
In addition, I also evaluated during my internship company and its
environment. I have given some suggestions to improve the company.
Recommendations:
There are some recommendations through which the firm can make
better its performance then earlier.
The firm is situated in a narrow building the area of which is

congested. The owner should have to shift the business in a bigger
MBA (3.5)
Page 53

room. And there are also only 5 computers in the firm which are out
dated they should also buy the more and new version computers.
There is not any check and balance system every employee comes
late in the firm. So that the quality of work affected.

There is not much coordination between employees and internees
because they all are either doing their C.A and ACCAs of
completed it. So that the employees who completed the CA and
ACCAs they think them superior on other.

There are not any rules and regulations related to the working
hours every person comes in the firm late and goes before the time
of leave.
The firm has not paid to the internees but they take a lot of work
from them. They should pay them something as reward like other
business sectors.
References
I have collect all the information for the completion of my report from
the owner M. A. Chaudary and Khurram Mumtaz Hanjra the Audit manager. I
have also conducts some interviews of the other employees and get their
comments. Some data form introduction purpose I have collected from the
following sites.
http://www.icap.org.pk/web/index.php
http://www.icap.org.pk/web/links/0/abouticap.php
http://en_wikipedia_org/wiki/Institution_of_Chartered_Accountants_of_Pakista
n
Glossary
ISA:
International Standards on Auditing (ISA) are professional standards for the
performance of financial audit of financial information. These standards are
issued by International Federation of Accountants (IFAC) through the
International Auditing and Assurance Standards Board (IAASB).
MBA (3.5)
Page 54

STS:
Sales Tax System is software designed to record the sales invoices with the
specification of date, product code, customer name & address, Quantity, and
amount of sales tax and total amount.
FCA:
Fellow Chartered Accountant
ACA:
Associate Chartered Accountant
Audit Report:
Audit report is the report which is prepared by audit firm after the completion
audit workings to give opinion on the financial statements of the company.
Query Sheet:
Query sheet is prepared during the audit workings to note the questions
which arise during the verification of different accounts, and to note the
missing evidences.
Audit File:
Audit file is prepared for the record of office of the audit firm, it contains audit
letter to management of the company, ledgers, opening and closing account
balances, copy of financial statements, query sheet and copy of audit report.
IASC:
International Accounting Standards Committee was founded in June 1973 in
London and replaced by the International Accounting Standards Board on 1
April 2001. It was responsible for developing the International Accounting
Standards and promoting the use and application of these standards.
IAPC:
International Auditing Practices Committee (IAPC)
IFAC:
International Federation of Accountants (IFAC) is the global organization for
the accountancy profession. IFAC has 164 member and associates in 124
countries.
MBA (3.5)
Page 55

IAG:
International Auditing Guidelines (IAG)
IAASB:
The International Auditing and Assurance Standards Board (IAASB) is the
independent standard setting body which issue auditing, review, other
assurance related services and quality control standards to be applied by the
global auditing profession. It is a body initiated by the International Federation
of Accountants (IFAC).
IFRS:
International Financial Reporting Standards (IFRS) are principles-based
Standards, Interpretations and the Framework (1989) adopted by the
International Accounting Standards Board (IASB).
MBA (3.5)
Page 56

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M.

A Chaudary & company

Program & session:

M.A Chaudary & company

M.A Chaudary & company

To Almighty Allah who has created us as crown of creation and enable

M.A Chaudary & company

Nature of the Organization

Clients of M.A Chaudary & Co

M.A Chaudary & company

M.A Chaudary & company

Main Body of the Report

M.A Chaudary & company

Overview of the Organization

M.A Chaudary & company

M.A Chaudary & company

Oil & Gas

Coca Cola Co.

M.A Chaudary & company

M.A Chaudary & company

2/C, Trust Plaza,G.T. Road,

Syed Plaza, 2nd floor, 30-

House No. 25, Javid Street,

Ferozepure Road Lahore.

M.A Chaudary & company

Defense Road, New Lalazar,

Phone & Fax: 051-5573093

M.A Chaudary & company

M.A Chaudary & company

Mr. Ahmad Raza Khan

Mr. Bilal Yaqoob

Mubarak Ali (H.R

M.A Chaudary & company

Our range of services in the area of corporate taxation includes:

Preparation and filing of tax returns.

M.A Chaudary & company

and Pension Fund.

Corporate Reporting Improvement

Reporting more comprehensively on important non-financial assets can often

M.A Chaudary & company

Financial Statements Audit

Independent Controls & Systems Process Assurance

M.A Chaudary & company

M.A Chaudary & company

M.A Chaudary & Co. Finance professionals provide comprehensive financial

Financial Performance Improvement

We support CEOs, CFOs, Controller and Treasurers to optimize the structure

With the advancement in International Financial Reporting Standards (IFRS)

M.A Chaudary & company

International Financial Reporting Standards (IFRS) introduce significant

requires# share options to be valued as they are charged against the

Raising finance to fund expansion plans means examining a wide range of

Financial Due Diligence

All businesses involved in an acquisition, as buyers or sellers, need to ensure

M.A Chaudary & company

Today's business world is fast-paced. To succeed, you must seize the

M.A Chaudary & company

Business Recovery Services

Business Process Outsourcing (BPO) provides accounting, financial reporting

disbursements and expenses; receivables, receipts and revenues; general

M.A Chaudary & company

Foreign study consultancy:

Function and Operations of Departments: