You may find it helpful to take notes throughout your internship experience to remember any important details. Even if your program does not require an internship report, it can still be useful as a personal resource to evaluate this important learning experience. Related: How to Set Internship Goals. An internship report should cover key details of your internship experience.
It should also include an overview of the skills you developed. Keep in mind, however, that you should certainly follow any instructions your internship employer gave you in regards to your report. Those instructions might include required content, formatting, due dates and more.
Use the following steps to create your internship report:. Include a title or cover page with your name, class, date and the name of the organization. This separates your report from other interns who may also be submitting reports. It can also be useful to include a table of contents with your internship report. This should be the first page in your report since it allows readers to navigate to the parts of the report they are most interested in reading.
Your report should include a relevant history of the organization. Context gives the reader a clearer understanding of your experience. The body of your internship report will focus on your experiences with the organization. Before detailing your experience and the lessons you learned, it can be useful to describe your position and responsibilities as an intern with the company. Doing so will give your reader a more complete overview of your internship and allow you to discuss your accomplishments in the role.
In the main portion of your internship report, you will describe the specific things you learned and the skills you cultivated. Relate these skills back to your educational experiences. Detail specific experiences within the organization that contributed to your development. It can also be useful to consider the skills or experiences that you would still like to develop. For example, if you wish you had been able to get more direct client experience, discuss that.
If you had hoped to be more involved in the technical aspect of the business, you could mention that as well. This process gives you insight into things you want to continue working on in your next position, while also recommending ways the organization can improve its internship program. Keep in mind that multiple individuals could read your internship report, including your internship supervisor and other company management.
If the internship is part of your schooling, your instructor, classmates and other school officials might also read your report. Maintain a professional method of communication and carefully proofread your report before submitting it. Related: Definitive Guide to Internships.
There are many formats you can use when creating an internship report, but you should always include relevant details about the organization and summarize what you have learned. You may also choose to include areas of improvement. You can use the following template when drafting your internship report:. I chose this organization because I find their mission to be important and relevant to my career goals.
My role at [Company Name] was to [details]. I worked directly with [team] in [internship responsibilities]. Overview of internship experience. During my internship experience with [Company Name], I was able to develop my [skills]. I particularly found [experiences] to be useful in improving my [skill].
Although I found [experience] to be challenging, I found it to be valuable in developing my [skill]. While I had many useful experiences at [Company Name], I feel that I still need to develop my confidence levels with [task]. I would have enjoyed more time completing [task]. Related: Intern Resume Examples. While there are many formats you might choose for your internship report, here is an example with the above template:. The two senior partners are in the top most level. There are two junior associates who fall just below the senior partners.
Under junior associates are the senior managers who command the junior managers and article ships trainees. There is no such thing like departments and division. The size and duration of team depends upon the nature of service offered and the requirement of the clients. The orders, command and decisions flows from top to bottom while the reporting is done through bottom to top.
So, financial structure of the organization could not be identified since the organization denied providing any sorts of financial information. Financial: Since, the financial data and information were not accessible; I am unable to measure the actual financial performance of the organization.
However, looking at the rush of work and the nature of the services all round the year and throughout the country, there is no doubt that the organization has sound financial performance. Hence, there is very less chance of the firm incurring losses. Learning and growth: During my internship period of 7 weeks, what I found is that the organization has very energetic and motivated employees.
There are very few senior and junior managers above the age of 40 while most of the employees are Articleships and trainees who age falls between 24 and I found good learning and sharing attitude not only in the young employees but also in the junior and senior managers. I got good opportunity of learning as during the work, the senior employees take time to teach their juniors about what is being done and why it is being done. I feel privileged for such kind of opportunity I obtained.
There is great opportunity in growth and promotion of employees. As soon as they complete their final year and become qualified CAs and ACCAs, they get promoted in their job as well as their remunerations. Employees are not so highly satisfied with their jobs but they are not dissatisfied as well. I found high employee turnover ratio in the organization because most of the Articleships and trainees tend to opt for other alternatives after they become qualified chartered accountants CAs.
I must say that the delivery performance of the organization is better as they do not cross the estimated time period and most often the necessary work and reporting is completed before the prescheduled deadline. I feel that the quality of the work is good from the perspective of number of times the report gets checked and verified before the final report is handed over to the customer.
Because of the quality of the work, delivery process and period, and the degree of customization provided as per the need of the customers, I found high degree of customer retention. Based on the customer retention rate and the delivery performance, I came to conclusion that the customers are fairly satisfied with the services they acquire.
Internal business processes: Since the organization provides auditing and consulting services, it requires high degree of customer interaction and customization, internal business processes cannot be automated and the mass production cannot be achieved. Since there are no different departments, there is no duplication of activities across departments and there arises no questioning on process alignment. All these activities that I have performed during my internship programme are the parts of the different services offered by the organization to its customers.
Vouching: Vouching is the act of checking evidential documents to find out errors and frauds and to know the authenticity, accuracy and reliability of books of accounts. The main objectives of vouching are: To examine the accounting entries recorded in the books of accounts with reference to documentary evidence known as vouchers.
To examine the authenticity of the transactions recorded in the books of account. To examine the adequacy and reliability of documentary evidence. Thus, it is important for an auditor due to the following reasons: 1. Vouching is the backbone of auditing: Main aim of auditing is to detect errors and frauds for proving the true and fairness of results presented by income statement and balance sheet.
Vouching is only the way of detecting all sorts of errors and planned frauds. So, it is the backbone of auditing. Vouching is the essence of auditing: Auditing not only checks the accuracy of books of accounts but also checks whether the transactions are related to business or not. All the transactions are performed after the prior approval of concerned authority or not, transactions are real or not because an accountant may include fictitious transactions to commit frauds.
All these facts can be found with the help of vouching. So, vouching is essential for auditing. Vouching is important to see whether evidences are correct or not: An auditor checks the books of accounts to detect errors and frauds. Frauds may be committed presenting duplicate vouchers. All the small and big amounts of frauds can be detected with the help of vouching. So, all the evidential documents and records are to be checked carefully and in detail by an auditor which is the scope of vouching.
Preparation of Audit Working Papers: I prepared audit working papers simultaneously while doing vouching. The entries without supporting documents and evident were noted down. It was necessary to prepare working papers while doing vouching. However, I could not learn the way of coding and indexing of working papers for the purpose of filing and referencing and cross referencing during report writing due to limited duration of my internship programme.
I prepared working papers form Shiva Shree Hydropower Pvt. Documentation refers to working papers prepared or obtained by the auditor and retained by him in connections with performance of his audit. Work papers organize and coordinate all phases of the audit. They contain the back-up material in support of the audit findings, conclusions, opinions, and comments.
They contain the basic material from which the audit report is prepared. They reflect the quality and reliability of the work performed by the auditor; substantiate and explain in detail the opinions and findings presented.
Preliminary Trial Balance is a summary of the balance of all accounts in the chart of accounts to, firstly, make sure the books are balanced. The trial balance is a worksheet on which all the general ledger accounts with their debit or credit balance are listed. It is a tool that is used to alert errors in the books of account. The total debits must equal the total credits. If they don't equal, there is an error that must be tracked down.
As the name indicates the profit and loss statement also known as a statement of financial performance or an income statement measures the profit or loss of a business over a specified period. A profit and loss statement summarizes the income for a period and subtracts the expenses incurred for the same period to calculate the profit or loss for the business. It reflects the past performance of the business and is the report most often used by small business owners to track how their business is performing.
Balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time. The balance sheet gives investors an idea of what the company owns and owes as well as the amount invested by the shareholders. Each of the three segments of the balance sheet has many accounts within it, documenting the value of each one. Accounts such as cash, inventory, and property are on the asset side of the balance sheet, and accounts such as accounts payable and long-term debt fall on the liability side.
Accounts on a balance sheet differ by company and by industry, as there is no set template that accurately accommodates the differences between different types of businesses. However, focusing on accrual based profitability without looking at cash inflows and outflows is very dangerous, not only because companies can more easily manipulate accounting profits than they can cash profits, but also because not having a handle on cash can potentially make even a healthy company go bankrupt.
The key to financial analysis is to use both statements together. If there is incredibly high net income, such net income should be supported by strong cash flow from operations and vice versa. If this is not the case then investigation and follow up on such discrepancies should be done. In order to know what is filing of e- returns we have to know the provision for payment of tax under Income Tax Act Filing of Estimate Income Tax Returns: Taxpayers who derive or expect to derive any assessable income from a business or investment shall pay tax for the year by three installments.
Therefore, they are called installment payers. Taxpayers with income solely from employment are not obliged to pay tax in installments because their tax from employment income is collected by withholding. Similarly, presumptive taxpayers are also not obliged to pay tax in installments.
Payment of tax by installments is fundamentally different from payment of tax by withholding. Every installment payer has to submit for the income year ahead an estimate of his tax payable. For that the estimated tax returns are to be utilized. The submission is due to be made by the date for payment of the first installment, i.
If at the end of the year a final tax liability remains to be paid, as, for example, a result of the income tax return filed at the end of the year the income tax paid by installments is credited against this liability. Filing of Returns of Income: In addition to the estimate during an income year every taxpayer has to file a return of income not later than 3 months after the end of each income year. However, a taxpayer may have this due date extended for a maximum period of 3 months i.
By contrast to the estimate, this final return is based on the tax facts of the previous year so that possible misjudgments or wrong estimates are then corrected. Therefore, the taxpayer has, first, to submit an estimate for the year ahead.
Third, at the end of the income year the taxpayer has to file a tax return based upon the facts of the previous year. That leads to an adjustment of the estimates and to a final tax liability. For the income tax return the respective forms provided by the tax authorities are to be utilized.
The income tax return needs to be signed by the taxpayer or the manager. Furthermore, to be included is a statement that the return is complete, true and accurate. Table 2: Fines and Penalty on Failure to submit advance tax and tax return Particulars Fees and Interest For failure to submit estimated Rs 2, for each of such statements.
For failure to keep documents as Fee at the rate of 0. Gratuity is a defined benefit plan and is one of the many retirement benefits offered by the employer to the employee upon leaving his job. According to Labour Act , every firm needs to maintain Gratuity fund for its permanent employees. Gratuity fund is to be calculated as the above mentioned procedure. However, since Fishtail Hotel had not created any Gratuity fund in the past, the Gratuity fund was calculated on the following way so that the Gratuity deposit can be financed by operating cash flows.
Only the senior partners, junior associates, and secretarial staff most often stay in the organization and do their jobs. I just needed to make sure that the printed report was same as that of the hand written report which was prepared by the team of junior managers and artilcles and already been verified by the senior managers. However, I pointed out a calculation mistake which was overlooked by the junior managers as well as senior managers during report review and verification besides many numerous typing mistakes.
Had the report with calculation error was submitted, it would have created a negative impact on the image and reputation of the organization. Similarly, while I was assigned at Shiva Shree Hydropower Pvt Ltd, there once occurred a problem of carrying a huge file consisting of all the working papers and documents to the office after 5 p.
By the time we would have reached the office, the office would have been closed. So, I told my senior colleague that I would take the responsibility of the file and would bring the file in office next day. When my team had just finished the assigned work at the client, until I was re- assigned to other team for other customers, I had to stay in the office.
I reached the office at sharp a. When I entered the meeting room, where articles and trainees used to gather if they had no work, I found meeting room quite messy with many files and documents spread over the tables and the sofa. So, I arranged the documents and put the documents inside the respective files and stacked them in one of the corners of the meeting room. I was little worried since I knew nothing about auditing and knew no other person in the organization.
I was the first one to do internship in that audit firm as only the CA students perform their Articleships after the completion of CAP II or intermediate levels. I was quite worried about whether I would be easily accepted as their colleagues or not. But I found totally different. I received great deal of co-operation and friendly behavior from all the employees, including Junior Associates and Senior Managers.
During internship period, I never felt I am different than them. Rather, I started to feel like I was also one of them one of the CA student doing Articleship not internship. I really feel lucky to receive such kind of treatment and behavior from other employees.
The organization had a culture of having breaks time and again. Employees at levels used to go outside the office premise to have some tea and cigarettes time and again. This provided great opportunity for the new comers like me to get acquainted with the organization and the employees.
Another important thing I got to observe during my internship was the punctuality at workplace. I observed that employees tend to come to office mostly between a. Since I had to attend class till a. When I was assigned for the job at one of the customers, I found the same not only with my seniors but also with the employees of the client organization. We always find the other person or activity to blame for our lateness and our habit or laziness.
The next thing I got to observe was the way audit firm operates. Before my internship I had literally no idea how audit firm operates. I used to think that audit firms were big organizations like that of banks and other financial institutions. Audit firms need not necessarily have big buildings and infrastructures. I realized that their biggest assets are the human resources. Even if the audit firms are small that can be accommodated to 4 — 5 small rooms, audit firms provides employment to large number of people.
Although J. If all the employees were to work at office at the same time, no work would have been completed as there would be no place even for standing. I got the opportunity to learn the normal day to day operations of the audit firm. Audit firms provide various auditing and consulting services to the customers based on the need of the customers.