Internship Report

Taiyab Shahid & Co.

Chartered Accountants

Submitted by:
Naila Hafiz
B.B.A (Hons)
Session: 2010-2014

Kinnaird College For Women

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DEDICATION
I dedicate this project to my Mother
Who Sacrificed her wills on my wills and
Encouraged me during the preparation of this
project
And whose prayers are always with me wherever I
am.

Table of Contents
Executive summary..5

Acknowledgement..........................................................................................................................6
Preface
Permission Letter for Internship
Internship certificate
Introduction of Report (objectivity):
The specific objectives
History of Taiyab Shahid & Co... ..
Management of Organization
Management Hierarchy
Field of Activities
Work Done by Student:
Software Used.18
Department description and analysis
Audit and Assurance Services.20
Observations about any dilemmas faced by the organization..21
Recommendations and suggestions
4

Conclusion
References....25

Executive summary
Internship experience is very important and helpful before anyone goes looking for a job.
Employers want people who have experience. Internship gives students the opportunity to grow,
academically and personally. When anyone initially starts out, he is going to be doing the menial
repetitive task that every new person had to do. However this is not necessarily negative as it
teaches the person responsibility at the smallest level.
This report attempts to provide a unified overview of Taiyab Shahid & Co. Lahore Office. This
report emphasis on the major functions performed by the CA firms and their over all
performance. The report is divided into different parts.
In first part of this report overview of the organization is described briefly and their functioning.
First part of the report includes my work during training. In the second part I high lighten the
management of the company, concluding remarks for analysis, after wards I mentioned
delimmas faced by Taiyab Shahid & Co. and recommendations for the organization. While the
last portion i.e. recommendation and conclusion gives the suggestion and recommendation for
the better performance of the firm.

ACKNOWLEDGEMENT
Praise to Almighty Allah, the Omnipresent, the Omnipotent, Who bestowed upon me the
potentially and ability to accomplish this work.
No sequence of works can express my sincere gratitude to my respected teachers and mentors
including Miss Saira Farooqi, Miss Farhat, Miss Sara Aslam, Miss Mahwash Manzoor, Miss
Anum Tariq, Miss Aminah Imtiaz without whose valuable guidance, rich experiences, helpful
advice, useful suggestions and constructive criticism and comments. I could not have been able
to complete this Internship Report.
I have honor to express my heart-full gratitude to the executive and staff members of M/s
Naveed Zafar Husain Jaffery & Co. Chartered Accountants, who kindly gave me useful
suggestions which encouraged me to complete my work. I am really thankful to Sofia Sadaf,
Nabia Nauman very nice friends of mine whose cooperation was always with me for completing
this task. Thanks for all those who extend their cooperation for conducting the work of Business
Internship

Preface
Education in practical side is somewhat that cannot be paralleled with books. BBA program is
planned in such a way that students are required to do the projects and researches then give their
recommendations and conclusion. It also provides students an opportunity to apply this
knowledge in practical fieldd.
Now to fulfill the practical requirement of course, I successfully completed an internship report
at Taiyab Shahid & Co.
The purpose of this report is to elaborate on my internship experience about the consultancy
firms. It is concerned to a brief study of operations, functions, tasks and services of Taiyab
Shahid Co. These firms play very important role in the commerce and economic development of
a country. Now-a-days firms are using different modern technologies, which influence the
managerial activities thats why I decided to do my internship in the consultancy firm.
In preparation of this report I have tried my best to provide all possible information about the
operations, functions, tasks and the corporate information of Taiyab & Shahid company in brief
and comprehensive form.
I have analyzed their working and have given certain recommendations on the basis of my
observation. I have tried my level best to explain things.

Copy of college permission letter for internship

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1. Introduction of report (objectivity)

Internship provides an opportunity for us to link theory with practice and further serve as a
temporary labor pool for those agencies that have committed to participate in the internship
program. The purpose of this report is to briefly analyze the departments and services of a
consultancy firm and its working.
In the preparation of this report I have tried my level best to provide all possible information
about the operation, functions and task of the consultancy firm. The purpose of my internship
report is to analysis the different departments of the bank and to identify the dilemmas faced by
the bank and the recommendations for them.
The purpose of this report is to focus practical Experiences of my day-to-day work as a part of
my internship period. As one of the main objectives of internship is to gather job experience, I
have tried to put some of the experiences that I have learnt from my internship in this report.

The specific objectives of this report are :

To present an outline of services of Taiyab Shahid & co.

To review the performance of Taiyab Shahid & co.

To describe financial performance of Taiyab Shahid & co.

To ascertain the problems of Taiyab Shahid & co.

To recommend/ remedial processes of the improvement Taiyab Shahid & co.

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2. History of the organization:

TAIYAB SHAHID & CO. [TASCO] was started in 2008. It has performed as a Firm of
CHARTERED ACCOUNTANTS with competent resources, strong common values and high
standards of performance. They have served number of clients engaged in diversified range of
businesses. Their clients receive personal attention and their professionals are committed to work
side by side with their clients. TASCO give consideration and hold discussions with their new
clients to understand their needs and offer unique solutions to their problems. They are always
ready to meet their clients requirements and give more than expected. They use integrated
methodologies and technology to provide consistent, high quality service countrywide.
The clients of the firm are served through practice segments teams headed by associates
specialized in their particular segment. Their current strength of fifteen plus professionals are
able to utilize maximize potential of pool of expertise comprising Accounting Professionals,
ACAs, ACCAs, ACMAs, MBAs, Business Consulting Specialists, IT Experts, Taxation
Experts, Corporate Lawyers and professionals from other disciplines.
The existing and emerging business needs in addition to demands of clients in dynamic and
challenging business environment requires competent and comprehensive professional services.
[TASCO] is best placed to provide business services to wide range of clients.
They help their clients solve complex business problems and measurably enhance their ability to
build value, manage risk and improve performance.
Their firm believes in providing Consultancy Imparting Unique Values. TASCO provide
services to clients based on up-to-date and accurate knowledge of the industry together with their

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professional knowledge, thorough competency and proficiency in their professional work and
together with their time tested skills.

The company worked closely with the clients to deliver sustainable solutions tapping into the
breadth of their knowledge base and in-depth industry expertise. Their clients range from large to
complex organizations to small entrepreneurs. They are engaged in the following diversified
range of businesses:

Charities, Foundation and NGOs

Construction / Developers,

Cooperative Housing Societies

Educational Institutes and Colleges

Engineering

Hotels and Restaurants

Hospitals

Clubs and Associations

Pharmaceuticals and Chemicals

Print and Media

Rice Millers, Processors, Exporters

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Textile and garments

Transport & carriage

Travel Agencies

3. Management of the organization

A hierarchy is an arrangement of items (objects, names, values, categories, etc.) in which the
items are represented as being "above," "below," or "at the same level as" one another and with
only one "neighbor" above and below each level. These classifications are made with regard to
rank, importance, seniority, power status, or authority. A hierarchy of power is called a power
structure.
This Chartered Accountant firms have an organizational hierarchy, which can be presented in the
following way
TASCO TEAM - SENIOR MANAGEMENT
1

MR. ABDUL HAQ

MBA, ACIS, Management Consultant

MR. MUHAMMAD TAIYAB

LLB, ACA
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MR. SHAHID MAHMOOD

M.Sc. Economics, ACA

MR. MUHAMMAD USMAN KHAN

ACA

MR. ZAHID SHARIF

ACCA

MR. WAQAS SALEEM

FCCA

MR. MAQSOOD AHMAD KHAN

APA, Sr. Manager Audit & Assurance

MR. SAAD UL MUBEEN

CA Finalist, Sr. Manager Audit & Assurance

MR. SHAHEER AJWAD SHAH

MBA, ACCA, CA Finalist

10 MR. JAVID IQBAL DUGGAL

ACMA
SAP Certified FICO Solution Consultant,
SAP Certified PS Solution Consultant,
SAP Certified Solution Consultant ERP Financials,
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SAP Certified Solution Consultant my SAP Financials,

11 MR. TANVEER AHMAD
ACMA

12 MR. ANJUM NIAZ

Consultant
Software Application Architecture, Design, Development and Implementation

13 MR. RANA BADI-UZ-ZAMAN

Senior HR Consultant

Partners are often the founders of the firms. Most of the firms names are associated with the
names of partners. They are basically the main parties who issue and sign any report
(specifically audit report) on behalf of the firm. Partners mostly communicate with the Senior
Managers. In other words, the progress of any report and any inquiry is made from the Senior
Managers and hierarchal structure is strictly followed to avoid any disruption.

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4. Field of activities:

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1.

AUDIT AND ASSURANCE SERVICES

2. MAINTENANCE OF ACCOUNTS/
BOOK KEEPING:

3. OUTSOURCING SERVICES

4. TAXATIONS SERVICES

5. MANAGEMENT CONSULTING AND

BUSINESS ADVISORY

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5. Work done by the student:

In six weeks, at least two days I must go and assist Mr Mr Shareer to Khalid & Co. for
preparation of accounts of Khalid & co. as a whole. Following tasks were performed:

General ledger maintenance

Assets / equipment ledger maintenance

Expenses ledger maintenance

Accounts receivable services

Preparing accounts receivable reports

Accounts payable services

Preparing accounts payable reports

Preparing ageing reports & summaries

Bank account reconciliation services

Preparing financial statements

Trial balance services

Preparing income statements (Profit & Loss)

Balance sheet services

Invoicing Processing Services

Preparing sales reports

Preparing purchase reports

Cash flow statement

Entry of transactions

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Software used:
1. Peachtree Software: All accounting records are prepared on Peachtree software
for Khalid & Co. by Mr. Shareer with my assistance. This is a software that
allows us to prepare all accounts we need.

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6. Department description and analysis:

TAIYAB SHAHID & CO. CHARTERED ACCOUNTANTS [TASCO] provides range of
business services, including audit, accounting, tax compliance and advisory, external audit,
business advisory and corporate finance services, IT management solutions, human resource
advisory and strategic planning. One of the key benefits the Firm offers to its clients is its ability,
to provide integrated services along the industry lines. It also delivers services that client can rely
on, provides solutions and support tailored to meet clients need that produces tangible results
and value addition.
They offer services in the following areas:
1
2
3
4
5
6
7

AUDIT AND ASSURANCE SERVICES

MAINTENANCE OF ACCOUNTS/ BOOK KEEPING:
TAXATIONS SERVICES
MANAGEMENT CONSULTING AND BUSINESS ADVISORY
INFORMATION TECHNOLOGY CONSULTING
HUMAN RESOURCE (HR) CONSULTING
OUTSOURCING SERVICES

Each segment is taken care of by a special constituted team. Team consists of team leaders, who
have the professional knowledge and skills, and team members, staff with relevant degree of
knowledge and competency, making each team a synergizing mix of professionals and people
with relevant knowledge and skills.

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6.1 AUDIT AND ASSURANCE SERVICES

In the modern world success of any business is heavily reliant on the financial statements which
the user can use with confidence, of it giving true and fair view of the organization. The Audit

and Assurance segment provides a wide range of assurance services with the primary focus on
providing credibility, reliability and relevance of financial information and non-financial aspects,
data, processes, operations, procedures and on the effectiveness and efficiency of controls.

Financial statement audit:

This is carried out for companies, who may be public and private limited companies or branches
of foreign entities, and for projects, trusts, charities, NGOs and funds, whether provident fund,
pension fund gratuity and other funds for employees benefit. The scope of audit in case of
companies, is governed by Companies Ordinance, and in other cases is governed by other statue
as applicable. The core objective of financial statement audit is to form and express professional
opinion on the truth and fairness of financial statements on auditing, issued by the international
Federation of Accountants (IFAC), as applicable in Pakistan.
In addition to the professional opinion, we provide management, with a separate letter addressed
to the management containing any significant internal control weaknesses and business risks and
other issues, which comes to our attention during the course of audit, helping the management to
take remedial actions as well.

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7. Observations about any dilemmas faced by the organization:

The possible Problems reflect constructive criticism about organization procedures and business
weaknesses. During the course of my internship the possible problems faced by the organization
are below and these need to change:

The employees are low paid which may cause dissatisfaction with

regard to the responsibilities assigned and the salary received forthose jobs.
Pending work may cause difficulties. More efficiency in manual work is needed to cater

the faster pace of work.

Overall timings of entrance into the office for the employees are very strict but there is no
time for them to leave the office and no over time is paid to them which may be

significant reason of dissatisfaction for their jobs.

The Audit procedures are very slow and time consuming. It takes almost more than three
month to complete an audit of a medium size organization, and takes about four to five

weeks to complete the audit of a company registered in Stock exchange.

The firm maintains a very strict policy about punctuality. The management continuously
strives to minimize absenteeism in employees. The employees pay is being deducted on

every absent from working day, and late comers to office are also penalized.
The firms main revenue source is from the services of audit and business advisory. More
importance is given to the audit and business advisory clients thats why it is
overshadowing the tax clients and potential Information technology consulting clients

are being lost due to poor management and lack of auditors in the firm.
Employees lack training in respect of new softwares of accounting are being unable to
perform audit of high profile companies due to lack of knowledge of accounting
softwares like SAP and other state of the art software.

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8. Brief recommendation for improvement:

Taiyab Shahid & Co strongly needs to improve its network firms so as to be counted among
one of the extensively know firms in Pakistan. The partner needs to make the best use of their
goodwill to bring more clientage and reputation to firm. They need to offer the audit services at
most economical cost with the assured quality services to retain and expand clients.
The infrastructure and working condition reviews can improve the working efficiency of the
trainees. Audit and Assurance is the tough job. Some motivational meetings and mentoring
exercises would bring good feel among employees for their work. Time to time financial
bonuses or performance incentives will energize the staff.
The trainees are not offered extra financial or any other incentive for the extra work or over
time. This causes some sort of mental stings which immediately needs to be overcome by the
management. The firm, to be more competitive in days to come, still has room for
improvement in Information Technology. As firm dont have any of its website to attract
customer and their timely feedback as most of the good firms have their own web and well
organized.
Firm also lacks in marketing perspective as it does not employee any marketer to market and
introduce their business and its services to prospect customers and clients, firm is getting
business only on personal relations of the partners and other firm personnel. So if firm intends
to improve its business volume it needs a professional marketer as many other big firms
adopted and have a complete marketing department.
It is necessary that the management must continuously develop technical and managerial skills at
all levels and stay abreast of latest technological development in the industry.
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9. Conclusion
In conclusion remarks I would like to state that Taiyab Shahid & Co. is the profitable
organization. It has played very spirited role in its field by providing attractive services and
packages to the customers. Taiyab Shahid & Co. has very wide network coverage national with
latest technology and provides services to its valued customers. I have done internship in Taiyab
Shahid & Co for a period of four weeks and this period is quite a small period of time yet I have
learnt a lot. Here I relate my knowledge and get a technical practice of my knowledge. Now I
know about the environment of organizations and how to communicate with colleagues and
managers. I learnt about how to use theoretical knowledge in organization. My communications
skills are improved. My decision making power is developed. Taiyab Shahid & Co. is a customer
oriented and as well as employee oriented company so it provides a very sociable environment
for the employees. Any internee like me has a decent chance of learning new things and
techniques and increases his confidence.
Now I have the advanced knowledge and analytical, and problem solving skills needed to be a
truly effective part of todays business environment. I can prepare the accounting records for
elementary levels, analyses financial reports and documents of an organization. I have the
knowledge about the accuracy of the financial statements; can ensure that the accounts presented
are drawn up on correct accounting principles. I have got some knowledge of maintaining cost
auditing records, cost information, cost control and cost audits, taxation involves dealing with
direct taxes, like income tax and wealth tax, assessment of taxes, filing returns. Investigation
includes expert examination of specific aspects of businesses for the information of interested

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parties on new issues of share capital, the purchase, sale or financing of a business. The various
areas of consulting include management accounting and external auditing. In concluding all this,
I can say that Taiyab Shahid & co. added a great value in my professional life.

Taiyab Shahid & co. is overall one of the profit making and reputed firm of Pakistan. The
organization since its very first day is devoted to providing quality services. The detailed and
through review of work and clients trust shows the perfection with which it is working.
The firm has earned a distinction of being placed in the category 'A' in the list of auditing firms
in Pakistan. Moreover only these A category firms can audit of listed companies.
The Institute of Chartered Accountants of Pakistan has also carried out the Quality Control
Review and has issued satisfactory QCR report stating that the firm has conducted the audits of
the clients in accordance with International Standards on Auditing.

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References:
Mr Abdul Haqq
Management consulant
0300-9411263

Mr. Shareer
Audit consultant
03334228897

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