THE INSTITUTE OF FINANCE MANAGEMENT

FACULTY OF ACCOUNTING, BANKING AND FINANCE

DEPARTMENT OF ACCOUNTING

BACHELOR OF ACCOUNTANCY WITH INFORMATION TECHNOLOGY(BAIT)

YEAR TWO

ACADEMIC YEAR : 2021/2022

A REPORT ON PRACTICAL TRAINING CONDUCTED AT

BAKERTILLY AUDITING COMPANY

NAME OF STUDENT : HABIBA KASSIM KUJELA

REGISTRATION NUMBER : IMC/BAIT/2021821

SUBMISSION DATE : 21ST JANUARY 2022

SUPERVISOR: NDELINGO
 Acknowledgement

Firstly, I would like to take this pleasure to thank God for the healthy and blessings to the
completion of the practical training.

I would also like to thank management for accepting me to get trained in their company. It has
been an honor being in a large company like BAKERTILLY.

Much of my regards goes to my supervisor, Mr Joseph Chengula, in the Auditing department, who
has been my guidance from the first day of arrival to the last day of departure when the training
finished.

Finally, much thanks to Dr B.Mnzava, for the observations during visitation, and incredible
recommendation he proposed.

i
 List of Abbreviation
BOT Bank of Tanzania

LTD Limited

NBAA National Board of Accountants and Auditors

PIN personal identification number

TRA Tanzania Revenue Authority

USD United States Dollar

VAT value added tax

ii
Executive Summary

iii
 TABLE OF CONTENTS
Acknowledgement ......................................................................................................................................... i
List of Abbreviation ..................................................................................................................................... ii
Executive Summary .................................................................................................................................... iii
Chapter One ................................................................................................................................................. 1
1.0 INTRODUCTION ................................................................................................................................. 1
1.1. Introduction....................................................................................................................................... 1
1.2. Purposes and Objective of Field Practical Training ..................................................................... 1
1.2.1. The Overall process/purpose of field practical training......................................................... 1
1.2.2. The learning objectives (Expected Outcome) for conducting fieldwork. ............................. 1
1.3. An overview of fieldwork placement............................................................................................... 1
1.3.1. Background of the Bakertilly ................................................................................................... 1
1.3.2. Discuss the primary functions of Bakertilly ............................................................................ 2
1.3.3. The Organization structure of Bakertilly ................................................................................ 3
1.4. Review of the Accounting and Auditing Industry ......................................................................... 3
Chapter Two................................................................................................................................................. 4
2.0 WORK DONE AND LESSON LEARNT............................................................................................ 4
2.1. Introduction....................................................................................................................................... 4
2.2. Tasks undertaken during the field .................................................................................................. 4
2.2.1. Data Entry for VATs ................................................................................................................. 4
2.2.2. Reconciliation ............................................................................................................................. 4
2.2.3. Using Tally Software and Microsoft Excel .............................................................................. 4
2.3. The lessons learnt based on the task described above ................................................................... 4
2.3.1. Lessons related to VATs ............................................................................................................ 4
2.3.2. Lessons related to Reconciliation ............................................................................................. 5
2.3.3. Lessons related to Tally Software ............................................................................................ 5
2.4. Summary of the work done and lessons learnt .............................................................................. 5
2.5. Challenges encountered during fieldwork...................................................................................... 5
Chapter Three .............................................................................................................................................. 6
3.0 Analysis ................................................................................................................................................... 6
3.1. Introduction....................................................................................................................................... 6
3.2. Relation between theories learnt with the market ......................................................................... 6

iv
 3.3. Description of skills learned and enhanced .................................................................................... 6
3.4. Review of how the experience has to career plans and ambitions ............................................... 7
3.5. Skills that are lacking ....................................................................................................................... 7
Chapter Four ................................................................................................................................................ 8
4.0 Conclusion & Recommendations ......................................................................................................... 8
4.1. Introduction....................................................................................................................................... 8
4.2. Conclusion ......................................................................................................................................... 8
4.3. Recommendations ............................................................................................................................. 8
4.3.1. Recommendations to the Baker Tilly ....................................................................................... 8
4.3.2. Recommendations to the institute/IFM ................................................................................... 8
Reference ...................................................................................................................................................... 9

v
 Chapter One

1.0 INTRODUCTION
1.1. Introduction
This document is a report work that have been written to document on the things that have been
done during the two-month period on the August holiday of 2021. The field work involved
practical trainings that were conducted at Bakertilly. Starting from 16th August to 8th October. The
fieldwork was conducted at Bakertilly office located at Garden Avenue, Ohio Street IT Plaza
building Level 10 Office 10-2.

1.2. Purposes and Objective of Field Practical Training

1.2.1. The Overall process/purpose of field practical training
The Overall purpose of the field practical training is to gain exposure to the way things are done
on the actual market. To learn accounting and audit principles and processes on a different
perspective other than theoretical.

1.2.2. The learning objectives (Expected Outcome) for conducting fieldwork.

The things that I achieved could be simply classified into two groups, the one that involve the
general perspective and the one that was specifically arranged for me to achieve.

Now, these objectives include;

1.2.2.1. General Objective

Getting the knowledge about Accounting and Auditing.

1.2.2.2. Specific Objective

i. To learn how financial reconciliation is done.
ii. To be able to record financial transactions and retrieving them through a computer.
iii. To understand how to user Tally Accounting software.

1.3. An overview of fieldwork placement

1.3.1. Background of the Bakertilly
Baker Tilly DGP & Co, trading as Bakertilly is a member of the global network of Baker Tilly
International, the members of which are separate and independent legal entities.

Bakertilly is a firm of Certified Public Accountants in public practice since 1956. It is one of the
oldest audit firms in Tanzania and is currently recognized as one of the leading medium sized audit
1
firm in Tanzania, East Africa. In November 2019, the firm completed 63 years of professional
services to Tanzania. By virtue of which we are having experience over a broad spectrum of
industries and services(Baker Tilly Tanzania, n.d.).

The firm has a membership and affiliations with the following organizations;

• Member of National Board of Accountants & Auditors of Tanzania (NBAA)

• ACCA Approved Employer – Trainee Development, Gold.
• Bank of Tanzania (BOT) and National Audit Office (NAO)

The company works to provide high quality audit & assurance, taxation advisory, enterprise risk
management, corporate finance, accounting & business advisory, compliance management
solutions, ICT & financial advisory services to multinational corporations, large conglomerates,
public sector units, non-government organizations and SMEs, across all industry sectors.

1.3.1.1. Services
The company performs a lot of services. But simply they can be grouped into six classes. So they
professionally deal with Audit Assurance and Advisory, Tax Services, Outsourced Accounting
and Compliance, Governance Risk and Compliance, Baker Tilly Digital and Corporate Secretarial
Services.

1.3.1.2. Core values of Bakertilly

To strengthen our access to an international network of professionals and specialists spanning
across 146 territories worldwide,

1.3.1.3. Mission
Their mission is to Provide Focused Value-Added Services

1.3.1.4. Vision
To become a top ten global network of independent accounting and business advisory firms, whose
member firms share our dedication to exceptional client service.

1.3.2. Discuss the primary functions of Bakertilly

In Tax Service

With the ever-increasing complexity of taxation and the penalties for non-compliance, their
portfolio of tax accounting services can provide invaluable support for client’s business.

2
Outsourcing Accounting

They provide full range of services to support client’s book keeping requirements, provided by our
in-house book keeping bureau.

Governance Risk and Compliance

They use the methods and processes used by organizations to manage risks and seize opportunities
related to the achievement of the government’s objectives.

BakerTilly Digital

This involves the process of Digital transformation which provide the client’s organization the
opportunity to become more efficient, transparent and insightful so they can deliver a more
meaningful relationship with their next generation of customers.

1.3.3. The Organization structure of Bakertilly

1.4. Review of the Accounting and Auditing Industry

The industry for the accounting and auditing is growing very fast in Tanzania. The development
of various economic industries contributes on the development of this industry. The
manufacturing, banking, agriculture industries and others, they all have financial reports and
statements. Therefore, they need someone to check the correctness of their statements for errors
and mistakes.

Audits are performed to ensure that financial statements are prepared in accordance with the
relevant accounting standards. The three primary financial statements are; Income statement,
Balance sheet and Cash flow statement.

Most of the companies in the country requires to stay in line without going opposite to how the
government policy and the accounting policy and principles need. So, they need the audits to
inspection or examination, of a process or quality system.

3
 Chapter Two

2.0 WORK DONE AND LESSON LEARNT

2.1. Introduction
This part is about to explain the lesson learnt and work done during the field practical training, all
the activities performed will be described and there are lesson learns

2.2. Tasks undertaken during the field

Mainly, the tasks that I have done can be grouped into three. Such as follows;

2.2.1. Data Entry for VATs

During the period of fieldwork, there was a need for posting of entries, filling and submission of
VATs. I used to post the VAT on the bakertilly system when it was required. This was done after
filling up the VAT forms from various clients, then finally the VAT were submitted to the
responsible department for further processes.

2.2.2. Reconciliation
During reconciliation, I was supposed to check and compare the financial details to confirm its
viability and correctness. The task was to reconcile the credit cards, VAT and the scanned
documents so as to check for errors and mistakes.

2.2.3. Using Tally Software and Microsoft Excel

Tally is an ERP accounting software package that is used to record day to day business data of a
company. it is complete enterprise software. It is a GST software with an ideal combination of
function, control, and inbuilt customizability(Tally Tutorial _ What Is Tally - Javatpoint, n.d.).

During the fieldwork, there was a task for posting entries in tally software and sometimes on
Microsoft excel.

2.3. The lessons learnt based on the task described above

2.3.1. Lessons related to VATs
They are a lot of things that I learnt from the fieldwork related to the VATs. Since the starting days
I was taught and trained understand what is VAT and how to deal with it.

I learnt that in order for a company to claim or pay VAT, it should be registered first and the
company to be registered for VAT, its turnover should be 100 million and above. Also, the TRA
given excel template suggests that, to submit VAT online, the VAT should be prepared with a
summary of outputs and VAT inputs.

4
I also learnt that, during filling of the VAT returns one has to have the taxpayer’s PIN for the
submission.

2.3.2. Lessons related to Reconciliation

During the process of reconciling, I learnt that on every transaction made on a credit card, the bank
charges its 1.9% as its interest rates. Also, the purpose of reconciling credit cards is to ensure that
the credit card statements have to match with the bank statements.

I learnt that, the entries located in the NOTE are the ones which will be linked with the other
financial statements ad fill up the figures in profit and loss and the balance sheet.

I also learnt that during reconciling, one has to be careful since there might be misplacement or
duplication of the documents during scanning.

2.3.3. Lessons related to Tally Software

The use of tally software was mainly to post the financial details and submitting them. So, I learnt
how to use tally accounting software to post VAT inputs o purchases for super construction.
Sometimes there may be errors that are to be corrected so that the figures will be balanced and the
accounts records have to reflect the VAT inputs.

I also learnt that, during the process of filling VAT returns on Tally software, one has to prepare
the summary of the inputs and outputs of VATs and one has to ensure the VAT returns must be in
required excel template.

2.4. Summary of the work done and lessons learnt

The company’s main service is auditing and accounts. And that is the department that I was placed
into. So most of the tasks that I conducted there, was related to auditing and accounting. So mainly,
reconciling, calculating the VAT figures, filling the financial details and submitting them. This
was done in different ways, it was manually by handing it over to the higher department, by using
a Microsoft excel template or by using a tally software. So, throughout the training, these are the
day-to-day activities that were mostly done.

2.5. Challenges encountered during fieldwork

They were a lot of challenges during the fieldwork practical training, due to the fact that most of
the tasks that I did there were new to me. So, I had to learn everything from start. For instance, the
tally software and Microsoft excel were new technologies to me. I never got hold of them before,
so it was a heavy task learning them at the same time doing the work.

Another challenge that I had to face was the procedures for calculating and filling forms for VATs
and other financial statements. I had to learn the formats and formulars for filling out the forms to
ensure less errors and no mistakes at all was conducted.

5
 Chapter Three

3.0 Analysis
3.1. Introduction
This chapter comprise the analysis of the duties performed during the field practical such as the
skills I learned, skills enhanced expectation before and after go to the field practical and what skills
the student may be currently lacking.

3.2. Relation between theories learnt with the market

The tasks that were done on the practical training are barely related to the theories taught in class.
For instance, the book keeping activities were similar to those taught in class. The P&L statements,
the Balance sheets and the trial balance were exactly the same but more realistic.

However, most of the work and tasks done there are not taught in class. I have not learnt VAT
calculations, credit cards filling forms and Microsoft excel. But it was all my daily task and I had
to do it. So simply, the theories taught in class relate to what is done in the market, but the actual
activity is more detailed and realistic.

3.3. Description of skills learned and enhanced

The following is an information that describes the skills I learnt and the ones enhanced during the
fieldwork practical training;

i. Teamwork

Most of the work that I was given in the beginning required a participant to help me
accomplish it. So, I had to work with my fellow field associates and sometimes with the
staffs of the company so as to accomplish my work. This contributed on my teamwork skills.

ii. Communication Skills

The company works with different kinds of clients. The individual personnel or the whole
organization can be a client. So, I had to communicate with the clients and the head audit
manager in order to understand my tasks precisely.

iii. Accounting skills

6
 During the practical training, my skills for calculating large numbers increased since I was
dealing with daily large numbers calculations. Also, it made me remind myself with the
accounting principles and the fundamentals.

3.4. Review of how the experience has to career plans and ambitions
The experience at baker Tilly has been a great addition to my career plans and ambitions. My
career goals and target are being an audit. I am very interested in audition for both, accounting and
information technology. I would so much like to be an audit of either IT resources and security.
So the fieldwork practical training have helped me to see the ins and outs of accounting audit
processes. Which may help me to make a decision on which audit type I should put my focus on.

3.5. Skills that are lacking

Considering the nature of the programme that I am taking, the Bachelor of Accountancy in
Information technology, the fieldwork was simply based on one side of the programme. The
fieldwork was mainly leaned on the accounting part and not the information technology. Therefore,
the computer skills are still a challenge to me since they were not taught in the fieldwork.

7
 Chapter Four

4.0 Conclusion & Recommendations

4.1. Introduction
In this chapter it will cover two parts of the final part, which are conclusion and recommendation.
The conclusion part will cover the main question of the field work also it will explain the skills
obtained from fieldwork. And the part of recommendation will provide some recommendation to
IFM and to the Baker Tilly company on the places they should focus on to improve the learning
curve for the coming students.

4.2. Conclusion

4.3. Recommendations
In general, the institute of finance can narrow the existing gaps between theory and practice if the
following recommendations will seriously be considered and appropriate measures taken.

4.3.1. Recommendations to the Baker Tilly

Baker tilly is a very nice company to work at. My experience in the company was very promising.
But the company takes very few students for practical training. Therefore, I recommend that they
create a good environment, facilities and resources to accommodate more students from different
institutes.

4.3.2. Recommendations to the institute/IFM

Practical training is essential for the students at IFM and another institute too. But it is very difficult
for the students to be accepted in most of the organizations. Therefore, the institute of finance
management should take the responsibility to assign students to the fieldwork placement.

Also, the institute should emphasize their lecturers to teach students in a practical manner so as to
make students understand more information in a practical manner, since because learning in a
practical oriented studies is more significant to the students.

8
 Reference
Baker Tilly Tanzania. (n.d.).

Tally Tutorial _ What is Tally - javatpoint. (n.d.).