A REPORT ON THE INTERNSHIP

TRAINING A T
SKR AND COMPANY LLP

SUBMITTED TO
Dr. MGR JANAKI COLLEGE OF ARTS & SCIENCE
FOR WOMEN
B.COM (BANK MANAGEMENT)

SUBMITTED BY

DIVYASRI.T

UNDER THE GUIDANCE OF

MS.V.JAYALAKSHMI M.COM, MBA

ASSISTANT PROFESSOR

DEPARTMENT OF COMMERCE

BANK MANAGEMENT

2021-2022
DEPARTMENT OF COMMERCE
Dr. MGR JANAKI COLLEGE OF ARTS & SCIENCE
FOR WOMEN
CHENNAI-600 028
 DECLARATION

I DIVYASRI.T (312011342) Final year B.com (Bank Management) is

Bonafied student of Dr. MGR JANAKI COLLEGE OF ARTS &
SCIENCE FOR WOMEN. During the academic year 2021-2022. I have
done our internship training at SKR and COMPANY LLP and had prepared
internship report.

DATE:
PLACE:

Mrs.K.RENUKA Ms V.JAYALAKSHMI MCOM, MBA

HEAD OF THE DEPARTMENT GUIDE

 ACKNOWLEDGEMENT

First of all, I would like to thank God for helping me to complete this internship
period successfully.

I extend my supreme gratitude to Dr. MGR JANAKI COLLEGE OF ARTS

& SCIENCE FOR WOMEN for providing such kind of opportunity for
students to broaden their perception by undergoing internship training in a
company.

I would also like to express my special thanks to our Correspondent Dr.

LATHA RAJENDRAN and Principal Dr. R. MANIMEGALAI of Dr. MGR
Janaki College of Arts and Science for Women for the facilities provided to
accomplish this internship.

I express our sincere and heartful thanks to our guide Ms. V.JAYALAKSHMI
MCOM, MBA for her coordination and guidance. I thank the other faculty
members of the department.

I sincerely thank SKR and COMPANY LLP for involving me to get train in
the organization and also thanks to staff of the office for their kind co-operation
and Co-ordination.

Finally, I would like to express my special thanks my family and friends for helping me
in all aspects and helped me in successful completion of this internship
TABLE OF CONTENT

S NO PARTICULAR
1 INTRODUCTION
2 HISTORY
3 OBJECTIVE OF STUDY
4 WORK INVOLVED IN SKR AND COMPANY LLP
5 ABOUT CLIENT DETAILS
6 PETTY CASH BOOK
TRAVEL REIMBURSEMENT / COMPANY TRAVEL EXPENSES
7
PAYMENT
8 STOCK / INVENTORY AUDITS
9 BOARD OF DIRECTOR / COMPANY FINANCIAL DETAILS
10 WORKING EXPERIENCE
11 CONCLUSION
12 BIBLIOGRAPHY
SKR AND COMPANY LLP - Chartered Accountant

1. INTRODUCTION
S K R And Company LLP, Company Is An Entity Incorporated On 16 December
2013 Under Ministry Of Corporate Affairs (MCA). S K R And Company LLP, Company Is
Also An Entity Listed Under Class As A 4 Organization Having Registration Number For
The Company Or Limited Liability Partnership As Other Business Activities. The
Concerned Entity Is Incorporated and Registered Under Its Relevant Statute by the
Registrar of Companies (I.E. R.O.C), Roc-Chennai. The Official Address For The
Registered Office Of The Organization In Question I.E. S K R And Company
LLP Company Is 10 / 113 Dr. Ranga Road, Mylapore, Chennai. TN 600004.

As Per The Information With Registrar Of Companies, ROC - Chennai Under Ministry Of
Corporate Affairs (MCA), S K R And Company LLP Company Has A Corporate
Identification Number I.E. CIN As AAB-9330 And Is A 4 Entity I.E. A Other Business
Activities Having an Authorized Share Capital Of rs. 20,000 And Paid Up Share Capital
having 0 Members and Is Currently N/A Organization.

S K R and Company LLP, Chartered Accountants is a multi-disciplinary professional

services firm offering a gamut of services to Multinational, Domestic Corporates and Small
and Medium Entities (SME) with a shared mission and sense of purpose. The objective and
equitable insights we offer on any business, has positioned us as a trusted partner for our
clients and we honour our clients through exceptional service, on-time delivery of solutions
and unwavering commitment to excellence.

2. HISTORY
Established in 2010, we are a dynamic team of audit and finance professionals with
a shared mission and sense of purpose. Our professional expertise and in-depth industry
experience help us align effective financial strategies with business goals to unlock growth
and value for any enterprise. The objective and equitable insights we offer on any business,
has positioned us as a trusted partner for our clients and we honor our clients through
exceptional service, on-time delivery of solutions and unwavering commitment to
excellence. Our client relationships are modeled on a two-pronged approach, to provide
expert advice and direction, at fair prices. We offer our services across a diverse array of
sectors and clients.

Our Service

Audit
Audit and assurance is all about meticulous data analysis. Everything needs to be
checked, double checked, and triple checked.
Taxation
Bonds and commodities are much more stable than stocks and trades. We allow our
clients to invest in the right bonds & commodities.
Compliance
We work with our clients and do a deep analysis of their business. We help prepare
 possible outcomes to different decisions.

Consulting
Companies dislike the term ‘turnaround consulting’ because it represents failure. The
truth is that turnaround consulting represents success.
Accounting & Finance
Accounts and Payroll Outsourcing.

Management Advisory Services

Debt & Equity, MIS Reporting Valuation Due Diligence, Working capital
Management.
Income Tax and GST
Tax audit, Filing, Transfer Pricing and Advisory Services
Corporate and Allied Laws
Formation of Companies, Secretarial fillings,

Our core competencies include

 Quick Turn Around Time (TAT)
 Deep-rooted knowledge of multifarious industries
 Fair & Transparent pricing model
 Assurance of highest levels of client confidentiality and professional independence
 Strategic Partnerships with Domain experts
 Use of “Smart” IT tools for effective and reliable results
 Far-reaching experience with diverse business models and heterogeneous client base

3. OBJECTIVE OF STUDY

 To Verify and review petty cash voucher vouchers.

 To reimburse the employee Travel Expenses Payment.
 To verify company stock as per the auditing procedures.

4. Work Involved in SKR and Company LLP and clients Name

 Petty cash - George Oaks Ltd, Greams Road, Chennai.

 Travel Reimbursement process– George Oaks Ltd, Greams Road, Chennai.
 Stock / Inventory Verification Process – Chettinad Morimura Semi Conductor
Material Private Limited, Old Mahabalipuram, Chennai.
5. ABOUT CLIENT DETAILS
GEORGE OAKS LTD, GREAMS ROAD, CHENNAI.

About George Oaks Ltd,

George Oakes Limited is a fully owned subsidiary of the famous Indian business
entity, the Amalgamations group. GOL provides competitive distribution services of
automotive components and accessories to its customers, chiefly in the southern and
western regions of India. We, George Oakes play an important role in the distribution
landscape of major components, which are critical to all automobile customers. Our
endeavor is to be faster and economical at all times, in reaching our retailers and customers.
Our business constantly revolves around classy strategic frameworks and, over the years,
we have emerged as a collaborative, people-oriented and client-centric entity. GOL is
headquartered at Chennai, Tamil Nadu, in India.

Know us
Eight decades of strong reputation and longevity, George Oakes transcends its businesses
with growth, endurance, social connect and success. We work with dedication,
serviceability and quality.

First choice
GOL aspires to be the first choice by innovative engineering solutions – Prefer us in the
first place and we promise to delight you. Among the many choices in the after-market, we
wish to be unique and outstanding through our innovative practices

Professionalism with Ethics

Professionalism with Compelling Ethics- GOL’s business environment is encapsulated in
honesty, trustworthiness, transparency, accountability and loyalty. We display these
appropriate professional actions, behaviours and measures through yardsticks for people
associated with us

GOL believes in Micro Distribution

Aggressive expansion of Product Portfolio and Increasing the distribution footprint from
time to time-is a sure way to reach all mobility customers far and wide. Our business is all
about serving the aftermarket, we are here to intensify our distribution activities, throughout
the length and breadth of our chosen territory.

Quick, Cost effective and Trust worthy

Being quick, cost-effective, and Trustworthy, has always been in our DNA- Adhering to the
customer needs is our biggest strength. A cost-effective service and making ever-expanding
range of spares available to mobility users through extensive network of sales offices and
warehouses are going to be a continuous commitment for us

Creative Thinking
Our teams are always busy to think creatively for next level of convenient availability of
components. We are constantly automating our processes and deploying digital solutions
for challenging aftermarket requirements

Our History

In the 18th Century

Tracing its roots way back to 1843, George Oakes, was a general goods store, popularly
known as Oakes Delgrain & Co. In 1857, the store further expanded into a big departmental
store and called itself as Oakes & Co. By 1860, Oakes & Co was having the largest stock of
general goods in Madras Presidency.

In the 19th Century

Oakes & Co was expanding into new business activities, the automobile business was one
such initiative that it ventured into (in the year 1907). After a turnaround of events and a
series of acquisitions and takeovers, the Oakes and Spencer’s, motor company took shape
into a sales network in the 1930s.

During the Pre-Independence Era

The George Oakes history, is a different story altogether. George Augustine Oakes was an
Entrepreneurial Engineer, who opened a workshop, In India,  which he named as, ‘The
Garage’, way back during the pre-Independence era,  in the year 1938. This workshop was
established in Ooty, a picturesque hill station in Tamilnadu.

GOL Now
Today, George Oakes is one of the most trusted and reputed names in the automotive
aftermarket industry, distributing components for brands such as Tata Motors, Bosch, India
Pistons, Simpsons, & Mahindra and Mahindra. GOL continues to build confidence and trust
among stakeholders by distributing far and wide to reach remote customers. Recently, to
ensure customer convenience and accessibility, George Oakes has launched its parts and
services online, through www. partzrider.com

CHETTINAD MORIMURA SEMI CONDUCTOR MATERAIL PRIVATE

LIMITED

Core Values of Chettinad Group

The House of Chettinad began its journey in a humble way in the
year 1912 by its founder Dr. Raja Sir Annamalai Chettiar, who was a Visionary,
Idealist, Entrepreneur, Educationist and Philanthropist of 19th century, who
envisioned that  the future of his group is to improve the society economically by
providing industrial and business development.  The core values of the House of
Chettinad Strive, Save & Serve continue to remain the same since 1912 with its
dynamic vision changing according to times.  The group continued the legacy, 
made the dreams of our beloved founder into reality and reached further heights by
another Visionary, Idealist, Entrepreneur, Educationist and Philanthropist by Dr.
 Raja Sir Muthiah Chettiar, the son of the founder.    The growth of Chettinad Group
was taken forward with the untiring efforts by the grandson of the founder,    Dr.
M.A.M. Ramaswamy, a multi faceted personality an Entrepreneur, Educationist,
Philanthropist, Sportsman and his love towards   protecting the arts, culture and
values of Tamil,  is the present Chairman

of the group The House of Chettinad is  successfully marching towards a centennial
year with the hard work and dedication of three generations of the family which
stand for its Quality, Integrity and Reliability of the Products, Services and Trading
that are being dealt by the group.

Our Vision
Chettinad Group will touch and uplift the lives of the people in India through establishing
and maintaining world class industrial, infrastructural, educational and health care facilities
to give  quality of products and services, in which it deals with, to our valuable customers,  
at a competitive price.  Industrial and infrastructural development activities undertaken will
provide  employment opportunity and economic development.    By providing quality
education and world class health facility,  society will be benefited. We will continue and
expand our “Corporate Social Responsibility” and better “environment management” for
sustainable development. Our Product Portfolio
We are involved in the production, export and supplying Quartz Powder, Quartz Grits,
Fused Silica Powder, Fused Silica Cullets and Crystobolite. These are manufactured in
highly developed manufacturing unit under the supervision of our crew of experienced
professionals. We use only the best quality ingredients and basic material to produce this
array that conforms to the global guidelines of quality. Apart from this, clients can avail
these products in their required formulations along with the available standard options. We
offer these products at leading industry prices.

We offer: 
 Quartz Powder (Filler material for Engineering stone)
 Quartz Grits
 Fused Silica Cullets
 Fused Silica Grains
 Fused Silica Powder
 Crystobolite
 
Our Team
Our organizational functions are performed efficiently as we have hired a team of adroit
professionals. Also, our team members are highly trained and have immense knowledge
and skills in their respective discipline. These professionals strive hard and make best use of
their expertise to produce chemicals and conducting material with the customized
specifications to meet the exact requirements of clients. We meet the deadlines and deliver
products within the stipulated schedule as our professionals are energetic and work in close
coordination with each other.
 
Our skillful squad consists of:
 Procuring agents
 Engineers
 Skilled technicians
 Quality analysts
 R&D personnel
 Sales & marketing executive
Why Us
CHEMSEM has expertise in this field with a highly qualified and competent work force.
CHEMSEM is committed to meet the exacting quality built into its process for the
requirements of our customers, with its.

 Own Quartz Mines With Vast Resources.

 Size Reduction Facility With Latest Washing Line Equipment.
 One Of Its Kind Technology Of Electrically Operated Furnaces For Product Fusion.
 Sophisticated Technology Of Iron Free Product Micronising To Various Particle Size
Distribution As Per Customer Needs.
 Environment Friendly Manufacturing Process.
 State-Of-The-Art, In-House Quality Assurance With Latest Testing Facility.
Our Logos

6. Petty Cash
A petty cash fund is a small amount of company cash, often kept on hand (e.g., in a
locked drawer or box), to pay for minor or incidental expenses, such as office supplies or
employee reimbursements.
A petty cash fund will undergo periodic reconciliations, with transactions also recorded on
the financial statements. In larger corporations, each department might have its own petty
cash fund.

Step-by-step process of Petty Cash

 The task is to verify and review the petty cash vouchers

 George Oakes has accessing the any desk Software to extract all the branch
petty cash report in Tally
 Receiving of petty cash vouchers from branches.
 A voucher summary sheet is also sent by branches.
  If any missing summary sheet from branch we are instructing to give that
copy through mail
 A log book of petty cash vouchers received from branches is maintained in
Excel
 This shows branch name, voucher serial number and date ‘From’ and ‘To.
 Voucher serial number control is ensured; missing vouchers if any are
clarified with the branch.
 Review the ledger of the vouchers and availability of supporting documents
 Check for the correctness of Voucher amount and bills with signature.
 To verify the voucher date with bill date if any are clarified with the branch.
 We maintain the files and description for all petty cash related expenses
spent by the branches
 Within three days we are verifying the branches petty cash voucher
 After verification, the correction of petty cash vouchers details sent to GOL
HO (branches) to rectify that.
 This Report is sent to GOL Finance (Mrs.Vimala and Mr.Sundar) for their
records and filing.
 Petty cash vouchers are also put into binders and sent to George Oakes.

Petty Cash Ledger verification

1. Vehicle Maintenance –Repairs and maintenance of the vehicle, engine oil

purchasing and servicing etc., these type of expense will come in Vehicle
maintenance generally
2. Fuel charges- fuel for vehicle, Fuel for Office generator, Purchase of kerosene.
3. Freight Inward – Unloading Expenses, Transport Expenses met while Purchase or
transfer to branch,
4. Freight Outward- Uploading Expenses, Transport Expenses met while sale or
transfer from branch
5. Staff Welfare- Pooja Expense, purchase of water, tea & coffee expense, food bills
6. Office Maintenance – Salaries for sweeper, watchman, cleaner, Purchased office
cleaning things, Small amount of donations.
7. Printing & Stationery- Toner refilling, Purchase of office stationery, Xerox &
printing
8. Courier Charges- Courier Expense.
9. Electricity Charges- Electricity bill payment of office
10. Rates & Taxes- License renewal
11. Donations – Will not comes in Petty Cash...if any amount or bills  booked in
Donation GL Account Code, Kindly move to Office Maintenance.. if the amount is
more than 1000 and less than 10000 ask them to keep approval(without approvals
they shouldn’t give)...
12. Telephone Charges- Internet expenses, telephone bill payment
13. Subscription- Newspaper expense
14. Computer Maintenance- spare parts of computer, if any services
15. Sales promotion- advertisement expenses, meeting arrangements with sales persons
16. Professional Tax Payable – professional tax paid.
17. Professional charges - all professionals like Advocate fess.
 18. Packing & forwarding – only packing charges.
19. Conveyance charges - Auto charges paid
20. Office Equipment & furniture – Purchase of furniture etc…

How to do petty cash expenses entries in tally ERP 9

 Use the Payment Voucher F5 in tally ERP 9 , 

 Debit the stationery account and credit the petty cash a/c.
One can see in step-2 image the petty cash a/c was with Rs 25000/- after purchase of
stationery the               account is been credited with 250/-, so balance showing 24750/- . in
this way we can create petty cash expenses entries can be done like staff welfare exp.,
conveyance expenses. Etc.., in this way all the transactions can be recorded

7. Travel reimbursement / Company Travel Expenses Payment

Travel reimbursement is the way employers pay their employees back for expenses they have
incurred during business-related travel. Such expenses can range from airfare to mileage, event
registration, parking, and meals. Depending on your travel policy, employees may need to pay
for these first.

Travel requests
When you use paper forms and emails for trip approvals, they can get lost and approvals get
delayed. Get total control over travel requests, reduce administrative costs, and eliminate
paperwork.

Step-by-step process of Travel Expense Management process

Client: George Oakes Limited
Dates for Disbursement: 8th and 15th of Every month.

For disbursement to be made on 8th – All documents to be received by 5th.

For disbursement to be made on 15th – All documents to be received between 9th and 12th.
 Send Email to all branches, asking for Pre-journey Plan (PJP) and Travel Advance(TA)
request via e-mail
 First working day of every month
 The Manager of each Branch sends the info (PJP and TA) with his approval
 To be received on or before the 5th of each month
 Every PJP and TA request must be approved by HO. If approvals are missing, we send a
reminder to approver to convey approval
 On the 3rd of each month, HR will send the attendance register for the previous month
 Around 5th of every month the original Travel expense claims will be received from branch
employees
 PJP and TA request are updated on Excel sheet
 A log book of expense reports received is maintained (showing the employee ID, name,
and branch)
 This shall be reviewed every day and reminders for non-receipt to be sent to the branch and
copy to HO Reminder will be sent only to branches for any missing PJP and Individual
reminders will not be sent to salesmen
 Every travel expense statement shall be checked with reference to attendance, supporting
bills/receipts, claims, eligibility etc as per Travel policy
 Based on the Advance Limits for each employee, we will verify (v-lookup) with the
advance requested, and lower of the two amounts (Limit or Advance Requested) will be
considered for disbursement
 A separate master sheet with the employee ID, name, bank account number and IFSC code.
 Advance for the month will be adjusted after carrying forward the balance from the
previous month
 Based on the PJP / TA advance info, and the TE bills statement, a final summary sheet
showing the net amount to be disbursed in prepared (v-lookup with employee ID
 For any employees for whom the salary is withheld (Eg termination notice, or other issues),
TA will not be processed in the first run. It will be taken subsequently and clarified with
HR before releasing the advance
 Data from this disbursement sheet is taken to the bank payment sheet (Bulk Transfer
Form), giving the IFSC code and the employee account number, and the amount to be paid.
 A separate master sheet with the employee ID, name, bank account number and IFSC code
 To prepare Outstanding Statement of employees, when there is more than three month TE
bills not yet settled at time to reminder them.
 This master sheet shall be updated regularly for change in bank, movement of employees
etc
 The statement of disbursements shall be sent to George Oakes Finance (Mr. Santhosh and
Mr. Siva) and to
 After disbursements, Cross tally of the total individual branches upon disbursement.
 disbursement made on the Bulk Transfer Form with the subsequent bank debits
 Patchwork – to facilitate scanning of expense reports and supporting bills, patch work is
prepared, xerox copies of the same are taken (where required) and the set of documents is
prepared for scanning.
 After scanning is completed, the expense bills and supporting documents are to be put in
binders and to be sent to George Oakes
  We are maintain the scanned documents and shared to George Oake
Let’s have a look at the different steps of this manual process.

1. Requesting Reimbursement
The employee would likely have to fill out a paper form by hand, completing full details of the type
of travel reimbursement being sought, the reasons for it, and a total cost breakdown, along with
attaching all the paper receipts in an envelope or stapled to the back of the form.

2. Approving Reimbursement
This form would then be handed to their line manager, along with all those receipts, for the line
manager to authorize.

3. Requesting Payment
The authorized form would be sent to the finance team for payment.

4. Approving Payment
The payment would be approved and wired by the finance team. Finally, the employee receives the
payment.

Drawbacks of manual reimbursement process

Manual process in a travel expense tracker system is prone to a number of potential issues, one of the
biggest being the fact that the reimbursement crossed a number of hands before its eventual payment
to the employee.Employees relied on their manager to approve the claim quickly. Subsequently, they
were bound to strict payment and processing rules, which often caused delays and inevitable
frustration.The manual travel reimbursement process often resulted in errors, or a need to further
clarifications between the three key parties within the process: the employee, the manager, and the
finance team.

8. Stock / Inventory Audits:

How to Create Counting Procedures

Even reading the word “audit” is enough to send shivers down most business owners’
spines. But, whether the audit is for internal purposes or at the request of an external auditor,
understanding the nuances of an inventory audit ahead of time will prepare you for what’s to come
and set you up for success.

What is an inventory audit?

An inventory audit is when either you or an auditor uses analytical procedure to check a
company’s inventory methods and confirm that the financial records and actual count of goods
match.
It’s important to conduct inventory audits to maintain inventory accuracy, spot causes
of shrinkage, and ensure that you always have the right amount of stock at the right time. A better
understanding of stock flow will also help ensure the business runs smoothly, because you’ll know
what products you have on hand.
 Audit procedures for inventory
If your inventory undergoes an audit, an internal employee or external auditor will conduct a series
of procedures to validate your records. Procedures can include inspection, observation,
confirmation, recalculation, performance, or analytical analysis of inventory during any stage of
operations.

Here’s a list of the various inventory auditing procedures that could occur.
 Physical inventory counting: This is the process of counting each piece of inventory so you can
account for all items. You’ll want to schedule a physical inventory count ahead of time because it
will likely be an inconvenience to normal business flow. You might also want to consider using
technology, like a bar code scanner, to help physically count each item. (If you’re working with an
auditor, they will likely want to observe this process and will want to reconcile the count with your
general ledger.)
 Inventory layers: If you do inventory using the FIFO (first-in, first-out) or LIFO (last-in, first-out),
you’ll want to look at the layers of inventory you’ve recorded to make sure they’re valid.
 High-value item inventory analysis: This can also be known as an ABC Analysis. High-value
items are given the grouping of A products, mid-tier are B, and low value are C. ABC analysis can
also help you manage a stockroom better and save time. If you put the high-volume items in Group
C near the entrance, this will speed up trips from the sales floor, while low-volume, high-value
items in Group A should be secured safely away to reduce costly theft. (If you’re working with an
auditor, they will likely spend more time counting high-value inventory items.)
 Inventory in transit analysis: When materials are moving between two or more locations, you’ll
want to track the time between the date of shipment or shift, and the date of receipt. These
inventory audits will help ensure nothing is lost or damaged in transit. Auditors test for this by
reviewing any kind of transfer documentation.
 Freight cost analysis: This analysis will determine shipping costs, or how much it costs to get
products from one place to another.
 Finished-goods cost analysis: This is best used if you create your own products. When all the work
on the inventory is completed, it becomes a “finished good” and is ready to be sold. You can then
analyze the value of the inventory for the current accounting period.
 Direct labor analysis: Direct labor is production or services labor that is assigned to a specific
product, cost center, or work order. The cost of direct labor is generally considered to be the cost
of regular hours, shift differentials, and overtime hours worked by employees. You’ll also want to
add in payroll taxes or any benefits costs associated with employees to properly analyze this cost.
(This analysis is only done if direct labor is included in the cost of inventory.)
 Overhead analysis: Overhead is the cost of doing business that doesn’t include the direct materials
and labor required. This should include the cost of rent, electricity, etc. When doing an analysis
of overhead costs, you’re trying to predict the indirect cost of doing business, which will help you
budget for the year. (Again, auditors will only want to look at this if overhead is included in your
inventory costs.)
 Reconciling items investigation: If there are discrepancies between the inventory counts in the
company’s records and the actual amounts on the warehouse shelves, you’ll need to figure out why
there are differences between the two amounts and make adjustments to the records to reflect this
analysis. Inventory reconciliation is an extremely important part of cycle counting.
 Test invoices listed in receivable report: Auditors will select invoices from the accounts receivable
aging report at random and compare them to supporting documentation to see if they were billed in
 the correct amounts, to correct customers, on the correct dates. This is a test of the entire system to
see how things line up.
 Match invoices to shipping log: Here an auditor will verify that invoices for products match the
amount of items and cost of what was shipped from your warehouse.
 Cash receipts review: An auditor will count and balance all receipts of items paid for by cash.

An inventory audit checklist

Conducting your own audit periodically increases visibility of how your materials are moving
through the supply chain. It can help you evaluate costs and prepare for any external audit
procedures.
The best inventory audits have three phases: planning, execution, and analysis. Here’s a checklist
to help you conduct an inventory audit.
1. Assess which items to audit: Higher-risk inventory items should be assessed more frequently. You
can sort inventory out by SKU or bar code, then prioritize.
2. Create an audit schedule: Next, you’ll need to map out an auditing schedule. Unfortunately,
conducting an inventory audit can disrupt the normal business flow. You’ll want to choose times
that are least impactful for the business, but also happen at a good frequency to ensure those high-
value items will be accounted for. The policies and procedures of buying and shipping items may
also affect the schedule of your audit.
3. Collect the necessary documentation: Get out any important documents ahead of time and make
sure they are easily accessible, but secure.
4. Conduct the inventory audit: As discussed above, there are a number of different audits that can be
essential, depending on the nature of your business. Make sure you have an internal auditor that is
unbiased but knows how to conduct the audit.
5. Record the findings: Keeping track of audit results year to year or cycle to cycle is key. The main
goal of an audit is to find gaps in compliance and look at opportunities to fix the deficit and
improve operational processes.
6. Report the findings: When it’s all over, you’ll want to create an easy-to-read audit report to serve
as evidence if an external audit is ever conducted.

Why inventory management is important

Maintaining an efficient inventory management process can reduce the length and complexity of
audits. For example, if you have a system that tracks and scan items when they come in to or leave
your store, there will be time stamps associated with each action that can be easily
tracked.Running a business is no easy feat, but Square is here to help. We have all the tools you
need to start, run, and grow your business, whether you’re selling in person, online, or both. And
we’ve made all our tools to work together as one system, saving you time and money — and
making decisions easier. So you can get back to doing the work you love and focusing on
whatever’s next. See how Square works.
9. BOARD OF DIRECTORS
Director
Details
DIN Director Name Designation Appointment Date
7015452 KISHORE KALYANAM Designated Partner 1-Nov-14

ANANTHANARAYANAN
7995178 Designated Partner 30-Sep-17
SUBRAMANIAN

2360923 JAYARAMAN RAGHUNATHAN Designated Partner 30-Sep-17

6531633 SUNEEL ANANTHANARAYANAN Designated Partner 16-Dec-13

Company Details
Detail Financial
Profit & Loss
Report
LLP
Total Revenue
Identification AAB-9330 Balance Sheet Not Not
(Turnover)
Number Available Available
S K R AND
Company Paid-up
COMPANY Not Total Expenses Not
Name Capital
LLP Available Available
Employee
Company Reserves &
Active Not Benefit Not
Status Surplus
Available Expenses Available
Long Term Not Not
ROC ROC-Chennai Finance Costs
Borrowings Available Available
Main division
of business Other
Short Term
activity to be Business Depriciation
Borrowings
carried out in Activities Not Not
India Available Available
Description Other
Trade Profit Before
of main Business Not Not
Payables Tax
division Activities Available Available
Number Of Current Not Not
0 Profit After Tax
Partners Investments Available Available
Number of 4 Inventories Not
Designated Available
Partners
Date of Trade Not
16-Dec-13
Incorporation Receivables Available
Cash and Not
Age of 8 years, 5
Bank Available
Company month, 9 days
Balances

10. Working Experience

I did my Internship 15days in SKR and company LLP, Its Auditor Office, and I am
supporting the accounts teams, with their accounting work like Petty cash voucher verification and
Travel Reimbursement Payment process of George Oaks Limited Client, and directly went to
another client Chettinad Group of Company to verify the stock physical count.

I have learned in Petty cash (George Oaks has 36 branches in India) initially how to prepare
manual voucher for day to day incurring the entire branch expenses. Then how will you enter the
petty cash expenses in to tally with correct ledger and clear narration. To verify petty cash
voucher as per the auditing procedures of proper expenses bills attachment with authorized
signature then it should be in correct ledger and one petty cash voucher amount must not above ten
thousand rupees, if its above ten thousand rupees spilt into multi voucher. Then how to send petty
cash correction report through mail to Client office manager. Finally to maintain all the petty cash
records properly as per year manual and system wise.

Next Process Travel Expenses Reimbursement of George Oaks, Every month nearly 200
Employees travel bills will be received, In every management have a hierarchy like Executive,
Senior Executive, Manager, Senior Manager, Regional Manager, general manager and CEO,
according to the company travel policy limit will be there, with that limit we have to verify the
travel bills and pay the amount for the travel payment. Initially we have to send mail to the entire
branch to send their travel journey plan required advance amount with approval of manager ,after
receiving mail the branch request advance amount, we have consolidate in to one excel sheet
added with travel bill amount excel formula to prepare bank payment for employees. With that I
learned how to send proper mail to all the management staff, then how to use excel with simple
formulas, and how will you find outstanding list of employees.

Final process verification of physical company stock, I went some of stock audit client place to
verify the company manufacturing stock verification, according to that audit procedure initially to
verify the manual counting stock, floor to paper what I have, and compare with software system
list. In that what I learned, how manufacturing company running in to different section of raw
material, semi-finished goods, then conversion of finished goods.

In that short span of time I have learned many things about organization and it will develop my
skills and knowledge through help me to further job and carrier opportunity.
11. CONCLUSION

From the above we can conclude that accounting not only helps an enterprise to conduct its day to
day activities smoothly but also helps in its future growth. At the same time financial statements
produced by various accounting systems are used by multiple stakeholders to take economic
decisions. I should now have a clearer idea of the context in which accounting is set. I should also
be aware that accounting is the recording and processing of data into information of the
Characteristics of good information, and of the relationship between accounting and organizational
objectives. You would have realized that although computerized accounting systems are labour
saving, it is not made redundant with the introduction of computerized accounting but his job
scope is redefined such that he is able to add value to the managing of the organization concerned.
An Accountant should have clear concept on accounting concept that may help to recognize the
income and expenses. A clear understanding on accounting concepts may help to an accountant
producing a reliable financial report.
12. BIBILIOGRAPHY

1. Anthony N. Robert (1998), “Accounting Principles”,

AITBS Publishers, New Delhi.
2. Aggarwal, M.P. (1981), “Analysis of Financial
Statements”, Natioanl Publishing House, New Delhi.
3. R. Narayanaswamy (2003),“Financial Accounting”, Prentice
Hall of India, New Delhi.
4. S.P. Jain (2001), “Advanced Accountancy”, Kalyani
Publishers, New Delhi.
5. Ashok Banerjee (2005), “Financial Accounting”, Excel Book,
New Delhi.
6. George Foster (2002), “Financial Statement Analysis”,
Pearson Education.
7. S.P. Jain (2001), “Corporate Accounting”, Kalayani
Publishers, New Delhi.