Professional Documents
Culture Documents
Sri Manakula Vinayagar Engineering College
Sri Manakula Vinayagar Engineering College
CHANDRASEKAR &CO
Report submitted by
LOGESHWARAN.M (20UCOM041)
II Year - IV Semester B.Com (General) (2020-2023)
Report Submitted for the Course B.COM (A20CMP411) during II Year IV Semester in the
DEPARTMENTOFCOMMERCE
SCHOOLOFARTSAND SCIENCE
MADAGADIPET, PUDUCHERRY.
OCTOBER - 2022
SCHOOL OF ARTS AND SCIENCE
DEPARTMENT OF COMMERCE
CERTIFICATE
NAME : ………………………………………………..
SEMESTER : IV
YEAR : II
PROGRAMME : B.COM
Certified that the above mentioned student has completed the Internship Report for
the Course Internship (A20CMP411) in Semester IV of the programme (B.COM) during
the year 2022- 2023.
1 IndustryProfile
2 CompanyProfile
3 FunctionalAreas
4 Learning Experience&Outcome
5 Conclusion
DISCLAIMER
The above details and information’s were recorded, based on the
information, which I gathered from the Internship period.
The above information was experienced with the help of the intern of
the Auditing firm, where Miss. Kamali (chartered Accountant student)
and Mr. Deepak (Chartered Accountant Student).
Now I’M here to thanks, for the people who let me, for
this wonderful opportunity. Thanking you all mam and sir and keep supporting
us.
INDUSTRY PROFILE
Organization is working as Chartered Accountants firm
under the rules and regulations and code of ethics designed
for CA firms by ICAI (The Institute of Chartered
Accountants of India). The Institute of Chartered
Accountants of India (ICAI or the Institute) was established
as statutory body on July 1, 1961 under Chartered Accountants Ordinance, 1961 to regulate the profession
of accountancy in the country. ICAI is governed by the Council which consists of nineteen members.
Fifteen members are elected from amongst the members for a period of four years. The remaining four of
the Council members are nominated by the Government of India. These kinds of firms provide different
kinds of professional services like audit, taxation and management consultancy to its clients. The
Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has
its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi)
and 81 branches under these regional centers.
MISSION
Provide our members a platform to be of use to the society and to enrich their own experiences by serving
others
VISION
Learning - Gather and present knowledge to the members
Teaching -Impart knowledge to students of the ICAI, other finance qualifications and
Spreading knowledge - Beyond formal education, professional ethics and life skills
Community development- Apply the skills of our members for improving the knowledge and the
lives, in general, of the members of social organizations
Social initiatives - Gather resources to help the environment, the country in which we thrive and
other elements that aid our existence
ORGANISATIONAL STRUCTURE
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. Following is the
organizational hierarchy of the firm:-
Partners
Directors
Senior Managers
Managers
Supervisors
Senior Trainee Students
Junior Trainees
Various levels of the firm have different functions. 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.
Managers are inquired of by Senior Managers and mostly manager manage audit field works etc. and after
field work managers with cooperation of senior managers makes and finalize any audit report to be issued.
Senior Manager is a qualified Chartered accountant having more than 10 year working experience.
Field work and information collection and implementation of policies by adopting changes in rules &
regulations is the main responsibility of supervisors and trainees. They use different kind of techniques for
error and fraud detection.
COMPANY PROFILE
SUBJECT SYNOPSIS
TYPES
EXPLANATION
WHAT IS AUDITING MEANING FOR AUDITING
TYPES OF AUDITING
INTERNAL AUDIT
EXTERNAL AUDIT
IRS TAX AUDIT
FINANCIAL AUDIT
OPERATIONAL AUDIT
COMPLIANCE AUDIT
INFORMATION SYSTEM AUDIT
PAYROLL AUDIT
PAY AUDIT
1. INTERNAL AUDIT
Internal audits take place within your business. As the business owner, you initiate the audit while someone
else in your business conducts it.Businesses that have shareholders or board members may use internal
audits as a way to update them on their business’s finances. And, internal audits are a good way to check in
on financial goals.
• Propose improvements
• Monitor effectiveness
An external audit is conducted by a third party, such as an accountant, the IRS, or a tax agency. The
external auditor has no connection to your business (e.g., not an employee). And, external auditors must
follow generally accepted auditing standards (GAAS).
Like internal audits, the main objective of an external audit is to determine the accuracy of accounting
records.
Investors and lenders typically require external audits to ensure the business’s financial information and
data is accurate and fair.
4. FINANCIAL AUDIT
A.A financial audit is one of the most common types of
audit. Most types of financial audits are external.
After the audit, the third party usually releases an audit opinion about your business to lenders, creditors,
and investors.
5. OPERATIONAL AUDIT
Operational audits are similar to internal audits. An operational audit analyzes your company’s goals,
planning processes, procedures, and operation results.
Generally, operational audits are conducted internally. However, an operational audit can be external.
The goal of an operational audit is to fully evaluate your business’s operations and determine ways to
improve them.
6. COMPLIANCE AUDIT
A compliance audit examines your business’s
policies and procedures to see if they comply
with internal or external standards.
8. PAYROLL AUDIT
A payroll audit examines your business’s payroll processes
to ensure they are accurate. When conducting payroll audits,
look at different payroll factors, such as pay rates, wages, tax
withholdings, and employee information.
9. PAY AUDIT
Pay audits allow you to identify pay discrepancies among
your employees.
Pay audits can also help you ensure workers are paid
fairly based on your business’s industry and location.
AUDIT REPORT
When your business is audited, external auditors usually give you an audit report. Audit reports include
details of the audit process and what was found. And, the report includes whether your financial records
are accurate, missing information, or inaccurate.
IMPORTANCE OF AUDITS
You must conduct audits regularly to understand different aspects of your business. And, audits can help
catch issues early on before they snowball into big mistakes. If you don’t conduct audits, you may find
yourself reviewing inaccurate information, which can impact your business later.nd investors.
Before you kick the idea of audits to the curb, think about how they can benefit your small business.
Audits can help you:
Catch errors
Stay organized
Administration ventures
CHANDRASEKA
R
RAJARAM
ACCOUNTANT AUDITOR
3. It Filing
4. Internal Audits
7. Cost Auditor
8. Vat Auditors
9. Fixed Asset Auditor
POSITION ON WORK
It was the auditor firm which is placed on top 10 auditing office in
Pondicherry
R.CHANDRASEKAR & CO. was the working and it been a top ten
AUDITING Firm in Pondicherry.
KALAPETMAIN BRANCH
ALANKUPPAM
MUTHIYALPET
IIII
KOTAKUPPAM
LEARNING OUTCOME
&
WORKING EXPERIENCE
LEARNING OUTCOME
Cooperative banking, as discussed here, includes retail banking carried out by credit unions, mutual
savings banks, building societies and cooperatives, as well as commercial banking services provided
by mutual organizations (such as cooperative federations) to cooperative businesses.
A 2013 report by ILO concluded that cooperative banks outperformed their competitors during
the financial crisis of 2007–2008. The cooperative banking sector had 20% market share of the European
banking sector, but accounted for only 7% of all the write-downs and losses between the third quarter of
2007 and first quarter of 2011. Cooperative banks were also over-represented in lending to small and
medium-sized businesses in all of the 10 countries included in the report.
Credit unions in the US had five times lower failure rate than other banks during the crisis and more than
doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while
lending to small businesses overall during the same period declined by around $100 billion. Public trust in
credit unions stands at 60%, compared to 30% for big banks and small businesses are 80% less likely to be
dissatisfied with a credit union than with a big bank.
WORKING HOURS
SUNDAY-HOLIDAY
TYPES OF ACCOUNTS AND DEPOSITS
I. SAVINGS ACCOUNT
II. CURRENT ACCOUNT
III. FIXED DEPOSIT
IV. RECURRING DEPOSIT
1. SAVINGS ACCOUNT
In India savings based on a legislative framework of Government banks has a history of nearly
130 years. Some historians, trace the genesis of the savings movement to 1834, when the first savings
bank was established in Calcutta by the Government.
After independence, in 1947, it was felt that more of an impetus has to be given to the savings movement
and the National Savings Organisation NSO (now NSI) was created in 1948. The words of the then Prime
Minister Pandit Jawaharlal Nehru signify the crucial role envisaged for the national savings movement in
the context of domestic savings as a force for national development.
2. CURRENT ACCOUNT
The exchange of goods and services is recorded for the current period and hence is called current
account. The current account figure reveals the pattern of foreign trade. If the balance of trade is negative,
then the country is importing more goods and services than its exports of these.
Current bank account is opened by businessmen who have a higher number of regular transactions with
the bank. It includes deposits, withdrawals, and contra transactions. It is also known as Demand Deposit
Account.
3. FIXED DEPOSIT
There are several co-operative banks that offer
competitive interest rates on Fixed Deposits. The interest
rate from different banks ranges from 5.10% p.a. to 7.00%
p.a. for regular citizens with senior citizens getting up to
0.60% higher interest rate. Co-operative banks offer a
wide range of financial services and products, including
fixed deposits.
SHORT-TERM DEPOSITS
A short-term FD is a one-time investment where you deposit money once as a lump sum. You can
choose to renew the short-term fixed deposit once it matures but also have the option to use it to achieve
your financial goals. The tax will be deducted on a short-term FD as per the Income Tax Act, 1961.
MEDIUM-TERM DEPOSITS
A Medium-to-Long-Term Deposit allows you to invest your money: for a predetermined period of
time; at a predeterminedfixed rate of interest; free of all charges (unless redeemed early).
LONG-TERM DEPOSITS
Long-term fixed deposits are usually held for anywhere between more than 5 years to 10 years.
Generally, the tenure range offered on a all types of deposits (short, medium & long) range from 7 days to
10 years.
4. RECURRING DEPOSIT
Recurring Deposit scheme will allow you with an opportunity to build up your savings
through regular monthly deposits of fixed sum over a fixed period of time.
Salient Features:
Easy way of paying monthly installment by providing a one time standing instruction from your
Savings Account.
DOCUMENT REQUIRED:
2. Proof of residence,
TYPES OF LOANS
I. JEWEL LOAN
II. AGRICULTURAL LOAN
III. SELF HELP GROUP
The Pondicherry State Co-operative Bank gold loan per gram gold loan calculator is available at
The Pondicherry State Co-operative Bank gold loan per gram will give you a gold loan based on
a set of criteria, so here are some guidelines:
After estimating the value of your stones, a standard chartered gold loan would assess your
jewel loan amount eligibility utilising an LTV of up to 75%. Pondicherry State Co-operative Bank
gold loans may be able to offer you a reduced interest rate if you are ready to take a loan
amount that is less than your maximum LTV.
Banks have been advised by the Reserve Bank of India to use a 30-day average price of 22-
carat gold that has been adjusted for purity. If the gold is 20-carat pure, the Pondicherry State
Co-operative Bank gold loan adjusts the value by multiplying 20/22 by the 30-day average of 22-
carat gold. Dial bank now has a gold rate calculator that is up to date.
The purity and net weight of gold in your jewellery will be determined by the bank’s in-house
valuer using the purity and net weight of gold in your jewellery. The gold used in the jewellery
should be between 18 and 24 carats pure. To get at the net weight, the Pondicherry State Co-
operative Bank gold loan would subtract the weight of diamonds and stones from the net weight
of the jewellery.
The above table shows the method by which Banks will calculate your per gram gold loan for
gold of varying purity.
Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784
Pondicherry State Co-operative Bank Gold Loan Rates Per Gram:
The purity is also considered in the Pondicherry State Co-operative Bank gold loan per gram
assessment. Any extra stones, gems, or metals affixed to the gold ornaments will be removed
from the total weight. Up to 70% of the current market value of your gold is frequently accepted
as a loan amount. If you’re ready to pay a higher interest rate, banks will approve you for up to
90% of your loan. Loans must be returned within a period of 12 months or a shorter period as
determined by the bank from time to time.
1. AGRICULTURAL LOAN
Kalapet bank that provides a various form of AGRICULTURAL LOAN. They provide a short
term, medium term and long term loan policy.
Short-Term Policy
Medium-Term Policy
Long-Term Policy
SHORT-TERM POLICY:
They avail loan for purchasing of seeds and for small needs that help to start the planting the
crops.
MEDIUM-TERM POLICY:
They avail loan for purchasing of equipment and other needs that help to start the planting the
crops.
They avail loan for purchasing of Land and other tractor or expensive products that help to start
the planting the crops.
2. SELF-HELP GROUP
SHGs play a vital role in giving credit access to the poor and this is extremely crucial in poverty
alleviation. They also play a great role in empowering women because SHGs help women from
economically weaker sections build social capital.
Benefits of SHGs Social integrity – SHGs encourages
collective efforts for combating practices like dowry,
alcoholism etc. Gender Equity – SHGs empowers women
and inculcates leadership skill among them. 2/5 Empowered
women participate more actively in gram sabha and
elections. There is evidence in this country as well as
elsewhere that formation of Self-Help Groups has a multiplier
effect in improving women’s status in society as well as in the family leading to improvement in
their socio-economic condition and also enhances their self-esteem. Pressure Groups – their
participation in governance process enables them to highlight issues such as dowry, alcoholism,
the menace of open defecation, primary health care etc and impact policy decision. Voice to
marginalized section – Most of the beneficiaries of government schemes have been from
weaker and marginalized communities and hence their participation through SHGs ensures
social justice. Financial Inclusion – Priority Sector
CONCLUSION
R.CHANDRASEKAR &CO is overall one of the profit making and reputed firm. Theorganization
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
panel of auditors maintained by State Bank of India. Moreover only these “A”
category firms can audit of listed companies.
The Institute of Chartered Accountants of India 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