AMITY COLLEGE OF COMMERCE AND FINANCE

Weekly Progress Report – 2

For the week- May 21- May 27, 2024
Date:27/05/2024

NAME- Mahi Sharma

Enrolment Number- A3104622065
Program- B.com(H)

NTCC Course Name & Code- Summer internship [MSS100]

Faculty Guide’s Name-Pallavi Tyagi
Department- Finance

Overview
In my second week at the CA firm's finance department, I delved deeper into the world of auditing,
complementing my foundational knowledge with practical insights and experiences.

Target for the week

1. Learning about auditing principles-
 Study basics and standards.
 Review training materials and textbooks.
 Attend an introductory session.
2. Observe the audit processes-
 Learn audit stages.
 Observe a completed audit walkthrough.
 Create a process flowchart.
3. Develop practical skills-
 Attend client meetings.
 Assist in data requests and documentation.
 Maintain accurate records.

4. Fieldwork & Testing-

 Participate in inventory counts and tests.
 Assist in sample testing and documentation.
Achievement for the week
1. Audit Planning: Assisted senior auditors in the planning phase of upcoming audit
engagements. Learned about the importance of meticulous planning in ensuring the
efficiency and effectiveness of audit procedures.

2. Risk Assessment: Participated in discussions regarding risk assessment methodologies and

techniques. Gained an understanding of how auditors identify and prioritize risks to tailor
audit procedures accordingly.

3. Documentation Review: Engaged in reviewing audit documentation from previous

engagements. Learned about the significance of thorough documentation in supporting
audit findings and conclusions.

4. Client Interaction: Accompanied audit teams during client meetings. Observed how auditors
communicate audit objectives, scope, and timelines to clients, fostering transparency and
trust.

Learning about Auditing:

1. Audit Procedures: Explored various audit procedures, including substantive testing, analytical
procedures, and tests of controls. Understood how auditors apply these procedures to
gather evidence and assess the reliability of financial information.
2. Audit Standards: Familiarized myself with auditing standards such as Generally Accepted
Auditing Standards (GAAS) and International Standards on Auditing (ISA). Recognized the
importance of adhering to these standards to maintain audit quality and integrity.

3. Ethical Considerations: Learned about the ethical principles guiding the auditing profession,
including independence, objectivity, and professional scepticism. Recognized the significance
of ethical conduct in maintaining public trust and confidence in audit services.

Challenges faced:
1. Complexity of Audit Procedures: Grappling with the complexity of audit procedures and
their application in real-world scenarios. Working to enhance my proficiency through active
engagement and hands-on experience.

2. Time Management: Balancing multiple tasks and deadlines within the fast-paced
environment of the finance department. Continuously refining my time management skills
to ensure efficient task completion.
Future work plans

1. Hands-On Experience: Seek opportunities to actively participate in audit fieldwork to gain

practical experience in executing audit procedures and documenting findings.

2. Continuous Learning: Continue learning about advanced audit concepts and techniques
through self-study and mentorship from senior auditors. Stay updated on developments in
auditing standards and regulations.

3. Effective Communication: Enhance my communication skills to articulate audit findings and

recommendations clearly and concisely, both verbally and in written reports.