DECLARATION

I hereby declare that the Internship Report prepared by me

is the result of the original work, carried out by me under
the guidance of PROF. SUVARANA in partial fulfilment for
the award of Bachelor’s Degree in Commerce offered by
Bengaluru University, Bengaluru.

Place: Bengaluru
Register Number: U03FM21C0004 Student’s Signature
Sl.no Particulars

1. Introduction

2. Organisation profile

3. Design of the study

 ACKNOWLEDGEMENT
I Thank the Bangalore University for providing this
kind of opportunity to learn new things apart from
academics.

I take this as an opportunity to express my profound

gratitude to the members of the DRS MANAGEMENT
CONSULTANTS and RAGHAVENDRA L G CHARTERED
ACCOUNTANT who guided me in this internship.

I convey my deepest sense of gratitude to Principal

and Asst Prof. of KARUNYA FIRST GRADE
COLLEGE of Arts, Commerce, for providing us this kind of
opportunity and guiding us throughout the internship.
CHAPTER 1

INTRODUCTION
 The title of study is internal audit procedure. Auditing is done
throughout the year; they are there to alert the management for any
deviation from the NRB framework likewise loopholes that are
there in the policy and procedure are highlighted as Internal Audit
Department constantly monitor the work and reports to the higher
authorities for changes to be made. Internal Audit Department
reviews the Income and recognizes it if not taken and realized.
There is period research conducted by the Internal Audit
Department where data are collected and examined for
recommendation, the research in general will look at the secondary
data’s rather than primary ones.

There are various forms of Audit carried out in any commercial

banks. The first audit is the self-audit, and then secondly there are
another department like Credit Risk Department and Risk
Management that constantly monitors the work. If any of the risks
is overlooked by the Credit and Risk Management Department than
the last department to control and alert the organization
management is the Internal Audit Department of the Organization.

Since the MBA program is an integrated set of practical and

theoretical method of learning, the students of this program are
required to have practical exposure in any kind of business
organization as last term of this course. The primary goal of
internship is to provide an on the-job exposure to the student and
an opportunity for translation of their theoretical conceptions in
real life situation.
Definition of Audit
Auditing is a systematic process of objectively obtaining and
evaluating evidence regarding assertions about economic actions
and events to ascertain the degree of correspondence between those
assertions and established criteria and communicating the results
to interested users. The various types of auditing services provided
by the organization are Statutory Audit, Due Diligence Audit,
Internal Audit, External Audit, Financial Audit, Forensic Audit etc..

ESSENTIALS OF GOOD AUDIT REPORT

The essentials of good audit report are as follows:

Title
An auditor report must have appropriate title, such as
“Auditor’s Report”. It is helpful for the reader to identify the
auditor’s report. It is easy to distinguish it from other reports. The
management can issue any report about the business performance.
The title the report is essential.

Addressee
The addressee may be shareholder or board of director of a
company. The auditor can audit financial statements of any
business unit as per agreement. The report should be appropriately
addressed as required by engagement letter and legal requirements.
The report is usually addresses to the shareholders or the board of
directors.
Identification
The audit report should identify the financial statement that
have audited. The financial statement may include trading profit
and loss accounts, balance sheet and statement of changes in
financial position and sources and application of frauds statement.
The report should include the name of the entity. Moreover, the data
and period covered by the financial statement are also stated in it.
Reference to Auditing Standards
The audit report should indicate the auditing standard or
practice followed in conducting the audit.The international
auditing guidelines need assurance that the audit has been
conducted as per set standards.
Opinion
The auditor’s report should clearly state the auditor’s opinion
on the presentation in the financial statement of the entity’s
financial position and the result of its operations. The statement
give a true and fair view is an auditor’s opinion. This opinion is
usually based on national standard or international accounting
standards.

Signature
The audit report should be signed in the name of the audit
firm, the personal name of the auditor or both as appropriate.

Auditor’s Address
The address of auditor is stated in the audit report. The name of
city is stated in the report for information of the readers.

Date of Report
The report should be dated. It informs the reader that the
auditor considered the effect on the financial statements and in his
report of events or transactions about which he become aware the
occurred up to that date.
Products and Services:
The major products and services provided by the firm are
auditing, due diligence, accountoutsourcing, project management
and consulting services which are as follows:

Financial Audits:
In a financial audit, the assertions about which the auditor
seeks objective evidence relate to the reliability and integrity of
financial and, occasionally, operating information. This type of
audit usually covers the basic set of financial statements (Balance
Sheet, Income Statement, Statement of Cashflows, Statement of
Changes in Equity and notes to thefinancial statements)
Statutory Audit:
A legally required review of the accuracy of a company's or
governments’ financial records is what termed as Statutory Audit.
The purpose of statutory audit is same as the purpose of any other
audit - to determine whether an organization is providing a fair and
accurate representation of its financial position by examining
information such as bank balances, bookkeeping records and
financial transactions.

Due Diligence Audit:

Due Diligence is an extensive look at a company in order to
make the best-informed business decision about a company. Due
Diligence Audit is that audit which is carried out in order to
find/estimate the actual financial position of the organization
before a large decision is about to take place like mergers and
acquisitions, loan agreement, or when the company's financials are
going to be presented to the public. Due diligence audit includes
thorough investigations of the books and records that can range
from asset appraisals to day to day transactions. A thorough
understanding of internal controls and its effectiveness also become
necessary to ensure the risk for the business is as low as possible.

Internal Audit:
Internal audit is an independent, objective assurance and
consulting activity designed to add value and improve an
organization's governance, risk management and management
controls over: efficiency/effectiveness of financial statements
(Balance Sheet, Income Statement, Statement of Cashflows,
Statement of Changes in Equity and notes to the financial
statements).
Compliance Audit:
A compliance audit determines the extent to which rules,
policies, laws covenants, or governmental regulations are followed
by the entity being audited. For example, examination of tax returns
of individuals and companies by the Internal Revenue Department
for compliance with the tax laws.

Account Outsourcing:
Outsourcing is gaining popularity as a way to reduce
financial and operational risks by making them easier to manage.
Keeping this in mind, the firm provides accounting services to
various organizations. Business organizations can alleviate the
burden of staying on top of frequent changes to tax codes and
accounting regulations and provide increased levels of information
transparency, visibility of controls and clarity of accountability by
outsourcing of accounting system.
Company Establishment:
The firm also extends its services towards establishment of
organizations and corporation. The firm helps in registration in
company registrar office as per the company act 2063, acquiring of
certificate of commencement of business, etc.

Tax Management:
The firm also helps in tax management for organizations.
Organizations can acquire services like calculation of income tax,
management of Value Added Tax (VAT), Tax Deducted at Source,
timely filing and payment of tax to Inland Revenue Department, etc.

Consultancy and Training:

The firm also offers advising and counseling services on
matters relating to accounting system, tax procedures, company
establishment, and numerous other financial matters. The firm
provides consultancy services in areas of Country Strategic Papers,
Restructuring policies and Internal Control System Development,
Mergers/Demergers, Financial Controller/Due Diligence
Review/Special Review of various Infrastructure projects on behalf
of commercial banks; Forensic Audits, etc.

Services are provided to all types of organization such as

hospital, Banks Industries etc
 CHAPTER 2

ORGANIZATION PROFILE
 To provide solutions to the evolving needs of business. Our aim is
to create synergies through the amalgamation of the various
business values with a focus on delivering value-based services that
result in the maximization of client worth and the enhancement of
business prospects and growth.
 This mission is communicated to every member of the
organization. Systematic endeavours are made to ensure each
employee's commitment to the organizational purpose. Our core
business values encompass Confident Leadership, Quality Service,
Professional Ethics and Healthy Client Relationship.

• DRSMCPL established in 2003 by a team of professionals with

rich experience in the field of Accounting, Auditing, Taxation
and Compliance of Business Statutory norms.

• Leveraging on the strengths, DRSMCPL provides services for

Business start – up, Payroll & HR Related services, such as
Recruitment and Training.
 • DRSMCPL undertakes specific BPO tasks to allow companies
to concentrate on their core competencies.

MANAGEMENT:
Successfully completed 10th year.
The team comprising of Raghavendra and Sheela, both
started their career together, practicing in the name of Shri
Chandra Associates later started DRSMCPL in 2003 completing the
successful 10th year & having rich experience of 20 years of
professional carrier.

About Mr. Raghavendra

Graduated in Commerce from Karnataka University. Versatile in
Indirect Taxes and more so in VAT and Service Tax. Handle both
Accounts, Direct and Indirect Taxes. Expertise in Indirect Taxes viz.,
Sales Tax Laws (VAT), Service Taxes and Excise Duty. Specialised in
Accounts, Audit and Finalisation, Project Reports and Financing.

Mrs. Sheela Arvind

Company Secretary by Profession, also a Law graduate
and Master Graduate in Commerce from Mysore University. She has
rich experience of working with Chartered Accountants.
Specialisation in Income Tax, Accounts, Audit, Company Law
Matters.
 Expertise in TDS Related matters and appearance before I
T Authorities and resolving the issues of various clients.

ORGANIZATION sTRUCTURE

The services:
We offer a wide range of services to organizations in various
industries. Core competence lies in providing wholesome
trustworthy assistance on various statutory financial
compliances in the vicinity of utmost ethical and professional
values.

➢ AUDITING SERVICES
➢ ACCOUNTING OUTSOURCING
➢ PAYROLL PROCESSING SERVICES
➢ BUSINESS START UP
➢ INVESTMENT PLANNING
➢ PAN/ TAN/ E-TDS ACCEPTANCE
➢ PREPARATION & FILING OF IT RETURNS
➢ PREPARATION & FILING OF ROC RETURNS
➢ TAXATION SERVICES
➢ CORPORATE SECRETARIAL SERVICERS
➢ MANAGEMENT CONSULTANT SERVICES
AUDIT sERVICEs:
Audit under various statutes:
• Audits under the Income Tax Act, 1961
• Audits under Karnataka Sales Tax 1957
• Audits Under the Companies (Amendment) Act, 2000
• Audits Under the Karnataka Co-Operative Societies Act
• Audits under the Indian Trusts Act 1882
• Audits for the Banks, financial Institutions, Chit Funds, etc.,
• Due Diligence Audit
• Any special Purpose Audit

INTERNAL AUDIT:
We at DRS will carry out internal audit for our clients,
including management audits and setting up & evaluation of
existing internal control systems for various areas, divisions,
departments and organizations, and we formulate MIS report
statements, internal control procedures and rules.
Internal Audit involves review and analytical examination
of the records of the entity from the point of view of the internal
control, adherence to management policies, Compliance to
applicable statutes, and to ensure the compliance of the procedures
and policies prescribed by the management.

Information Systems Audit:

 We conduct Information System Audit to assess whether
computer systems safeguard assets, maintain data integrity, and
ascertain the goals of the organization are achieved effectively and
efficiently.

Due Diligence Audit:

Due diligence audit of corporate clients will be undertaken
for various purposes.

ACCOUNTING sERVICEs
Accounting can be defined as the process of collecting,
recording, classifying, summarizing and interpreting the financial
data of an organization. It also includes communicating the
financial result of a company to various stake holders.
We Maintain clients Book of Accounts by obtaining the monthly
detailed vouchers and financial information from the clients and
process the data on computer. We can also provide with trial
balances, general ledgers and cash flow reports that are updated
daily. The monthly reports are submitted to the client, financial
Institutions, taxation authorities. Funds management advice is also
offered on the same.
Accounting Outsource Services, will help the clients to concentrate
on their main activity of critical, day-to-day decisions making,
while we ensure that, client’s day to day financial transactions are
being updated timely and accurately.
The Financial Reporting will provide our clients an instant access
to their accounting records. In addition, we can customize MIS
reports to help the entity to run their business more effectively.
We at DRS, provide service in maintenance of books of accounts of
individuals, firms, companies etc.,

AUDITING sERVICEs
Accounting audit includes an independent assessment of how far
the management has been while making and presenting the
company's financial statements. It also includes evaluating an
organization, its accounting system, processes etc.

Auditing service is provided to check the validity and reliability of

the financial facts provided by the company and also for providing
an assessment of a business, company.

The auditing service is performed with complete fairness and by

independent and competent people known as auditors, who then
prepare a report based on the audit conducted.

TyPEs OF ACCOUNTING AUDITING

Internal Auditing Services

 The process involves examination, assessment and
evaluation of an accounting processes, financial statements of a
company or business by a company's own employee or by a team of
competent professionals.

External Auditing Services

The process involves examination, assessment and
evaluation of accounting processes, financial statements of a
company, business by an independent professional. Various
government agencies, investors, and public, rely on the services of
an external auditor to present an independent and fair evaluation
on organizations.

Why is it Required?
Accounting audit helps to run a company/ business
efficiently and cost-effectively. It includes thorough examination of
how a company operates, how is keeps its stock levels, payment
receivable period, creditors management etc. It helps a company
know its areas of improvement and also helps to avoid any financial
errors and omissions. It is necessary for testing the company
performance against industry standards and its direct competitors.
The process helps in providing and recommending ways to improve
the company's existing accounting practice.

Auditing Service Offered

 Auditing is a vast field in itself. It involves a comprehensive
study of a company and its accounting systems. There are types of
quality services being offered by chartered accountants to their
clients. The standard service can be customized to suit the
individual client requirement. Some of the services offered are:

Financial Auditing Services

A financial audit is an audit of financial statements,
involving the examination of a company's balance sheet by a third
party or a legal entity. It results in establishing an independent &
fair opinion on whether or not those financial statements are
accurate, complete, and fairly presented.

Internal Audit / Concurrent Audit service

The service involves assessing and evaluating a company's
system of internal control. The service ensures improvement and
value addition to company's operations. The emphasis is always on
strengthening the internal control systems for minimizing
accidental or deliberate accounting errors and omissions. It also
involves protection of assets and ensuing compliance with a
company's internal operating policies.

Management Audit Service

The service involves assessing, checking and making sure that
management procedures are being conducted in a way to assure
quality, integrity or standards of provision and outcomes. It also
includes maximizing the management performance by improving
the internal processes of an organization.

Operational Efficiency Audit Service

The service involves ensuring that all the resources of an
organization are being optimally used for delivering maximum
possible return/value. It also includes streamlining various internal
processes, measuring the performance of management and staff
and also ensure minimal waste.

Special Investigative Audit Service

The service involves helping the businessmen or corporate
clients to prevent situations of fraud and financial impropriety. It
involves assisting the clients in every possible manner to find out
cause for any frauds and preventing them.

Due Diligence Review

The service involves helping businessmen and corporate clients
during merger & acquisitions, joint ventures and investments. It
involves informing the clients about the local laws, regulations,
accounting practices and thus make sound financial decisions.

Accounting System Design and Review

 The service involves developing and installing systems that
help to manage accounting data and costs. This further helps the
management in making critical decisions.

ACCOUNTING OUTsOURCING
In today's scenario of globalization and technology
convergence, the process of doing business has been redefined.
Outsourcing various processes makes a lot of business sense. Most
businesses and large companies are outsourcing their accounting
processes for better management of their finances and time etc.
These services are structured to suit an individual client's needs
and requirements. Some of the accounting services being
outsourced are:

General Accounting and Bookkeeping Services

The service involves preparing and maintaining day-to-day
bookkeeping and monthly or quarterly management accounts.
These books are prepared as per the US GAAP accounting standards
and can also be made as per specific client instructions.

Preparation of Financial Statements

The service involves preparing a company's annual accounts
and schedules ready for the statutory annual audit.

Payroll Services
 The service involves preparing monthly salaries of employees,
administering commissions, calculating incentive and bonus
payments, and monitoring and reimbursing staff expense accounts.
Calculation of pensions and insurance is also done.

Tax planning & Returns

The service involves helping the clients make necessary periodic
income tax, sales tax and other returns. It also includes helping the
client make sound investment decisions and help him avail various
rebates and deductions.
Creditor Payment
The service involves paying off the creditors at a chosen time and
leaving the ultimate control with the management.

Debt Collection
The service involves assisting the client with the recovery of
debts. Taking necessary legal action in case of defaulters.

Cash Handling and Banking Operations

The service involves assisting the client with treasury functions
including the operation and monitoring of high interest deposit and
current accounts.

Cash Forecasting
 The service involves analyzing the cash requirements of the
business and making cash forecasts for planning the future.

Advantages
Companies are outsourcing accounting services to avail the
following benefits:
• Collection, summarization, and accurate analysis of financial
data
• Correct interpretation of the company's financial position
• Analysing the potential risks in advance
• Optimization of business resources and processes
• Informed and better managerial decision making
• Cost effectiveness
• Time saving

Outsourced Accounting Services

Below are some of the accounting services that are being
outsourced to professional firms by medium and large scale
companies:
• Accounting System Design • Financial Accounting Service
• Accounts Payable • Financial Analysis
• Accounts Receivable • Financial Reporting
• Asset Accounting Management • General Accounting Service
• Bank Statement Reconciliation • General Ledgers
• Budgeting • MIS Reports
• Cash Application • Payroll
• Cash Disbursement • Ratio Analysis
• Cash Flow Statement • Records Management
• Credit and Collection • Sales Tax
• Depreciation & Amortization Schedules • Tax Return Preparation

PAyROLL PROCEssING sERVICEs

A company's payroll is a series of accounting transactions
that includes financial records of salaries, wages, commissions,
bonus, overtime pay, pay for holidays, vacations and sickness,
payment for piece work, value of meals and lodging and other
substitutes for money etc. It includes disbursements of funds to
management and employees for a particular time period.
Managing a company's payroll can be a cumbersome and
time-consuming job because of different types of employees in an
organization, e.g. full-time, part-time, salaried exempt, salaried
non-exempt, contractual labour etc.
Accounting consultancy and Chartered accountants make
this task easier by providing professional services for making a
company's payroll. Leading companies these days, outsource their
payroll to accounting professionals for better management.
Companies keep a record of payroll that is based on objective
criteria including time cards/ time sheets etc and accountants can
perform related calculations and issue pay checks to employees.
Companies just need to update changes in pay rates and deductions
of individual employees.

Advantages
• Less paperwork
• Cost effective
• Time saving
• Higher accuracy
• Management can concentrate on other important issues
• Highly committed professionals
• No errors

BUsINEss sTART UP
The DRSMCPL will provide adequate information in forming
the Company – Proprietorship concern, Partnership Firm, Private
Limited Company, Public Limited Company, Trust etc.,
We undertake the following services in formation of the
Business Start-up:

• Advise on Incorporating a Business Establishment in India

• Setting up of the Business Establishment as required under
various laws in India
• Liaison with Financial Institutions and Government bodies
INVEsTMENT PLANNING
We, DRSMCPL, will provide the Investing planning for
Companies as well as Individuals in investing their hard earned
money.

• Analysis of Investment opportunities

• Minimize Tax liability
• Minimize Risk
• Analysis of Return

PAN / TAN / E-TDs ACCEPTANCE

National Securities Depository Limited (NSDL) dispenses PAN
services through a chain of TIN-Facilitation Centres (TIN-FCs)
established by NSDL across the country.
As we are the authorized franchisee of Shell Tran source Inc.,
We, at DRSMCPL, accept the PAN / TAN Application.
Applicants can obtain the application form for PAN (Form 49A)
and 'Request for New PAN Card or/and Changes or Correction in
PAN data' in the format prescribed by Income Tax Department
(ITD) from TIN-FCs. Applicants may go through the instructions
and guidelines mentioned along with the forms before filling and
submit the duly filled and signed form to any TIN-FC. NSDL will
upload the digitised PAN application data to ITD. ITD will allot PANs
for which NSDL will make PAN cards and dispatch the same along
with PAN allotment letter to the respective applicants. Applicants
specifying their valid e-mail ID in the application form will receive
their PAN through e-mail in addition to the PAN allotment letter
sent by NSDL. Applicants may track the status of their PAN
application on www.tin.nsdl.com based on the Acknowledgment
Number after three days of application.

We accept and upload the following:

• PAN Application – 49A – for Allotment of PAN
• PAN Application – 49A – for Correction in PAN Card
• TAN Application – 49A – for Allotment of TAN
• TAN Application – 49A – for Correction in TAN Card

PREPARATION & FILING OF IT RETURNs

We, prepare and e-file the Income Tax Returns of all business
entities like Proprietor ship Concerns, Partnership Firms, Private
Limited Companies and Public Limited Companies.
Also, at DRSMCPL, we will file the Income Tax returns of
Individuals for business man and Salaried personnel also,

PREPARATION & FILING OF E-TDs RETURNs

We, prepare and upload the e-TDS returns for Quarterly as
well as annually for Salaries and non-salaries deductions.
PREPARATION & FILING OF ROC RETURNs
We, prepare and e-file the ROC Returns of Private Limited
Companies and Public Limited Companies.

TAXATION sERVICEs
Taxation service begin with Tax Planning for the financial
affairs of an entity. Tax Planning is a well-accepted device within
the framework of taxation laws which aims to minimize the tax
liability of tax payer. The objectives of Tax Planning is to
Reduce the Tax liability:
Legal compliance within time frame
Minimise the litigation
Growth oriented investment
Planned development of business or profession
In addition to the tax planning, we assist our client in preparation
of periodical returns to the tax authorities, viz Registration,
Advance Taxes, Annual Return of Tax Deduction at Sources, Filing
of Returns of Income, etc., We also undertake outsourcing of these
assignments
The taxation laws that we deal in are the followings:
• Income Tax
• Wealth Tax
• Karnataka Sales Tax
• Professional Tax
• Service Tax
• Company Law

CORPORATE sECRETARIAL sERVICEs

The Corporate Secretarial Services comprise of
incorporation and registration of a legal entity and continue
Secretarial Service throughout its lifecycle . It includes the advisory
services for the compliance of the laws by preparation, filling,
presentation and finalization of different periodical returns to the
regulatory authorities.

MANAGEMENT CONsULTANT sERVICEs

We also undertake financial feasibility studies, financial
restructuring and preparation of detailed project reports for
various industries.
We offer complete range of professional services to Non- Resident
Indians and other foreign companies in setting up companies in
India.

We Review, Design and installation Cost Accounting and Control

System Management Information System Budgetary Control
System Assets Control & Accounting System Inventory Control
System Payroll system.
Clients:
 CHAPTER 3

DEsIGN OF THE sTUDy

OBJECTIVE OF STUDY:
➢ It provides practical experience in the real world work
environment.
➢ It allows interns to apply theoretical knowledge acquired in
academic settings and develop practical skill relevant to their
field of study.
➢ Provide an opportunity to learn industry specific skills that
may not be taught in classroom. By working alongside
professional intern can gain hand on experience.
➢ It offers a chance to explode different career paths within a
specific industry in turns can gain exposure to various rules
and department allowing them to understand the different
career options.
➢ It helps development essential professional skills such as
communication teamwork time management and problem-
solving.
➢ By successfully completing an internship and contributing to
real-world project interns can build confidence in their
abilities.
➢ It provides a platform for self-reflection and self-assessment.

SCOPE OF STUDY:
➢ Background of the host organization and also their position
➢ Audit procedure, which is followed by the organization for
performing any
➢ audit.
➢ Nature and importance of it has depicted in this study.
 ➢ Audit methodology of firm which is followed by the
organization for performing any audit.
➢ Background of host organization and also their position.
➢ Audit administration of firm, which is followed by the
organization for
➢ performing any audit.
➢ Audit methodology of firm, which is followed by the
organization for performing any audit.

NEED OF STUDY:
➢ Internal auditors gain an in-depth, up-close understanding
of the processes, policies and procedures of an
organization.
➢ Risk and compliance concerns are driving hiring at many
companies, particularly in highly regulated industries like
banking, insurance, healthcare and financial services.
➢ Potential internal auditing jobs on this career path include
entry-level internal auditors, such as auditing specialists,
risk assessment specialists, lead internal auditors,
financial analysts, internal controls auditors and
information systems auditors.
➢ The more complex regulatory environment means
businesses must balance revenuegenerating activities
with the need to meet regulatory directives, implement
new capital structures and manage institutional risk.
➢ More and more organizations are finding out just how
critical a role internal auditing plays in this world of global
regulatory changes and rapidly emerging technologies.
 ➢ It’s internal auditors who are responsible for providing
assurance on corporate governance, risk management,
internal control and operations, in all types of business
conditions.
➢ As the considers out, internal audit is one of the in-demand
finance and accounting positions in today's hiring market.

Research methodology
In order to prepare the assigned project paper, I have collected
necessary information from two types of source as follows:
➢ Primary sources information.
➢ Secondary sources information.

Primary sources information:

• I have collected primary information by working with two
audit team.
• Discussing with engagement partner, audit manager, audit
staff and articled student.

Secondary sources information:

➢ I have also collected secondary information like annual audit
report, management audit report, accounting system & audit
working papers.
➢ The information was obtained from various corresponding
files of the firm.
LIMITATIONS OF STUDY:

The study is conducted with an objective to make a thorough study

of external audit procedure. I have availed many facilities and faced
some obstacles during my study. These obstacles may be termed as
limitation of the study. These limitations are as follows:
➢ Scheduled time span was not sufficient to cover all
information.
➢ As an independent audit firm, the information of the case
study is not adequate for this study.
➢ To some extend the exact audit procedure is not followed due
to time and other constrains.
➢ As the internship was the first practical experience, it was not
possible for me to know all and everything of audit procedure.
➢ As an independent audit firm, the information of the case
study is not adequate for this study.
➢ To some extend the exact audit procedure is not followed due
to time and other constrains.
➢ As the internship was the first practical experience, it was not
possible for me to. Know all and everything of audit procedure.
➢ Previous year’s financial data was created by a chartered
accountant firm, but those data was not accepted as authentic
data source since those data was not supported by the source
documents.
➢ Sometimes the client’s employees are not ready to co-operate
as auditors’ adverse report may hamper their job.