A Summer Internship Project Report

On

EXECUTION OF ACCOUNTING DATA

Completed at

KVMDS & ASSOCIATES, Pune

By

SUJAL JAIN
1062211331
Div-A
BBA (GeB)
(Batch: 2021-2024)

Submitted to

Dr.Vishwanath Karad MIT World Peace University,

Pune Maharashtra,411038

In partial fulfillment of the requirement for the award of Bachelor of Business

Administration- Global e Business (BBA-GeB)

Submitted through

School of Business (UG)

Dr.Vishwanath Karad MIT World Peace University,
Pune Maharashtra,411038

2023

1
 A Summer Internship Project Report
On

EXECUTION OF ACCOUNTING DATA

Submitted in partial fulfillment of the requirement for the award
of Bachelor of Business Administration- Global e Business (BBA-
GeB)
Completed at

KVMDS & ACCOCIATES ,Pune

By

SUJAL JAIN
1062211331
Div:A
BBA-GeB
(Batch: 2021-2024)

EXTERNAL GUIDE INTERNAL

GUIDE
CA. DEVEN SHETH Dr. Krishna Dixit
(Partner) Faculty
KVMDS & ASSOCIATES (SOM MIT WPU)
PUNE

2
3
 CERTIFICATE

This is to certify that Mr. SUJAL JAIN of School of Business MIT-WPU has
successfully completed the project work titled “EXECUTION OF ACCOUNTING
DATA” at KVMDS & ASSOCIATES, Pune in partial fulfillment of requirement for the
award of BBA/ BBA-IB prescribed by the Dr. Vishwanath Karad MIT World Peace
University, Pune from 13 June 2023 to 13 August 2023.

Dr. KRISHNA DIXIT

Internal Project Guide

SOB MIT WPU

4
 DECLARATION

I, Mr. SUJAL JAIN hereby declare that this project is the record of authentic work
carried out by me during the academic year 2023-2024. This project has not been
submitted to any other University or Institute for the award of any degree.

SUJAL JAIN

1062211331

TY BBA (Global E Business)

Batch: 2021-2024

5
 ACKNOWLEDGEMENT

I’m grateful to CA. DEVEN SHETH whose guidance, inspiration and constructive
suggestions throughout the project have resulted in a successful completion of this
internship. Without his willing disposition, cooperation this internship could not
have been completed in due time. I’m also thankful to Dr. Krishna Dixit ma’am and
all the faculty members of MIT WPU for their cooperation and support in their own
way.

I would also like to thank internal guide Dr. Krishna Dixit who helped me at every
stage of the internship. It wouldn’t have been possible without her help, support
and guidance, as well as Prof. Dr. Deependra Sharma, Dean, School of Business
who gave us the wonderful opportunity to do this wonderful internship.

SUJAL JAIN

1062211331

TY BBA (Global E Business)

Batch: 2021-2024

6
 Table of Content

Sr.No Particular Page No

1 Cover Page 1

2 Title Page 2

3 Certificate of Completion 3

4 Certificate from University 4

5 Declaration by Student 5

6 Acknowledgement 6

7 Table of Content 7-8

8 Executive Summary 9

9 Chapter 1: INTRODUCTION 10

10 1.1-Intoduction to Project Title 10

11 1.2- Purpose 11

12 1.3-Significance of Study 11-12

13 1.4-Mission 13

14 1.5-Vision 13

15 1 .6-Important Terminologies 13-14

16 Chapter 2: Literature Review 15-17

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17 Chapter 3: Research Methodology

18 3.1-Hypothesis 18

19 3.2-Methodology 18

20 3.3-Scope of Study 18

21 3.4-Research Design 19

22 Chapter 4: DATA ANALYSIS & INTERPRETATION

23 4.1-Data Collection 20

24 4.2- Data Analysis 21-22

25 4.3- Interpretation 23

26 Chapter 5: Summary & Conclusion

27 5.1-Reccomendation 24

28 5.2- Conclusion 24

29 5.3- References 25

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 Executive Summary
The focus of this internship report is the job experience I gained while working as an
intern at KVMDS & ASSOCIATES in Pune from 13 June to 13 August 2023. In my
report, I've focused mostly on my experience at KVMDS & Associates, particularly
in accounts and audit-related tasks, and I've also included information on my two
months of employment there. I was given a variety of assignments throughout the
internship, including the preparation of journal entries, the analysis of financial data,
and the reconciliation of bank accounts. Aside from analyzing financial data and
evaluating internal controls, I also got the chance to take part in the development
and implementation of audit processes to detect possible risks. I also worked with
the rest of the team to summarise the audit's findings and suggestions for process
enhancements. In order to do this, I had to examine financial accounts, and provide
remedies to improve accuracy. Overall, the internship project for accounts and
auditing gave me practical experience in the field of accounting and auditing.

Key Accomplishments and Responsibilities:

Passing Entries in Tally: I was given tasks to pass sales, purchases, expenses and
other journal entries of clients in tally. This helped me to understand different
types of voucher in tally.

Assisting in Sample checking: Under the guidance of senior article, I learnt about
sample checking of GST invoices, purchase invoices and expenditure invoices.

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 CHAPTER 1: INTRODUCTION

KVMDS & ASSOCIATES, a renowned and respected business in the field of finance
and accounting, serves as a shining example of innovation and professionalism in
the sector. This company, which was founded in 2001 with a dedication to
accuracy, ethics, and top-notch customer service, has been at the forefront of
financial consulting. We have established a reputation for providing unmatched
competence in audit, taxation, consulting services, and more from our strategically
positioned its head office in Pune. The firm has it's 2 branches the head office is in
Pune and another office is in Baramati.

This internship report provides an in-depth review of my rewarding experience

working as an intern at KVMDS & ASSOCIATES. It reveals the company's rich
history, service portfolio, complicated organizational framework, and wide range of
clients it serves.

This report goes further into my personal experiences, showing the difficulties I had
professionally, the priceless knowledge I gained, you will discover evidence of the
exceptional chances and progress that I had the opportunity to see and experience
during my time at KVMDS & ASSOCIATES in this Report.

1.1: Introduction of Project Title.

An in-depth understanding of the concepts and procedures underlying financial
accounting and auditing is the goal of the project on accounts and audit-related
activity. It emphasises the need of keeping trustworthy financial records and the
function of auditing in assuring that it follows the relevant regulations and laws.

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1.2: Purpose
The project will cover a range of accounting topics, such as documenting
transactions, preparing and analysing financial statements, and understanding
financial data. Additionally, it will cover auditing processes including risk
assessment, internal control assessment, and the audit report. The study will
examine the various audit types, such as internal audits performed by the
organization's own workers and external audits carried out by independent
auditors. It will emphasise the goals of auditing, which comprise assuring accuracy
and completeness of financial data, looking for fraud and mistakes, and assessing
the efficiency of internal controls.

1.3: SIGNIFICANCE OF STUDY

Accounting is essential to run a business because it makes it easier to keep track of
income and expenses, ensures compliance with laws, and gives investors,
management, and the government access to quantitative financial data that can be
used to make decisions.

It assists to evaluate the business's performance.

Your small business's or corporation’s financial situation as well as the results of

operations are reflected in your financial records. In other words, they help in your
understanding of the financial health of your company. You may compare your
current data with the previous accounting records and manage your budget
effectively by comparing your current data with the previous accounting records in
addition to helping you keep track of costs, gross margin, and potential debt.

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It facilitates the filing of financial statements:

Financial statements for businesses must be submitted to the Registrar of

Companies. Listed firms must file them for direct and indirect tax filing, as well as
with stock exchanges.

A company's financial statements must be reliable and comply with legal

requirements for them to be audited. Additionally, an audit provides investors,
creditors, and other stakeholders with a fair level of comfort regarding a company's
integrity.

Avoiding Fraud

You will probably have to face with significant fines and legal consequences if the
government analyses your financial accounts and discovers that your company has
been hiding sales and losses or altering its financial health.

The reliability and Credibility

Your company may produce accurate and trustworthy financial reports using an
internal auditing system, giving you valuable information about which product lines
or market segments are performing the best and how to allocate resources
effectively. Additionally, frequent audits will increase the confidence of your
shareholders in the accuracy and fairness of your financial statements and the
security of their investment.

It makes sure that the law is followed:

State-by-state laws and regulations are different, but using the right accounting
processes and systems will help you make sure your company is operating inside
the law. Liabilities like sales tax, VAT, income tax, and pension funds, to name a
few, will be properly addressed thanks to the accounting function.

It simplifies the budgeting process and future projections:

Your financial records will be essential in determining how well your budget and
future plans turn out.In order to maintain your operations profitable, business
trends and estimates are based on previous financial data.

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1.4: Mission
Becoming a leader to provide legal and financial services in economy to get more
opportunity for an organization.

1.5: Vision
Our vision is simple-becoming leading consultancy firm operating worldwide. With
the intent of upholding the ethics of financial affairs, not only west streamlines
your economic operations, but we also elevate the goodwill to a whole new level
with our consultancy services.

1.6: Important Terminologies

AUDIT

Inspection of financial records and statements to verify correctness, assure

adherence to legal requirements, and offer an unbiased assessment of a company's
financial standing.

TAXATION

Tax calculation and management on behalf of clients, including income tax,

corporate tax, and value-added tax (VAT).

FINANCIAL STATEMENT

Reports that list a company's financial operations in detail, such as the cash flow
statement, income statement, and balance sheet.

BOOKKEEPING

The methodical logging and grouping of financial data, including general ledger
entries, accounts payable, and accounts receivable.

FINANCIAL ADVISORY

Delivering professional guidance on financial issues, such as investing tactics,

mergers and acquisitions, and financial planning.

CLIENT CONFIDENTIALITY
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The ethical rule obliging CA businesses to safeguard the secrecy and privacy of their
clients' financial information.

CPA (Certified Public Accountant)

A title granted to accountants who have successfully completed the Uniform CPA
Examination and have the necessary training and work experience.

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 CHAPTER 2: Literature Review

 Perception of External Auditor’s Independence: By analysing the differences in

opinions on the independence of external auditors among final-year undergraduate accounting
students in the UK, Australia, India, and Malaysia, this research seeks to add to the body of
knowledge about accounting education. By taking into account cultural variations in terms of
independent and interdependent self-construals, the study presents a fresh method. It implies
that students from the UK and Australia, two nations with higher levels of cross-cultural
engagement, have views that are more consistent than those of students from less acculturated
nations. The results have implications for auditing education, highlighting the value of context-
specific communication and casting doubt on the viability of a uniform worldwide audit
framework. (CHRIS PATEL, JIM PSAROS-25th May 2002)

 The evolution of Indian accounting standards : This research paper examines how
taxation, bribery, and inspections interact, focusing on Vietnam in particular. It investigates if
bribes have any effect on inspections and whether they are effective anti-corruption measures.
The study provides evidence in favour of the latter hypothesis, showing that bribes may be used
to influence inspections. The paper uses an analysis of a firm-level dataset to reveal the complex
relationship between bribery, inspections, and tax implications. It demonstrates that bribery
directly reduces a firm's tax and fee obligations while also having an additional 6% impact
through reduced inspections. This study makes a contribution by outlining the causal chain and
illuminating the broader dynamics of corruption in this situation. ( P.Bidisha Lahiri, Haider Ali-
2022)

 Responsibility of Auditors and Legal Framework: This study explores whether

worries about lawsuit risk or concerns about brand reputation are to blame for the perception of
a better quality of audits performed by the Big 4 auditors in the U.S. They examine data from the
1990–1999 era in the United States, Australia, Canada, and the United Kingdom and utilise the ex
ante cost of equity capital as a measure of the trustworthiness of financial reporting. According
to the study, a Big 4 audit results in a reduced cost of equity capital for U.S. auditors, suggesting a
higher perceived audit quality. However, the other Anglo-American nations do not show this
correlation. The results imply that perceived audit quality in the United States is driven by lawsuit
exposure rather than brand reputation. (I.K.Khurana & K.K Raman-2004)

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 Fraud detection and forensic accounting in India : Due to a rapid increase in corporate
fraud, forensic accounting and financial investigation have become increasingly important. These
scams have caused significant financial harm to people, companies, and governments. The
purpose of this study is to investigate how forensic accounting methods might deter and detect
such frauds. It explores fraud's root causes, fraudster psychology, red flags, and strategies for
fraud detection and prevention. The study assesses the use of forensic data analysis technologies
and how widely they are used by accountants. It also evaluates the training needs, educational
requirements, and career possibilities for the field. Finally, a case study uses cutting-edge
forensic methods to look into possible bookkeeping irregularities in significant Indian cement
corporations.(A.Bansal-2017)

 Indian Accounting Standards: The adoption and applicability of international accounting

standards (IAS) and international financial reporting standards (IFRS) in India are covered in this
essay. It lists the areas where India first strayed from IAS in 1993 and its efforts to catch up over
the course of the next ten years. Instead of being the main factor, India's rapid economic growth
appears to be the effect of the alignment with IAS. Transparency in the financial system is
essential for sustaining growth and luring in outside capital. In order to bring India closer to
International Financial Reporting rules, the Institute of Chartered Accountants of India (ICAI) is
aiming to increase transparency by updating accounting rules and introducing Exposure
Draughts. (E.Perumpral, M.Evans, S.Agarwal, F.Amenkhienan-2009)

 Audit & Research: The link between research and audit in the healthcare industry is
covered in the article. It emphasises the idea that while audit makes sure the selected course of
action is carried out properly, research looks for the best route of action. The differences include
the fact that whereas audit is continual, less regulated, and utilises regular data, research is one-
time, controlled, and collects complicated data. Both demand an investigative mindset but
frequently lack sound methodologies, particularly in audit. Clinical leadership is essential for an
efficient audit, which places a focus on quality enhancement. Although audit procedures may be
improved, advantages are continually being demonstrated. In healthcare, the article promotes
tighter coordination between research and audit at all levels. (Richard Smith-1992)

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 Corporate Governance in India: The efficiency of corporate governance indices, which
summarise different facets of a company's governance into a single grade, is examined in this
article. Institutional investors are sold on using these indexes to make portfolio and proxy voting
choices. The research reveals methodological shortcomings in studies connecting governance
metrics to company success. The main conclusion is that there is no consistent relationship
between corporate success and governance indices; instead, the best governance structure will
vary depending on the environment and the particulars of each organization. As a result,
governance indexes are seen as inadequate instruments for casting votes or choosing
investments. Given the erratic link between indices and performance, the paper promotes
flexible governance strategies instead of strict mandates.( S.Bhagat,B.Bolton,R.Romano-2008)

17
Chapter 3: RESEARCH METHODOLOGY
3.1: Hypothesis
The integration of advanced accounting software and technology can improve financial accuracy,
efficiency in reporting, and decision-making capabilities within organizations. This hypothesis
suggests that modern accounting software and technology can lead to positive outcomes in
financial accuracy, reporting efficiency, and informed decision-making. Further empirical research
and data analysis can further explore this hypothesis.

3.2: Methodology
In particular for accounting and finance students who are new to research, the book's main goal
is to offer advice and insights into the process. It covers everything from choosing a research
topic to completing the final study, with the goal of streamlining the research process. The book's
writing is clear and approachable, and it connects ideas in a variety of ways with the use of
examples and exercises that encourage reflection. References and recommended readings are
provided at the end of each chapter. The information is important to interdisciplinary study in
other social science fields even though it is designed for accounting and finance students.
Research design is the main focus.

3.3:Scope of the Study

To deliver consulting and accounting services in accordance with the processes and regulations
outlined in the Companies Act of 1956.Changes that must be made in order to prepare final
accounts in accordance with the Companies Act and ICAI recommendations. Ensuring the daily
entry into SAP of all accounting transactions, including payments, receipts, sales and purchases,
other unrelated costs, and inventory accounting. It is crucial to have practical understanding of
fundamental data input and report development in a SAP environment. Fixed Assets Register
preparation, upkeep, and updating in accordance with Standard Accounting Benchmarks.

To produce a monthly trial balance that includes the priced stores ledger, the funds flow
statement, and final accounts (profit and loss, balance sheet, quarterly, half-yearly, and annual
final accounts), as well as any necessary schedules, in accordance with corporate office guidelines
and as needed for internal, statutory, and tax audits. With the assistance of departmental
personnel, improve the costing system and identify appropriate ways to build up guidelines for a
regular costing system. Daily analysis of debtors and creditors, monthly account reconciliation of
the same and among unit accounts, and weekly bank reconciliation preparation in a SAP system.
Preparation of the annual and half-year budgets, their consolidation, and a study of variation
based on actual results compared to plan and actual results compared to goal.

18
3.4: Research Design
In particular for accounting and finance students who are new to research, the book's main goal
is to offer advice and insights into the process. It covers everything from choosing a research
topic to completing the final study, with the goal of streamlining the research process. The book's
writing is clear and approachable, and it connects ideas in a variety of ways with the use of
examples and exercises that encourage reflection. References and recommended readings are
provided at the end of each chapter. The information is important to interdisciplinary study in
other social science fields even though it is designed for accounting and finance students.
Research design is the main focus.

19
 Chapter 4: DATA ANALYSIS & INTERPRETATION
I gained practical application of accounting and the intersection of accounting and law
throughout my time working at the Chartered Accountant business. I gained knowledge about
how various ideas are applied in the real world and how various transactions are done by various
sorts of organisations via the reading of books from various organisations.

The work done with Chartered Accountants has expanded after the implementation of GST.

Prior to the implementation of GST, a taxpayer was only had to submit a single return at the end
of each quarter. Now, however, some taxpayers are required to submit three returns each month
and others only one. Since the advent of GST has increased their burden, each taxpayer utilises a
CA to manage their filings of Returns.

4.1: Data Collection

For this research, I used mainly two types of data collecting methods.

 Primary data:
This study was created using a significant amount of original data. The following approach is used
to gather primary data from a group of people that are connected to this firm. In specifically for
research, primary data is information that is gathered for the first time from personal
experiences or evidence. It can also be referred to as raw data or first-hand knowledge. The
method of gathering the data is expensive since it requires the use of human resources and
money to have an agency or outside organisation do the study. Direct supervision and
management of the data gathering process is done by the investigator.
The majority of the information is gathered by observations, physical examinations, surveys,
mail-in questionnaires, telephone interviews, case studies, focus groups, etc.
 Secondary data:
Secondary data is second-hand information collected from various sources such as company
manuals, reports, and records. It is accessible and affordable, saving time and cost. However, it
may not meet the current research purpose or be accurate.
Qualitative research, on the other hand, describes qualities or characteristics and is collected
through questionnaires, interviews, or observation. It often appears in narrative form, such as
notes from a focus group or responses from an open-ended questionnaire. Although qualitative
data may be difficult to measure and analyze, it can be analyzed through coding. Coding helps
researchers categorize qualitative data, identify themes that correspond with the research
questions, and perform quantitative analysis. Overall, both qualitative and quantitative research
methods have their advantages and disadvantages, but they are essential for understanding a
company's strengths and weaknesses.

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4.2: Data Analysis

Data as per the KPMG’s Georgian Banking Sector.

Percentage

1%
2% 2%
2% 6%
1% Household
Aggriculture,Forestry,Fishing
5% Industry
Construction
Trade

10% Hotels and restraunts

51% Transport and Communication
Financial Intermediation
Transaction in realestates, Researches
6%
Education
Healthcare & Social service
Other services
12%

2%

Fig: 4.1

The Above Pie-chart shows the data of Georgian banking sector. The data is below is description
of Pie-chart:

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 The term "household sector" refers to all of the individuals and families that make up an
economy's consumer base and are essential to both domestic spending and the stability of the
economy. It includes all of a household's regular tasks, expenses, and financial choices. As per the
Pie Chart provided by KPMG, The Georgian Banking sector has invested about 51% of its Loan
portfolio for Households in 2020 (Q3).
 The agriculture, forestry, and fishing sectors are crucial for global agriculture and resource
management, involving crop cultivation, timber harvesting, and fish catch, ensuring food,
materials, and economic sustainability. As per the Pie Chart of KPMG, The Georgian Banking
sector has invested about 2% of its Loan portfolio for Agriculture, Forestry & Fishing.
 As per report given by KPMG of 2020 (Q3), The Georgian Banking sector has invested its 12%
of its loan portfolio in Industry sector. Businesses and activities that produce goods and services
make up the industrial sector, which promotes economic growth and technical development.
Construction, manufacturing, and a number of heavy and light sectors are all included.
 As per the 2020 (Q3) report of Georgian Banking sector, they have given 6% of its Loan
portfolio to Construction sector.
 All activities associated with buying and selling products and services are included in the trade
sector, commonly referred to as the commerce sector, which is a key engine of economic
interchange and international trade. It encompasses activities in retail, wholesale, and
international commerce. The Fig 4.1 shows that the Georgian banking sector has invested about
10% in Trade sector.
 As per the 2020 (Q3) report of Georgian Banking sector, they have given 5% of its Loan
portfolio to Hotels & Restaurants sector.
 According to the 2020 (Q3) report of the Georgian banking sector, 1% of its loan portfolio was
allocated to the Transport and Communication sector
 According to the 2020 (Q3) report of Georgian banking, the sector has given the Financial
Intermediation sector 2% of its loan portfolio.
 As shown in Fig 4.1, the banking sector has invested its 6% in Transactions in Real estate &
Research Sector.
 As per the 2020 (Q3) report of Georgian Banking sector, they have invested 1% of its Loan
portfolio in Education, 2% Healthcare & Social Service and 2% in other services.

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4.3: Interpretation
The process of interpreting analysed data entails coming to conclusions and making conclusions
that make sense in relation to the statistical findings from the analysis of the data. Following are
some basic guidelines for interpreting analysed data:

 Review the descriptive stats: Descriptive statistics like mean, median, mode, and standard
deviation are used to summarise the data. Reviewing these statistics could help you spot patterns
and trends in the data.
 Analysing the research question: Before analysing the findings, it is essential to comprehend
the research topic or hypothesis that is being looked at. With this information, it will be simpler
to analyse the statistical results and draw trustworthy conclusions.
 Offering the outcomes: To effectively convey the results to the target audience and assist the
interpretation, use the appropriate visual aids, such as graphs and charts.
 Examine those Results: By employing sensitivity analysis and other techniques to check the
results, confirm the analysis's robustness.

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 Chapter 5: Summary and Conclusion

5.1: Recommendation
The following suggestions are highly recommended to increase the efficacy and efficiency of the
accounting and auditing procedures in light of my experience and observations from my accounts
and audit internship project:
1. Build a risk-based auditing method: A risk-based auditing approach ensures that the audits are
focused on the areas with the highest potential for significant error. This can be accomplished by
performing a thorough risk analysis during the planning stage and allocating audit resources
appropriately.
2. Put automation tools into use: The use of automation techniques, like as accounting software
and data analytics, can considerably streamline the accounting and auditing processes.
3. Strengthening internal controls: Strengthening internal controls is crucial to lowering the risk
of fraud and mistakes. Internal control systems should be reviewed often to identify any
vulnerability and put the appropriate corrective actions in place.
4. Encourage constructive communication and teamwork: Effective coordination and
communication between the many departments within the company are essential for the
accounting and auditing procedures to run smoothly.

5.2: Conclusion
We will assist our clients in complying with areas of charity and business financial reporting and
taxation using our in-depth knowledge of the law and regulations. The client will be expecting us
to always get things properly. Where we lack expertise or knowledge, we will collaborate with
other like-minded specialists to offer counsel and direction to our clients. We promise to always
keep in mind our obligation to maintain professional privacy and independence.

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5.3: References

 C.PATEL, J.PSAROS (2000) , Perception of External Auditors’ Independence : Some Cross-Culture

Evidence, British Accounting Review, Vol-32, Issue-03

 B. Lahiri, H. Ali (2022). Inspections, informal payments and tax payments by firms. Finance
Research Letter, Vol.46, Part-A.

 Khurana, I. K., & Raman, K. K. (2004). Litigation risk and the financial reporting credibility of Big
4 versus non‐Big 4 audits: Evidence from Anglo‐American countries. The Accounting Review 79,
no. 2 (2004)

 Bansal, A. (2017). Financial Investigation and Forensic Accounting to Averting of Corporate

Fraud.

 S. E.Perumpral, M.Evans, S. Agarwal, F,Amenkhienan (2009), The evolution of Indian

accounting standards: Its history and current status with regard to International Financial
Reporting Standards, Advance In Accounting ,Vol-25 ,Issue 01

 Richard Smith (1992),Bmj Publications

 Bhagat, S., Bolton, B., & Romano, R. (2008). The promise and peril of corporate governance
indices. Columbia law review, 18

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