UNIVERSITY OF PROFESSIONAL STUDIES, ACCRA (UPSA)

Transcription

1 UNIVERSITY OF PROFESSIONAL STUDIES, ACCRA (UPSA) SURNAME: xxxxxxxxxxxxxxxxxxx OTHER NAMES: xxxxxxxxxxxxx ID NUMBER: xxxxxxxxxxxxx LEVEL: xxx PROGRAMME OF STUDY: BACHELOR OF BUSINESS ADMINISTRATION SESSION: MORNING NAME OF ORGANISATION: E.K. OSEI CONSULT AND CHARTERED ACCOUNTANTS INTERNSHIP PERIOD: 1 ST JUNE, 2016 TO 30 TH AUGUST, 2016 REPORT SUBMISSION DATE: 21 ST OCTOBER, SIGNATURE

2 UNIVERSITY OF PROFESSIONAL STUDIES, ACCRA. FACULTY OF MANAGEMENT DEPARTMENT OF BUSINESS ADMINISTRATION A REPORT ON AN INDUSTRIAL ATTACHMENT/INTERNSHIP UNDERTAKEN AT E.K. OSEI CONSULT AND CHARTERED ACCOUNTANTS FROM 1 ST JUNE, 2016 TO 30 TH AUGUST 2016 BY OPOKU-ACHEAMPONG THOMAS ( ) PRESENTED TO THE INDUSTRIAL RELATIONS DEPARTMENT OF UNIVERSITY OF PROFESSIONAL STUDIES ACCRA IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF BACHELOR OF BUSINESS ADMINISTRATION

3 Table of Contents ACKNOWLEDGEMENT... v EXECUTIVE SUMMARY... v 1.0 INTRODUCTION Background of Report Terms of Reference Purpose of Attachment/ Expected Output Profle of Organzaton Background Msson Vson Company Strateges Product/ Servce FIELD OF EXPERIENCE Dutes and Schedule Contrbuton of Student to Organzaton Applcaton of Theores to Real Lfe Stuaton LESSONS LEARNT CHALLENGES CONCLUSION RECOMMENDATIONS REFERENCES APPENDIX... 10

4 ACKNOWLEDGEMENT Ths s a matter of pleasure for me to acknowledge my deep sense of grattude frst and foremost to the Almghty God for gven me the strength and zeal to be able to accomplsh the task assgned to me. I would also lke to express my deepest apprecaton to all the management team of the Unversty of Professonal Studes, Accra who made t possble for me to gan the fundamental sklls and experence ndustrally. Furthermore, I would lke to smply put, I could not have done ths work wthout the lots of help I receved cheerfully from whole E.K. Ose Consult and Chartered Accountants. The work culture n E.K. Ose Consult and Chartered Accountants really motvates. Everyone s such a cheerful and frendly companon. Workng there was nterestng. Durng these three months of nternshp, I leant a lot on accountng and audt procedures. I would specally lke to thank Mr. Emmanuel Ose the C.E.O of E.K. Ose Consult and Chartered Accountants and Mr. Emmanuel Boad, my supervsor not only for the wonderful opportunty gven me to gan professonal experence but also for the mmense advce, supervson and gudance both on and off the job to help shape my career path. In a nutshell, I want to thank the entre staff and nterns n E.K. Ose Consult and Chartered Accountants who made ths demandng tme joyful but always effcent.

5 EXECUTIVE SUMMARY Internshp programs have been a common trend nstgated by many tertary nsttutons. It has been a great help to students to at least gan some professonal sklls and practcal experence n the real busness world. The executve summary gves an overvew of my three month nternshp whch consst of the dutes performed and the experence ganed durng the perod, Durng the long vacaton, I nterned at E.K. Ose Consult and Chartered Accountants and durng those three months, I worked wth the accountng and audt departments. The dutes I performed ncluded preparng work papers for audt and conductng vouchng on those documents. I also helped make entres nto relevant accounts of clents and prepared tax schedules. Reflectng on my experences, the nternshp program shaped me to become a team player as I always performed my dutes n a team. Also, ths opportunty has helped broaden my knowledge base and be able to combne studes wth work. These experences have gven me the confdence n myself and my abltes that was lackng beforehand. In a nutshell, t has been a splendd experence these past three months and I would encourage the unversty to contnue to nstgate such nternshp programs.

6 1.0 INTRODUCTION 1.1 Background of Report You would lke to thnk that three years of tertary educaton and a number of accountng classes and other busness courses would prepare someone adequately for practce n the feld of accountng and audtng. In today s world, that s not enough to help a student compete wth confdence and reach ther goal but rather havng an experence wth the outsde world regardng ones chosen professon s a great help. So n order to gan enough practcal knowledge, all students proceedng from level 100 to 200 at the dploma, 300 to 400 at the degree level and professonal level as well at the Unversty of Professonal Studes are requred to undertake at least two month ndustral attachment durng the long vacaton at any organzaton as partal fulfllment of our respectve degree, dploma or professonal programs. Ths nternshp program gave me an opportunty to gan experence on audtng and accountng procedures. To expand my theoretcal base, ths practcal knowledge was essental to help me face more complex and challengng busness areas. Ths learnng process gave me an opportunty to observe and perform real world knowledge about accountng and audtng procedures whle relatng the theoretcal knowledge to practcal exposure. 1.2 Terms of Reference The scope of ths report s to provde a detaled but concse report of about seven to ffteen pages regardng the nternshp program undertaken durng the long vacaton of a perod of at least two months. In my case I had the opportunty to ntern at E.K. Ose Consult and Chartered Accountants. The report s also subject to other specfc requrement as per the Unversty of Professonal Studes Gudelne for Internshp Report.

7 Some major parts of the requrement nclude: a) Background of the host organzaton. b) Products/servces offered by the organzaton. c) Msson and objectves of the organzaton. 1.3 Purpose of Attachment/ Expected Output Internshp s a learnng process and for ths reason I had a few objectves whch I expected to have answers to at the end of the perod. These objectves are: To gan practcal knowledge and experence on how E.K. Ose Consult and Chartered Accountants perform ther audtng and accountng functons. To learn how my theoretcal knowledge relates to the practcal exposure. To dentfy the processes nvolved n gatherng and executng accountng functons usng computerzed systems and accountng software packages. 1.4 Profle of Organzaton Background E.K. Ose Consult and Chartered Accountants as the name suggests, s an accountng frm whch provdes audtng, account outsourcng, tax management and consultng servces. The consultng servces the organzaton specalzes n nclude Internal Systems Development and Tax Management Consultng. E.K. Ose Consult and Chartered Accountants can be located on the Frst Floor, Block B of Shaaba Mall, near the Achmota Shell Fllng Staton and Stanbc Bank, Achmota Branch.

8 1.4.2 Msson E.K. Ose Consult and Chartered Accountants s establshed to ensure clent satsfacton, prompt delvery of nformaton to clent, dedcaton to duty and effectve collaboraton wth clent to acheve desred results Vson To become the most effectve and effcent professonal accountancy support establshment and therefore the preferred accountancy support servce frm for the small and medum enterprses wshng to outsource ther all or some of ther accountng functons Company Strateges Staff qualty n the process Equpment always n good condton Tme usage Collaboraton among staff to acheve nternal communcaton Effectve usage of equpment Product/ Servce E.K. Ose Consult and Chartered Accountants offer a wde range of servces whch nclude audtng, account outsourcng, tax management and consultancy whch are as follows: Audt: It s the systematc examnaton of accountng records undertaken wth the am of comng to a concluson whether they correctly and completely correspond to the transacton whch they purport to relate. The organzaton offers a few of the common types of audt such as operatonal audt, fnancal audt, statutory audt, complance audt and nternal audt. Account Outsourcng: Ths has to do wth organzatons transferrng the preparaton of ther fnancal statements to accountng organzatons as they see such actvtes as non-core functons. In ths case E.K. Ose Consult and Chartered Accountants prepare the fnancal statements of some other companes.

9 Tax Management: The organzaton also helps ts clents n the calculaton of ther ncome tax, Value Added Tax (VAT) management ncludng wthholdng tax components and also the payment of tax to the Ghana Revenue Authorty. Consultancy: E.K. Ose Consult and Chartered Accountants also offers advce to ts clents regardng tax procedures, accountng systems and other fnancal matters.

10 2.0 FIELD OF EXPERIENCE 2.1 Dutes and Schedule I performed many dutes n varous audt and accountng assgnments. My dutes as an ntern on the feld were as follows: To nspect recepts wth the accountng records and examnng the transactons of a busness together wth approprate documents of suffcent valdty so as to ensure that the transactons are complete, n order, properly authorzed and correctly entered n the books. One nstance was when I conducted vouchng on Perez Cold Store s stock records. Another responsblty was to prepare audt workng papers durng the vouchng process. Entres wth no supportng papers were noted on the workng papers or hghlghted n red when records are entered usng Mcrosoft Excel. I was also responsble for the fllng of the Value Added Tax components of some organzatons after calculatng the net VAT payable by fndng the dfference between the output and nput VAT not forgettng the wthholdng tax amount of the organzaton. I was also assgned the responsblty of makng the relevant entres of nvoces (sales and purchases), recepts and mport documents on TALLY. I was expected to report to work at 8:00am, go on break from 12:00pm to 1:00pm, and close at 5:00pm each workng day. 2.2 Contrbuton of Student to Organzaton As an ntern n the organzaton, I was eager and wllng to put my theoretcal knowledge nto use. The followng are some of the quota contrbuted to the organzaton.

11 Increase productvty. Due to my above average typng sklls, I was able to ad my colleagues n completng reports and other assgnments on tme and meet deadlnes snce those assgnments would have been otherwse executed by them. Contrbuton of deas. I brought wth me the knowledge and sklls learned through educaton. I was often gven a wonderful opportunty by my supervsor to express my vews and make suggestons when necessary. 2.3 Applcaton of Theores to Real Lfe Stuaton As an ntern, t was mportant to learn how to apply the theoretcal knowledge ganed n the classroom to real busness world stuatons as t helped me n ganng the practcal experence I expected to have under my belt at the end of the nternshp program. One essental underlyng prncple of accountng s that of the double-entry rule whch s based on the fact that every fnancal transacton has equal and opposte effects n at least two dfferent accounts. Whle recordng entres n the relevant accounts usng ths prncple, I realzed that, the key formula for the balance sheet (Assets = Labltes + Equty) plays a major role n double-entry book keepng. Samplng and Complance are audtng technques I was able to apply durng my practcal exposure n the feld. Samplng has to do wth selectng few tems from entre accountng nformaton whereas Complance deals wth the checkng of arthmetcal accuracy of accountng record. These theores were appled when I conducted vouchng on Perez Cold Store s stock records.

12 3.0 LESSONS LEARNT I learned more n three months than I ever thought possble. Some valuable lessons I learnt nclude the followng: Experencng real world accountng and audtng practces such as dentfyng the source documents needed for makng accountng entres n TALLY accountng software. Some of these documents are VAT nvoces, cash sales nvoces, purchase nvoces, petty cash vouchers, cheques counterfols among others. Preparng varous tax schedules whch helped me become aware of the general taxaton system n the country whch usually conssts of date, amount, mport declaraton number, mport duty, mport VAT and NHIL and also learnng the bass for expense classfcaton whch nclude nature and purpose of the expense. Teamwork. I usually performed n a team whch helped me realze the mpact each team member had on the other. Teamwork also taught me the benefts of synergy (also known as the = 5 prncple). Last but not least, the nternshp program gave me the opportunty to learn the skll of how to combne studes wth work. I can boldly say ths because, as I was nternng, I also prepared for one of my professonal exam alongsde.

13 4.0 CHALLENGES There were a few challenges durng the nternshp perod. Such challenges were: The offce space was small; hence, a few number of desks and chars. Ths sometmes created problems. For nstance, I had to offer my seat to a clent who vsts the offce even when I was performng my dutes. So sometmes I stood whle typng. Also, due to the small offce space, there was the problem of nadequate equpment lke computers. So when there was on overload of work, some had to wat for others b complete ther tasks before they could commence thers. At tmes workng hours were too long especally when we go on feld dutes. Ths made me tred durng those days as I got home very late n the evenng but to wake up very early the next mornng to go to work. 5.0 CONCLUSION In concluson, I would thank the nsttuton for gven me the opportunty to earn some mportant practcal experence as t helped me develop necessary sklls and mprove my knowledge base. I left E.K. Ose Consult and Chartered Accountants wth a very postve feelng toward my chosen feld of study and the company. The experence ganed has gven me confdence n myself and my abltes. Every day at the workplace was a learnng experence and I know t wll go a long way to beneft me. For ths reasons I can boldly say my nternshp reaffrmed my decson to pursue a career n accountng and audtng. Overall, I rate my nternshp as the best thng that has happened to me professonally. 6.0 RECOMMENDATIONS My recommendaton goes to the Unversty of Professonal Studes, Accra.

14 I would lke to beleve that most students wll agree wth me that the tme of the nternshp program and the preparaton of our dssertaton collde. I would therefore lke to suggest that, the nternshp program be carred out when students are progressng from level 200 to level 300. I would also recommend that, there should be tmely supervson and gudance for report wrtng by the nternshp supervsors. Another recommendaton I would gve, s for the management of the unversty to take the ntatve for feld vst to the respectve organzaton where students are undertakng ther nternshp program. 7.0 REFERENCES Gudelnes for Internshp Report ssued by the Unversty of Professonal Studes, Accra. Outlne for the Internshp Report. Retreved August 22, 2016 from:

15 Internshp Actvtes Gudelnes.. Retreved August 22, 2016 from: AIT Internshp Report Gudelnes. Retreved August 22, 2016 from: Accountng Internshp.. Retreved August 22, 2016 from: APPENDIX Apprasal Form