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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: 1ST JUNE, 2016 TO 30TH AUGUST, 2016
REPORT SUBMISSION DATE: 21ST OCTOBER, 2016. SIGNATURE …………………
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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 1ST
JUNE, 2016 TO 30TH AUGUST 2016
BY
OPOKU-ACHEAMPONG THOMAS
(10013081)
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
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Table of Contents ACKNOWLEDGEMENT ........................................................................................................ iv
EXECUTIVE SUMMARY ....................................................................................................... v
1.0 INTRODUCTION ......................................................................................................... 1
1.1 Background of Report ................................................................................................ 1
1.2 Terms of Reference .................................................................................................... 1
1.3 Purpose of Attachment/ Expected Output .................................................................. 2
1.4 Profile of Organization ............................................................................................... 2
1.4.1 Background ......................................................................................................... 2
1.4.2 Mission ................................................................................................................ 3
1.4.3 Vision .................................................................................................................. 3
1.4.4 Company Strategies ............................................................................................ 3
1.4.5 Product/ Service .................................................................................................. 3
2.0 FIELD OF EXPERIENCE ............................................................................................. 5
2.1 Duties and Schedule ................................................................................................... 5
2.2 Contribution of Student to Organization .................................................................... 5
2.3 Application of Theories to Real Life Situation .......................................................... 6
3.0 LESSONS LEARNT ..................................................................................................... 7
4.0 CHALLENGES ............................................................................................................. 8
5.0 CONCLUSION .............................................................................................................. 8
6.0 RECOMMENDATIONS ............................................................................................... 8
7.0 REFERENCES .............................................................................................................. 9
8.0 APPENDIX .................................................................................................................. 10
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ACKNOWLEDGEMENT This is a matter of pleasure for me to acknowledge my deep sense of gratitude first and foremost
to the Almighty God for given me the strength and zeal to be able to accomplish the task
assigned to me.
I would also like to express my deepest appreciation to all the management team of the
University of Professional Studies, Accra who made it possible for me to gain the fundamental
skills and experience industrially.
Furthermore, I would like to simply put, I could not have done this work without the lots of
help I received cheerfully from whole E.K. Osei Consult and Chartered Accountants. The work
culture in E.K. Osei Consult and Chartered Accountants really motivates. Everyone is such a
cheerful and friendly companion. Working there was interesting. During these three months of
internship, I leant a lot on accounting and audit procedures.
I would specially like to thank Mr. Emmanuel Osei the C.E.O of E.K. Osei Consult and
Chartered Accountants and Mr. Emmanuel Boadi, my supervisor not only for the wonderful
opportunity given me to gain professional experience but also for the immense advice,
supervision and guidance both on and off the job to help shape my career path.
In a nutshell, I want to thank the entire staff and interns in E.K. Osei Consult and Chartered
Accountants who made this demanding time joyful but always efficient.
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EXECUTIVE SUMMARY Internship programs have been a common trend instigated by many tertiary institutions. It has
been a great help to students to at least gain some professional skills and practical experience
in the real business world. The executive summary gives an overview of my three month
internship which consist of the duties performed and the experience gained during the period,
During the long vacation, I interned at E.K. Osei Consult and Chartered Accountants and
during those three months, I worked with the accounting and audit departments. The duties I
performed included preparing work papers for audit and conducting vouching on those
documents. I also helped make entries into relevant accounts of clients and prepared tax
schedules.
Reflecting on my experiences, the internship program shaped me to become a team player as I
always performed my duties in a team. Also, this opportunity has helped broaden my
knowledge base and be able to combine studies with work. These experiences have given me
the confidence in myself and my abilities that was lacking beforehand.
In a nutshell, it has been a splendid experience these past three months and I would encourage
the university to continue to instigate such internship programs.
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1.0 INTRODUCTION
1.1 Background of Report You would like to think that three years of tertiary education and a number of accounting
classes and other business courses would prepare someone adequately for practice in the field
of accounting and auditing. In today’s world, that is not enough to help a student compete with
confidence and reach their goal but rather having an experience with the outside world
regarding ones chosen profession is a great help. So in order to gain enough practical
knowledge, all students proceeding from level 100 to 200 at the diploma, 300 to 400 at the
degree level and professional level as well at the University of Professional Studies are required
to undertake at least two month industrial attachment during the long vacation at any
organization as partial fulfillment of our respective degree, diploma or professional programs.
This internship program gave me an opportunity to gain experience on auditing and accounting
procedures. To expand my theoretical base, this practical knowledge was essential to help me
face more complex and challenging business areas. This learning process gave me an
opportunity to observe and perform real world knowledge about accounting and auditing
procedures while relating the theoretical knowledge to practical exposure.
1.2 Terms of Reference The scope of this report is to provide a detailed but concise report of about seven to fifteen
pages regarding the internship program undertaken during the long vacation of a period of at
least two months. In my case I had the opportunity to intern at E.K. Osei Consult and Chartered
Accountants. The report is also subject to other specific requirement as per the University of
Professional Studies’ “Guideline for Internship Report”.
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Some major parts of the requirement include:
a) Background of the host organization.
b) Products/services offered by the organization.
c) Mission and objectives of the organization.
1.3 Purpose of Attachment/ Expected Output Internship is a learning process and for this reason I had a few objectives which I expected to
have answers to at the end of the period. These objectives are:
To gain practical knowledge and experience on how E.K. Osei Consult and Chartered
Accountants perform their auditing and accounting functions.
To learn how my theoretical knowledge relates to the practical exposure.
To identify the processes involved in gathering and executing accounting functions
using computerized systems and accounting software packages.
1.4 Profile of Organization
1.4.1 Background
E.K. Osei Consult and Chartered Accountants as the name suggests, is an accounting firm
which provides auditing, account outsourcing, tax management and consulting services. The
consulting services the organization specializes in include Internal Systems Development and
Tax Management Consulting.
E.K. Osei Consult and Chartered Accountants can be located on the First Floor, Block B of
Shaaba Mall, near the Achimota Shell Filling Station and Stanbic Bank, Achimota Branch.
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1.4.2 Mission
E.K. Osei Consult and Chartered Accountants is established to ensure client satisfaction,
prompt delivery of information to client, dedication to duty and effective collaboration with
client to achieve desired results.
1.4.3 Vision
To become the most effective and efficient professional accountancy support establishment
and therefore the preferred accountancy support service firm for the small and medium
enterprises wishing to outsource their all or some of their accounting functions.
1.4.4 Company Strategies
Staff quality in the process
Equipment always in good condition
Time usage
Collaboration among staff to achieve internal communication
Effective usage of equipment
1.4.5 Product/ Service
E.K. Osei Consult and Chartered Accountants offer a wide range of services which include
auditing, account outsourcing, tax management and consultancy which are as follows:
Audit: It is the systematic examination of accounting records undertaken with the aim of
coming to a conclusion whether they correctly and completely correspond to the transaction
which they purport to relate. The organization offers a few of the common types of audit such
as operational audit, financial audit, statutory audit, compliance audit and internal audit.
Account Outsourcing: This has to do with organizations transferring the preparation of their
financial statements to accounting organizations as they see such activities as non-core
functions. In this case E.K. Osei Consult and Chartered Accountants prepare the financial
statements of some other companies.
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Tax Management: The organization also helps its clients in the calculation of their income
tax, Value Added Tax (VAT) management including withholding tax components and also the
payment of tax to the Ghana Revenue Authority.
Consultancy: E.K. Osei Consult and Chartered Accountants also offers advice to its clients
regarding tax procedures, accounting systems and other financial matters.
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2.0 FIELD OF EXPERIENCE
2.1 Duties and Schedule I performed many duties in various audit and accounting assignments. My duties as an intern
on the field were as follows:
To inspect receipts with the accounting records and examining the transactions of a
business together with appropriate documents of sufficient validity so as to ensure that
the transactions are complete, in order, properly authorized and correctly entered in the
books. One instance was when I conducted vouching on Perez Cold Store’s stock
records.
Another responsibility was to prepare audit working papers during the vouching
process. Entries with no supporting papers were noted on the working papers or
highlighted in red when records are entered using Microsoft Excel.
I was also responsible for the filling of the Value Added Tax components of some
organizations after calculating the net VAT payable by finding the difference between
the output and input VAT not forgetting the withholding tax amount of the organization.
I was also assigned the responsibility of making the relevant entries of invoices (sales
and purchases), receipts and import 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 working day.
2.2 Contribution of Student to Organization As an intern in the organization, I was eager and willing to put my theoretical
knowledge into use. The following are some of the quota contributed to the
organization.
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Increase productivity. Due to my above average typing skills, I was able to aid my
colleagues in completing reports and other assignments on time and meet deadlines
since those assignments would have been otherwise executed by them.
Contribution of ideas. I brought with me the knowledge and skills learned through
education. I was often given a wonderful opportunity by my supervisor to express my
views and make suggestions when necessary.
2.3 Application of Theories to Real Life Situation As an intern, it was important to learn how to apply the theoretical knowledge gained in the
classroom to real business world situations as it helped me in gaining the practical experience
I expected to have under my belt at the end of the internship program.
One essential underlying principle of accounting is that of the double-entry rule which is based
on the fact that every financial transaction has equal and opposite effects in at least two different
accounts. While recording entries in the relevant accounts using this principle, I realized that,
the key formula for the balance sheet (Assets = Liabilities + Equity) plays a major role in
double-entry book keeping.
Sampling and Compliance are auditing techniques I was able to apply during my practical
exposure in the field. Sampling has to do with selecting few items from entire accounting
information whereas Compliance deals with the checking of arithmetical accuracy of
accounting record. These theories were applied when I conducted vouching on Perez Cold
Store’s stock records.
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3.0 LESSONS LEARNT I learned more in three months than I ever thought possible. Some valuable lessons I learnt
include the following:
Experiencing real world accounting and auditing practices such as identifying the
source documents needed for making accounting entries in TALLY accounting
software. Some of these documents are VAT invoices, cash sales invoices, purchase
invoices, petty cash vouchers, cheques counterfoils among others.
Preparing various tax schedules which helped me become aware of the general
taxation system in the country which usually consists of date, amount, import
declaration number, import duty, import VAT and NHIL and also learning the basis
for expense classification which include nature and purpose of the expense.
Teamwork. I usually performed in a team which helped me realize the impact each
team member had on the other. Teamwork also taught me the benefits of synergy
(also known as the 2 + 2 = 5 principle).
Last but not least, the internship program gave me the opportunity to learn the skill
of how to combine studies with work. I can boldly say this because, as I was
interning, I also prepared for one of my professional exam alongside.
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4.0 CHALLENGES There were a few challenges during the internship period. Such challenges were:
The office space was small; hence, a few number of desks and chairs. This
sometimes created problems. For instance, I had to offer my seat to a client who
visits the office even when I was performing my duties. So sometimes I stood while
typing.
Also, due to the small office space, there was the problem of inadequate equipment
like computers. So when there was on overload of work, some had to wait for others
b complete their tasks before they could commence theirs.
At times working hours were too long especially when we go on field duties. This
made me tired during those days as I got home very late in the evening but to wake
up very early the next morning to go to work.
5.0 CONCLUSION In conclusion, I would thank the institution for given me the opportunity to earn some
important practical experience as it helped me develop necessary skills and improve my
knowledge base. I left E.K. Osei Consult and Chartered Accountants with a very positive
feeling toward my chosen field of study and the company. The experience gained has given
me confidence in myself and my abilities. Every day at the workplace was a learning
experience and I know it will go a long way to benefit me. For this reasons I can boldly say
my internship reaffirmed my decision to pursue a career in accounting and auditing.
Overall, I rate my internship as the best thing that has happened to me professionally.
6.0 RECOMMENDATIONS My recommendation goes to the University of Professional Studies, Accra.
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I would like to believe that most students will agree with me that the time of the internship
program and the preparation of our dissertation collide. I would therefore like to suggest
that, the internship program be carried out when students are progressing from level 200 to
level 300.
I would also recommend that, there should be timely supervision and guidance for report
writing by the internship supervisors.
Another recommendation I would give, is for the management of the university to take the
initiative for field visit to the respective organization where students are undertaking their
internship program.
7.0 REFERENCES “Guidelines for Internship Report” issued by the University of Professional Studies,
Accra.
Outline for the Internship Report. Retrieved August 22, 2016 from:
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www.ttu.ee>bachelor>Documents
Internship Activities Guidelines. . Retrieved August 22, 2016 from:
www.frostburg.edu>File>dept>psyc
AIT Internship Report Guidelines. Retrieved August 22, 2016 from:
www.lemass.net>AITIS>images>AIT...
Accounting Internship. . Retrieved August 22, 2016 from:
www.newaccountantusa.com>newsfeat
8.0 APPENDIX
Appraisal Form