It is my great pleasure to submit an internship report on Summit Communications Ltd's accounting and internal audit system. I have also tried to be aware of the activities of Summit Communications Ltd and have done everything possible to make this report acceptable. My father undertakes to indemnify the department against all damage resulting from the non-compliance with the foregoing obligations.
Our resilience as a team with a progressive spirit to succeed has helped us conquer the toughest terrains of the southern hill regions and build a fiber optic network where no other has managed to be present. Communications Limited will be a leading value chain guardian of state-of-the-art fiber infrastructure technology and uncompromising quality of services. For continuing the internship study, this is an integral part for the completion of the BBA program under the Department of Business Administration at Sonargaon University, 147/I, Green Road Panthapath, 1215, Dhaka - Bangladesh.
Background of Study
Scope of the Study
Recent turmoil in this sector suggests the need for a deliberate assessment of the sustainability of this industry. Pushing for an increase in the minimum wage and maintaining a safe working environment were the reasons for the recent unrest. To avoid such problems and to ensure the long-term presence of this promising sector, the control system must be strengthened.
No relationship has been developed between the benefits derived from internal control practices and the costs involved. Another possible area of research could be the relationship between the profitability of the organization and the effectiveness and efficiency of internal control in place in that organization to verify the contribution of internal control to profitability. Because, I believed that together with its customers (such as GP, Robi, Bl & . Teletalk), suppliers, management, Bankers, as well as employees in its march on the path of growth and progress with the company's services.
The objective of the Study General Objective
The methodology of the Study
Secondary sources Primary sources
Limitation of the Study
This internship term performs the work on such an important topic is not really sufficient. As an employee, I have very little time to prepare this report, which is not enough. 3 As an employee of the Internal Auditor, it is difficult to maintain reports after completing daily works and do not have enough time to give the information in detail.
4 There should be proper support and guidance from the relevant superior to make this report effective. 5 In many cases, the relevant authorities are not aware of the practice report and are not willing to provide data due to confidentiality. 6 It is very difficult to comment and suggest based only on the internal audit report.
CHAPTER TWO
Company Profile
- SCL Introduction
- Vision
- Mission
- SCL Services
Summit Communications Limited (SCL), the fastest growing fiber optic network infrastructure in Bangladesh, with best-in-class ITC, IIG and ICX services to connect Bangladesh to the world. Summit Communications Limited (SCL) has made steady and consistent progress in building the largest fiber optic network infrastructure in Bangladesh with access to over 47,000 km+ of high quality fiber optic network and voice/data gateways. Our resilience as a team with a progressive spirit to succeed has helped us conquer the most difficult terrains in the southern hill areas and build a fiber optic network where no one else has yet managed to be present.
Summit Communications Limited will be a leading custodian of the value chain in terms of state-of-the-art fiber optic infrastructure technology and uncompromising quality in services. Arif Al Islam, former Deputy Managing Director and Chief Financial Officer of Grameenphone, joined Summit Communications Limited as Managing Director and Chief Executive Officer. To establish and operate state-of-the-art telecommunications transmission networks for the country's ICT and telecom sector.
To innovate and implement modern transmission technology with durable, reliable, scalable and affordable quality of service. Summit Communications Limited, the fastest growing fiber optic network infrastructure of Bangladesh, with best-in-class ITC, IIG and ICX services. Summit Communications Limited (SCL) is a leading end-to-end infrastructure provisioning company with Nationwide Telecommunication Transmission Network (NTTN) and Gateway licenses.
SCL offers high capacity transmission services, internet services and international bandwidth services through its state-of-the-art fiber optic network with the latest technologies available (DWDM, IPMPLS, Metro Ethernet etc.). By amassing a nationwide network, SCL has created access to over 47,000+ KM network reaching the farthest corners of the country connecting all 64 districts, 463 upazillas and more than 3,650 government offices. Summit Communications Limited is one of the largest international terrestrial cable (ITC) service providers in Bangladesh providing one-fifth of the total bandwidth of the industry.
Providing 99.99% uptime, SCL has secured one of the leading positions in the telecommunication sector of Bangladesh as an ITC operator.
International Internet Gateway
Interconnection Exchange
National Internet Exchange
SCL Clients
CHAPTER THREE
Internship Duties and Responsibility
The Daily Routine
At the beginning of my service they tell me about my duties and then they introduce me to the whole system of the audit department of SCL. They give me primary data about the functions of the audit department and correspondence duties with another department of the company. My job is to communicate and send e-mails with the entire business units of the group of companies as an employee of the organization.
Accomplishment work
Promise to company
CHAPTER FOUR
Analysis and Finding
Introduction
The essential features of accounting are identification, measurement and communication of financial information about economic entities to interested parties. Accounting is an information system that provides information about outstanding debts, sales increasing or decreasing, cash, assets, profit or loss, and so on. Financial accounting is the process that results in the preparation of financial report about the business as a whole for use by both internal and external parties.
However, management accounting is the process of identifying, measuring, analyzing, and communicating financial information necessary for management to plan, evaluate, and control an organization's operations. Kieso, the definition of accounting system is given as: "The accounting information system collects and processes transaction data and communicates financial information to decision makers. It also includes the documents that provide evidence of the transactions and the records, trial balances, spreadsheets and accounts that result.
An accounting system can be either manual or computerized.‖ Online knowledge source, Business Dictionary (http://www.businessdictionary.com/definition/ accounting-system.html) defines accounting system as ―Organized set of manual and computerized accounting methods, procedures and controls established to collect, record, classify, analyze, summarize, interpret and present accurate and timely financial data for management decisions.‖ The.
Transections
Journalization Closing
Trial Balance
Preparation
Adjusted TB
Posting Financial Statement
Adjustments
Accounting Cycle
Accounting Procedure
The accounting procedures used today are based on those developed in the late 15th century by an Italian monk, Friar Luca Pacioli. They can be tangible, such as cash, equipment, and buildings, or intangible, such as a patent or trademark name. The accounting equation must always balance (that is, the total of the elements on one side of the equals sign must equal the total on the other side).
Sl No Accounting Procedures
- Yearly Accounts, Voucher Creation and Financial Documents
- Accounting Software
- Broad Accounts Heads, General Ledgers and Sub-Ledgers
- Revenue Recognition and Customer Relation with Accounts Departmet
- Company Income Tax Return filing and Audit
- Income Tax and VAT Law Compliance and Financial Documents Though Summit Communications Limited (SCL) does not need to pay income taxes
- Concept of Auditing
- Defined Auditing
- Concept of Internal Audit
- Defined Internal Auditing
- Why internal audits function
- Internal Audits Activities
- Internal Audit Process
- Audit evidence
- Audit Department of Summit Communications Limited (SCL) The Internal Audit Department was created as part of the work being conducted within
- Internal Audit and control practice
- Organogram of the Internal Audit Department
After five years, they will be disposed of under the direct supervision of a higher and responsible body of the Accounting and Financial Service. Creating or modifying sub-ledgers and ledgers can be done easily according to the company's requirements. Then, each ledger of the position of accounts is divided into several ledgers.
The accounts department then reviews those claims and ensures payment of the due amount to the customer. The company's duly completed income tax return form is then submitted to the Commissioner of Taxation, together with this Auditor's Report, all financial records and supporting documents. Internal auditors examine, evaluate the planning, organization and reporting to management and directors on the adequacy and effectiveness of the accounting and internal control system components.
It is a function, provided either by company employees or sourced from an external organization, to assist management in achieving corporate objectives. A key component of operational audits is the assessment of the entity's internal control environment to manage and mitigate inherent risks. Audit evidence consists of the documents you use during an audit to substantiate your audit opinion.
Assessing the effectiveness of the company's internal control system at the company level and at the level of business processes; Assess the effectiveness of the management processes in the company and its subsidiaries (affiliates) and develop recommendations on how to improve them. Interacting with the Company's governing bodies, the Company's internal audit committee and external auditors, internal audit committees (auditors), and the auditors of the Company's subsidiaries (affiliates);
Assessment of the effectiveness of the risk management system and preparation of recommendations on how to improve risk management processes; Evaluating the effectiveness of the internal control system at the level of the company and at the level of business processes, and advising the company's management on matters of its effectiveness. In this case, the practice of internal audit and control is not only necessary for checking and verifying the company's internal documents, but also for planning and control in management.
Organogram
Audit Responsibilities
Collect analytics data to detect inadequate controls, duplicated efforts, overspending, fraud, or noncompliance with laws, regulations, and management policies.
Findings
The work order is sent to the supplier without the name of the merchant in question f) Overwriting the work order. g) Work order rate is not matched with billing rate. h) The work order is given without an approved signature. Tax is not deducted at source from all parties as per Rules of IT Ordinance-1984. Photocopy the bill and challan are attached in the annexures and also submit incorrect support for bill control.
Even now, the supplier submits the incomplete and discrepancy invoice to the audit department (in relation to the person no such discrepancy appeared, that's why, we kill a lot of time from those invoices). The shop is given to get the signature of all the challenges of the suppliers, therefore the party submits duplicate challan. Some eligible invoice amounts do not all remain on C & F Expense vouchers.
RECOMMENDATION
Recommendation and Conclusion
Conclusion
