With humble honor and respect, I submit my internship report on "Accounting and Internal Audit Systems in Summit Communications Ltd.". This report is an integral part of our academic courses at the end of the BBA program, which has allowed me to acquire theoretical knowledge in an empirical study. This is to confirm that the internship report on "Accounting and Internal Audit System of Summit Communications Ltd." is prepared as a part of completion of BBA course from Department of Business Administration, Sonargaon University (SU), conducted by Md.
BBA2001019157 of Sonargaon University would hereby solemnly declare that this report on the “Accounting and Internal Auditing system of Summit Communications Ltd.” is authentically prepared by me. Certified that this internship report entitled “Accounting and Internal Auditing systems of Summit Communications Ltd.” is the work of Md. As part of my academic requirements and the completion of my BBA program, I was required to complete this SCL accounting and internal audit systems report.
This report contains all the necessary information about Summit Communications Ltd's accounting and internal audit procedures. I tried my best to provide a detailed understanding of Summit Communications Limited's (SCL) accounting systems and internal audit systems.
Chapter Four
Chapter Five
Chapter - One Introduction
- Introduction
- Background of the Study
- Scope of the Study
- The Objective of the Study
- The Methodology of the Study
- Limitations of the Study
The liberalization of Bangladesh's telecommunications sector began in small steps in 1989 with the issuance of a license to a private operator to provide mobile cellular services inter alia to compete with the Bangladesh Telegraph and Telephone Board (BTTB), the former monopoly provider. of telecommunication services. within Bangladesh. Significant changes in the number of fixed and mobile services established in Bangladesh occurred in the late 1990s, and the number of services in operation has subsequently increased exponentially in the last five years. Incentives from both the government and the public sector have helped the industry grow and it is now one of the largest industries in Bangladesh.
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 and voice/data gateways. Believing that we grow together with our partners across the ecosystem, we have been able to combine infrastructure in previously unreachable areas, while removing the delicacy of others and reducing significant investment. Bangladesh's fastest growing fiber network infrastructure with best-in-class ITC, IIG and ICX services to connect Bangladesh to the world. A 24/7 Network Operations Center (NOC) ensures customer satisfaction and quality.
This study focuses on the vigilance of accounting and internal audit system of companies in the telecommunications sector. The report gives a brief idea about the business activities, management system, organizational structure, internal audit and error control, financial performance as well as the financial position with the accounting system of Summit Communications Limited (SCL) in Bangladesh. The objective of this study is to obtain a concrete idea about the effectiveness of accounting and internal audit systems in the telecommunication sector of Bangladesh.
The General Objective is to prepare and present a report on the topic "Summit Communications Ltd's internal accounting and auditing system". To know the concept and overview of accounting and internal audit department of the company - To know about Accounting Practice in Bangladesh Telecom Sector. Various reporting data and print materials of Summit Communications Limited (SCL) - Various publications related to Telco Business.
Therefore, I had to submit my internship report with available secondary source knowledge.
Chapter -Two Company Profile
- SCL Introduction
- Vision
- Mission
- SCL Services
- SCL Clients
Summit Communications Limited (SCL), the fastest growing fiber optic network infrastructure of Bangladesh, with best in class ITC, IIG and ICX services to connect Bangladesh to the world. With the conviction to grow with its partners in the entire ecosystem, the company was able to consolidate the infrastructure in previously unreachable areas, while eliminating duplicates by others and reducing significant investments. Following this philosophy, the company was able to drive success over a short period of time and emerge as a leading infrastructure operator in terms of financial growth, operational performance and talent acquisition.
With advanced technologies (DWDM, IPMPLS, Metro Ethernet, etc.) tailored to customer needs, SCL is proud to serve all telcos, ISPs, cable TV companies, gateways and government offices with fiber optic network, internet service and international bandwidth. Services. Connecting every household in Bangladesh with world-class multimedia services to help develop a digital Bangladesh. To establish and operate a state-of-the-art telecommunication transmission network for the country's ICT and telecom sector.
To innovate and implement state-of-the-art transmission technology with durable, reliable, scalable and affordable quality of service. Summit Communications Limited, the fastest growing fiber optic network infrastructure in Bangladesh, with the best ITC, IIG and ICX services to connect Bangladesh to the world. To connect every household in Bangladesh with world-class multimedia services with the aim of helping develop a digital Bangladesh.
Accounting system of Summit Communications Limited (SCL) 4.1 Introduction
A standard accounting cycle –
Journalization Closing
Trial Balance
Preparation
Adjusted TB
Posting Financial Statement
Adjustments
Accounting Cycle
Transactions
Accounting Procedures
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. A accounting system can be either manual or computerized." The accounting system in Summit Communications Limited (SCL) has two main parts.
And the second part is computerized which includes recording real transactional data, analyzing, summarizing, interpreting and presenting accurate information for decision making. The accounting procedures used today are based on those developed in the late 15th century by an Italian monk, Brother Luca Pacioli. They can be tangible, such as cash, equipment and buildings, or intangible, such as a patent or brand name.
The accounting equation must always balance (that is, the sum of the elements on one side of the equal sign must equal the total on the other side).
Yearly accounts, Voucher creation and Financial documents
To better analyze, summarize and make decisions, Summit Communications Limited (SCL) subdivides these ledgers even further. Original transaction data, attachments and supporting documents are stored in files named and numbered according to different sub-ledgers. Thus, all transaction data for a financial year is stored categorically in many different files.
After the end of a fiscal year, all transaction data, original attachments, and supporting documents are retained for future reference, and new files are installed to store data for the new fiscal year. Then they are kept in different files, according to their sub-ledger, for future reference. All financial transaction data, original vouchers and supporting documents for a financial year will be stored securely for at least the next five years.
After five years, these will be disposed of under the direct supervision of a higher and responsible authority in the Accounting and Finance Department.
Broad Accounts Heads, Ledgers and Sub-Ledgers
If the company wants to control or take corrective action, this division of accounts gives the company more discretion.
Internal Audit
- Concept of Auditing
- Defined Auditing
- Concept of Internal Audit
- Defined Internal Auditing
- Internal Audit activities
- Internal Audit Process
- Audit Evidence
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Internal auditing is an independent evaluation or monitoring activity established within an organization to review operations as a service to management. Internal auditors examine, evaluate 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, either provided by employees within the company or sourced from an external organization to help management achieve the company's goals. Internal audit exists to help management achieve the company's goals and these will vary from company to company and will for example be found in the company's mission statements and strategic plans. In principle, all companies want good management, and internal auditing is a recognized way of ensuring good corporate governance.
The Internal Audit Department performs a wide range of audit services for the Company, including financial audits, compliance audits, operational audits, information technology audits, advisory/advisory services and special investigations. The purpose of this type of audit is to verify that a unit's financial activities are accurately reflected in its financial reports and that accounting records and financial documentation support the financial reports. Compliance Audits - determine the level of compliance with laws, regulations, policies and procedures of the company, the garment industry in Bangladesh, the federal government of Bangladesh and other regulatory bodies such as the BGMEA, BKMEA, BTMEA and NBR etc.
An important part of operational audits is assessing the unit's internal control environment to manage and mitigate inherent risks. The most successful audit projects are those where the audit client and Internal Audit have a constructive working relationship. Audit evidence consists of the documents you use during an audit to support your audit opinion.
Sufficiency: The amount of audit evidence - sufficient evidence to evaluate the audit client's management's assertions.
Internal Auditing System of Summit Communications Limited
Audit Department of Summit Communications Limited
Assessment of the effectiveness of the risk management system and preparation of recommendations on how to improve risk management processes;
Internal Audit and Control practice
Organogram of Internal Audit Department
Organogram
Chapter - Four Findings
Findings
Photocopy bill and challan is attached in the vouchers and also submit improper supporting for bill checking
Store given to Receive signature all challan of supplier’s that’s why party submits double challan
All Vouchers are not posting in the respective job wise
Overwriting and fluid vouchers are getting in some of the cases
Expense memo is not being clear description all time
Chapter - Five
Recommendation and
Conclusion
Recommendation
The recent turmoil in this sector suggests the need for a targeted evaluation of the sustainability of this industry. The push for increases in the minimum wage and maintaining a safe working environment were the reasons for the recent unrest. To avoid such problems and ensure the long-term presence of this promising sector, the control system should be strengthened.
Bibliography
Books
Journals
Websites
