TARIQ AYUB, ANWAR & CO. CHARTERED ACCOUNTANTS
Tariq Ayub, Anwar & Co. Chartered Accountants (1974). Chartered Accountancy, specializing in Audit and Taxation 2015INTERNSHIP REPORT BY MUHAMMAD AHSAN MALIK (311-3243) SESSION(2011-2015) MUHAMMAD Ahsan Malik
TARIQ AYUB, ANWAR & CO. CHARTERED ACCOUNTANTS leading firms of Chartered Accountants in the country . prooviding quality services to approximately 400 clients.
Company mono ???
Submitted to theSchool Of Business HAJVERY UNIVERSITY LAHORE in partial fulfillment of the requirements for the degree of Master in Business Administration (MBA)
Approved By________________ ________________
Academic Advisor [Advisor name] _____________ Department Dean Deans name & Sig ____________________
ContentsABSTRACT4ACKNOWLEDGMENT5POLYCON PAKISTAN PVT LTD (PROFILE)6POLYCON PAKISTAN PVT LTD (LOCATION)6POLYCON PAKISTAN PVT LTD (MACHINE USE )7ADVANTAGES OF MACHINE USE 8, 9MANAGEMENT COMPETENCEY 10COMPANY OUTLOOK11COMPANY OBJECTIVE11QUALITY POLICY 12ORGANIZATIONAL CHART13PRODUCT INTRODUCTION14PRODUCT INTRODUCTION15PRODUCT INTRODUCTION16PRODUCT INTRODUCTION17,18PURPOSE OF INTERNSHIP19WHY I STUDY POLYCON 20PERSONAL EXPERIENCE AS A INTRNEE21ACCOUNTS + MANAGEMENT22MANUFACTURING UNITS EXPERIENCE 23MARKETING EXPERIENCE 23,24SWOT ANALYASIS25STRENGHT +WEAKNESS26OPPORTUNITY +THERATH 27RECOMMENDATION 28CONCLUSION ....29INTERNSHIP REQUEST LETTER .30EVELUATION FPRM ..31,32EXPERIENCE LETTER .33
ABSTRACT
Internship is the integral and basic requirement of all the business study programmes in all of the business study institutes as it is necessary and basic requirement of the MBA degree of the School of Business (Hajvery University).. It equips us with the necessary knowledge, skills and values of business culture which are basic requirement of the business professional and which also helps new graduates to perform professionally as they get first step in their practical professional life. For this reason I was placed at National group of institute Lahore, where I have done my 10 weeks internship. During my internship tenure I have gained a lot of knowledge about operations under the supervision and guidance of my Supervisor. During my whole duration I was rotated in all the different departments of the NGI and was thoroughly briefed about the procedures of all the Departments by the concerned staff.
ACKNOWLEDGMENT
All praises are for Allah Almighty that has bestowed upon human being the crown of creation and has endowed him with knowledge and wisdom. After Allah, the last Prophet Mohammad(PBUH) Who brought for us revelation and unlimited knowledge and civilized the barbarian human being.I am very thank full to Allah Almighty who gave me the courage to complete this complex task and to my ever caring and loving parents whose prayers helped me to reach this stage of my life. I am grateful my teachers, friends and to all those who helped me completing this internship report. I am thankful to all members of School of Business, Hajvery University Lahore
HistoryTariq Ayub, Anwar & Co. was established in 1974and has since become one of the leading firms of Chartered Accountants in the country providing quality services to approximately(400clients.) The Company is recognized by the State Bank of Pakistan, The Central Board of Revenue and is on the approved list of all the Government and Semi-Government Agencies.About Tariq AyubTariq Ayub, Anwar & Co. Chartered Accountants (1974)are a national Chartered Accountancy, specializing in Audit and Taxation. With offices in Lahore, Peshawar and Islamabad employing over 150 staff and five partners. All our regional offices adopt the same business principles focused on being a quality business advisory and working closely with clients in true partnership We are delighted to announce our association with Clarkson Hyde International Group. CH International has global representation in 26 Countries across the globe. Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Clarkson Hyde LLP is a limited liability partnership registered in England and Wales under registered number OC326040. Its registered office is at 70 Conduit Street, London W1S 2GF, United KingdomWORKING PARTNER TARIQ AYUB QURESHI MUHAMMAD ANWAR KHAN ISHFAQ AHMED FAISAL LATIF NAVEED MUKHTAR RANA
STTAF INFOTariq Ayub, Anwar and Co. aims to hire only the most brilliant candidates for their ACA training and therefore we have a mix of foreign and local graduates working in our organization. Our challenging and demanding environment ensures that our candidates are prepared to pass their professional examinations. The quality of our qualified accountants is hi-lighted by their demand in both commerce & industry as well as in practice.CAREERS opportunity
If you have passed the foundation examination of the Institute of Chartered Accountants of Pakistan or cleared two parts of the Association of Chartered Certified Accountants (ACCA) and wish to become a Chartered Accountant and Chartered Certified Accountant, please contact our Human Resources (HR) partner. He will be pleased to guide you. We are an ICAP Training organization and are also an accredited ACCA employer
CODE OF CONDUCTPricewaterhouseCoopers (PwC) is one of the worlds pre-eminent professional services organisations1. As professional advisers we help our clients solve complex business problems and aim to enhance their ability to build value, manage risk and improve performance. As business advisors we play a significant role in the operation of the worlds capital markets. We take pride in the fact that our services add value by helping to improve transparency, trust and consistency of business processes. In order to succeed, we must grow and develop, both as individuals and as a business. Our core values ofexcellence,teamworkandleadershiphelp us to achieve this growth.
We conduct our business within the framework of applicable professional standards, laws, and regulations together with PwC policies and standards. However, we also acknowledge that these standards, laws, regulations and policies do not govern all types of behaviour. As a result, we also have aCode of conductfor all PwC people and firms. This Code is based on our values and it takes them to the next leveldemonstrating our values in action and contributing to the PwC Experience. The Code also provides a frame of reference for PwC firms to establish more specific supplements to address territorial issues.Each of us at PwC has an obligation to know and understand not only the guidelines contained in the Code, but also the values on which they are based. Knowing and understanding are not enough. We also have an obligation to comply with the letter and spirit of this Code and to help others do the same. As individuals we are encouraged to raise any issues and concerns through appropriate channels.
RulesTeamworkExcellenceLeadership
The best solutions come from working together with colleagues and clients.Effective teamwork requires relationships, respect and sharing.Delivering what we promise and adding value beyond what is expected.We achieve excellence through innovation, learning, and agility.Leading with clients, leading with people and thought leadership.Leadership demands courage, vision and integrity.
QUALITY OF WORK WITH CLIENT PHILOSOPHYOur philosophy is to regard client service as all important. Our commitment to the service of our clients involves responding quickly to their needs, understanding the business of each client and providing value for money.Our approach to client service can be summarized as follows: To understand the business of each client, with an emphasis on outstanding skills in the more important industries. To be positive, imaginative and constructive in our approach while maintaining our integrity. To serve prestigious clients and to sustain a vigorous growth. To engage the skills of outstanding people. To be part of a strong worldwide organization serving clients on an international basis. To contribute to the development of our profession and to play a part in the wider community.On the basis of the above-described approach to client service, we have formulated the following statements as our guidelines.CredibilityIrrespective of ownership, line of trade and size, it serves our clients best to have credible auditing and business advice. The firm inspires credibility because we insist on a high level of independence and professionalism in our work.CommitmentThorough knowledge of our clients businesses is the foundation of the value and quality of our work and our service. We work with commitment and diligence with each individual clients activities, trade, market, organization, and culture. communication and continuous evaluation of our service.
Innovative thinking Far-sighted planning is a precondition that decisions made today are of any value tomorrow. Therefore, we give high priority to innovative thinking and continuously develop our working methods to the benefit of our clients. Efficiency We demand a high degree of efficiency in our work, and we work on the basis of concepts, which ensure a continuous improvement of our efficiency. Efficiency is secured through the composition of teams, planning and choice of tool.
Knowledge Our thorough knowledge of national and regional matters is put in a special perspective by our outstanding global organization. This fact provides exceptional benefits to our internationally oriented clients.CooperationOur clients close contact to key persons in the firm provides uncomplicated access to the expertise offered by our entire national and global organization. We want trusting, personal and direct cooperation, which produces results Offices ???????
VISIONWe envisage being a firm known and established for our principled and honest business practiceMission StatementTariq ayaub,Anwar&Co, is one of the leading public accounting, business advisory and corporate services firms in Pakistan.We strive to provide a broad and coordinated range of excellent, timely; value-for-money services that help our clients make the best business decisions. We are committed to meeting the expectations of our clients by maintaining international standards and fully exploiting the advantages of technology.We wish to be accessible to our clients, and work with them as a team and understand their corporate cultures. We work in all major business centers in Pakistan, and in other countries where that is appropriate.Our clients are those blue chip companies, financial institutions, multinationals and others who demand a firm with the highest reputation for integrity and quality.We recruit, train, develop and retain committed professionals with high integrity, intelligence, education, knowledge and experience. We require them to conduct themselves in a diligent and professional manner, and communicate their knowledge to our clients clearly and proactively. We provide them with challenging and rewarding careers with opportunities for development in a professional environment.We work together with international professional firms in servicing their client needs.As a business we will provide our partners with a remuneration and social status comparable to that of Services
ETHICal values Tariq Ayaub,Anwar&Co. Chartered Accountants is committed to the professional and ethical standards as set out by the Institute of Chartered Accountants of Pakistan and is bound by confidentiality. All the information and knowledge gained about clients business and financial affairs is kept in the strictest confidence. Quality control is maintained by peer review within the firm among other control measuresAssuranceOur Assurance & regulatory reporting servicesWe provide innovative high-quality, and cost-effective services relating to organizations financial control, regulatory reporting, shareholder value, and technology needs. Financial statements audit IFRS reporting Regulatory compliance and reporting Sarbanes-Oxley compliance Corporate reporting improvement Financial accounting Independent controls & systems process assuranceTARIQ AYAUB,ANWAR&CO DEALS IN:1. Advisory Services2. Information Technology3. Sustainability / CSR4. Human Resource5. Internal AuditLet us discuss how we deal in all these sectorsInternal AuditMaximizing the value and effectiveness of the internal audit function requires an understanding of an organization's objectives, risks, risk management priorities, regulatory environment, and the diverse needs of critical stakeholders including executive management, the board, audit committees, employees, and shareholders. Ultimately, these needs determine the risk profile of the organization and the strategic focus of the organization, resources and practices required of its internal audit department.We can help you in following situations: Youre concerned that your internal audit function cant keep up with the changing risks facing your business. You find it difficult to recruit and retain internal audit professionals in all of your key skill areas. You need to supplement your in-house internal audit function with specialist skills. Your internal audit function has insufficient resources to cover the geographic scope of your organization. Your organization considers internal audit to be a non-core activity so you want to find an external provider. You need to assess the effectiveness of your risk management, internal audit, and corporate governance procedures.
As companies comply with the reporting requirements of Sections 302 and 404 of the US Sarbanes-Oxley Act, internal auditors are coming to grip with their role and involvement in these initiatives. These questions include both short-term issues during the implementation phase, as well as longer-term questions on the role and responsibilities of internal audit in the process. Although the Sarbanes-Oxley Act spells out the various roles of management, the audit committee, and the external auditors, it does not specifically address the role of internal auditors. In a post Sarbanes-Oxley world, the internal audit function needs to walk a fine line between providing assurance and consulting to management without impairing its objectivity and independence.
Advisory ServicesConsidering the quantum of development currently going on in Pakistan, both in public and private sectors, we are offering a wide range of advisory services utilizing PwCs experience and global best practices for effective optimization of the whole development effort. Our clients mainly count on us in providing the following advisory services:Business Advisory Mergers and acquisitions Privatization advice Financial due diligence Bid support and bid defense services Structuring services Valuations Independent opinions Global Capital Markets Group (GCMG) Corporate Advisory Services and Strategic SolutionsDevelopment Advisory Fund Management Financial Monitoring Pre-award Assessment Program Assessment Monitoring and Evaluation Grants Advisory Services Organizational Capacity Assessment Value for Money Analysis
Information TechnologyInformation Technology (IT) has become critical to the operations and competitiveness of organizations around the world. Effectiveness of IT support of the business is under the spotlight because IT is typically among an organization's top five expenditures, yet research reveals that an average of 10 to 25% of a company's total IT spending is wasted or used unwisely. In today's regulatory compliance environment, it's no wonder senior executives have serious, valid concerns about the IT systems and the extent to which they support business objectives and the risks IT poses in their organizations and the accountability of costsIf this is your situation You have key business requirements that are not supported by IT systems You wish to automate or reengineer your business processes You wish to have a partner in selection or implementation of the right software You need a review or assessment of your IT function You wish to have the right IT organisation in place to support business requirements You recognize the need to better align IT to the businessHowTariq Ayaub,Anwar&Co can help youWe can help you to automate your business processes, resolve your information system issues, and align your IT function accordingly.Our consulting resources have cutting edge expertise in leading ERP solutions such as SAP and Oracle as well as in core banking solutions. Our solutions are based on an in-depth understanding of your business process and pain points. We work with you to help you align your IT resources with your business objectives and structure them to minimize key business risks.We have experience in handling all aspects of ERP projects life cycle including project management, installation on multiple platforms, business process design and mapping, configuration, training, testing, data conversion and validation, upgrade and support. Our projects are distinguished for solutions that: Are implemented on time, a rarity in IT projects Offer complete and seamless integration of systems across the departments in the company as well as across the enterprise as a whole Are based on best practices Provide accurate, timely and meaningful information for decision makingWe review the IT function in relation to risk; improve the effectiveness of relationships between IT, the organization and with suppliers. We also work with you to improve the fit of services and solutions to the organization's needs and in increasing the value of IT to the business.Services that we provide Business Process Reengineering SOX reviews and controls in an automated environment ERP implementation services ERP project Management ERP appraisal consulting Post Implementation Reviews IT audits and reviews IT risk assessments Provide recommendations regarding IT governance, operations and organization Review of IT General ControlsTaxationTariq Ayaub,Anwar&Co. help enterprises in formulating effective strategies for optimizing taxes, implementing innovative tax planning and effectively managing compliance.The firm whilst providing highest quality of service ensures that it complies with the professional bodys standards, ethics and adherence to risk policies of PwC.Our industry professionals have extensive domain knowledge that is complemented by technical proficiency and dedicated relationships with respective clients. Our tax professionals have a strong reputation in developing new ideas and solutions that have helped clients to improve their efficiencies and offer better services. We understand the underlying industry and business issues that our clients face which helps us to customize solutions for their specific needs.In the modern day world all businesses are engaged in multinational transactions and operations, they are continually challenged to manage the impact of multiple and ever-changing tax jurisdiction.Tariq Ayaub,Anwar&Co.provides comprehensive and sophisticated tax assistance in effectively structuring the impact of global taxation.In Pakistan considering the local requirements we are offering services in following areas:Our tax services Direct Tax Transfer Pricing Indirect Tax
Human ResourceServices related to Human Resources Advisory Organizational strategic services Measuring and implementing strategy-The Balanced Scorecard approach Develop and set organizational goals SWOT Analysis Organizational review and documentation organizational charts Change management- restructuring and reorganization Develop and manage HR planning policy and strategy HR system design and implementation HR benchmarking (comparison with standard best practices) HR scorecard and HR metrics (system to measure the efficiency and effectiveness of HR activities in producing employee behavior to achieve organizational goals) HR Audit HR policies and procedures manual Job analysis (Job descriptions / Job specifications) Competency modeling and framework Performance management system / Performance appraisal Job evaluation Succession planning Assessment and development centers Executive search and selection Talent search Skill match interviews Selection and retention strategies Training and development Training Need Analysis (TNA) Corporate training for manager and supervisors (technical and soft skills)Human Resource Management in today's world, is viewed as a source of competitive advantage in growing number of organizations. There is a greater recognition that distinctive competencies are obtained through highly developed employee skills, distinctive organizational cultures, management processes and systems.We work in close relationships with our clients to offer practical, multi-disciplined approach to the businesses facing increasingly complex challenges. One of the main challenges is to create environments in which people can work most effectively. Our Human Resource practice brings together all the professionals working in Human Resource service arena, equipped with an unmatched breadth and depth of expertise, both locally and globally.We plan and implement carefully when searching for qualified talent to fill our client personnel needs. Our planning ensures supply of people with appropriate skills and consequently the objective of our talent search consultancy is the right person for the right job.Sustainability / CSRCompanies are recognizing that globally, more stakeholders are looking for businesses to bring value to their societies and environment while managing the business impacts thereon. Understanding these impacts can drive improvements to corporate strategy and day to day operations. What is becoming increasingly evident is that a sound sustainability strategy protects a companys reputation; it drives innovation and employee engagement, it satisfies consumers and attracts and retains top talent; it demonstrates compliance and leads to market differentiation - all key ingredients for long-term growth and profitability. Stakeholders also want to know about an organization's sustainability performance and how it is accurately reporting on its corporate activities.We help companies to understand their sustainability related risks and opportunities, embed it into their core business and strategy and reporting, monitor and assure their performances. Our sustainability experts help companies in the following activities:Sustainability Strategy Identify and priorities key issues of sustainability / CSR. This will help companies recognize and better manage risk, improve efficiency, revenue potential, growth and other opportunities. Develop and deliver a robust sustainability program that includes prioritized initiatives, enablers, milestones, key performance indicators, and measurable targets. Advise on global best practices on sustainability and CSR
Sustainability Reporting and Assurance Development of Sustainability Reports in accordance with G3.1 guidelines of Global reporting Initiative (GRI), UNGC principles of Communication on Progress (CoP), ICAPs Best Sustainability Report Award criteria and other recognized standards and global best practices. (PwC is one of the founding members of GRI) Verification, assurance and certification of sustainability reports to build trust, confidence and transparency of your sustainability reports. Develop information and monitoring system for sustainability EHS / Environmental AuditStakeholder Engagement Design and conduct stakeholder engagement activities (including surveys, interviews and other activities) for communities, employees, suppliers, customers and other stakeholders. Identify and assess the relevant requirements of all stakeholders Conduct in house training sessions / workshops on sustainability and CSR Capacity building of senior management on Sustainability / CSR issuesGHG accounting and measurement Develop carbon footprint inventory accounting and measurement of Green House Gases emissions Manage low carbon and climate change goals of companies by analyzing their carbon/environmental footprintSupply chain and operations Assess the risks associated with your supply chain and the steps necessary to protect your brand. Consider best practice from across a range of industry sectors Define the characteristics you require from your suppliers in order to make sure they're sustainable. Monitor and manage environmental, social and governance risks associated with your supply chain. Measure the financial cost or potential impact of your carbon, water and other usage on the environment, and local communities Integrate longer-term sustainability considerations into strategic sourcing and procurement strategies, policies and processes, and build staff competencies in this area to help them maximize the opportunities.Clean Development Mechanism (CDM) Identify emission reduction opportunities for CDM Complete advisory on development of Project Idea Note (PIN) and Project Design Document (PDD), host country approval, validation, registration with the Executive Board of UNFCCC, verification and transaction phasesCLIENTS NAME ??????
OBJECTIVE OR PURPOSE OF INTERNSHIP
Two cogent reasons / purposes of the study are following. General Purpose / Objective1. To get acquaintance to the Audit firm2. To see the application of our Professional studies especially. Specific Purpose / ObjectiveSpecific purpose of the study includes.1. A partial fulfillment as a requirement for the completion of MBA2. To objectively observe the operations of Tariq Ayaub,Anwar&Co. Head office 3. To make recommendations or implementation plans for the improvement of the operations of firm in the light of our professional studies
OBJECTIVES OF STUDYING THE TARIQ AYAUB,ANWAR&CO.
The objectives or purposes of internship are to get practical hand On work its also helpful in my professional life to handle the difficulties To understand financial system To understand importance of audit To understand the application of theoretical knowledge in practical life. To understand application of Prudential Regulation issued by Ministry Of Education. To review its Management and training system. To be a part of a competitive environment and enhances my skills. To point out/identify problems, opportunities and providing recommendation there on.
PERSONAL EXPERIENCEI started my internship program on 20th of Jun 2015. I had to participate 6 days of the week from 9:00 AM to 6:00 PM. The internship program ended on the 23 Sep of 2015.I work in Tariq Ayaub,Anwer&Co. Pakistan as a internee for (8-10) weeks as per university requirements. Management rotates my duties with the purpose I get the proper knowledge and gain maximum knowledge according to their internship program in different departments such as 1. Accounts2. File Maintaining/Management 3. Assignments of different clients
Detail of Department(s) Attended by the me during the Internship Program
S #Name of the clientsDuration
From (Dates)To (Dates)
1Office Assignment19/6/201515/7/2015
2SAM GAS (Pvt)Ltd.16/7/201531/7/2015
3Fine GAS (Pvt)Ltd.1/8/201515/8/2015
4AL Textile (Pvt)Ltd.1/9/20157/9/2015
5Out Door Activity8/9/201523/9/2015
Which task were done by you in the following activities ????Office AssignmentSAM GAS (Pvt)LtdFine GAS (Pvt)LtdAL Textile (Pvt)LtdOut Door Activity
Some of my visited institutes are:1. SAM GAS2. AL Textile3. Fine GAS
SWOT ANALYASISAnalysis of the Tariq Ayaub,Anwer&Co.in terms of its strengths that can help it reap its opportunities into positive returns and its weaknesses that if addressed may improve its situation and resolve some of its threats. A perfect institute doesnt have to face any threats if it has the ability to turn its threats into opportunity by using its strengtors and dissolving its errors and weaknesses.A SWOT Analysis is a great early step in helping to efficiently create an effective growth strategy and plan. Almost any firm that is seeing substantial growth hasat some point early in their processwisely invested time to detail and document the big picture as it relates to their strengths and weaknesses in order to know how best to focus future resources Strength1. They have a large client base many of which are repeat clients.2. Many business units apart from financial services like, Consumer & Industrial Product Service, Private Company Service etc.3. They have offices in 3 big cities4. They have a workforce consisting of the best talent pool5. It is the world's largest professional services firm and one of the largest of the accountancy firms6. Has nearly 50 employees
Weakness1. Stiff competition from other leading industry players means restricted market share2. Brand visibility and advertising lesser than some industry majorsOpportunity1. They can benefit from the growing prospects in emerging economies2. There are many opportunities in providing compliance solutions3. Increase in companies looking for expert business solutionsThreat 1. Recession resulting from the ongoing Euro crisis can affect the business2. Expansion of competitors3. Fluctuating global economy affects operations
RECOMMENDATION1. After doing in polycon Pakistan private limited I observe some things these things needs some improvement because polycone is a leading company in Pakistan and also pioneer in polyethylene product.2. My recommendation according to my thinking they should more advertise there self because of competition 3. They should be focused on price and compare it with their competitor4. Try to do business on trust base it will more helpful to increase in sales 5. Try to be delivered on the spot whenever the order placed 6. Avoid for demanding 100% in advance because if you dont trust on customer costumer cant rust on you and also customer feel they dont have work so they are afraid to skip the customer 7. Increase there distributors for easy excess to the product
CONCLUSION
First I thank to Almighty Allah who blessed me with this wonderful opportunity to work in such a great organization and have great experience. Then I also thank the staff at Tariq Ayaub,Anwar&Co. Who welcomed me with open arms and gave me confidence to work there.It was a great experience for me. Having had studied that how a audit firm works and how things are done in different departments of the firm I was very anxious to work and to see how things really are done. People say its an easy thing being a marketer but let me tell you it is as difficult as any job in the world. Dealing with different circumstances and different people who have different kind of nature is not easy in any way. I worked there for ten weeks and had lots of experience which will be beneficial for me in my career development and will be good for me future.Its profits are increasingly year by year. Its staff is very good and sincere with the company.. The client of Tariq Ayaub,Anwer&Co. realize that innovation, creativity, reliability, customized, services and their execution are they key ingredients for their future growth.
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