Professional Documents
Culture Documents
AT
BY
PUNITHAN. S
15-BC-203
MARCH 2018
- 1 -
DECLARATION
Date:
Place: CHENNAI
- 2 -
ACKNOWLEDGEMENT
PUNITHAN. S
15-BC-203
- 3 -
CONTENTS
I Introduction 1
II Conceptual Framework 14
III Work Experiance 49
IV Skills Accuired
53
V Suggestions and Conclusion
56
VI Bibliography
59
VII Annexures
61
- 4 -
INTRODUCTION
CHAPTER -I
- 5 -
INRODUCTION
As I am pursuing my Bachelor of Commerce degree in the specialization of Corporate
secretaryship, there is an internship program to be completed in the sixth semester of the
course and its mandatory for the students pursuing B.com degree. The main motive of this
internship program is to make sure the students pursuing the degree to get the practical
knowledge and get the exposure of the corporate world.
Origin of Paper
From the time, human life started in this world, people realized the need for
communication and they wanted to record certain thing for future generation. Initially rocks
and trees were used to carve the message. After that palm leaves were used for
communication process. In olden times kings used silicon cloth to write important
documents.
The origin of Paper is Papyrus, which grow in abundance in delta of Egypt. After
processing, the leaves were used for writing.
- 6 -
FIRST PAPER MILL IN THE WORLD
The first paper mill was started in China and the Baghdad. After 40 years, a paper
mill was started at Hainault in France. Then the art of paper making entered into England,
Switzerland and Netherlands. In 1800, a book was published describing the method of
manufacturing paper from pulp and vegetable pulp.
PRESENT TREND
Paper Industry in India has a long history with the first being commenced in 1832.
Though the paper industry in India is more than a century old, it grew at a very slow pace till
1950. The industry had only 17 mills till 1950 and 1.6 lakhs tonnes of paper; presently the
industry is crowded with nearly 400 companies.
India’s per capital consumption of paper is around 3kg to 3.5kgs against the 27% in
Singapore 14kg in Singapore china, 11kg in Indonesia and 40kg at Asian pacific region.
India’s consumption is far less than average per capital consumption of the world, which is
45.6kg. The industry production in the current is around 2.8 million tonnes.
- 7 -
INDUSTRY PROFILE
Paper is a material made in thin sheet as an aqueous deposit from linen rags,
wood pulp or other form of cellulose which is used for writing, printing and wrapping etc.
TS’AI LUN seems to have made his paper by mixing finely chopped
mulberry bark and hemp rags with water, mashing it flat and then pressing out the water
and letting it dry in Sun. He may have based his idea on bark cloth, which was very
common in China and also made from mulberry bark.
TS'AI LUN's paper was a big success, and began to be used all over China. By the 400's
AD, people in India were also making paper. People all over the Islamic world soon began
using paper, from India to Spain. By 1250 AD, the Italians had learned to make good paper
and sold it all over Europe. In 1338, French monks began to make their own paper. Once
they had learned to make paper, they became more interested in also learning about
Chinese printing, and a man called Gutenberg produced the first printed Bible in 1453.
By this time, people in the country of the Aztecs (modern Mexico) had also, independently,
invented paper. Their paper was made out of agave plant fibres, and people used it to make
books.
Meanwhile, in China people were using paper in more and more different ways. They were
using it for kites, and even for toilet paper!
Pulp and Paper manufacturing industry is one of the largest among the top ten in the world.
Today the world paper production has crossed 300 million per annum.
- 8 -
Company Profile
To be the market leader in the manufacture of world class eco-friendly papers by
adopting innovative technologies for sustainable development.
TNPL was formed by the Government of Tamil Nadu in April 1979. The primary
objective of the company is to produce Newsprint, Printing and Writing paper using
bagasse a sugarcane residue as the primary raw material. The registered office of the
company is situated at Gundy, Chennai.
The products are being marketed throughout the country and also being exported
to 20 countries around the world. The factory is situated at Kagithapuram in Karur district
of Tamil Nadu. The initial capacity of the plant was 90,000 TPA of Newsprint, Printing
and writing paper, which commenced production in the year 1984. The capacity was
doubled to 1, 80,000 TPA in January 1996 after implementation of the first project.
Recently the capacity has been further enhanced to 2, 30,000 TPA in April 2003 through
up gradation of both the paper machines.
The largest production capacity in India at a single location and paper machines
with built in flexibility for manufacturing Newsprint, Printing and writing papers in the
same machine.
TNPL has the unique arrangement with the sugar mills for sourcing the raw
material in the form of exchange of steam/fuel for bagasse. TNPL is committed to
manufacture and supply eco-friendly papers to customer’s satisfaction with the emphasis
on continual improvements in its quality management systems.
for paper making through continuous process improvements is TNPL’s Quality policy,
Quality standardization without compromise on environment is being accomplished with
online quality control at various stages of production. Despite opening up of Indian markets
for imports, TNPL has been consistently recording increasing in year by year, which
demonstrates the company’s commitment to Quality. Direct interaction with customers
through customer service cell has helped the company in meeting the Customer
Satisfaction Index (CSI) ranging from 7.01 to 7.50. Customized products are also being
- 9 -
manufactured by TNPL to meet the customer delight.
The Online Integrated Information system (OIIS) a mini ERP package developed
by CMC ltd.., for TNPL integrates the flow of information from all the section of the
company covering Production, Materials, finance and Marketing etc.., Thus OIIS has
greatly improved information for faster and timely decision making for assured product
quality. The automated process control facilities ensure complaint free products at various
stages upto the final packing and dispatch.
By using bagasse as the primary raw material instead of wood. TNPL is saving
deforestation of about 30,000 acres of forestland every year. Due to the usage of bagasse
the chemical consumption in the pulp bleaching process is lower. TNPL’s effluents
completely comply with the norms set by Tamil Nadu Pollution Control Board. TNPL is
adopting activated sludge treatment system. Further the treated effluent water is being used
to irrigate 1500 acres of land around the factory. The farmers are cultivating cash crops
such as sugarcane, groundnut etc.., and using TNPL effluent water. TNPL has obtained the
prestigious ISO 14001 certificates from RWTUV, Germany for successfully establishing
and applying environmental management system for development manufacture and supply
of paper.
THE VISION:
THE MISSION:
- 10 -
Company’s Board
Objectives
ü Company committed to satisfy customers for the product, TNPL develop,
manufacture and supply with emphasis on.
ü Customer requirements at competitive prices.
ü Use of Eco-Friendly raw materials.
ü Improve the quality of the paper to that of International standards.
ü Become globally competitive in terms of cost, pricing and quality.
ü Continuous process improvements. Involvements of all employees. Suppliers and
dealers.
TNPL export their products to various countries like Australia, Egypt, Greece,
Indonesia, Jordan, Kenya, Malaysia, Myanmar, Nepal, Nigeria, Philippines, Singapore, Sri
Lanka, South- Africa, Taiwan, Turkey, U.A.E.., U.K. Yemen.
- 11 -
Organization Chart
- 12 -
- 13 -
Awards and Accolades
In pursuit of excellence, TNPL has won many accolades. This is in recognition of
its continuous innovation and constant improvement in all spheres of its activity.
Achievements 2016-17
1. Sales turnover crossed Rs. 3000 crore mark for the first time.
2. Profit after tax of Rs 264.56 Crore exceeded the previous highest record achieved in
2015-16 by Rs. 4.75 Crore.
3. Achieved Highest Paper sales of 415683 MT during the FY 2016-17. Domestic sales
accounts for 80% and Exports 20%.
4. De-inked Pulp Production increased by 25995 MT from 42705 MTs in the previous
year to 68700 MTs during the current year.
5. 71.29 Crore units of power were generated, of which 69.24 Crore lakh units were
consumed and 2.05 Crore units were exported to the State Grid. Power drawn from
State Grid constitutes only 1.61% of total power consumed.
- 14 -
7. Cement production increased by 38103 MT from 196573 MT in the previous year to
234676 MT during the current year.
8. Cumulatively 1,20,715 acres of land have been brought under Company’s Farm
Forestry and Captive Plantations schemes, benefitting 23,287 farmers.
9. Term Loans amounting to Rs. 154.19 crore were repaid as per schedule.
10. Dun & Bradstreet, Mumbai, has selected TNPL as the Top Indian Company under
the sector Paper and Board products for “Dun & Bradstreet Corporate Awards 2017”,
sixth time in a row.
11. TNPL has bagged the “IPMA Paper Mill of the Year award” for the year 2015-16
from Indian Paper Manufacturers’ Association (IPMA), New Delhi. This award is
given once in two years for the overall best performance in Industry. TNPL has
received the Paper Mill of the year award five times and three times in a row.
12. During the year, the company received the Top Export Award for the year 2014-15
from CAPEXIL (Chemicals & Allied Products Export Promotion Council of India).
in recognition of the company’s export achievement in respect of Paper, Paper Board
& Paper Products Panel.
13. TNPL received the “Most Innovative Environmental Project Award” under the
category of “CII Environmental Best Practices Award 2017” from CII for elimination
- 15 -
Code of Practices and Procedures for Fair Disclosure of Unpublished
Price Sensitive Information (FDUPSI)
Formulated in line with sub-regulation (1) of Regulation 8 of Securities and Exchange Board
of India (Prohibition of Insider Trading) Regulations,2015 read with Schedule A thereof
A. This code may be called “TNPL Code for Fair Disclosure of Unpublished Price Sensitive
Information (FDUPSI)"
1. TNPL shall ensure to make prompt public disclosure of unpublished price sensitive
information (UPSI) that would impact price discovery no sooner than credible and concrete
information comes into being in order to make such information generally available.
'UPSI’ means any information which is likely to materially affect the price of the securities
and shall include: financial results; dividends; change in capital structure; mergers,
demergers, acquisitions, delisting, disposals and expansion of business and such other
transactions; changes in key managerial personnel; and material events in accordance with
the Listing Agreement.
'Generally available information' means information that is accessible to the public on anon-
discriminatory basis.
2. TNPL shall ensure to make uniform and universal dissemination of UPSI to avoid selective
disclosure.
3. TNPL has designated Thiru.V. Siva Kumar, Company Secretary as a Chief Investor
Relations Officer to deal with dissemination of information and disclosure of UPSI.
4. TNPL shall ensure prompt dissemination of UPSI that gets disclosed selectively,
inadvertently or otherwise to make such information generally available.
- 16 -
5. TNPL shall ensure to make appropriate and fair response to queries on news reports and
requests for verification of market rumours by regulatory authorities.
6. TNPL shall ensure that information shared with analysts and research personnel is not an
UPSI.
“Need-to-know” basis means that UPSI should be disclosed only to those within the
company who need the information to discharge their duty and whose possession of such
information will not give rise to a conflict of interest or appearance of misuse of the
information.
The Board of Directors reserves the right to amend or modify the Code in whole or in
part, at any time without assigning any reason whatsoever and to establish further rules and
procedures, from time to time, to give effect to the intent of the Code.
The decision of the Board of Directors of the Company with regard to any or all
matters relating to the Code shall be final and binding on all concerned.
Any amendment(s) to the Code, duly approved by the Board of Directors of the
Company, shall be promptly intimated to the Stock Exchanges and shall also be updated on
the official website of the Company.
- 17 -
CONCEPTUAL
FRAMEWORK
CHAPTER -II
- 18 -
CONCEPTUAL FRAMEWORK
FINANCE
Ø Finance is a field that deals with the study of investments. It includes the dynamics
of assets and liabilities over time under conditions of different degrees of uncertainty
and risk. Finance can also be defined as the science of money management. Market
participants aim to price assets based on their risk level, fundamental value, and their
expected rate of return. Finance can be broken into three sub-categories: public
finance, corporate finance and personal finance.
Ø Finance may be defined as the art and science of managing money. It includes
financial service and financial instruments. Finance also is referred as the provision
of money at the time when it is needed. Finance function is the procurement of funds
and their effective utilization in business concerns.
Ø The concept of finance includes capital, funds, money, and amount. But each word
is having unique meaning. Studying and understanding the concept of finance
become an important part of the business concern.
FINANCE DEPARTMENT
- 19 -
v Business concern needs finance to meet their requirements in the economic
world. Any kind of business activity depends on the finance. Hence, it is
called as lifeblood of business organization. Whether the business concerns
are big or small, they need finance to fulfil their business activities.
v In the modern world, all the activities are concerned with the economic
activities and very particular to earning profit through any venture or
activities. The entire business activities are directly related with making
profit. (According to the economics concept of factors of production, rent
given to landlord, wage given to labour, interest given to capital and profit
given to shareholders or proprietors), a business concern needs finance to
meet all the requirements.
v Hence finance may be called as capital, investment, fund etc., but each term
is having different meanings and unique characters. Increasing the profit is
the main aim of any kind of economic activity.
DEFINITION
v According to Khan and Jain, “Finance is the art and science of managing money”.
v According to the Wheeler, “Business finance is that business activity which concerns
with the acquisition and conversation of capital funds in meeting financial needs and
overall objectives of a business enterprise”.
v According to the Guthumann and Dougall, “Business finance can broadly be defined
as the activity concerned with planning, raising, controlling, administering of the
funds used in the business”.
- 20 -
v In the words of Parhter and Wert, “Business finance deals primarily with raising,
administering and disbursing funds by privately owned business units operating in
non- financial fields of industry”.
v Corporate finance is concerned with budgeting, financial forecasting, cash
management, credit administration, investment analysis and fund procurement of the
business concern and the business concern needs to adopt modern technology and
application suitable to the global environment.
v According to the Encyclopaedia of Social Sciences, “Corporation finance deals with
the financial problems of corporate enterprises. These problems include the financial
aspects of the promotion of new enterprises and their administration during early
development, the accounting problems connected with the distinction between capital
and income, the administrative questions created by growth and expansion, and
finally, the financial adjustments required for the bolstering up or rehabilitation of a
corporation which has come into financial difficulties”.
TYPES OF FINANCE
Ø Finance is one of the important and integral part of business concerns, hence,
it plays a major role in every part of the business activities. It is used in all the
area of the activities under the different names.
- 22 -
v Joshep and Massie: Financial management “is the operational activity of a
business that is responsible for obtaining and effectively utilizing the funds
necessary for efficient operations.
v Thus, Financial Management is mainly concerned with the effective funds
management in the business. In simple words, Financial Management as
practiced by business firms can be called as Corporation Finance or Business
Finance.
Financial management is one of the important parts of overall management, which is directly
related with various functional departments like personnel, marketing and production. Financial
management covers wide area with multidimensional approaches. The following are the important
scope of financial management.
Economic concepts like micro and macroeconomics are directly applied with
the financial management approaches. Investment decisions, micro and macro
environmental factors are closely associated with the functions of financial manager.
Financial management also uses the economic equations like money value discount
factor, economic order quantity etc. Financial economics is one of the emerging area,
which provides immense opportunities to finance, and economical areas.
- 23 -
Modern approaches of the financial management applied large number of
mathematical and statistical tools and techniques. They are also called as
econometrics. Economic order quantity, discount factor, time value of money,
present value of money, cost of capital, capital structure theories, dividend theories,
ratio analysis and working capital analysis are used as mathematical and statistical
tools and techniques in the field of financial management.
Produced goods are sold in the market with innovative and modern
approaches. For this, the marketing department needs finance to meet their
requirements. The financial manager or finance department is responsible to allocate
the adequate finance to the marketing department. Hence, marketing and financial
management are interrelated and depends on each other.
- 24 -
Functions of Financial Management
3.Choice of sources of funds: Choice of funds depend upon the relative merits and
demerits of each resource. Various sources of funds are:
v Issue of shares and debentures
v Loans to be taken from banks and financial institutions
v Public deposits to be drawn, like in the form of bonds
5. Disposal of surplus: It refers to the decisions on the net profits made about the
dividend declaration and retained earnings.
6. Management of cash: The Financial manager has to make decisions with regards to
cash management. It is required for many purposes like payment of wages and salaries, bills,
creditors, maintenance of stock, raw materials, etc.
7. Financial Control: Financial Manager not only has to plan, procure and utilize funds
but he also has to exercise control over finances. This can be done through many techniques
like ratio analysis, financial forecasting, cost and profit control, etc.
- 25 -
AUDITING
The term audit is derived from the Latin term ‘audire,’ which means to hear. In early
days, an auditor used to listen to the accounts read over by an accountant in order to check
them
The original objective of auditing was to detect and prevent errors and frauds
Auditing evolved and grew rapidly after the industrial revolution in the 18 of the joint
stock companies the ownership and management became separate. The shareholders who
were the owners needed a report from an independent expert on the accounts of the company
managed by the board of directors who were the employees.
Spicer and Pegler: "Auditing is such an examination of books of accounts and vouchers
of business, as will enable the auditors to satisfy himself that the balance sheet is properly
drawn up, so as to give a true and fair view of the state of affairs of the business and that the
profit and loss account gives true and fair view of the profit/loss for the financial period,
according to the best of information and explanation given to him and as shown by the books;
and if not, in what respect he is not satisfied."
- 26 -
The book "an introduction to Indian Government accounts and audit" "issued by the
Comptroller and Auditor General of India, defines audit “an instrument of financial control.
It acts as a safeguard on behalf of the proprietor (whether an individual or group of persons)
against extravagance, carelessness or fraud on the part of the proprietor's agents or servants
in the realization and utilisation of the money or other assets and it ensures on the proprietor's
behalf that the accounts maintained truly represent facts and that the expenditure has been
incurred with due regularity and propriety. The agency employed for this purpose is called
an auditor."
INTERNAL AUDIT
Internal audit is the existence and operation of management control system and
evaluate its effectiveness, and as a result may recommend giving up some control actions
and develop others. It evaluates the internal control on its functionality in relation to general
management, but also in relations with external control entity received from the outside.
- 27 -
Internal audit review the entity's activities and services, primarily to improve them. It
leads to strict policies and procedures established by that entity and it is not limited to
financial matters.
Internal audit is a function of the entity's control structure. It should not be confused
with the entity's internal control structure. The two departments are separate and
independent, not being in the relationship of subordination.
Internal auditors are permanent employees of the entity and are directly responsible to
the entity's management or the General Assembly of Shareholders.
Internal Auditor: advise, assist, recommend, but not decide, his obligation is to provide
a means to improve the control that each manager has on his activities and those in
coordination to achieve goals.
- 28 -
Internal Audit Department audits at least every three years, but not limited to, the following:
Internal audit assignments are made based on plan. The draft audit plan is prepared by the
internal audit department, based on risk assessment and by taking suggestions from the head
entity, in consultation with higher-level government entities, taking into account the
recommendations of the Court of Auditors. The head of the public entity approves the draft
internal audit plan.
The internal auditor carries out ad hoc audits, internal audit assignments that exceptional, not
included in the annual internal audit plan.
In carrying out audits, internal auditors carry out their activities based on work order issued
by the Head of Public Internal Audit Department, which explicitly states the goals,
objectives, type and duration of the internal audit, nominating and audit team.
• procedures and operations to ensure compliance with rules, regulations and laws - a
regular audit (an audit of this type is exemplified in this seminar notebook);
- 29 -
• assessing the depth of management and internal control in order to remove any
irregularities and shortcomings of the public entity - the audit system;
• examining the impact of the set objectives and desired quality of the public in terms
of the criteria of economy, efficiency and economy - performance audit.
Mission objectives are statements prepared by auditors that define what they have set out
to achieve during the mission. Public Internal Audit Department shall notify the structure
that will be audited, 15 days before the onset of engagement and it will include the purpose,
key objectives and duration of the mission.
Public Internal Audit Department shall also notify, topic in detail, joint cooperation
program, and the periods in which the interventions on the spot, according to methodological
norms.
The internal auditors have access to all data and information, including electronic ones,
which it considers relevant for the purpose and objectives specified in the order of service.
Management and executive staff of the auditee is required to provide documents and
information required within the timescales, and all the support needed to carry out properly
the public internal audit.
Internal auditors may request data, information and copies of documents certified by
natural and legal persons in connection with the auditee, and they have the obligation to
provide the requested date.
- 30 -
VOUCHING, VERIFICATION & VALUATION
MEANING OF VOUCHER
VOUCHING
In simple words, vouching means verification of accuracy, authority and authenticity of transactions
that appear in the books of original entry with the help of vouchers of these transactions. We shall
examine some definitions of vouching given by different authors:
(1) According to B.B. Bose: “By vouching is meant the verification of the authority and authenticity
of transactions as recorded in the books of accounts.”
(2) In the words of Ronald A. Irish, “Vouching is a technical term, which refers to the inspection of
documentary evidence supporting and substantiating a transaction.”
(3) De Paula writes, “Vouching means the inspection of receipts with the transactions of a business
together with documentary and other evidence of sufficient validity to satisfy an auditor that such
transactions are in order, have been properly authorized and are correctly recorded in the books.”
CHARACTERISTICS OF VOUCHING
The following characteristics of vouching are clear from above mentioned definitions:
Thus, the purpose of vouching is not merely to verify that the payments have been made, but to
verity further that the payment relates to the business and is approved by proper authority.
IMPORTANCE OF VOUCHING
Vouching is the first step for auditing. The auditor commences his work with the
examination of entries and vouching plays an important role in this respect. The correctness
of books of accounts is tested by vouching. If the vouching is carried out with due care and
intelligence, the audit work becomes smooth and easier. All subsequent steps of auditing are
dependent on vouching. Usually frauds and errors can be detected by vouching.
(1) Reliable examination: In vouching, the entries in original books of accounts are verified
to ensure that the transactions are genuine; they are authenticated and comply with normally
accepted principles of accounting. If a transaction is not authenticated or is not properly
recorded, then the final accounts would not show a true and fair view of the profit or loss and
state of affairs of business. The entries in the books of original entries are the foundation on
which the correctness of entire accounting record is based. Thus, vouching tests the very base
of accounting process.
- 32 -
(2) Examination of original evidences: Checking of entries is done by examining the
original evidence supporting such entries. Vouchers are thus links between transactions and
entries. By vouching the particulars of transactions, such as dates, amounts, the names of
parties, etc. are known. Thus, details are compared with the final evidence establishing the
correctness of entries in books of accounts.
(3) Detection of errors at initial stage: By checking the entries, with original evidence, the
errors and frauds can be located at an early stage. The maxim that ‘the prevention is better
than cure’ is achieved as the vouching prevents the errors before they assume serious
proportion.
(4) Keeps the auditor alert: Since the starting point of audit is vouching, the auditor can
detect errors and frauds in the beginning of audit. If he finds any errors, he becomes more
alert and careful and extends his checking to very important transaction. He resorts to
auditing in depth’ and can thus carry out his work in a more responsible manner. In case of
Armitage Vs. Brewer and Knott, 1982, it was held that audit is dependent on vouching and
if the auditor shows carelessness in vouching, he will be held liable for it.
(1) Serial number: The auditor should see that the vouchers are consecutively numbered
according to date and the order of transactions. If this is not done then the auditor’s time
would be unnecessarily wasted in finding out required vouchers.
(2) Date: The auditor should carefully check the dates on vouchers. The vouchers should
relate only to the year for which the accounts are audited. Otherwise the vouchers of earlier
year may be produced again and cash or goods might be misappropriated.
(3) Name: The vouchers should be in the name of client. The transactions recorded in the
books of a client would be correct only if they are supported by bills, documents and other
evidences in the name of that particular client. The name of the party from whom the voucher
is received should be compared with the name of supplier in the books of accounts.
- 33 -
(4) Address: The voucher should be addressed to the client in whose books the transaction
is recorded. If the voucher is in the personal name of director, partner, or manager, the same
may not be relating to business itself.
(5) Amount: The amount shown in the voucher should tally with the amount recorded in the
books of accounts. The amount in voucher should be indicated both in figures and in words,
so that the alterations in figures can be avoided.
(6) Particulars: The auditor should carefully examine the particulars mentioned in the
voucher. From the particulars given in the vouchers, auditor is able to ascertain whether the
item is of a revenue or capital nature. This distinction is of great importance, since the capital
income and expenditure are shown in the Balance Sheet whereas revenue income and
expenditure are shown in Profit and Loss Account.
(7) Approval and Signature: Each voucher should be properly approved and authenticated.
The person who authorizes payment or other transaction should put his signature in support
of having approved the voucher. The auditor should have with him specimen signature of
various officers, with schedule of their powers.
(8) Revenue stamp: For payments exceeding Rs. 5000/- the relative receipts should bear
revenue stamp of Re. 1.00. However, where the items are purchased for cash and a cash-
memo is obtained, there is no need to obtain stamped receipt.
(9) Continuous vouching: As far as possible the auditor should complete the vouching of a
particular period of a book in single sitting. If the vouching is kept pending or incomplete,
then there are chances of figures being altered and a fraud being committed after the
vouching is over.
(10) Cancelling the voucher: Once the voucher is audited, the same should be cancelled so
that it may not be produced again. Rubber stamp, Seal or Ticks of particular colour is used
to cancel the voucher.
- 34 -
(11) Period: The auditor should pay particular attention to the period to which the voucher
relates. If the expenditure is for the period beyond the accounting year of client, the
proportionate amount of expenditure should be debited to prepaid expense accounts.
Similarly, from verification of period, the auditor gets an idea about income received in
advance, income due but not received for which correct adjusting entries should have been
passed.
(12) Entry in the books of accounts: While examining vouchers, the auditor should see that
correct entry is passed in the books of accounts and he should see that there is no voucher
which is left to be recorded in the books of accounts. Moreover, as per details of voucher,
correct classification of revenue and capital is done.
(13) List of Missing Vouchers: After vouching is over, the auditor should go through the
relevant books or register and find out the un-ticked items. The items may not be ticked for
want of vouchers. The auditor should prepare a list of missing vouchers and ask the person
concerned to obtain the same. If he does not get the vouchers within reasonable time or if he
has not offered satisfactory explanation about missing vouchers, he should mention the facts
in his report. In several types of expenses vouchers are not received e.g. Tea and breakfast,
cartage, etc. In such cases, he should verify the signature of employees through whom the
payment is made and should also see that the payments are approved by responsible person.
The auditor has to give a certificate on the accounts examined by him that the Profit
and Loss Accountant shows as a true and fair view of the profit or loss of business and the
Balance Sheet shows a true and fair view of the state of affairs of the business. Hence it
becomes the duty of the auditor not only to vouch the expenses and incomes, but also to
verify and check the valuation of the assets and liabilities of business. He has to satisfy
himself that the assets and liabilities do in fact exist, and they are properly valued.
- 35 -
MEANING OF VERIFICATION
Verification means verifying the truth of the existence, values and ownership of the
assets. Before signing his report, auditor has to satisfy himself that the assets shown in the
balance sheet really exist, they are in the name of his clients and the values shown are proper.
The process of satisfying himself regarding all these points is ‘verification’.
According to Spicer and Pegler “The verification of assets implies an inquiry into the
value, ownership and title, existence and possession, the presence of any charge on the
assets.”
From the definitions, it can be inferred that verification involves the following:
It has been stated earlier that both vouching and verification are very important
aspects to auditing. However, verification is a much wider term than vouching. Verification
means examining with regard to the assets shown in the balance sheet that they exist, are in
the name of the company, are properly valued and are free from any charge.
- 36 -
The points of difference between the two may be stated as follows:
1) The object of vouching is to check that the entries made in the books of accounts are
correct. Whereas the object of verification is to check the existence, valuation,
ownership and possession of the assets.
2) Vouching is carried out with the help of vouchers. Verification includes in addition
to vouching, the checking of physical existence, valuation and ownership of the
assets.
3) Vouching is done at any time during the year. Verification is done only after accounts
are completed and balances are drawn.
4) Vouching of assets is undertaken once during the life time of the asset. Verification
of assets shown in the balance sheet is done every year.
5) Vouching means substantiating an entry in the books of account with the supporting
vouchers like receipts, invoices, correspondence, contracts etc.
6) Vouching does not include valuation of assets and liabilities. Verification includes valuation
of assets and liabilities.
7) Vouching is the first step taken before verification. It involves examining the transactions
when they take place. Verification is the next step after vouching is completed. It includes
checking many aspects of assets and liabilities.
MEANING OF VALUATION
As we have seen earlier, an auditor is required to certify that the balance sheet shows,
true and fair view of company’s affairs. Naturally, if the assets and liabilities are shown at
their proper values, the balance sheet would be true and fair. Hence the auditor has to satisfy
himself that the assets are shown in the balance sheet at their true and fair values.
Now the problem is what the correct value of an asset is. The assets would be deemed
to be properly valued, if valuation is made according to the generally accepted principles of
accounting. For example, the fixed assets are to be shown at cost less depreciation to date. If
this practice is not followed and if depreciation is more or less than the fair amount, the profit
will be understated or overstated. A number of complications will then arise and the balance
sheet will not show true and fair financial position of business.
- 37 -
Now what are the duties of the auditor with regard to valuation of assets? As stated
above, he has to ensure that generally accepted principles of accounting have been followed.
He is not a technical man and cannot ascertain correct values of all types of assets. Hence,
he has many times to rely on the certificates of the trusted officials of the company. But he
should exercise reasonable care and skill in satisfying himself that the values of assets are
correct.
1.Meaning
Verification means checking whether the assets shown in the balance sheet are in the name of
business, whether they exist or not, whether there is any charge on it etc. Valuation means
determining the proper values of assets and liabilities shown in the balance sheet
2.Purpose
The purpose of verification is to check existence, ownership and possession of assets. The
purpose of valuation is to determine the proper values of assets as per generally accepted principles.
3.Basis
The basis of verification is the type of assets, and liabilities. There is not fixed method of
verification. The basis of valuation of assets is the types of assets are valued on different basis.
4.Certificate
The auditor is not able to get certificate of verification of assets and liabilities. The auditor is
entitled to get certificate of valuation of assets from responsible officer of the business unit.
5.Vouching
6.Scope
The scope of verification is wide. It includes checking of many things like existence,
ownership, possession etc. The scope of valuation is limited. Here only values of assets and liabilities
are determined and checked.
- 38 -
CLASSIFICATION OF VOUCHER
1. Primary:- A written evidence in original is said to be the primary voucher, for example,
invoice for a purchase.
2. Collateral:— When the original voucher is not available, copies thereof are produced in
support or subsidiary evidence in order to remove doubt from the mind of auditor. Such a
voucher is usually known as a collateral voucher.
While examining vouchers the following points should be noted by the auditor:
1. All vouchers have been properly filed, serially numbered and arranged in order as it saves
time in finding out a particular voucher in checking.
2. The voucher is properly stamped as normally every receipt for more than five hundred
rupees requires a revenue stamp unless legally exempted.
3. The date and the year of the receipt or the voucher corresponding with the cash book. The
name of the party to whom the voucher is issued, the name of the party issuing voucher and
the amount etc. are correct.
4. Those vouchers which have been inspected by him are stamped so as to avoid the
possibility of their being produced again.
5. Every voucher is passed "as in order" by some responsible person whose signature should
be noted.
6. Amount paid appears both in words and figures. If they differ, the matter should be
investigated.
7. For missing vouchers, the auditor should satisfy himself with regard to the reasons of their
being lost. If he is not satisfied with the explanations, he should state this fact in his report.
8. No help from any member of the staff of the client has been taken while vouching the
entries and checking the vouchers.
- 39 -
9. Any alteration in the voucher is duly signed by the invoice clerk.
10. In case of vouchers for insurance, rent, rates and taxes etc., the period for which the
payment has been made should be noted.
11. Special attention should be paid to those vouchers which are in the personal name of one
of the partners, Directors, manager, Secretary or any other official of a business and which
may or may not relate to the business itself. In case of purchase, original invoice, inward
book and order book etc. should be examined to ensure that the goods were purchased for
the business only.
Vouching of cash transactions is by far the most important job in every business
irrespective of its size and type of business etc. Before setting the program for vouching the
cash book, an auditor should examine carefully the whole system of internal check in
operation in respect of cash transactions. (Internal check has already been explained in detail
previously).
The object of vouching the credit side of cash or bank of cash payments is not merely
to ascertain that money has been paid away but to ensure that the payments have been made:
- 40 -
FILING AND INDEXING
Objectives
Filing systems
As a primary source of information, all office records need to be preserved for future
reference. Filing serves the purpose of preserving records in all offices. Documents and
papers are filed and made available on requirement. Filing is the process of organising the
correspondence and records in a proper sequence so that they can be easily located. The term
filing may this be defined as the process of so arranging and storing original records or copies
of them, that they can be readily located when required. In other words, filing is the process
of arranging and storing records so that they can be easily located. It involves placing of
documents and papers in acceptable containers according to some predetermined
arrangement so that any of them when required may be located quickly and conveniently.
- 41 -
Objectives
The major objectives of filing process are to ensure proper arrangement, careful storing
and easy availability of records. An efficient filing system is expected to have the following
objectives:
Functions
The system of filing must achieve its objectives. The following are the chief characteristics
of a good filing system.
1. Simplicity
The system should be simple so that the employees concerned may operate it without
any difficulty.
- 42 -
2. Accessibility
The system should enable files to be easily located and papers to be inserted in files
without disturbing the arrangement.
3. Compactness
The filing section should occupy reasonable space in view of the cost implication of
large space.
4. Economy
The cost of installation and operation of the system should be proportionate to the
benefits derived from it.
5. Flexibility
6. Safety
The records should be safe and available whenever they are needed. There should not
be any danger regarding insects, rain and mishandling.
7. Retention
8. Classification
- 43 -
Classification and methods of Filing
1. Alphabetical
2. Numerical
3. Geographical
4. Subject wise
INDEXING
Indexing is an important aid to filing. Filing and indexing are so inter- related that
filing without indexing is incomplete and indexing without filing does not exist. Indexing is
the process of determining the name, subject or other captions under which the documents
are filed. Index is a guide to records.
Purpose
The main purpose of an index is to facilitate the location of required files and papers.
Index helps the staff to find out whether a particular file exists for a party or subject, and its
place in the container. It also facilitates cross referencing. Where records are classified in
numerical order, or subject wise an index is necessary.
- 44 -
A good indexing system should be simple, economical, safe, elastic and efficient. It
should provide for cross referencing of files. Tabs, guides or slips should be used for
indications for quick referencing.
Types of Index
Various types of indexes are used in different offices according to their requirements.
The main types of indexes are:
Meaning
The term ‘financial analysis’ includes both ‘analysis and interpretation’. The term analysis
means simplification of financial data by methodical classification given in the financial
statements. Interpretation means explaining the meaning and significance of the data. These
two are complimentary to each other. Analysis is useless without interpretation, and
interpretation without analysis is difficult or even impossible.
- 45 -
Financial statement analysis is a judgemental process which aims to estimate current
and past financial positions and the results of the operation of an enterprise, with primary
objective of determining the best possible estimates and predictions about the future
conditions. It essentially involves regrouping and analysis of information provided by
financial statements to establish relationships and throw light on the points of strengths and
weaknesses of a business enterprise, which can be useful in decision-making involving
comparison with other firms (cross sectional analysis) and with firms’ own performance,
over a time period (time series analysis).
Significance
Financial analysis is the process of identifying the financial strengths and weaknesses
of the firm by properly establishing relationships between the various items of the balance
sheet and the statement of profit and loss. Financial analysis can be undertaken by
management of the firm, or by parties outside the firm, viz., owners, trade creditors, lenders,
investors, labour unions, analysts and others. The nature of analysis will differ depending on
the purpose of the analyst. A technique frequently used by an analyst need not necessarily
serve the purpose of other analysts because of the difference in the interests of the analysts.
Financial analysis is useful and significant to different users in the following ways:
(a) Finance manager: Financial analysis focusses on the facts and relationships related to
managerial performance, corporate efficiency, financial strengths and weaknesses and
creditworthiness of the company. A finance manager must be well-equipped with the
different tools of analysis to make rational decisions for the firm. The tools for analysis help
in studying accounting data so as to determine the continuity of the operating policies,
investment value of the business, credit ratings and testing the efficiency of operations. The
techniques are equally important in the area of financial control, enabling the finance
manager to make constant reviews of the actual financial operations of the firm to analyse
the causes of major deviations, which may help in corrective action wherever indicated.
(b) Top management: The importance of financial analysis is not limited to the finance
manager alone. It has a broad scope which includes top management in general and other
functional managers. Management of the firm would be interested in every aspect of the
financial analysis. It is their overall responsibility to see that the resources of the firm are
used most efficiently and that the firm’s financial condition is sound.
- 46 -
Financial analysis helps the management in measuring the success of the company’s
operations, appraising the individual’s performance and evaluating the system of internal
control.
(c) Trade payables: Trade payables, through an analysis of financial statements, appraises
not only the ability of the company to meet its short-term obligations, but also judges the
probability of its continued ability to meet all its financial obligations in future. Trade
payables are particularly interested in the firm’s ability to meet their claims over a very short
period of time. Their analysis will, therefore, evaluate the firm’s liquidity position.
(d) Lenders: Suppliers of long-term debt are concerned with the firm’s long- term solvency
and survival. They analyse the firm’s profitability over a period of time, its ability to generate
cash, to be able to pay interest and repay the principal and the relationship between various
sources of funds (capital structure relationships). Long-term lenders analyse the historical
financial statements to assess its future solvency and profitability.
(e) Investors: Investors, who have invested their money in the firm’s shares, are interested
about the firm’s earnings. As such, they concentrate on the analysis of the firm’s present and
future profitability. They are also interested in the firm’s capital structure to ascertain its
influences on firm’s earning and risk. They also evaluate the efficiency of the management
and determine whether a change is needed or not. However, in some large companies, the
shareholders’ interest is limited to decide whether to buy, sell or hold the shares.
(f) Labour unions: Labour unions analyse the financial statements to assess whether it can
presently afford a wage increase and whether it can absorb a wage increase through increased
productivity or by raising the prices.
(g) Others: The economists, researchers, etc., analyse the financial statements to study the
present business and economic conditions. The government agencies need it for price
regulations, taxation and other similar purposes.
- 47 -
Purpose
The main objective of a business is to earn a satisfactory return on the funds invested
in it. Financial analysis helps in ascertaining whether adequate profits are being
earned on the capital invested in the business or not. It also helps in knowing the
capacity to pay the interest and dividend.
Financial statements of the previous years can be compared and the trend regarding
various expenses, purchases, sales, gross profits and net profit etc. can be ascertained.
Value of assets and liabilities can be compared and the future prospects of the
business can be envisaged.
The trend and other analysis of the business provides sufficient information
indicating the growth potential of the business.
- 48 -
v Assess overall financial strength
The purpose of financial analysis is to assess the financial strength of the business.
Analysis also helps in taking decisions, whether funds required for the purchase of
new machines and equipment are provided from internal sources of the business or
not if yes, how much? And also, to assess how much funds have been received from
external sources.
The different tools of an analysis tell us whether the firm has sufficient funds to meet
its short term and long term liabilities or not.
Objectives
v To assess the current profitability and operational efficiency of the firm as a whole
as well as its different departments so as to judge the financial health of the firm.
v To ascertain the relative importance of different components of the financial position
of the firm.
v To identify the reasons for change in the profitability/financial position of the firm.
v To judge the ability of the firm to repay its debt and assessing the short-term as well
as the long-term liquidity position of the firm.
Through the analysis of financial statements of various firms, an economist can judge the
extent of concentration of economic power and pitfalls in the financial policies pursued. The
analysis also provides the basis for many governmental actions relating to licensing, controls,
fixing of prices, ceiling on profits, dividend freeze, tax subsidy and other concessions to the
corporate sector.
- 49 -
Tools of Analysis
1. Comparative Statements: These are the statements showing the profitability and
financial position of a firm for different periods of time in a comparative form to give
an idea about the position of two or more periods. It usually applies to the two
important financial statements, namely, balance sheet and statement of profit and loss
prepared in a comparative form. The financial data will be comparative only when
same accounting principles are used in preparing these statements. If this is not the
case, the deviation in the use of accounting principles should be mentioned as a
footnote. Comparative figures indicate the trend and direction of financial position
and operating results. This analysis is also known as ‘horizontal analysis’.
2. Common Size Statements: These are the statements which indicate the relationship
of different items of a financial statement with a common item by expressing each
item as a percentage of that common item. The percentage thus calculated can be
easily compared with the results of corresponding percentages of the previous year
or of some other firms, as the numbers are brought to common base. Such statements
also allow an analyst to compare the operating and financing characteristics of two
companies of different sizes in the same industry. Thus, common size statements are
useful, both, in intra-firm comparisons over different years and also in making inter-
firm comparisons for the same year or for several years. This analysis is also known
as ‘Vertical analysis’.
- 50 -
4. Ratio Analysis: It describes the significant relationship which exists between various
items of a balance sheet and a statement of profit and loss of a firm. As a technique
of financial analysis, accounting ratios measure the comparative significance of the
individual items of the income and position statements. It is possible to assess the
profitability, solvency and efficiency of an enterprise through the technique of ratio
analysis.
5. Cash Flow Analysis: It refers to the analysis of actual movement of cash into and
out of an organisation. The flow of cash into the business is called as cash inflow or
positive cash flow and the flow of cash out of the firm is called as cash outflow or a
negative cash flow. The difference between the inflow and outflow of cash is the net
cash flow. Cash flow statement is prepared to project the manner in which the cash
has been received and has been utilised during an accounting year as it shows the
sources of cash receipts and also the purposes for which payments are made. Thus, it
summarises the causes for the changes in cash position of a business enterprise
between dates of two balance sheets.
Parties interested
Analysis of financial statements has become very significant due to widespread interest
of various parties in the financial results of a business unit. The various parties interested in
the analysis of financial statements are:
v Trade unions: They are interested in financial statements for negotiating the wages
or salaries or bonus agreement with the management.
v Lenders: Lenders to the business-like debenture holders, suppliers of loans and lease
are interested to know short term as well as long term solvency position of the entity.
- 51 -
v Suppliers and trade creditors: The suppliers and other creditors are interested to
know about the solvency of the business i.e. the ability of the company to meet the
debts as and when they fall due.
v Employees: They are interested to know the growth of profit. As a result of which
they can demand better remuneration and congenial working environment.
v Government and their agencies: Government and their agencies need financial
information to regulate the activities of the enterprises/ industries and determine
taxation policy. They suggest measures to formulate policies and regulations.
v Stock exchange: The stock exchange members take interest in financial statements
for the purpose of analysis because they provide useful financial information about
companies.
- 52 -
WORK EXPERIENCE
CHAPTER -III
- 53 -
During my internship, I have done most of the office related clerical job that gained
me more knowledge about the financial department in a company. On my first day, I was
asked to meet Mr. Prem, and coordinate with him. He insisted me to meet my internship
guide Mr. Senthilavelan, CA. He gave me an overview on the company’s profile and also
said that there will be a viva session in a week of time before going to the delegation of work
and for the reference I was recommended to go through the last year’s (2016-17) Annual
report of the company.
For the first seven days, I wasn’t given any much work. I was just made to prepare
for the viva session from the annual report. I took notes from the annual report as a part of
preparation. On the second day, we had more co-interns incoming. They too were made to
do the same as me. Later, on the day, we had an orientation in the Finance manager’s room.
He gave us a brief speech about the work done in the financial department and main personals
in the department.
From the second week, I started to work inside the office with all other workers
and all my co-interns also accompanied me. We framed a team and my team is of me and
three co-interns (Swathi, Pavithra and Rajarajeshwari). We worked on the last year’s
financial statements and were comparing it with previous years’ reports.
On the following days, we started to work individually and I was working and
helping for a senior officer in the billing and vouching process. I was working with him on
cross checking and filing. Middle of the second week, I started to work on filing particularly
as it was the calendar year ending time the Managing Director was also asking for some
financial details of the company. It was busy week for all the senior staffs and I wasn’t given
much work since the works done needed experience and intense care. But I was made sure
that I have been delegated with a work since I was curious in learning something. So, they
made me to do all the filing and indexing works.
At the end of the second week and also the end of the year, we had a meeting for
all the interns with the work guide. We had to take up the viva test. Me and all my co-interns
took the viva test and we first stumbled to answer all the questions since it wasn’t from the
references we had. We were again insisted to take a recourse.
- 54 -
Since it’s the last week of internship for the other co-interns, we were made to
socialise with each other and they completed their viva on the same weekend, the next day
itself. We had a socialising session and exchanged all our co-ordinates (i.e., college name,
phone number, etc.). They ended up getting their completion certificate and I learned the way
to get it by them. On the other side, it’s the year ending and the office works were bundled.
Last day of the week and the year, I was asked to gather up all the files that I filed and indexed
for cross checking by the senior officer and a double check was made by my work guide.
End of the day, all my works in the filing and indexing was also a part of the Managing
Directors meeting with all the department heads and the Company secretary.
After new year holidays, on the first day of the year, I was assigned to billing and
vouching the vouchers, bills and invoices again. I was made to sit with the same senior I was
working with before. He assigned me a bit more work than usual and he was checking my
competency to complete it in a stipulated time. Actually, it was an easy task requiring a lot
more care and intense concentration. I somehow managed to complete the work with some
help and guidance from his side.
Later, on the same week, I was called by the work guide and he asked me to finish
my viva test as soon as possible as I have already discussed with him about the evaluation of
my work during the internship. So, I took the next two days, that is, the whole week to prepare
for the viva. Rather digging the same annual report, I also consulted with the office staffs
and other department employees to know more about the company and other details like
exports and the like, as it wasn’t so clear in the annual report of the company.
End of the third week, I took the viva and I was able to answer all the question he
asked me. I was also able to speak much more about the company. I gained a lot more
information about the company from the analysis work I made.
Last week of the internship, on the first day, I was insisted about the first internal
audit of the company. The senior employee I assist with insisted me to be ready with the files
and bills that I have been arranging so far. I was also explained about the internal audit and
clear picture about the process was given to me.
- 55 -
Middle of the last week, held the internal audit and I helped the senior officer in
exhibiting all the bills and files that I have been assigned to file and index. The auditors and
the Chief Executive of the Auditing committee, was able to go through the files and
documents without any hindrance. I just took one day for all the auditors for the internal
check and all the expenses faced for the new year gifts and all the budget that are to be faced
for the Pongal celebration are completely gone through.
On the last day of my internship, I had a glance at the Article of Association and the
Memorandum of Association of the company. I got my worksheet signed and sealed and my
works being evaluated by the Work guide. My work guide consulted with the senior
employee I assisted with and the assistant work guide to whom I was assigned to assist first.
After all the consultation, my works were evaluated and it was a warm farewell I received
from the work guide and other employees of the company.
- 56 -
SKILLS ACQUIRED
CHAPTER - IV
- 57 -
During my internship at Tamil Nadu Newsprint and Papers Limited, I have learned many
things. To be particular:
1) One of the most important skill I gained is to co-operate with the workers who work
with us and it’s the easy way to complete a task.
2) Timely reporting to the official who assign our job is also very important to maintain
a smooth flow of work and to avoid any mistakes.
3) Corporate culture is all new thing I learn and the culture they follow in the finance
department was coherent.
All the work assigned to are timely scheduled and it has to be completed before a
stipulated period of time, not to miss the flow of work in the office. For instance, if a file has
to forwarded to the next department within a time to complete a transaction, it has to be done
within the given time or at the earliest possible, which maintains the flow of work.
If there are any miscorrelations in billing amount or any figures in it, I have to find it
and reframe it from the root document and it is a very deep process. And the problem arising
from it should be handled by mw. Once this problem occurred during my internship and I
managed to solve the problem.
3. Technical Skills
New ideas and techniques in filing and indexing are taught to me and I also framed
my own way of performing it. To Finish the cross-checking of bills and vouchers I need
follow a new technique of referring it and arranging it.
- 58 -
4. Team Work
During the financial statement analysis, we worked in a group and the work was made
more easier and we were able to do finish any analytical work easily. We were able to
exchange ideas and our work results between us and it helped me to get off Xenophobia and
Agoraphobia.
5. Positive Approach
As an intern, I had to develop a positive approach towards the new working environment.
I learned to look every matter with a positive approach. Also, my co-interns and senior staffs
in the company were motivating.
6. Patience
7. Adaptability Skills
This the most vital skill to be acquired. We must always adapt to the current situation
and environment, only then we will be able to work efficiently. The environment they
provided in the company for interns were more free and adaptable.
8. Concentration
Most important for the billing and vouching work since any small mistake would lead
to a big problem.
9. Dedication
Dedication to the work we do must be 100%. I also learnt to give my full effort on
doing a job since it fetches you name and accolades.
10. Communication
SUGESSTIONS AND
LIMITATIONS
CHAPTER - V
- 60 -
LIMITATIONS
1. Having the Internship as part of the final semester is a main drawback as we cannot
know more about the corporate world further as there will be no much time left after
the internship.
2. Restriction on choosing internship companies in other cities.
3. Restrictions of choosing same company for internship by multiple students. At least
two must be allowed in a company.
Limitations during internship
1. Departmental company and all the gained knowledge is only about the finance
department alone.
2. Less work time of internship.
3. Restrictions to meet the higher-level authorities.
4. Conducting viva for evaluation is a waste of time rather evaluating our works done
will be challenging.
Suggestions to improve Internship
1. More or at least two students to choose one company for internship.
2. Summer internship. And it must be in second year itself.
3. Extension of internship days to at least 30 days.
4. Students must be allowed to do their internship even outside the cities or in any part
of the country to gain more exposure and it’s not certain that there are many top
companies inside the limit given by the college.
- 61 -
CONCLUSION
Through this internship project, students are vastly benefitted as most of the students
may enter into a corporate life and have to do the same as they did during the internship.
So, this is a wonderful opportunity given to the students by the college to know more about
the corporate world and their nature. I was able to meet more people and communicate with
more experienced personalities and gain more knowledge about various field.
I gained more knowledge about the financial management, billing, vouching, filling
and indexing process followed in a company. Simultaneously, new ideas were taught to me
more than I study during the course period.
- 62 -
BIBLIOGRAPHY
- 63 -
Bibliography
1. J Srinivasan, Fundamentals of Financial Management, Vijay Nicole
Imprints,2009.
2. Dr.L. Natarajan, Practical Auditing, Margham Publications,2016.
Webliography
1. www.slideshare.net
2. www.wikipedia.com
3. www.quora.com
4. www.linkedin.com
- 64 -
ANNEXURES
- 65 -