SCHOOL OF FINANCE AND BANKING (SFB) UNDERGRADUATE INTERNSHIP REPORT ACADEMIC YEAR 2011/2012

INTERNSHIP REPORT DONE AT KSK ASSOCIATES LTD A A

INTERNSHIP PERIOD: 6TH FEBRUARY 16TH MARCH 2012 Presente d by SANO Clement PSP/3002/09

ACKNOWLEDGEMENTS
I would like to thank first and foremost the almighty god who in his own way made all of this possible. I want to also express my sincere gratitude to the management of KSK associates that willingly gave me the opportunity to do my internship in their organization and constantly guided me. Special thanks go to Mr. Balaba Eddie, Mr. Olinga Mika and Mr. Shema Emmanuel who constantly gave me advice and guidance on how best I could benefit from the internship. I also wish to express thanks to my friends especially the Kavamahanga group for their contribution in one way or another towards the fulfillment of my internship obligations. I also express thanks to my family for the endless and tireless support, love, encouragement and guidance that they constantly provide.

DECLARATION
I hereby declare that, except where otherwise indicated, this document is entirely my own work and has not been submitted in whole or in part to any other university.

SANO Clement Signature: .. Date:

LIST OF ABBREVIATIONS
SFB: SCHOOL OF FINANCE AND BANKING KSK: KASENGE STEPHEN KIGONGO GOR: GOVERNMENT OF RWANDA BBA: BACHELOR OF BUSINESS ADMINISTRATION NBR: NATIONAL BANK OF RWANDA RRA: RWANDA REVENUE AUTHORITY

ABSTRACT
This abstract is intended to give a brief summary of my internship experience at KSK associates ltd, a Rwandan firm specializing mainly in audit services. This report is thus divided into five chapters. Chapter one gives an account of the background and objectives of the internship that include applying knowledge learnt in school, attaining technical skills and experience and gaining interpersonal skills that promote personal growth. Chapter two deals with KSK associates profile, KSK is an audit company that deals in Accounting, Auditing and Tax Advisory, Strategic and Business planning, Project proposal and Financing sourcing, Feasibility Studies, Assurance and Business Advisory, Risk Management Solutions, Training and Recruitment, Information systems solutions. KSK started operations in 2004 in Uganda but at present has branches in United States of America (USA), South Sudan and in Rwanda (opened 31st march 2011). KSK has four departments, i.e. audit, accounting, tax and business advisory that overlap each other in the activities that each department performs. Chapter three deals with the activities performed in KSK. In the accounting department I journaled entries, did ledgering, reconciled bank statements and prepared the financial statements of clients. In the audit department I audited clients accounts i.e. helped in the bidding process, drafted engagement letters, assisted in the audit plan, assisted in the audit process by preparing the financial statements and drafting parts of the final audit report. Chapter four deals with the learning outcomes i.e. gaining new skills on the use of accounting packages like quick books, audit procedures and content, bank reconciliation and also new skills on the calculation of different taxes. Chapter five gives a conclusion and recommendations to both KSK and SFB that mainly concentrates on both institutions having a strong partnership between them in order to better the internship process.

TABLE OF CONTENTS
ACKNOWLEDGEMENTS.........................................................................................2 DECLARATION......................................................................................................3 LIST OF ABBREVIATIONS.......................................................................................4 ABSTRACT............................................................................................................5 TABLE OF CONTENTS............................................................................................6 CHAPTER 1: INTRODUCTION................................................................................7 1.1 BACKGROUND................................................................................................7 1.2 AIM OF INTERNSHIP........................................................................................8 1.3 OBJECTIVES OF THE INTERNSHIP....................................................................9 1.3.1 General objective of the training.................................................................9 1.3.2 Specific objectives of the training...............................................................9 CHAPTER 2 ORGANIZATION PROFILE OF KSK...................................................10 2.1 BACKGROUND OF KSK..................................................................................10 2.2 GEOGRAPHICAL LOCATION...........................................................................10 2.3 VISION.......................................................................................................... 10 2.4 MISSION........................................................................................................10 2.5 ORGANIZATION STRUCTURE OF KSK............................................................11 2.5.1 ACCOUNTING DEPARTMENT......................................................................11 2.5.2 THE AUDIT DEPARTMENT..........................................................................12 2.5.3 THE TAX DEPARTMENT..............................................................................13 2.5.4 THE BUSINESS ADVISORY DEPARTMENT...................................................13 CHAPTER 3 ACTIVITIES CARRIED OUT DURING THE INTERNSHIP........................14 3.1 INTRODUCTION............................................................................................14 6

3.2 ACCOUNTING DEPARTMENT.........................................................................14 3.3 AUDITING DEPARTMENT...............................................................................17 CHAPTER 4 LEARNING OUTCOMES.....................................................................21 4.1 Intern learning outcomes.............................................................................21 4.2 Self Evaluation of Internship.........................................................................23 4.3 Self Development Plan.................................................................................25 CHAPTER 5 CONCLUSION AND RECOMMENDATION...........................................26 5.1 CONCLUSION................................................................................................26 5.2 RECOMMENDATIONS....................................................................................26 APPENDICES....................................................................................................... 27

CHAPTER 1: INTRODUCTION 1.1 BACKGROUND

The Government of Rwanda (GOR) through the Universities and Institutes of Higher Learning requires every undergraduate student to undergo an
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Industrial training as a prerequisite to being awarded a Bachelor of Business Administration (BBA) degree. This is aimed at ensuring sustainability and production of skilled personnel.

It is in this respect that the School of Finance and Banking (SFB) designed an academic programme requiring final year students to undergo industrial training in different Public and Private Institutions to give an opportunity of putting theory learnt for four years into practice. This area of learning provides a set of essential concepts in the working environment and exposes the student to the activities being carried out in the field of employment upon the completion of studies thus empowering students to explore necessary principles to solve problems related to such environment. It is from this concept that I conducted my Industrial training in an audit firm by that goes by the name Kasenge Stephen Kigongo (KSK) associates ltd, I had the opportunity to pass through three departments of the organisation that were; accounting department, audit department and the tax department. During the exercise, I was able to discuss with different staff in different departments and I was also allowed to practically do the work from their desks of operation while receiving guidance at the same time.

1.2 AIM OF INTERNSHIP

The aim of the internship was to acquaint me, the student, with the requirements and general modes of operation encountered in the office environment and also help me apply the theoretical knowledge and concepts acquired during the four years of under-graduate Bachelors degree in SFB into office practice.

1.3 OBJECTIVES OF THE INTERNSHIP 1.3.1 General objective of the training

The general objective was to enable me to use the theoretical knowledge learnt in SFB to acquire practical and technical skills and provide me with vast knowledge on what is happening in the working environment.

1.3.2 Specific objectives of the training

To acquire technical and practical skills and knowledge from the working environment.
To avail knowledge and experience to me in any relevant areas of my

specialisation. To apply the knowledge learned in the university onto the field. To gain interpersonal skills that promote personal growth and strengthening work values through improved understanding of work environment.

CHAPTER 2

ORGANIZATION PROFILE OF KSK

2.1 BACKGROUND OF KSK

KSK(Kasenge Stephen Kigongo) associates Ltd is an auditing firm that offers professional services in Accounting, Auditing and Tax Advisory, Strategic and Business planning, Project proposal and Financing sourcing, Feasibility Studies, Assurance and Business Advisory, Risk Management Solutions, Training and Recruitment, Information systems solutions. KSK opened doors to clients in July 2004 having kasenge Stephen as its first Managing director with the headquarters on 2nd Floor Peacock Building, plot 56 Sixth Street Industrial Area Kampala. KSK was able to grow from having one branch on 5th street industrial area to opening another on the 2nd floor Ntinda shopping centre before branching out to Rwanda, South Sudan and United States of America. KSK associates Ltd, the Rwandan chapter, opened on the 31st march 2011 with the stewardship of its managing partner Mr. Eddie Balaba and is constantly growing from strength to strength while maintaining the values of teamwork, integrity, agility, excellence and innovation

2.2 GEOGRAPHICAL LOCATION

KSK associates are located in the city of Kigali, district of Gasabo on the Ground Floor Prester House, Kacyiru Plot 922 Boulevard de lUmuganda Kigali- Rwanda.

2.3 VISION
To be the professional services Firm of choice within Our Communities while deeply committed to the Diversity of Our People and Clients.

2.4 MISSION
To be a reliable, responsive, competent and empathetic team and make our clients feel valued.

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2.5 ORGANIZATION STRUCTURE OF KSK

KSK associates is divided into four departments all answerable to the managing partner. The four departments are audit department, accounting department, tax department and finally business advisory department. At the top of the helm of KSK is the position of the managing partner. This is a single position and the managing partner is responsible for managing and exercising over all control of KSK associates. The managing partners job description is; Conducting firms strategic planning process to refine the firms mission, vision and values and assess its current state at least once per year; o Finalizing objectives for KSK and ensuring that they are met each year; o Establishing a financial plan for KSK and ensuring that it is met each year; o Acting as the spiritual and values leader for KSK o Evaluating and overseeing all business expansion opportunities, including merger and acquisition opportunities o Assisting direct reports with setting and meeting their goals o Approving all new position descriptions, new hires, promotions and any disciplinary action, including firing of employees; o Approving the firms calendar of events; o Representing the firm at key events, firm functions and other meetings Below the managing partner come the different departments and are as follows:o

2.5.1 ACCOUNTING DEPARTMENT

The accounting department is comprised of three employees that comprise of two junior associates headed by a senior associate. The junior associates responsibilities include; Preparing and verifying daily reports Preparing journal entries Reconciling bank accounts Compiling all financial reports

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The senior associate who headed the junior associates did a supervisory role that involved;

Ensuring an accurate and timely monthly, quarterly and year end close. Ensuring the timely reporting of all monthly financial information. Monitoring and analysing department work to develop more efficient procedures and use of resources while maintaining a high level of accuracy Advising staff regarding the handling of non-routine reporting transactions Providing training to new and existing staff as needed Handling personnel issues relating to staff conflicts, absenteeism, performance issues, etc.

2.5.2 THE AUDIT DEPARTMENT

The audit department was also comprised of two junior associates headed by senior associate. The duties of the junior associates were;

Assisting with the completion of audit engagements. Learning a thorough knowledge of the Clients business and related needs. Preparing financial statements, and management letters in accordance with professional and Firm standards.

While the senior associates were;

To oversee audit planning, field work, and audit reporting; prepare

reports, and communicate findings and recommendations to senior management.

To review audit work papers prepared by the audit staff to ensure

sound audit theory and compliance with the department's methodology. Responsible for the daily supervision of audit staff and responsible for the development of audit staff and the completion of performance evaluations.
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 To ensure that reviews are completed in compliance with the

Corporate Audit Department and Institute of Internal Auditor standards.

2.5.3 THE TAX DEPARTMENT

This department also had two junior associates headed by a senior associate. The departments general duties were to;

Maintain required level of technical knowledge on tax. Prepare estimated income and other tax payments. Prepare various income and other tax returns. Prepare/Review other various tax filings: Annual reports, Intangible Tax, Sales Tax. Assist in government audits on the client accounts. Maintain a tax preparation system. Keep abreast of current developments in the tax area. Provide an information source in the tax area within the company. Other tax projects as they arise.

2.5.4 THE BUSINESS ADVISORY DEPARTMENT

This department comprised of two junior associates headed by a senior associate. The departments general duties involved providing consultancy in;

Strategic and Business planning Project proposal and Financing sourcing Feasibility Studies, Assurance and Business Advisory Risk Management Solutions, Training and Recruitment, Information systems solutions. Below is the organization chart.
Managing partner

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Senior associate accounting department

Senior associate audit department

Senior associate tax department

Senior associate business advisory department

CHAPTER 3 ACTIVITIES CARRIED OUT DURING THE INTERNSHIP 3.1 INTRODUCTION

Junior associa te

Junior associa te

Junior associat e

Junior associa te

Junior associa te

Junior associa te

Junior associa te

Junior associa te

The internship was carried out for a period of six weeks of which three departments were visited. These three departments were; the Audit department, Accounting department and the Tax department spending a period of two weeks in each department. For the sake of the report I will deal with the Audit and Accounting department although it should be noted that the departments tend to overlap each other, for example in the auditing process, tax knowledge will be required and as such the tax department will consulted. The same applies to the accounting department that requires tax information to ascertain the tax to pay and vice versa where the tax department will also need information from the other departments to operate.

3.2 ACCOUNTING DEPARTMENT

3.2.1 Objective The accounting departments objective is to prepare income and cash flow statements, prepare the balance sheet, make bank reconciliations and organize all other information that is essential for decision making. This department does it for KSK and the clients in liaison with the tax department. 3.2.2 Responsibility I had the responsibility of assisting the accounting department staff in their duties. I helped in journaling and ledgering clients accounts, preparing the trial balance, adjusting the trial balance so that it makes sense, preparing income and cash flow statements, preparing the balance sheet and making bank reconciliations for different clients accounts.
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3.2.3 Technical details This requires classifying of the accounts to know the type of account you are dealing with e.g an expense account will be different from a liability account, double entry system is then respected when posting accounts, the trial balance is then constructed, bank reconciliation is then made and finally the financial statements are prepared. 3.2.4 Scientific and professional skills The preparation of the final financial statements requires abundant knowledge in accounting and complying with its principles, knowledge of accounting software packages like quick books is also required, knowledge of computer skills like excel and word are required and lastly professional communication skills like writing official letters etc are required. 3.2.5 Problems and challenges There was also a problem of delay in preparing the financial reports caused by the client delay in relaying information on how the funds provided were spent Human error in tallying the receipts and recording of the receipts was another problem that was encountered since some mistakes were discovered. Depreciation calculation was another problem encountered in that there were cases where the depreciation was being done for the first time and as such, looking for the percentage to use, was a problem especially where there was no agreed documentation showing the percentage to use. There was also a problem encountered in the process of bank reconciliation in that not all that was in the cash book would match what was in the bank account. Communication was another problem in that some of the clients didnt fully understand some of the accounting concepts and thus caused a delay in response to the requirements of the accounting department staff when certain information was needed. Disclosure was also another problem that I encountered since the clients were not that willing to have another firm take over their day to day accounting operations and thus getting information on their financial transactions.
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Tax rates and calculations that applied to different companies were a problem since I had to apply different tax rates to different clients that included a mixture of non government organizations and for profit organizations. 3.2.6 Solution/design implemented In solving the clients delay in sending information, certain deadlines were setup e.g. all monthly receipts and expense information was required on the first day of the following month so that there would be no delay reporting the financial statements In preventing human error, working in a team was encouraged and after that every piece of work done was reviewed by another team member and finally by the supervisor to eliminate any errors. Cross checking the information was also encouraged especially at the first point of contact with the clients agent. The client was encouraged to set an agreement on the percentage to use to depreciate the assets but in compliance with what the law deemed as a fair rate e.g computers at around 25% was considered reasonable. During bank reconciliation a constant dialogue was sought out with the client to seek clarification and an explanation in cases where there was a mismatch between the bank and the cash account of the company. In the case of communication and disclosure, meetings were set up between KSK and the clients to explain the reasons for the need of the information in the case of communication problem and assurance of confidentiality in the case of disclosure. Tax rate knowledge was acquired from Rwanda Revenue Authority (RRA) on the different taxes to apply to the different clients depending on their nature of activities and also the level of those activities. 3.2.7 New skills/ knowledge acquired I was able to learn practically how to prepare the trial balance and how to adjust it in case it did not balance. I also learnt the art of bank reconciliation by matching what was in the cash book with what was in the bank and reconciling the differences that emerged.
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Most importantly I was able to learn how to use the accounting packages and in particular I learnt how to use Quick books accounting software to prepare the final accounts. 3.2.8 Deliverables All information was submitted to the supervisor of the accounting department that required bank reconciliations, ledger and other information on a monthly basis. 3.2.9 Team members on task The supervisor was the senior associate, accounting department and was charged with the responsibility of maintaining accounting principles, practices and procedures to ensure accurate and timely financial statements while managing the team to ensure that work was properly allocated and completed in a timely and accurate manner The co-workers were the two junior associates, accounting department that were charged with preparing the final accounts of KSK and client accounts, making bank reconciliations and other information relevant to assisting in decision making.

3.3 AUDITING DEPARTMENT

3.3.1 Objective The auditing department has the objective of acquiring information from the clients such as their financial statements and giving an opinion of whether the clients accounts represent a true and fair view of the clients company state 3.3.2 Responsibility I had the responsibility of assisting the audit department in the completion of their audit engagements. This involved assisting them in the bidding process, drafting the engagement letter in cases where we were awarded the tender, organizing the requirements for the pre-audit meeting, assisting in the organization of the audit plan, drafting parts of the business advisory
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letter, assisting in the audit process by preparing the financial statements and drafting parts of the final audit report. 3.3.3 Technical details This can be explained by breaking it down into the bidding process and the actual audit process; In the bidding process the technical details involved giving a background of KSK associates, showing an understanding of the clients requirements by referring to the terms of reference, showing the approach to how the audit will be conducted, the fee estimate and the experience KSK had in the audit field, the composition and experience of the team to perform the audit and lastly showing the tender requirement documents e.g. company registration certificate, revenue tax clearance certificate, tender purchase receipt etc The Audit process involved first and foremost drafting the business engagement letter stating the basis of relationship between the audit firm and the client, the chosen audit team would then have a pre-audit meeting to discuss what was required of them and help them better understand the client they were going to audit. An audit plan then followed that involved a breaking down of every area that was to be audited, procedures to be followed in those areas, possible challenges that would possibly be encountered when auditing those areas , areas of possible fraud and error and assessing the risk of material misstatement i.e. in financial reporting, management and in control systems . The actual audit then followed and involved an independent preparation of the income statement, balance sheet, statement of changes in equity, statement of cash flow and finally notes to the financial statements. The final reports were then drafted giving an opinion of whether the clients account representation was true and fair. 3.3.4 Scientific and professional skills Abundant Knowledge of accounting procedures and principles were required to conduct the audit since the auditors had to independently prepare the financial statements.

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Deep knowledge and vast experience in the area of auditing was needed to conduct the audit especially when a strict compliance to the International Audit Standards (IAS) was required. A working knowledge of computer applications like Microsoft word, Excel and PowerPoint were needed especially when drafting the report and in meetings. 3.3.5 Problems and challenges Disclosure was also another problem that I encountered since the clients were not that willing to have another firm take over their day to day accounting operations and thus getting information on their financial transactions. The vast amount of auditing procedures and technicalities that a person had to deal with were another challenge especially to someone new to the auditing process. Before auditing, an understanding of the client business was required and this wasnt easy to get especially with companies that were not common e.g. IT solution companies. Auditing and checking for supporting documentation for transactions of a vast number of the clients documents was another challenge. Getting documents like contracts, bank statement and bank statement confirmation letter that justifies the transactions that were authorized by the clients company was another issue. Calculation of the foreign exchange gains/losses was another tedious challenge that I encountered. A test for impairment of the intangible assets of some of the clients was another challenge since this was a difficult task to perform. Tax computation and in particular deferred tax was also another problem that I was able to experience. In the case of assets, a requirement to see the original documents and ensuring the physical presence of each of the assets was enforced and this caused another challenge since some of the assets like cars and machines in different areas had to be verified.
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3.3.6 solution/design implemented In the case of disclosure, meetings were set up between KSK and the clients to explain the reasons for the need of the information and an assurance of confidentiality in the clients financial status and transactions. To address the vast amount of auditing procedures and technicalities, I had to read a lot and internalize the concepts while also being guided by the audit team that I was working with. Information was gotten from research and by consulting with the client on the business operation. A sample of the total clients documents was audited since it was tedious to consider every single supporting document of a transaction. In order to get the contracts and bank statements, a letter was written to the managing director giving a list of what was required by KSK and to the banks a confirmation was requested of whether what the clients provided as bank statements was true. Calculation of the foreign exchange gains/losses issue was solved by getting the daily exchange rates for the present and previous years from the National Bank of Rwanda (NBR). In the case of impairment, consultation and guidance from the supervisor and the team was sought. Deferred tax, being a sensitive issue due to its complexity, required guidance from the team supervisor. To solve the problem of the assets verification, a date was set up so that the assets physical presence and original documents were presented.

3.3.7 Skills acquired I was able to acquire knowledge and skills on the procedures to follow when auditing different organizations e.g the auditing for a nonprofit organization is different from a profit making firm. I also gained skills in auditing of cash, debtors, inventory, bank, fixed assets, loans and finally auditing of creditors.
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Vast knowledge and experience, both formal and informal, on detection and prevention of fraud was acquired in the auditing department.

3.3.8 Deliverables All auditing reports and information was submitted to the supervisor of the auditing department as per the contract. 3.3.9 Team on task The supervisor was the Senior Associate, Auditing department and was charged with overseeing audit planning, field work, audit reporting, preparation of reports, communicating findings and recommendations and was also responsible for the daily supervision of audit staff, development of audit staff and the completion of performance evaluations. The co-workers were the two Junior Associates, Auditing department, that were charged with completion of audit engagements, acquiring thorough knowledge of the Clients business and related needs, Preparation of financial statements and management letters in accordance with professional and KSK standards.

CHAPTER 4 LEARNING OUTCOMES 4.1 Intern learning outcomes

4.1.1 Context
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The audit department received notice of a new client that wanted an audit to be done on their business financial records; the client wanted the assignment completed within a month so that they could present the report to their board members. The audit department had a brief meeting discussing the clients business and the requirements for the audit, its plan and who would be on the team that would audit the client. Any other information that would be required to effectively complete the audit was also discussed. Since it was considered a fairly simple assignment, I was put on the team that would meet with the client at their premises and explain what the audit would require. I was informed that I would be responsible for completing the audit assignment with the rest of the audit team members. I had the responsibility of calculating the clients tax but had problems with the deferred tax since I was new to this area of tax but with guidance from the supervisor and team I was able to complete the assignment successfully. 4.1.2 My role I was charged with dealing with the tax calculations of the client that included the value added tax (VAT), income tax and the deferred income tax. I had to make an independent calculation of the taxes to check if they were done correctly and incase there were some taxes not calculated I had to add them in the report as part of the business advisory. 4.1.3 Actions taken I calculated the deferred tax but it was erroneous since the previous years closing balance was different from the opening balance of the present year. With hindsight I know I should have acted differently by making sure that the previous year closing balance was the same as the present year opening balance and in the future I would make sure that all the previous year closing balances match the present years opening balances.

4.1.4 Performance

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My performance on this occasion differed from other occasions because this was a new field of tax and on top of that it was complex because of the numerous inputs it required e.g. bad debts, capital allowances, gains or losses unrealized forex gains/ losses etc 4.1.5 Guidance I received guidance from the supervisor, audit department in the form of slowly going through the tax steps with me until we were able to find the difference between the closing and opening balance. 4.1.6 Improvements I think I need to improve the area of unrealized forex gains/ losses calculation that was a bit of a problem for me to calculate. 4.1.7 Gain/ learn I learnt about how sensitive calculation of deferred tax can be and how important it is to work in a team and have your work reviewed by your team.

4.2 Self Evaluation of Internship

4.1.1 My internship expectations
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I entered KSK with the expectation of gaining knowledge on audit evidence, audit fraud and error, auditors report, audit sampling and audit planning. 4.1.2 Internship expectations met These expectations were not only met but were exceeded when I was posted to the audit department since I was able to practically do an audit. I gained knowledge also on new areas like audit procedure. 4.1.3 New skills acquired I gained new skills on the use of accounting packages like quick books, audit procedures and content, bank reconciliation and also new skills on the calculation of different taxes. 4.1.4 Work relevance to SFB studies The work that I did was relevant to my studies in that I was able to match the theory that I got from the four years of my stay in SFB with the practicality of what I was doing in KSK. 4.1.5 Performance rating I think I performed highly since I was able to complete and perform the assigned tasks, I worked with initiative, independence and motivation, I exhibited professional maturity and judgement, I expressed a willingness to be guided and I was able to develop both personally and professionally. 4.1.6 Change due to internship experience The internship experience has taken me a step closer to attaining my future career goals since I am now able to grasp the audit area of knowledge that I previously was not conversant with. I am also able to give different organizations tax advice depending on the nature of their business. I also have gained skills and am able to detect and prevent fraud in organizations.

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4.3 Self Development Plan

In my development plan, I plan on setting up a consultancy firm that will provide financial analysis to both government and private firms. I intend on setting up the firm by being a Chartered Financial Analyst (CFA). Being a certified analyst requires a vast number of skills and knowledge in ethics, quantitative methods, economics, corporate finance, financial reporting and analysis, security analysis and portfolio management. To acquire certification a candidate must complete the CFA Program (mastery of the current CFA curriculum and passing three six-hour examinations), possess a bachelor's degree (or equivalent) from an accredited institution, have four years (48 months) of qualified work experience (or a combination of education and work experience acceptable by the CFA Institute), become a member of the CFA Institute and apply for membership to a local CFA member society and adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct. I will thus need to first acquire certification in accounting by completing my Certified Public Accountant (CPA) papers that will help me better understand the field of risk and accounting sectors. As for the other areas needed, special tuition classes will be taken so that I can be able to pass the three CFA stages needed to gain my certification. I intend on completing my degree, gain work experience in financial institutions as part of the CFA requirements and apply to the institute to become a member after passing their exams.

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CHAPTER 5 CONCLUSION AND RECOMMENDATION 5.1 CONCLUSION

The internship was setup with the aim of acquainting me, the intern, with vast knowledge on the practical operation of companies and also as a way of applying the theoretical knowledge learnt in school in a more practical way. The internship was then carried out for a period of six weeks in KSK associates audit firm that enabled me to gain vast knowledge in new areas like auditing that I was previously ignorant in save for a few theoretical terms that I had picked up in the course of my studies. Through this internship, I was able to gain new skills in the use of accounting software like quick books, detection and prevention of fraud and error and also improved on my communication and professional conduct skills. All in all I was able to gain knowledge that will not only help me better understand the auditing profession but also better align me with my future career aspirations.

5.2 RECOMMENDATIONS
TO KSK KSK should concentrate more on its business development activities in order to make the company better known since it is considered a young firm in Rwanda. KSK should create and maintain a strong working relationship with the different universities that will help to promote the internship program as well as helping to find out what university students are looking for in an internship experience. KSK should also establish guidelines, criteria and procedures for turning competent interns into full time employees. TO SFB SFB should also work closely with different companies so that it can promote its internship program and thus make a more suitable internship experience for its students.

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SFB should also increase on the period of the internship by probably starting it in the first year holiday on wards so that by the time a student has graduated, they have vast experience and have worked in different companies and thus have a clearer clue of the direction of their career.

APPENDICES

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