Personal Reflection On Ahmed Junaid And Co Accounting Essay

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My learning experience with Ahmad, Junaid & Co., Chartered Accountants, Faislabad begins with my joining from March 04, 2010. My internship report contains all the information about my work experience with Ahmad, Junaid & Co., which was established in 2007 now having its offices at Faisalabad and Lahore.

As the trainee in Secretarial - Corporate Consultancy department at Ahmad, Junaid & Co., I spent good time in learning and was rewarded for my best efforts, learnt to deal with different situations, has experience of organization's working environment which effects an employee performance and attitude towards work, had good time in learning and performing as one of the best individual and trainee with the Secretarial Department.

I gone through many of the tasks assigned by the top management of the secretarial department to me which gave me confidence, seeking success out of dark, innovation, customer handling and dealing experience with Government Department.

Now, I have the best ever knowledge about the secretarial - corporate practices and full filling the SECP requirements which a company liable to furnish with. I also gone through the complete company incorporation process starting from taking availability of name to obtaining the certificate of incorporation.

I would like to highlight this, that my experience with Ahmad, Junaid & Co., Chartered Accountants, Faisalabad was very memorable and full of learning, where I found a lot of changes in my attitude, learning and behavior

INTRODUCTION TO PROFESSION

The Institute of Chartered Accountants of Pakistan (ICAP) is a professional accountancy body in Pakistan. By April 2010 it has over 6,000 members working in and outside Pakistan. The institute was established on July 01, 1961 to regulate the profession if accountancy in Pakistan. It is a statutory autonomous body established under the Chartered Accountants Ordinance, 1961 with the significant growth in profession, the CA Ordinance and Bye-Laws were revised in 1983.

In view of globalization of the accountancy profession, the Institute is in the process of updating the Ordinance and Bye-Laws once again.

The course of ICAP involves a blend of theoretical education and practical training which run concurrently for a period of three and half years and equips a student with knowledge, ability, skills and other qualities required of a professional accountant.

The head office of the institute is in Karachi and also have the regional offices.

MARKET OVERVIEW OF CHARTERED ACCOUNTANCY OF PAKISTAN:

A large number of students are studying chartered accountancy as it is considered rewarding career and there are excellent prospects for employment in audit firms as well as in local companies, multinationals and local and foreign banks.

"ICAP has approximately 6,000 members who are currently working in 35 countries, with thousands of students joining prestigious fraternity, and placed approximately 300 ambassadors in the local and international market. ICAP a professional body of chartered accountants of Pakistan is a member of International Federation of Accountants (IFAC) is global organization for accountancy.

STREAM FOR C.A QUALIFICATION

A student has to go through five levels to become a chartered accountant. First a student possessing an Intermediate or A-level certificate or graduation degree has to go through a pre-entry proficiency test with exemption for those who have secured over 60 percent marks in their respective qualifications. Second they go through a modular foundation course (MFC) consisting of four modules A, B, C & D.

In the fourth step the candidates register as trainee students for an auditing firm. In the fifth step the candidates undergo on-the-job training for 3 and half years and give two modules E & F after which they join an auditing firm as chartered accountants. Now the modules A and B are called CA foundation and C & D modules are called CA intermediate and E & F the final. The Higher Education Commission has accepted the Chartered Accountancy qualification as equivalent to a Master degree in Commerce.

AHMAD JUNAID & CO.'S PROFILE:

Ahmad, Junaid & Company is a firm of Chartered Accountants with three partners having vast experience in the field of audit, tax, accountancy, secretarial & management consultancy. The partners of the firm are engaged with the profession from last fifteen years and the firm has made remarkable progress in Pakistan. The firm is also on the panel of registered Training Organizations (T.O) approved by the Institute of Chartered Accountants of Pakistan having permission to train the student of Institute of Chartered Accountants of Pakistan. Moreover, the firm is also on the list of firms with satisfactory Quality Control Rating (QCR) by ICAP. The partners of the firm believe in core competence, professional integrity and due care of its clients

MISSION

To serve our client with unmatched professional

Excellence, due care and committed ethical values.

VISION

To be a firm of International recognition maintaining integrity, working with objectivity, independence, satisfying the need of clients adhere to professional standards.

FIRM'S VALUES:

Firm's Hierarchy at Faisalabad & Lahore Offices

Partner 2 (Fsd.)

Audit and assurance

Assistant Manager

Assistant Manager

Supervisors 2

Senior Auditors 4

Junior Auditors 18

Audit Trainees 12

Partner (Lhr.)

Audit and assurance

Assistant Manager

Assistant Manage

Supervisors 2

Senior Auditors 4

Junior Auditors 8

Audit Trainees 5

Partner 1 (Fsd.)

Tax & Corporate

Office Secretary

Telephone Operator

Office Boy

Assistant Manager Tax

Assistant Manager Corporate

Senior Auditor

Junior Auditor

Senior Auditor

Junior Auditor

Firm's Areas of Services:

Audit and Assurances

Private Client Services

Crisis Management

Taxation

Radar Services

Secretarial Services

Information Technology

Accounting and Advisory

International Services

Performance Improvement

Services for Financial Institutions

Family Businesses

Feasibility Study Reporting

Financing arrangements

Firm's Clients:

 Advertisement Agencies

   NGOs & Charities

  Chemical Manufacturers

   Electronics Manufacturers & Assemblers

  Power Generation Companies

  Construction Companies

   Cleaning Agents

   Confectioneries

   Educational Institutes

   Fashion House & Boutiques

   Flour Mills

   Ghee Mills

   Textile Industry

Spinning

Weaving

Hosiery

   IT & Software Developers

   Jute Industry

   Marketing Companies

   Packaging

   Paper Mills

   Petrol Pumps & CNG Stations

The Input Source Process of Ahmad Junaid & Co.:

Under the heading stream for CA qualification it is already explained that when a student completes four modules A, B, C & D in other words qualifies the CA intermediate stage he/she has to join the audit firm for the completion of their training of 3 and half years. The same input process has followed by the Ahmad Junaid & Co., Chartered Accountants like the other CA firms.

The Main areas of Services at Ahmad, Junaid & Co.

There are main three areas of services in which the firm (Ahmad, Junaid & Co., Chartered Accountants) provides the consultancy.

The Audit & Assurance Services

Statutory Audit

Internal Audit

Book keeping services

The Corporate (Secretarial) Consultancy Services

The Income Tax/Sales Tax Consultancy Services

The detail process of the above mentioned services can be viewed on the next pages.

The Audit & Assurance Services Process:

The audit process can differ dramatically from job to job, depending upon the nature of the auditee and the scope of the audit work. However, there are several basic phases that are present in nearly all audit work that they do.

Capacity planning and scheduling for the audit assignment:

Capacity planning and scheduling are two most important components as for as the operations of any CA firm are concerned. During the capacity planning phase at Ahmad Junaid & Co., the maintained daily progress register is considered. In daily progress register the names, qualification, and activities of the trainee students are recorded on daily basis. The Assistant Manager deeply study the progress register and select the appropriate team for the audit assignment on the basis of compatibility of qualification, experience and attitude with the assignment and assigns a supervisor of the team. The capacity planning process is done with the help of the progress register, which enables the Assistant Manager to select the number of members of the team.

Scheduling process at Ahmad Junaid & Co., is done by calling a brief meeting of the supervisor, senior auditors and junior auditors. In meeting the deadlines, assignment scope, nature, timing and extent, nature of communication required are discussed and properly conveyed to all the members of the team.

Audit Team Building Phase:

Before the planning phase of the audit assignment, the appropriate audit team is built according to the requirements and nature of the assignment. The audit team can be comprises on one or two senior auditors and two or three junior auditors and the audit supervisor looks after one or more assignments simultaneously. The audit team members and their numbers are chosen on the basis of their experience, qualification and utmost nature of job and job requirements.

Planning Phase:

In planning phase, audit objectives are defined and the audit testes to be used are determined. An entry meeting is scheduled for the auditors to introduce themselves and to become acquainted with the area to be audited. Key personnel are indentified, key internal controls are pinpointed, and the objectives of the activity under audit are determined. An audit program is prepared to serve as a detailed plan of action for the audit examination.

Field Work Phase:

The auditor then completes the testing and evaluation phase of the audit, referred to as the field work. During the field work, the auditor gathers and tested information, including the internal control structure and compliance with applicable policies, procedures, and regulations, to determine areas which may need recommendations for improvement. When the field work is completed, an exit conference is held with appropriate management, to review the audit findings, comments, and recommendations.

Audit Report Phase:

At the end of each assignment, the Internal Audit / External Audit department issues a written report to the management of the Client Company, detail objectives, scope, and significant audit findings and recommendations for improvements, additionally, as appropriate; the results of their work are communicated for implementation of necessary improvements.

The flow chart during audit & assurance services process team building

Audit Supervisor

(looking after 2 or more assignments

Senior Auditor 1 or more

Junior Auditor 2 or more

As under the head of team building phase it is explained that the audit team may comprise of one audit supervisor who is directly reported to Assistant Manager Audit, one or more senior auditors whore are directly reported to audit supervisor and two or more junior auditors who are answerable to senior auditors. From the above flow chart it is evident that all the communication has two way process because the assignment is done under the team concept and any material information regarding the scope of the assignment may indentified by any of the members of the team.

The Corporate (Secretarial) Consultancy Services Process:

Capacity planning and scheduling for the corporate (secretarial) assignments:

Capacity planning and scheduling are two most important components as for as the operations of any CA firm are concerned. During the capacity planning phase at Ahmad Junaid & Co., the process is done by a meeting of Partner Tax & Corporate with the Assistant Manger Corporate. In the meeting the number of assignments in hand and their level of delegation is discussed, work load and time constraints are also considered. It is also discussed in the meeting that how many assignments are in the pipe line (discussion in continued with clients).

The scheduling process at Ahmad Junaid & Co., consists of a brief meeting of the Partner (Tax & Corporate with the Assistant Manager Corporate and many detailed meetings of Assistant Manager Corporate with the Senior Auditor and Senior Auditor with Junior Auditor. In every meeting the nature, timing and extent of the assignment is discussed with the solutions of the problems faced by the Assistant Manager Corporate, Senior and Junior Auditors.

The flow chart during corporate (secretarial) services process & team building

Assistant Manager Corporate

Senior Auditor

Junior Auditor

From the above mentioned firms' hierarchal chart it is explained that the team leader of the corporate consultancy department at Ahmad Junaid & Co., is the partner tax & corporate. An assistant manager corporate works under the supervision and coaching of the partner tax & corporate. Under the supervision of assistant manager corporate one senior and one junior auditor works.

The departmental hierarchal chart shows that all the communication has two way process.

The Process:

Initial Meeting with Client

The partner (Tax & Corporate Consultancy Services) conducts an initial meeting with the client and determines the scope of the assignment.

Communication to the Assistant Manager Corporate

After the determining the scope of the assignment the partner (Tax & Corporate Consultancy Services) conducts a meeting with the Assistant Manager Corporate. In meeting the partner clearly communicate the objects and scope of the assignment to the Assistant Manager Corporate and give him a complete go head for the assignment.

Further delegation of assignment by Assistant Manager Corporate

After the detailed discussion with the partner the Assistant Manager further delegate the assignment to Senior Auditor and then the Senior Auditor to his Junior staff. The junior staff after completing the assignment confirms to senior staff and the senior staff confirms to Assistant Manager Corporate and then it is communicated to the partner.

The Corporate (Secretarial) Consultancy Services Includes:

The Corporate (Secretarial) Consultancy Services which are provided by the firm are as under:

Complete services regarding Company Incorporation with Securities & Exchange Commission of Pakistan;

Preparation & filing of documents regarding Share Transfers and Gift Deeds;

Preparion & filing of documents regarding issaucne of furhter shares and increase in paid up capital;

Preparion & filing of documents regarding increaese in authorized capital;

Preparion & filing of documents regarding change in status of the company;

Preparion & filing of documents regarding change in the Memorandum & Articles of Association;

Preparion & filing of documents regarding annual return of the comamy (share holding return) and directors informaiton;

Preparion & filing of documents regarding register a charge (finance facility) with the Securities & Exchange Commisison of Pakistan;

Preparion & filing of documents regarding change of name of the company;

Preparion of search reports for the banks and other financial institutions;

The Income Tax/Sales tax Consultancy Services Process:

Capacity planning and scheduling for the Income Tax/Sales Tax assignments:

Capacity planning and scheduling are two most important components as for as the operations of any CA firm are concerned. During the capacity planning phase at Ahmad Junaid & Co., the process is done by a meeting of Partner Tax & Corporate with the Assistant Manger Tax. In the meeting the number of assignments in hand and their level of delegation is discussed, work load and time constraints are also considered. It is also discussed in the meeting that how many assignments are in the pipe line (discussion in continued with clients).

The scheduling process at Ahmad Junaid & Co., consists of a brief meeting of the Partner (Tax & Corporate with the Assistant Manager Tax and many detailed meetings of Assistant Manager Corporate with the Senior Auditor and Senior Auditor with Junior Auditor. In every meeting the nature, timing and extent of the assignment is discussed with the solutions of the problems faced by the Assistant Manager Corporate, Senior and Junior Auditors.

The flow chart during Income Tax/Sales Tax services process & team building

Assistant Manager Tax

Senior Auditor

Junior Auditor

From the above mentioned firms' hierarchal chart it is explained that the team leader of the tax consultancy department at Ahmad Junaid & Co., is the partner tax & corporate. An assistant manager tax works under the supervision and coaching of the partner tax & corporate. Under the supervision of assistant manager corporate one senior and one junior auditor works.

The departmental hierarchal chart shows that all the communication has two way process.

The Process:

Initial Meeting with Client

The partner (Tax & Corporate Consultancy Services) conducts an initial meeting with the client and determines the scope of the assignment.

Communication to the Assistant Manager Tax

After the determining the scope of the assignment the partner (Tax & Corporate Consultancy Services) conducts a meeting with the Assistant Manager Tax. In meeting the partner clearly communicate the objects and scope of the assignment to the Assistant Manager Tax and give him a complete go head for the assignment.

Further delegation of assignment by Assistant Manager Tax

After the detailed discussion with the partner the Assistant Manager further delegate the assignment to Senior Auditor and then the Senior Auditor to his Junior staff. The junior staff after completing the assignment confirms to senior staff and the senior staff confirms to Assistant Manager Corporate and then it is communicated to the partner.

The Tax (Income Tax/Sales Tax) Consultancy Services Includes:

The Tax (Income Tax/Sales Tax) Consultancy Services which are provided by the firm are as under:

Complete services regarding registration of the Company, AOP or Individual with Income Tax and Sales Tax Department;

Preparation & filing of Annual Income Tax Returns of Companies, AOPs or Individuals;

Preparion of books of accounts according to tax laws prevalied in the country;

Preparion & filing of replies of notices issued by the tax authorities on day to day basis;

Preparion & filing of refund cases regarding Income Tax and Sales Tax;

Preparion & filing of monthly, quarterly and annually Income Tax/Sales Tax statements;

Preparion & presenting the tax cases before the Income/Slaes Tax authorities;

Provides complete guadiance about deduction and depositing the taxes;

Complete services regarding registatraion of Provident Fund Trust with the Tax Authorites

The Quality Management Process at Ahmad Junaid & Co.:

To check the quality at firm level the ICAP conducts the Quality Control Review (QCR) of all affiliated firms after every three years. The Ahmad Juanid & Co., has also gone through the same process and has won the satisfactory Quality Control Review conducted by the ICAP in the year of 2007.

Audit & Assurance Department

The audit & assurance department at Ahmad Junaid & Co., has developed very strong and effective procedures for maintenance and developing the quality. Some of them are enlisted below:

Every team has own audit manuals provided by the firm.

Check lists for the procedures for conducting the audit.

Assuring that all the students are participating in the seminars and workshops conducted by the firm or ICAP.

Making assurance that all the students are participating in the weekly learning sessions conducted at the firm.

Income Tax/Sales Tax Consultancy Department

The Income Tax/Sales Tax Consultancy department at Ahmad Junaid & Co., has developed very strong and effective procedures for maintenance and developing the quality. Some of them are enlisted below:

Every team member has own Income Tax/Sales Tax manuals provided by the firm.

Check lists for the procedures for conducting the different Income / Sales Tax assignments.

Assuring that all the staff is participating in the seminars and workshops conducted by the firm or ICAP.

Making assurance that all the staff is participating in the weekly learning sessions about Income Tax Ordinance, 2001 conducted at the firm.

The Training & Development process at Ahmad Junaid & Co.:

Ahmad Junaid & Co., has established a very good tradition of conducting weekly learning sessions in which the participation of all the students is compulsory.

The firm also supports and give the incentives to all the students for participating in the seminars, workshops, presentations conducted by different Institutes especially ICAP.

The firm has developed its own audit, tax and secretarial procedural manuals which are distributed free of cost among all the students of the firm.

The firm keeps uptodate all of the students regarding any updates in IFRSs, Corporate Laws, Income Tax and Sales Tax Laws and procedures.

Tasks Performed During the Internship

Chartered Accountancy sector is the most growing sector of Pakistan and it was at 1st number in finance filed so, I think it is a great opportunity for me to work with Ahmad, Junaid & Co., Chartered Accountants, Faisalabad which is good company this regard at local level.

The Secretarial Practices (Corporate Consultancy) is also a major and up growing sector in Pakistan as the investor is becoming more aware of the benefits of the corporate sector. This is an emerging and challenging field so, I like to do my internship program with this department at Ahmad, Junaid & Co.

In my internship tenure (2 months) I have worked in "Secretarial - Corporate Consultancy Department". I have tried my best to enhance my abilities and apply the knowledge that I gain during the studies. When I start my internship session it was the peak working period for the secretarial department of Ahmad, Junaid & Co., because there were three to four new companies are to be incorporated and some other tasks are to be performed.

On my first day Mr. Ahmad Jabbar, the Partner, Tax and Corporate along with his Assistant Manager Corporate, Mr. Salman Khurshid gave me the complete introduction about the firm and then asked Mr. Salman Khurshid Assistant Manager Corporate to introduce me to all the students and other staff members present in the office at that time.

After the completer introduction Mr. Salman Khurshid arrange a table for me along his side and give the directions and told me about the secretarial works are yet to be performed or about which they are in process. He also give me briefing about the Government Department, the Securities & Exchange Commission of Pakistan (SECP) with which all of our correspondence lies.

Introduction to Securities & Exchange Commission of Pakistan ( SECP)

The SECP became operational in January 1999 and has come a long way since then. It was initially concerned with the regulation of corporate sector and capital market. Over time, its mandate has expanded to include supervision and regulation of insurance companies, non-banking finance companies and private pensions. The SECP has also been entrusted with oversight of various external service providers to the corporate and financial sectors, including chartered accountants, credit rating agencies, corporate secretaries, brokers, surveyors etc.

The Key and major Laws involved in the Secretarial (Corporate) Consultancy Process

During the all services regarding Secretarial (Corporate) consultancy The Companies Ordinance, 1984 is applicable and to comply with. All the procedures are adopted and are duly compiled with The Companies Ordinance, 1984.

Tasks Performed During the Internship

Different tasks that I performed during my internship are as under:

Availability of name of the new company from Securities & Exchange Commission of Pakistan (SECP).

Complete process of incorporation of a new private company limited by shares with Securities & Exchange Commission of Pakistan (SECP).

NIFT registration process for acquiring of digital certificates

Preparation of Memorandum & Articles of Association of the company

Preparation of Form 1 - declaration

Preparation of Form 21 - registered office address of the company

Preparation of Form 29 - List of first directors of the company

Obtaining signatures from all the subscribers to the Memorandum & Articles of Association.

Submission the process

Increase in Authorized Capital of the company (Grace Travel Services (Pvt) Ltd.) and all the compliance of the letters issued by SECP in this regard.

Increase in Paidup Capital of the company (Grace Travel Services (Pvt) Ltd.) and all the compliance of the letters issued by SECP in this regard.

Preparation and filing of the documents regarding creating and registering the mortgage and charge (loan facility) of the company Ghamza Sons (Pvt) Ltd. with SECP.

Complete process of change in the registered of the company M/s Chaudhary Express (Pvt) Ltd.

Software used during internship:

Microsoft Word 2007

Microsoft Excel 2007

E-Forms provided by SECP on its e-portal

The Availability of Name Process:

During my tenure of internship at Ahmad, Junaid & Co., I by myself with the little help of the senior auditor in the secretarial department apply and obtain the name availability of the new company HIGH COOL APPLIANCES (PVT) LTD. by using the e-portal of the SECP.

The stepwise process is as under:

Login to the SECP website for e-portal https://eservices.secp.gov.pk/eServices/

Create the user name and password by using signup button on the screen

The signup form will open

I have filled the form give the required input information in the form.

After the filling of signing up form the e-mail is received on the given address for activation of the user id and passward.

After the activation of user id I have logged on by giving the id and passward on the e-portal of SECP.

After successful login the name reservation icon will be activated and on clicking that button we will see the name reservation form.

After clicking on the name reservation option the form will open in which the information about proposed company is required to be filled.

After filling up the required information e.g. proposed company name, bank branch for depositing the challan, name of applicant and objectives of the company, in the form we will click on the continue button and a complete

We will click on the challan and take the printout of it.

After depositing the challan of Rs.200/- in the relevant branch, we will click on the start process option.

After 3 to 4 days the letter and email regarding availability or non availability will be issued by the SECP.

As regard the availability of name which I have applied ( HIGH COOL APPLIANCES (PVT) LTD. was available and the email and letter issued by SECP is as below:

The NIFT Registration Process

After the availability of name, the registration from NIFT is required for digital signatures of all the proposed directors and subscribers to the Memorandum & Articles of Association.

Along with duly filled form the copy of CNIC of the applicant and the copy of availability of name both duly attested by the Oath Commissioner is required to be submit to NIFT, Karachi Office.

The NIFT application form is as under:

The NIFT will email the passcode for the installation of each digital certificate and it will install in the Explorer of the Windows.

The Preparations of Forms

After the successful installation of the digital certificates, we will again login through id and password the will complete the rest of the process for incorporation of the new company and fill out the following forms.

Preparation of Memorandum & Articles of Association - Attached as (Annexure I)

(Memorandum means and refers to the constitution of the company and Articles of Association means and refers to the rules and regulations of the company).

Form 1 - attached as (Annexure II)

Form 1 means and refers to the declaration and undertaking

Form 21 - attached as( Annexure III)

Form 21 includes the information regarding the detail of registered office address of the company, phone numbers, fax numbers and email addresses.

Form 29 - attached as (Annexure IV)

Form 29 includes the information regarding the directors of the company.

Except the Memorandum and Articles of Association all the rest forms as mentioned above are prepared in the login of the company by using e-portal.

The Id cards along with a witness id cards are to be attested from Oath Commissioner and availability of name letter and attested id cards of all the subscribers are to be attached with the attachment place provided on the form.

After the attachment of Memorandum and Articles of Association the challan of registration fee and filing fee is to be printout and be deposited in the MCB s' any branch.

The registration fee will be accordingly to the Amount of Authorized Capital of the company.

After depositing the challan we will submit the process

After scanning of the documents by SECP, the Incorporation is certificate is issued by the SECP department.

The Increase in Authorized Capital of the Company

During my internship tenure at Ahmad, Junaid & Co., I have also worked and gone through the complete process of increase in authorized capital of the company of M/s Grace Travels Services (Pvt) Ltd.

The process of increase in authorized capital can be completed by two different ways;

Offline submission

Online submission

We have followed and adopted the offline submission method also uses the online process method.

First the prescribed form 7 (Annexure V) be filled and obtained signatures from the relevant director or chief executive of the company.

The Amended Memorandum & Articles of Association for the Capital Clause duly signed by the Chief Executive of the company is to be attached.

The paid challan of registration fee for the enhancement of the capital is to be enclosed.

Along with all the above documents the application for the enhancement of the capital is to be filed with SECP.

On the screening the all the documents SECP will issue the letter for the enhancement of capital.

This all process can be completed through online submission facility provided by the SECP by additional following steps:

Application to NIFT is to be needed to file for digital certificate ( Annexure VI)

The attachment of scanned signed amended Memorandum & Articles of Association is needed.

The Increase in Paidup Capital of the Company

During my internship tenure at Ahmad, Junaid & Co., I have also worked and gone through the complete process of increase in Paidup capital of the company of M/s Grace Travels Services (Pvt) Ltd.

The process of increase in authorized capital can be completed by two different ways;

Offline submission

Online submission

We have followed and adopted the offline submission method also uses the online submission method.

First before the further issuance of shares it is compulsory to issue the prescribed circular (Annexure VII) to all the members of the company and is to be filed with SECP.

The prescribed form 3 (Annexure VIII) be filled and obtained signatures from the relevant director or chief executive of the company.

The challan of filing fee of Rs.200/- is needed to be deposited and filed with SECP.

Along with all the above documents the application for the recording of the further issuance of shares is to be filed with SECP.

On the screening the all the documents SECP will issue the letter for the recording of the further issuance of shares.

This all process can be completed through online submission facility provided by the SECP by additional following steps:

Application to NIFT is to be needed to file for digital certificate ( Annexure VI)

The attachment of scanned signed circular is needed.

The Registration of Mortgage and Charge with SECP

During my internship tenure at Ahmad, Junaid & Co., I have also worked and gone through the complete process of registration of the Mortgage / Charge of M/s Ghamza Sons (Pvt) Ltd. with SECP.

First the Form 10 is to be filled and obtained signatures from the Chief Executive or any director of the company ( Annexure IX).

An affidavit in favour of SECP is to be enclosed.

The mortgage or charge creating document ( Annexure X)

The challan of Rs.7,500/- being registration charges is to be deposited and submitted with SECP along with the other documents.

Along with all the above documents the application for the recording of the mortgage/charge is to be filed with SECP.

On the screening the all the documents SECP will issue the letter for the recording of the mortgage or charge.

The Registration of Change in Registered Office Address of the Company With SECP

During my internship tenure at Ahmad, Junaid & Co., I have also worked and gone through the complete process of registration of Change in Registered Office Address of M/s Chaudhary Express (Pvt) Ltd.

First the Form 21 is to be filled and obtained signatures from the Chief Executive or any director of the company ( Annexure XI).

The challan of Rs.1,000/- being filing fee is to be deposited and submitted with SECP along with the other documents.

Along with all the above documents the application for the recording of the change in registered office address of the company is to be filed with SECP.

On the screening the all the documents SECP will issue the letter for the recording of the change in registered office address of the company.

The Problems/Issues with the Secretarial (Corporate Consultancy) Department at Ahmad Junaid & Co.:

During my internship tenure at Ahmad, Junaid & Co., Chartered Accountants, Faisalabad I have studied the complete operations of the firms and especially observed and find the major issues/problems faced by the Secretarial (Corporate) Consultancy department.

The issues / problems which I have observed are as under:

There is only one permanent employee i.e Assistant Manager Corporate the other two are the trainee students of the firm. The trainee students do not bother and do not take the work as much serious as a permanent employee can. Issues of carelessness of the trainee students are observed due to which much work is suffered and time delay issues are often faced.

There are no proper manuals and procedural guidelines available to the trainee students for the performance of the secretarial - corporate assignments.

There is no proper training and guidance sessions conducted at the firm level to enhance the abilities of the trainee students.

There is very rare cross referencing made by the trainee students with the Companies Ordinance, 1984.

There is very hectic and undue pressure and stress working environment provided to trainee students as well as to the Assistant Manager Corporate.

The Over All Problems/Issues at Ahmad Junaid & Co.:

By considering and observing the overall environment at Ahmad Junaid & Co. I have observed the following major problems/ issues:

There is delay in rotation of students on the assignments. I have observed that the trainee students have spent most of their training period on one lengthy assignment. In this case the growth of the students has stopped and they cannot learn as much as they can.

As the result of non rotation there is fuss created among the students and it can be the major issue/problem for the growth of the firm in near future if the proper policies are not made.

Conclusion & Recommendations

Recommendations:

Followings are my recommendations for Ahmad, Junaid & Co. to increase the quality of service:

There should be the permanent employees to be hired in the secretarial department because the nature of the work is very sensitive and needed more care.

There should be some proper working manuals and procedural guide line as regard the secretarial (corporate consultancy department) needed to be developed by the top management and should be available to the staff and trainee students of the same department especially and also for the audit & assurance and tax consultancy departments.

There should be workshops and training sessions conducted on the firm level as well as the compulsory for staff and trainee students to attend other presentations and seminars conducted by the other professional bodies.

The top management of secretarial department should start the study schedules for the trainee students about the relevant sections from The Companies Ordinance, 1984 and their practical applicability.

The undue working pressure should be minimized by the top management of secretarial department to take the full inputs from the staff and trainee students.

By considering and observing the over all environment at Ahmad, Junaid & Co., I also suggest that the upper management of the firm must rotate the students on monthly or quarterly basis for the better growth of the company and also of the students. From this rotation all the students will avail equal chances of learning from the different assignments and the element of getting bored from the assignment can be eliminated.

I also suggest that learn to your customer first. Really listen to them - ask what your can do to help them. This is the most important step in preventing problems and the only way you can solve complaints if they come up.

Establish an environment where great service is recognized and rewarded and poor service is challenged and rectified.

Have fun staff meeting where good service elements are discussed and role played.

Look outside the box and employ people who have a love of service - people with little experience in your field.

Conclusions:

In conclusion remarks I would like to say something that Ahmad, Junaid & Co., is the profitable organization. Ahamd, Junaid & Co., has played very vital role in his field by providing attractive service and packages to the customers under one roof.

I have done internship in Ahmad, Junaid & Co., for a period of two months and this period is quiet a small period of time yet I have learnt a lot. Here I apply my knowledge and get a technical practice of my knowledge. Now I know about the environment and organization and how to communicate with colleague and boss. I learn that how to use theoretical knowledge in organization.

My Communications skills are improved. My decision making skills and power is improved. Any internee like me has a good change of learning new things and techniques and increases his confidence.

Now I have the advanced knowledge and analytical and problem solving skills needed to be truly effective part of today s' corporate environment. I can say that Ahmad, Junaid & Co., add a great value in my professional life.

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