A Study of Accounting, Auditing, and GST Compliance: Examination of Practices, Procedures, and Regulatory Challenges

Abstract

The internship report titled “A STUDY OF ACCOUNTING, AUDITING AND GST COMPLIANCE: EXAMINATION OF PRACTICES, PROCEDURES, AND REGULATORY CHALLENGES” documents my professional experience as an Accounting and Auditing Intern at OSBS Accounting Solutions Private Limited. The firm, recognized for its expertise in Accounting, GST, and Auditing, provided me with an invaluable platform to integrate theoretical concepts from my MBA curriculum with practical exposure in the financial and compliance domain. This internship was a critical component of my 2nd-MBA Toolbox program and enabled me to observe and participate in key organizational processes. Throughout the internship, I was engaged in diverse responsibilities including recording purchase and sales entries, preparing reconciliations, reviewing bank statements, supporting GST registrations, and learning the process of Income Tax Return (ITR) filing through professional software. In addition, I gained exposure to audit assignments, particularly Input Tax Credit (ITC) audits for damage and destroy cases, which highlighted the complexities of regulatory compliance and the diligence required in financial reporting. These experiences provided me with a deeper understanding of accounting procedures, auditing practices, and the regulatory environment surrounding GST compliance. Guided by my mentor, Mr. Hemal Thakker, the internship not only enhanced my technical knowledge and analytical skills but also strengthened my ability to apply academic learning to real-world business situations. The exposure to professional practices, client interactions, and compliance challenges significantly contributed to my personal and professional growth. This report encapsulates the key learnings and insights gained, underscoring the value of such practical training in shaping future managers for the financial and auditing sector.