V2I10P57

A Study on Accounting, Audit, and Taxation Practices by Kishor Singh and Co.

Sudip Kumar Samanta^1*, Saumyadip Das¹, Dr. Kanchan G. Rajput²

Abstract

This study presents an empirical investigation into the Accounting, Audit, and Taxation practices utilized by a Chartered Accountancy firm, Kishor Singh & Co. The research was designed to gain practical exposure to the daily operations of a Chartered Accountant’s office, with a particular focus on maintaining accurate financial records, understanding both statutory and internal audit procedures, and assisting in the preparation of Goods and Services Tax (GST) filings and Income Tax Returns (ITR). Beyond providing hands-on experience, the study also aimed to assess the wider challenges and opportunities faced by professionals in this field. To achieve these objectives, a quantitative methodology was employed, relying on the collection and analysis of numerical data. A structured, closed-ended questionnaire was prepared and circulated via Google Forms, and responses were obtained from 47 participants, including firm associates, trainees, and professionals familiar with accounting and taxation practices. Convenience sampling was adopted, as it allowed access to a diverse group of respondents connected to the firm. The data collected was analyzed using Microsoft Excel, applying techniques such as frequency distribution and percentage computation to identify patterns and insights. The findings revealed that the most significant challenge in maintaining financial records arises from a combination of inadequate software tools, complex and frequently changing regulatory requirements, and a shortage of qualified personnel, an issue highlighted by 66% of respondents. In addition, auditing activities are frequently constrained by incomplete client data (40.4%) and poor documentation (25.5%), both of which hinder timely compliance. The study further confirmed that regular reconciliation of accounts—whether conducted monthly (48.9%) or quarterly (36.2%)—is a standard business practice. The benefits of using accounting software, particularly its ability to minimize manual errors and improve accuracy, were strongly recognized. Based on these findings, the study recommends wider adoption of digital tools and cloud-based accounting solutions to enhance efficiency, along with structured training programs for interns and new staff. Ultimately, the research concludes that professional ethics, technical accuracy, and continuous learning remain the most critical elements for success in the financial and taxation profession.

Keywords:

Accounting Audit, Taxation Practices, GST Filing, Income Tax Return (ITR), Kishor Singh & Co., Quantitative Study, Compliance Challenge.