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Broad Objective...................................................................................................................... 6
Primary source........................................................................................................................ 6
Secondary source.................................................................................................................... 6
2.3 Mission................................................................................................................................. 8
3.2 Details about Identification, Verification, & Tagging of Fixed Assets ............................. 11
4.3 Conclusion...................................................................................................................... 18
To comply with MBA program requirement of three month internship program, I involved in
the identification, verification, and tagging of fixed assets of PSG. I came to ACNABIN
Chartered Accountants for my internship and they involved me in the team to work for PSG.
This job involve both physical and technical skill to complete. At first stage we met with the
fixed assets management team i.e. accounts department to plan how to proceed for the job.
After planning accounts department of PSG provided us information. As per information
provided by PSG we prepared data capturing sheet. With data capturing sheet we used to
went to respective branches and concern for physical counting. After counting us inputted
data into excel then sat again with asset management team for reconciliation. After
reconciliation we tagged the fixed assets. Some time we faced problem as all respective
person were not cooperative equally. Though PSG used modern technology for managing
their assets, database is not updated properly.
Chapter 1: Introduction
During my internship I had the opportunity to visit all branches of above mentioned concerns
of PSG. But due to time limitation I only visited few branches in Dhaka and near Dhaka. My
task was to go to the offices and branches with fixed assets register, physically verify fixed
assets with register, document the Mitch match (short fall of more), come to head office for
reconciliation, then tag all fixed assets with new tag.
1.2 Objective
Broad Objective
The primary objective of the report is to identify fixed assets of Partex Star Group, reconcile
with fixed assets register of Oracle ERP maintained by PSG, tag fixed assets with fulfilling
the requirements of MBA program.
Specific Objectives
Getting introduced with fixed assets management system
Understanding the importance of fixed for a business organization.
Understanding the importance of fixed assets audit
Ensuring the assets visibility by physically being presents at the location.
Helping to identify the accurate calculated value of the fixed assets.
Matching the assets location as well as visibility of these assets with the register
Helping the PSG prepare the accurate financial statement of a particular branch as
well as the company
1.3 Methodology
Both primary and secondary sources of data have been used to prepare the report.
Primary source
Personal observation during three months internship program
Discussion with official of PSG
Discussion with official of ACNABIN Chartered Accounts
Discussion with ream member
Secondary source
Website of PSG
Annual report of PSG
Oracle fixed assets user guidelines
1.4 Scope
In this report I am going to describe the fixed assets audit of ACAs as well as fixed assets
management system of PSG.
Partex Star Group is one of the largest Bangladeshi diversified private sector enterprises. The
Group, the then Partex Group, started its journey in 1962, with the torchbearer, Mr. M.A.
Hashem, the founder Chairman of the then Partex Group, an eminent industrialist of the
country.
Partex Star Group owns and successfully operates twenty manufacturing, service and trading
concerns delivering best values to customers through its products and services. Its business
primarily exists in two different areas consumer durables like different types of boards
(particle board, veneer board, melamine faced chip board, plywood, PVC sheet) doors and
door frames & furniture to FMCG like dairy products, cookies, spices, etc.
A motivated work force, management and committed board members led by the Partex Star
Group Chairperson and backed by a market oriented corporate strategy has been the
foundation of the groups success.
2.2 Vision
Transform PSG into a Business Enterprise of Global significance to deliver superior value to
our customers, shareholders, employees and society at large.
2.3 Mission
To be a leading conglomerate, to maximize shareholders value by achieving superior
performance, to foster long term confidence and respect, while generating sustainable growth
for all shareholders.
2.5 Slogan
Living a legacy, presenting a new face forward.
When I came to ACNABIN Chartered Accountants for my internship, I had been involved to
a team those already were working for identification, verification, & tagging of fixed assets
for PSG. After details meeting with the head of accounts of PSG we started our job.
Representative of
Representative of PSG (PFIL)
ACNABIN
Name: Name:
Signatu Signatu
re: re:
Date: Date:
3.2.2 Identify fixed assets
As we have discussed about fixed assets, now our job is to visit the location and identify
fixed assets. Usually we took the help of the concern person for identifying fixed assets. As
PSG has Furniture concern, some the furniture were used as fixed assets and some were
inventory. Sot there were problem of identifying fixed assets.
To report actual amount of fixed assets: The major part of Balance Sheet is the Fixed
Assets. If the amount of fixed assets is misstated then the whole Balance Sheet is
misstated. So companies want to know the actual amount of fixed assets. As we stated
that fixed assets acquisition and disposal is a continuous matter. If you do not do such
type of work like identification, verification, & tagging of fixed assets, then it is not
possible to record amount in the Balance Sheet.
To calculate depreciation: If the amount of fixed assets is not accurate then the
depreciation will also be wrong. So to calculate accurate depreciation such work is
needed.
To avoid tax evasion: Depreciation is a tax deductible expense. If depreciation is
overstated then taxable income is understated and vice versa. So to avoid such over
and under estimation such type of work is needed.
Then I asked what is the need for contracting with a third party to do such type of work?
My manager told me some reason for contracting with a third party. Such as
4.1 Findings
During my three months internship period, I have notice the following matters about fixed
assets management of PSG-
Previously I had no knowledge about such job continuous verification of fixed assets
as well as tagging of fixed assets. After three month internship program I have knew
about the verification and tagging of fixed assets.
Assets register is not updated properly. When went to different of concerns and
branches for physical verification, we noticed that there are many mismatch with ERP
quantity.
Some assets are issued to one concern but used by another concern.
Assets are not properly classified i.e. for some concern AC is classified as under
electrical equipment but for another under office equipment.
I had not have any concept about low value assets. PSG has the policy to treat assets
from to 1000 to to 10,000 as low value assets, shows them as expense.
Many of the in charge of concerns and branches are not knowledgeable about
identification, verification, & tagging of fixed assets.
Some concern persons had cooperated us much but some did not.
4.2 Recommendation
PSG is one of the biggest conglomerate in the country. It had good management system as
well as good fixed assets management policy and technology. Nevertheless, after my three
months involvement with PSG, I would like to suggest the following
When we went to for data collection, the staffs didnt care about us. They were busy
with their own job, killing our valuable time. I think PSG should command all
concerns, so that they cooperate with us.
Assets register should be updated regularly.
4.3 Conclusion
Partex Star Group one of biggest conglomerates having total assets 7.2 billion USD and 82
million USD net income in 2016, is a private limited company. PSG is run by effective and
efficient management team leading to achieve pick of success. After working three months in
PSG gather practical knowledge about fixed assets management procedures. When I came to
ACNABIN Chartered Accountants three months ago, I didnt have any practical knowledge
about fixed assets management. This three months internship program has enriched my
practical knowledge about fixed management. During this three months, I got involved with
top management as well as subordinate management personnel. PSG has modernized
management system. All works are done by computerized system. The job identification,
verification, & tagging of fixed assets is a new experience for me. Meeting with top
personnel, visiting different location for collecting data, inputting data into excel, coloring
data sheet for different findings, reconciling data with Accounts department, generating tags,
tagging assets all are new experience for me.
Chapter 5 References & Bibliography
5.1 References
Fixed Assets management policy provided by PSG.
Websites:
http://partexstargroup.com/
http://www.investopedia.com/
http://www.acnabin.com/firm-profile/
5.2 Bibliography
PSG = Partex Star Group