College of Business Administration
BUSI4351-internship
Progress Report 4
Banan Al-Shahri
200800856
Advisor: Dalia Younis
October 6, 2012
Week seven:
I learned this week the way of preparing an engagement letter. I have prepared an engagement letter for a new client to explain the services that Deliotte will provide along with the fees of each services. The services the company provide for its clients is as following: Zakat compliance and consultation services, filing zakat return, filing monthly and annual withholding tax, finalize zakat position, objections and appeals. The letter includes Arabic and English details of the contract.
I have prepared a letter to a company regarding submitting the financial statements for the years 2009 and 2010, they have noted that the company has submitted the financial statement for the years 2009 and 2010 without the signature and stamp of the legal accountant.They sent them a letter asking the company to submit the local and foreign financial statements for both years signed and stamped from the legal accountant and note the company that the DZIT grants the company 2 weeks from the DZIT letter date to reply to the mentioned query in order to finalize the company’s position for the years 2009 and 2010.
The form below is a query the company sent to one of the clients to provide the DZIT with the information and documents DZIT need in order to finish the company position. The DZIT request the following : detailed breakdown of the abroad purchases for the year 2009 showing the reason for the difference between the company’s return and the imports declaration, detailed breakdown of the accounts payable and accrued expenses showing the reason of credit for the years 2009 and 2010.
This week I learned how the company finalize the zakat/tax return in order to send it to the client. I reviewed and compared the Arabic and English version with the DZIT zakat return. Then I calculated the difference and wrote down the item that has the difference.
I have prepared an assessment for one of the clients as his request. The form is created in excel its shows the difference between the amounts of adjusted net profit, zakat calculation, and zakat difference due as per the DZIT and the return.
The following is a comparison of tax assessment with returns it’s the same as the zakat assessment however the amount calculated at the end is a tax.
Week Eight:
I prepared this week two zakat return in Arabic. The zakat return sum up the expenses, revenues, assets, capital, investments, loans, and provisions to calculate at the end the amount of zakat due. The first sheet is cover page that introduce the company. The second sheet shows the calculation of the zakat and the rest are attachments that shows more detailed calculations.
I have done 50 contract forms which shows detailed information of the contractor. The form emphasize the address , name of the contractor, fiscal number, file number, P.O box, contract number, value of the contract, and the contract period.
I have also prepared 12 monthly tax withholding form in English and Arabic. The first sheet shows the type of payment, name of payee, payment date, total amounts paid, tax rate, tax amount, and total tax and fine due for the month. The other forms are attachments that shows a breakdown of the type of payment if available.
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