Analysis of Malek Siddiqui Wali Chartered Accountants and Accounting & Financial Services Industry: An Internship Experience Perspective

Abstract

The accounting and financial services sector plays an important role in Bangladesh’s economic growth. For this sector rapid growth and strict rules more foreign currency is coming and for this reason the country is becoming more connected to the rest of the world and it helped to grow a lot this industry in the last 20 years. Malek Siddiqui Walli Chartered Accountants has now become as an strong company for it offering in many services that includes audit and assurance, taxation, accounting and financial reporting and many corporate and special services. The company has built up its reputation over the years for professional ethics, sincere behavior for providing very exclusive customer service and technological things. The best strengths of this firm that includes a wide range of services, and long-term customer relationships and the reason behind it is the professional integrity of the people who are skilled and the independence that add value to its services where integrity is the key. Like other sectors, it has high expectations for technological advancement, automation, and high competition for skilled workers and the costs of keeping this up with a very complicated regulatory environment. However, there are some significant opportunities for growing ahead, especially in the growing SME sectors in Bangladesh, and the increasing foreign investment in our country and it has a great potential that technology can bring improvement in the service industry and increase the work efficiency. The entire accounting and financial service industry in Bangladesh is now in the growing/developing stage. The market is expected to grow at 8 to 12 percent annually with a stable 6 to 7 percent GDP growth in Bangladesh over the last 10 years. This profession is regulated by the Institute of Chartered Accountants of Bangladesh (ICAB). The institute has now over 1800 registered members. As the companies is growing and seek for international collaborations and investments then it is important to maintain the industry’s compliance with international frameworks like IFRS and ISA. The global market for accounting is estimated to be worth as 544 billion US dollars and it is growing rapidly. On the other hand, the local accounting sectors business in Bangladesh has a long path to go before it reaches maturity stage from the growing stage. My internship at Malek Siddiqui Walli Chartered Accountants was very fruitful and I gained professional experiences on the accounting field. As an audit intern, I did a variety of things such as bank reconciliation, data input, data sorting and validation, filing, financial work in Excel and inventory counting. Each of the moments helped me a lot to understand the theory I learned in the university in a profound and stable way, and how it works in a challenging real world working environment. After all that, the internship provided me an excellent service for closing the gap between the academic study and practical application of the things that can not be achieved in the classroom setting. My technical skill is improved especially in Excel, and managing the data and my practical knowledge of accounting and helping me to build workplace etiquette and communication skills that will serve me all on my career. Most significantly, it improved my understanding of the field I'm joining and increased my confidence in my capacity to make a significant contribution to it.