Ali Jawad Summer Internship at: PriceWaterhouse Copper (PWC) Internship adviser Ali Jawad Advisor: Munner   Name: Manal Alsabti ID#: 200801150 Accounting major Draft

Introduction Companies background SWOT analysis Marketing strategies Organization competitive strategies Job history Conceptual framework Technical part Work experience Conclusion

Introduction Tax compliance services can make tax compliance easier, PwC understand understand the diverse taxation systems in different countries and offer the best solutions in filing tax returns quickly and with zero hassle for the enterprise. The internship was done in Tax department and also was assigned some auditing Tasks. The internship period was 9 weeks from 16 of July until 15 august in Pricewaterhouse cooper (in Alkohbar). Internship is an integral part of a student degree, to practice the concept and knowledge he learned in college, to test their aptitude for a particular career before they commit to a real job.

Background about the company Pricewaterhouse cooper, (PwC) is PwC is one of the Big 4 large corporation Worldwide that provide professional service to both public and private companies such as audit ,assurance, Tax, consulting, and family business service that help them with complex financial accounting issues related to matters such as valuations, pensions and share plans, to enhance their ability to build value. It is an international company that has branches across 158 countries in the world with close to 169,000 people. In ending 30 June FY 2011 worldwide gross revenues of PwC's network of member firms increased by 10.0% to US$ 29.2 billion.  

SWOT Analysis Strength: Leadership among the Big 4 Global presence and broad service offering Strong clientele. Weaknesses: Controversies with clients, adverse publicity due to lawsuits Weakness in retaining talent Opportunity: Increasing demand for compliance solutions Growing demand for auditing in emerging markets Threat: Valuation of auction rate securities shifting the demand away from Big Four Global economic slow down could affect consulting business

Marketing Strategy PwC Marketing lie on these Factors: People represent the company reputation, their ethics, performance, behavior reflect their company. PwC objective is to deliver the best quality and confidentiality Physical evidence Refer to the environment in which the service is assembled and which the employee and client interact, which PwC offer the suitable solution for both. Process PwC understand that companies want their procedure done in efficient and timely manner and guarantee that their financial information is secure

Competitive Strategy PwC had created a significant value in the global and middle east, which made them gain a competitive advantage in their sector. The company’s competitive advantages lie on its large number of strengths which include: Customer need: helps them to recover from business continuity risks as rigorously as possible, and ensure them than PwC provide the best quality and standard. Enhance trust in your business: voluntary disclosures or independent verifications in areas such as supply chain integrity, to make a better decision of were to invest. Align risk to performance and create individual accountability measures : by integrating risk at a business unit level and creating more personal accountability and reward structures.

Job History With the help of Assistant manager “Hatim Naioukh” Assistant manager of PwC and other co-worker The intern was able to learn from the task that preformed letters to DZIT (Department of Zakat and Income Tax) cross footing reference for financial statements that the company prepares. (Auditing) Preparing Withholding Tax (WHT). (Tax) dealing with clients as well (Tax) and the challenges, strengths, weaknesses, pressure and opportunities that the company has. Done online courses about the accounting field, confidentiality, Aura program for auditing.

Conceptual Framework and Challenging The most challenging that PwC face that I have experience and observed: Challenging With (DZIT), Department of Zakat and Income Tax: PwC face some conflict with DZIT in Zakat and Tax computation, because there is no certain solid Fatwa or clear zakat reference that applies to all cases for PwC to implement and depend upon, so PwC as an advisory have to convince DZIT of how they should compute zakat base and which items should be included and who dose zakat apply, for example: , DZIT believe that zakat base is computed based on the zakat base or adjusted net income which is higher, but in many cases PwC believes that they have a fatwa which gives the opportunity to apply the zakat base even if it is lower than the adjusted net income. Challenging with clients: based on my experience, many clients are not knowledgably aware of the required documents that must be provided to PwC, so they have to explain to them and wait until they provide the information which delay the process.

Technical Part The most challenging task was preformed is preparing Zakat return for the year ended 31March 2012. Tax/Zakat return must be prepared during 120 days. Which is prepared to compute Tax and Zakat bass. After it’s prepared it is send to DZIT to review it either they accept it or file an Appeal and provide us with their own assessment and reasons of their computation. the challenging I have faced that client didn’t provide the required information quickly which makes processing very slow, sometimes they send the wrong information and I have to repeat the work again.

Work Experience These 9 weeks was the most active weeks that I have experience, by meeting interesting knowledgeable people from different nationality, that have changed the prospective of the intern and incentive to learn more and excited to inter this field in the near future. I learned how to act professional and what are the important concepts that I must learn for work, this period was full of new experience and meeting new people that have made a huge change in my life and carrier. I was able to apply what I have learned in PMU, specially concepts from Intermediate accounting, Advance accounting, financial statement analysis that helped me understand them and find out errors wen I did cross footing reference. try the working field as a change from being a student, and to try my performance before I’m committed to a job.

Conclusion In this period the intern had worked in every service the Tax department offers, there was no time to set free without work which made it a valuable period to learn the practice of what we learned in the university Even though the university didn’t offer any Tax or Zakat chapters that is applicable in Saudi Arabia, but the working experience teaches more than a university can do. As long as the student have a good basic in accounting and determination, anything can be learned. It was a good experience to get familiar with the work of all sectors by Zak and Zakat, auditing for banking, manufacturing, insurance companies and all types of sectors in the industry.