Welcome to our Presentation

Report on“Audit Process of Aziz Halim Anwar Khair & Co.: A case on

IBBL’’

Group detailsExam Roll

Registration Name

003 02918 S.M. Rayhan Rahad (Group Leader)

005 02920 Bibi Moriam

008 02923 Md. Tarek Molla

011 02926 Mahfuza Akter

012 02927 Israt Jerin Liza

Introduction

Objectives of the report

The objectives of the report are:

To understand the actual total auditing process of an audit firm.

To share the audit experience from an auditor.

To compare the theoretical knowledge in practical field.

To view both the Audit Company and Client Company’s auditing process.

Limitation of the Report

There were some limitations such as-

The confidentiality of audit firms, even for a

student’s study purpose.

Inconsistency with theoretical knowledge.

Refusal of client company to help much further.

Methodology of the report

Getting the theoritical concept and Planning

Meeting an audit firm's personnel

Meeting the client

Collecting and analyzing the Data

Crating the final Reprot

Audit and AuditorsPublic Company Auditing

I. Pre-Engagement Procedures II. Risk AssessmentIII. Risk ResponseIV. ReportingV. Follow-Up

The Audit Process

Name: Aziz Halim Khair Choudhury (AHKC)

Established:1st July, 1979

Registration: 23556/79

About the Chartered Accountants

Firm’s Clients:•BANKS•Non Banking Financial Institutions • INSURANCE COMPANIES - ANNUAL AUDIT•Multinational Companies

1.Pre-Engagement activities2.Accepting engagement

Audit Process of Aziz Halim Khair Chaudhury, chartered accountants company

1.The board of directors of the company takes decision on their annual general meeting (AGM) which audit firm they choose for their company audit whether it may be new or existing audit firm.

2.In case of seeking new audit firm, the company gives advertisement in different media such as newspaper and online.

3.They choose audit firm by considering different criteria such as evaluating the audit firm background, determine an approximate cost for the audit process, negotiate the hourly rate for the auditing firm’s staff by framing it against past years’ audits on their firm determine whether the auditor is able to meet the ethical requirements regarding the company, examine the audit firm’s staffing plan for their audit.

4.Then the company give an engagement letter to the selected audit firm i.e Aziz Halim Khair Choudhury ,Chartered Accountants.

5.When the auditor accepts the company engagement letter then the audit work will be started.

The process of conducting audit in Islami Bank Ltd.

1.Verify that all outgoing checks were properly signed, accounted for and posted to the correct accounts

2.Ensure that all deposits or incoming funds were properly posted to the correct accounts and ledger line

3.Review all financial statements, ensuring that all transactions are properly recorded and accounted for in the ledger

4.Read all the treasurer's reports and make sure that what was reported was recorded 5. Complete the financial review worksheet

6. Suggest improvements to internal controls; especially note when improprieties exist

7. Submit auditor’s signed document (statement) that he/she has completed the audit

Audit firm’s process of auditing in Islami Bank

Ltd.

•Audit report of Islami Bank Ltd.•Statement of the Audit Committee•Meeting of the Audit Committee•Statutory Auditors Appointment•Selection of Accounting Policy

Audit firm’s process of auditing in Islami Bank Ltd. (Contd.)

• Interim Financial Reports•Review of Financial Statements•Meeting with Statutory Auditors•Acknowledgement

Findings of the Report Auditors mostly audit their common clients.

Auditors not only do auditing of a business organization but also other organizations.

Most of the auditors have their community among them, as a result the engagement process

becomes easier.

The company selects an auditor mostly based on their acquaintances and reputation..

A single audit firm can work both as an internal audit firm and external audit firm

As most of the small shareholders are not concerned about the auditor selection. Board of

directors does most of the job.

In several cases audit firm accepts the client’s proposal based on their external information and

previous audit data.

Auditing process of auditors are more informal than it actually thought.

Audit firm is very much sensitive in risk assessment and internal control.

Auditor’s main focus in collecting evidence were existence of assets and internal operations.

In giving auditors opinion in annual report, auditors were very much specific about their

responsibility and identity.

Conclusion

Thanks to all