a Bachelor of Business Administration (BBA) student in Accounting at Daffodil International University declares that the internship report “Audit Procedures of Mizan Islam & Co. The main objective of the report is to learn about “Audit Procedures After composing the introduction of the report, the origin of the report and also the objective of the study in the first chapter, the review of the company (Mizan Islam & Co. Chartered Accountants) was described in the second chapter of the report.
In the third chapter, the report continues on the overall audit procedures of Mizan Islam & Co. In the last chapter, the conclusion for this report was drawn which implies the completion of the report. Every detail that was within the above area of the report was observed, collected and recorded in this report considering all the internal and external information sources of “Mizan Islam & Co.
Introduction
Rationale of the study
Objectives of the Report
Scope of the Report
Methodology of the Report
Limitations of the Report
Overview of Mizan Islam & Co. Overview of Mizan Islam & Co. MIC), Chartered Accountants is a renowned accounting firm in Bangladesh. From the very beginning, the company has been committed to providing quality services to its clients based on its various professional capabilities. Currently, the firm serves its clients in the areas of audit and assurance, accounting, tax, management consulting, business systems development, due diligence and internal audit, etc.
Currently the company has 2 partners, 2 qualified directors and 5 managers committed to achieving professional excellence.
Ownership/legal entity of the firm
Overview of Mizan Islam &Co. MIC), Chartered Accountants is a recognized chartered accountancy firm in Bangladesh.
Firm vision
Firm mission
Office Location
Professionals working team members
Serving areas of the firm
In this situation, the technical advisory service for clients to minimize the tax burden while respecting all the rules and regulations in force. Internal auditing is the assessment of the effectiveness and efficiency of an organization's internal control and compliance system. Through the firm's services in the field of internal audit, help identify the risks involved in achieving the organizational goal. e) Secretariat matters.
All types of secretarial services to the promoter for the formation and after the formation of any company to ensure the smooth running of the business entity. f) Preparation of accounts. Simplify corporate clients by providing professional staff to prepare financial statements for an entity in compliance with all applicable state accounting standards and laws. g). The due diligence service aims to assess an organization's entire perspective for/of a specific requirement from interested parties.
Perform this service for the customers as they require for their internal or external purposes.
Firm serving industries
Quality control policies
Firm Enlistment
Strategic alliance
Human resource of the firm
Processes of acquiring clients of the firm
Client serving individuals (Team Composition)
Auditing Procedures of Mizan Islam & Co
What is known about the industry in which the potential customer operates and the risks it poses. Whether the audit firm is competent and able to handle the audit of the potential client. Are there any concerns about the resources available within the company to meet any identified need for experts.
In the case of a group audit, whether the engagement team is capable of acting as a group auditor. Is there any concern that the group engagement team will not be able to obtain sufficient appropriate audit evidence in relation to the consolidation process and the financial information of the components on which the group audit opinion can be based.
Auditor’s association with the prospective client
What reasons are given for changing auditors and why our firm was chosen. Consider that no conflict of interest arises in respect of services rendered as a result of accepting audit of a listed company in light of listing regulations and ICAP Code of Ethics. Has any relevant statutory or other regulatory provision been identified, including any implications on the auditor's ability to act for the client.
Know your client in Detail (understanding business and its activities) a) Client Overview
Control Overview
34;© Daffodil International University" Page # 17 when aggregated with other misstatements, it will not be prevented or detected and corrected in a timely manner by the company's internal controls. Internal Control – The process designed, implemented and maintained by those responsible for management, management and other personnel to provide reasonable assurance of the achievement of a company's objectives with respect to the reliability of financial reporting, the efficiency and effectiveness of operations and compliance with applicable laws and regulations. The term "controls" refers to all aspects of one or more of the components of internal control.
Information systems and related business processes relevant to financial reporting are likely to be less sophisticated in small firms than in larger firms, but their role is just as important. Small businesses with active management may not need extensive descriptions of accounting procedures, sophisticated accounting records, or written policies. Understanding the entity's systems and processes may therefore be easier when auditing smaller entities and may depend more on inquiry than on documentation review.
USING THE AUDIT PRACTICE MANUAL 1. Introduction
Forms
The forms in APM are designed to facilitate and encourage review and conclusions. Where a form requires a formal conclusion, this will always be found at the bottom of the form, where there is space for the author and reviewer to sign. Many of the forms may be signed by employees other than the audit manager, hence the use of the terms 'prepared by' and.
However, when the signature is specifically requested by a senior manager/manager and/or partner, this is indicated in the forms. There is also a box at the top of the page to indicate that the form has been customized by a specific individual during the design phase and allows you to review the tailoring. This is essential so that the audit manager can comprehensively review the design.
Accounts
The purpose of the form is to ensure compliance with the Bangladesh Standards on Auditing (BSA), it can be a useful tool when completing a review of the file, especially where the reviewer is somewhat uncertain about the quality of the evidence on file or are relatively inexperienced. This provides a final check to ensure that full consideration has been given to compliance with all the BSAs. A final critical review of the accounts should be carried out in conjunction with updating the annual summary of statistics on the Permanent Audit File or within your account's preparation package.
The relationships and trends recorded on the permanent file must be specific and relevant to the client. This final critical review is not in itself a sufficient basis for expressing an audit opinion on the accounts, but it should hopefully support the conclusions drawn from other audit work or otherwise indicate areas requiring further investigation. The purpose of this form is to ensure that there is sufficient evidence that the suitability of the audit report has been considered.
It is essential that the working papers are updated to reflect the response to the original inquiry and that the response is not only recorded on the review plan as this will lead to the loss of audit evidence.
Planning
- Planning summary
- Acceptance procedures
- Audit planning checklist
- Understanding of the company
- Planning schedules
- Audit Risk Summary
- Risk assessment
BSA 315: Understanding the entity and its environment and assessing the risks of material misstatement requires a much deeper understanding of the client's internal control procedures and systems than was previously the case. BSA 315.20 requires the auditor to understand the company and the environment in which it operates. As this is a plan document, figures for the accounts being audited will sometimes not be available.
Where this is the case, the expected figures for the current year (possibly based on VAT or sales data) and, if applicable, the figures from previous years should be used. The materiality figure determined determines the overall materiality applicable to the audit as a whole. It should be emphasized that determining the materiality level is ultimately a matter of professional judgment.
Under no circumstances should the ranges be treated as a formula or materiality calculated as an average of the three. BSA 320: Audit Materiality requires the auditor to consider the level of materiality throughout the audit. This is the starting point, as this process must gather enough information that will enable the identification of the various risks facing the company.
The auditor shall identify and assess the risks of material misstatement at the financial statement level, and at the level of assertions for classes of transactions, account balances and disclosures. Considers the likelihood that the risks could result in a material misstatement of the financial statements.'
Additional planning schedules
AUDIT EVIDENCE Audit objectives
Audit conclusion
Final completion stage
Alternative conclusion
Register of Laws and Regulations
AUDIT FILE INDEX
AUDIT FILE INDEX 1.Final accounts
AUDIT PLANNING
EXTENSIVE ANALYTICAL REVIEW E. INTANGIBLE ASSETS
TANGIBLE FIXED ASSETS
INVESTMENTS IN GROUP AND ASSOCIATED UNDERTAKINGS H. OTHER INVESTMENTS
STOCK AND WORK IN PROGRESS J. DEBTORS AND PREPAYMENTS
LONG TERM LOANS AND DEFERRED INCOME
PROVISIONS FOR LIABILITIES AND CHARGES, CONTINGENT LIABILITIES AND FINANCIAL COMMITMENTS
CAPITAL, RESERVES AND STATUTORY RECORDS P. TAXATION
INCOME AND EXPENDITURE- ANALYSIS FOR TAX PURPOSES R. PROFIT AND LOSS
OPERATIONAL EFFECTIVENESS OF CONTROLS T. POST BALANCE SHEET EVENTS
VALUE ADDED TAX V. CONSOLIDATION
ACCOUNTS WORKING PAPERS
OTHER PRIMARY FINANCIAL STATEMENTS Y. COMPUTER REPORTS AND RECORDS RECEIVED
- Major Findings
- Recommendations
- Conclusion
Bangladesh Auditing Reporting's main findings are to improve the relevance, reliability and comparability of the information a reporting entity provides to its clients about a business combination of Mizan Islam & Co. It has a full-scale IT department with a well-trained staff to ensure faster service, but relatively slow operations (lack of some motivational factors). The organization does not use the art communication technology to ensure fast communication and feedback.
The organization gets unstable phases of recruitments, since the flow of the number of student registrations is not always constant. There is some skilled expertise in the organization, but at the same time the number of relatively weak and unskilled articles was countered. Should ensure full-scale IT department with a well-trained staff to generate faster service (improve some motivational factors in IT department).
The organization should use state of the art communication technology to ensure quick communications and feedback to quickly overcome any complaints. The organization should stabilize the recruitment stages by ensuring an effective article student registration procedure in consultation with the firm's management. It should clarify the guidelines for the partner's involvement in the company's mission where necessary.
I learned a lot in a period of three months and this period is a small period of time.
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