Welcome to our

Presentation

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

Group details
Exam
Roll
003

Registration

Name

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 Companys auditing process.

Limitation of the Report

There were some limitations such as The confidentiality of audit firms, even for a
students 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 Auditors

Public Company Auditing

The Audit Process

I. Pre-Engagement Procedures
II. Risk Assessment
III. Risk Response
IV. Reporting
V. Follow-Up

About the Chartered

Accountants
Name: Aziz Halim Khair Choudhury (AHKC)
Established:1st July, 1979
Registration: 23556/79

Firms Clients:
BANKS
Non Banking Financial Institutions
INSURANCE COMPANIES - ANNUAL AUDIT
Multinational Companies

Audit Process of Aziz Halim Khair

Chaudhury, chartered accountants company

1.Pre-Engagement activities
2.Accepting engagement

The process of conducting audit in

Islami Bank Ltd.
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 firms 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
firms 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.

Audit firms process of auditing

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 auditors signed document (statement) that he/she has
completed the audit

 Audit report of Islami Bank Ltd.

Statement of the Audit Committee
Meeting of the Audit Committee
Statutory Auditors Appointment
Selection of Accounting Policy

Audit firms 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 clients 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.
Auditors 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