Audit procedure of Bangladesh- A Case Study on ACNABIN Chartered Accountants

Abstract

Practical knowledge is necessary for newly graduate and practical knowledge is totally different from bookies knowledge. For gaining practical knowledge entering into a work or corporate is necessary. To complete graduation every student is required to do thesis in any organization. As my thesis I had chosen ACNABIN Chartered Accountants, prominent accountancy firm in Bangladesh. The main objective of my study is to analyze and identify the audit procedure of Bangladesh and also the audit procedure of ACNABIN. I was also aimed to find out comparison of International audit procedure with ACNABIN audit procedure. For fulfilling my objectives, I had used both primary and secondary sources. Primary sources were direct experience by working and help from audit manager and others person’s from ACNABIN. And secondary sources were accounting system, internet and other papers of ACNABIN. In my working period in ACNABIN I had face and found several things. Some were good and some were problematic. One of the main problems is without giving proper knowledge of the client’s business students were sent to audit. Sometimes ACNABIN don’t follow the work program properly. In most of the cases ACNABIN’s supervision is not so good and the audit team had to face time limitations for completing the audit. One of the best finding in ACNABIN that their audit procedure gives them an opportunity to describe the problems in accounts of the client through management letter. And they also have a prescribed audit engagement procedure for the engagement with their clients. According to my experience I think ACNABIN should change some things. They should give proper knowledge to their students before sending them to audit, they must need to follow the work program in a proper way. The supervisors of an audit should be more cooperative and should supervise the audit on time to time basis. As far I had seen in ACNABIN they had a great potentiality and their workings are quite good. They had good capability for fulfilling their client’s needs. But if ACNABIN could overcome their limitations it will be best for them and their clients.