Audit practice in Malek Siddiqui Wali Chartered Accountants

Abstract

This report is based on “Audit practice in Malek Siddiqui Wali, Chartered Accountants”. Malek Siddiqui Wali (MSW in short) began its journey in 1965. MSW has 2 offices in Motijheel C/A & Bashundhara, Dhaka. The main activities of the firm are to carry out external audits, provide other accounting, tax, VAT services to clients. MSW has many government and private clients. The main objective of this report is to get an overview of the audit practice in general and specifically of MSW. The study has covered the audits of different companies performed during 2023. The study has used both the primary and secondary data sources. The first chapter of this report consists of an introductory part of this report, the second chapter includes an overview of the audit firm where I did my internship i.e. Malek Siddiqui Wali, Chartered Accountants. In the third and fourth chapter, the background of audit work and operating procedure of MSW is shown. The remaining chapter includes a summary of the findings, recommendations and conclusion. To understand the audit process, data collection was made through interviews with colleagues, studying the audit manual of the firm, visiting ICAB website and learning the standards from books. The firm should improve its usage of IT and technology more for performing the audits. More training, workshop is needed to be carried out for the audit trainees for the various auditing and accounting standards. Despite having a branch in Bashundhara there are only a few clients in that location for the firm. MSW should take steps to improve marketing in different locations to acquire more clients. MSW should also expand its business in areas of IT audit as the competition is still low in Bangladesh and consultancy services. MSW can set policy to keep team members un-rotated till one audit is fully complete.