Actual Practice & Problems of Audit Procedure

ACTUAL PRACTICE & PROBLEMS OF AUDIT PROCEDURE REPORT ON:

AMTRANET GROUP

UNDER SUPERVATION: Shah Ridwan Chowdhury Lecturer, Dept. of Management Studies. Jagannath University, Dhaka. PREPARED BY: Group Name: Knowledge Fighter. Section-A, B.B.A (3rd Batch) Department of Management Jagannath University Date of Submission: 27.02.2012

Feb.27, 2012
Shah Ridwan Chowdhury.
Lecturer and Course Teacher, Auditing.
Dept. of Management Studies.
Jagannath University, Dhaka.

Dear Sir, there is the report on ‘topic ’’ you wanted as to conduct.

To prepare this report, we conducted a field work. This field work will help us to improve our knowledge and theories of auditing. We believe that this report will help anybody to understand about the actual practice and bottlenecks of audit particularly in garments industry. In preparing this report, we tried our best effort. That’s your for giving such the topic. You may accept the report.

Sincerely yours
Group: Knowledge Fighter

ACKNOWLADGEMENT

Our report is on “Actual practices and bottleneck of audit procedure: A case study on a particular Garments organization”
We are delightful to our honorable course teacher MR. Shah Ridwan Chowdhury for his guidance, suggestion and all type of support & supervision in preparing this report. He continuously reminded us for the preparation of this report. It might be tough to prepare report without her help. The report is combined effort of group members.

We would like to give special thanks to, MR.Abul kasem FCA Partner, Rahman Kasem & Co, MR. Taposh Raha , Student, Pinaki &Co and ‘Mr.Emrul Kayes Sujan’ Asst. Manager-HR & Compliance, AMTRANET GROUP. for giving us time from their very busy office work to discuss the things & have guided us by giving useful suggestions and providing us data and relevant information for completing this report. He shared his practical experiences with us. We have tried with our best to present the ‘Actual practices and bottlenecks of audit procedure: A case study on a particular garment organization’. So there are various parts that describe our analysis.

GROUP MEMBER LIST

SL. No. | NAME | Roll No. | Email ID. | 1. | Fatematuz zohora | 07882-569 | [e-mail] | 2. | Rajib Dev (Group Leader) | 07882-573 | [e-mail] | 3. | MD. Kabir Hossain | 07882-575 | [e-mail] | 4. | MD. Shariful Islam | 07882-577 | [e-mail] | 5. | Ashis Kumar Acharjee | 07882-579 | [e-mail] | 6. | Rubina Yeasmin | 07882-583 | | 7. | MD. Khaleduzzaman Muhin | 07882-585 | | 8. | MD. Anisur Rahman | 07882-587 | Fmmasum [e-mail] |

TABLE OF CONTENTS Particulars | Page No. | Title page | 1 | Transmittal message | 2 | Acknowledgement | 3 | Group name | 4 | Introduction | 6-7 | Company overview | 8 | Comprehensive Theories | 9-11 | Findings and Analysis | 12-18 | Problems of Audit Procedure | 19-22 | Ending of the report | 23-24 | Appendix | 25-26 |

1. Executive Summary:
After the industrial revelation, a lot of complexity has raised in operation of business specifically in accounting. To ensure the reliability of financial statements or any other report the term of auditing has developed. On performing audit on a garment organization audit firm follow some steps also the garments organization need to perform some activities. In our field work we found that * CPAs follow the standard of BSA or ISA * The registered garment organizations conduct external audit only * The accountants in garments organizations are lack of auditing knowledge. * Due to time constrain auditor cannot follow the BSA standard fully * Due to lack of auditing knowledge of internal accountants auditor faces some problem in performing audit. 2. Methodology and Sources of Collected Data:

There are several ways of administering a survey. The choice between administration modes is influenced by several factors, including 1) costs, 2) coverage of the target population, 3) flexibility of asking questions, 4) respondents' willingness to participate and 5) response accuracy. Different methods create mode effects that change how respondents answer, and different methods have different advantages.
To prepare this report, we have visited the CPA firm as 1. PINALCI AND CO. 2. RAHMAN KASEM & Com and 3. AMTRANET GROUP a garments organization and also we have used * Question analysis. * Web site visiting. * Some of the previous report. * Organization’s annual reports. * Talking to the previous survey. * Other source which and other questioner in included in the appended part.

3. Signifance of the report:
The objective of this report is to make a practical knowledge about audit procedure. Also we have some theoretical knowledge. More specifically objectives are * To achieve practical knowledge * To identify auditor’s audit procedure * To identify auditor’s problem in performing audit * To understand garments’ knowledge of auditing * To know the procedures of auditing used by garments 4. Questionnaire:
Our questionnaire is enclosed in the appendix part.
5. Limitation in performing survey:
Most of our limitations are – * The data about auditing are confidential, so the employees are not encouraged to answer. * Employees of garments are not aware about the auditing. * Time was short. * We have no particular knowledge about such particular audit report.

Overview of the organization:
The AMTRANET GROUP, one of the leading and renewed garment organizations which have been launched since 1991. Fist it started the journey with one single garments unit but now AMTRANET expanded with three (3) more garments manufacturing units with establishing garments. Within this period they also set up one accessory carton manufacturing unit to strengthen the backward linkage support.
To meet customer’s continuous demand and to enter into the value added market by the year 2006 they expanded once again and established GARMENTS OXPORT VILLAGE LTD (GEVL). GEVL has a ten storied building with 8 different manufacturing units-of them wrinkle free trouser unit, dress shirt and trouser units, multi gauge jacquard unit, in-house washing, printing, embroidery units and other auxiliary units.
Its main objectives are to compliance with the country laws and social responsibility, maintaining high standard of health, safety and environment, Knowing and meeting the applicable statutory and regulatory requirements.

AMTRANET AT A GLANCE Factories / Units | 13 | Production Lines | Trouser :20 linesShirt :14 lines | Knitting Machines for Sweater | 1020 sets in 10&12 Gauge | Manpower | 4999 Persons | Output in 2010 | 6.73 Million pcs garment | Turnover in 2010 | US$ 31.15 Million | Production Capacity per Month Trouser / Pant | 4,00,000 pieces | Sweater | 1,50,000 pieces (50,000 jaq) | The Standard Audit Procedures

Audit procedures are specific tasks (audit tests) performed by the auditor to gather evidence to determine if specific audit objectives are being met. It also an Auditor technique in gathering auditing evidence to substantiate the reliability of the accounting records. The auditor evaluates whether the information presented is logical and reasonable.
The purpose of audit procedures is to provide detailed audit steps to be performed during the audit fieldwork that will achieve the specific audit objectives. The auditor’s work will be divided into several distinct phases. . A schematic representation of these phases is as follows:-
1. Accepting the Audit Engagement

2. Planning of Audit

3. Performing Audit Tests

4. Reporting the Findings

Figure: - “Standard Audit Procedure at a glance.

First Phase of the Audit Process: Accepting the Audit Engagement.
At first auditor develops a general strategy and a detailed approach for the expected nature, timing and extent of the audit. At the same time they also set out the nature, timing and extent of planned audit procedures required to implement the overall audit plan. The considerations are- * Client intimation to be appointed as auditor. * Evaluate integrity of management. * Identify special circumstances and unusual risk. * Assess competence to perform audit. * Evaluate independence. * Determine ability to use due care. * Preparation of engagement letter.

Second Phase of Audit Process: Planning the Audit.
Adequate planning of the audit work helps to indentify the important areas and provide appropriate attention of the audit. The purpose of planning are identified potential problems and proper assignment of work to assistants.
Familiarization: Here auditor obtains understanding of client’s business and industry and evaluate the MGT’s use of the going concern assumption in the preparation of Financial Statement. Following steps are followed- * Review prior year’s working papers. * Review industry and business data. * Visit client operations. * Make inquiries of management. * Determine existence of related parties. * Consider impact of applicable accounting and auditing pronouncements.
Performance of Analytical Procedures: The analysis of significant ratios and trends including the resulting investigation of fluctuations and relationships that are inconsistent with other relevant information or deviate from predicted amounts.
Making Preliminary Judgments about Materiality: It is the omission or misstatement of information that influence the economic decision of users those are taken on the basis of the financial statements.
Consideration of Audit Risk Exposure: The risk that the auditor expresses on inappropriate audit opinion when the financial statements are materiality misstated. Components of audit risk- * Inherent Risk. * Control Risk. * Detection Risk
Understanding Client’s Internal Control System (ICS): Understanding of the internal control is a prerequisite to identify and assess the risks of material misstatement of the Financial Statement whether due to fraud or error. According to Para 43 of BSA, IC consists of the following components- * Control environment * The entity’s risk assessment process. * Control activities. * Monitoring the control.

Third Phase of Audit Process: Performing Audit Tests
The process of collection and evaluation of evidence related to various audit tests. The phase of performing audit tests involves following steps- 1) Obtain evidential matter through audit tests. 2) Evaluate the evidence obtained for sufficiency and appropriateness and 3) Document the audit evidence in working paper.
Vouching: The selecting entries are the accounting records and inspecting the documentation that served as the basis for the entries with a view to ascertaining the propriety and validity of the recorded transaction.
Audit Samplings: It involves the application of audit procedures to less than 100% of items within as account balance or class of transactions such that all sampling units have a chance of selection.

Last Phase of Audit Process: Reporting the Finding.
After performing audit test the auditor prepare a report that includes the expression of an independent and expert opinion on the fairness of Financial Statements. This opinion provides users of F/Ss with reasonable assurance that the statements are in conformity with GAAP.
The auditor should review and assess the conclusions drawn from the audit evidence obtained as the basis for the expression of an opinion on the Financial Statements. Different types of audit reports or opinions are- * Standard Unqualified Audit Report. * An Unqualified opinion with explanatory Language. * A Qualified Opinion and * An Adverse Opinion.

Actual Procedure Followed by CPA Firm.
When we asked to Mr. Abul Kashem FCA about the actual audit procedure, he clearly shows that in this stage the auditor examines records, documents, or tangible assets. The auditor also examines the physical existence of material negotiable assets and the terms and conditions of agreements. Then he specifically mentioned following steps are followed to conduct an audit to garments organization.

Step 1
A. Offering:
At first the garments organization offer the CPAs firm to audit there financial statements through the open advertisement in newspaper or websites. Also sometimes the garments organization makes a contract with some specific CPAs firm to conduct the audit. The garments organization specifies the time to perform the audit.
B. Submission of Proposal:
We find out the interested CPAs firm submit a proposed to the garments organization/AMTRANET GROUP along with some specifies issues related to potential audit practice. * Draft plan of the audit practice. * Cost of audit. * Human resources that may be used in performing audit and * The Logistic supports that should be needed in performing audit.

Then AMTRANET group /any garments organization analyze the disclosed terms and conditions provided by the numbers of interested CPAs firm. After completing the analysis the AMTRANET group or any garments organization selects a CPAs firm in term of low cost and the goodwill of the firm. But there is the matter of fact that most garments /AMTRANET group prefer the personal relation with the CPAs firm to select a CPA firm.

C. Acceptance of Latter:
In this stage, the AMTRANET/any garment industry send an acceptance letter to the selected CPA firm that Specifying the CPA firm is selected for conducting the audit practice.
D. NOC Letter: After accepting the appointment letter, the potential CPA firm collects the NOC from the prior auditor about the clearance by them. Here it is must be mentioned that this letter must be collected within by15 days after providing the acceptance letter.
E. Risk Assessment:
Here the selected CPA firm assures the prospected risk that may arise during the course of audit. CPA firm consider the following issue: * Any internal constraints. * Any political issue and * Insufficient evidence.

F. Consent:
In this stage, the selected audit firm fills up and submits a form to RJSC and notifying that they are appointed as auditor of AMTRANET group/any garment organization.

STEP 2
Actually in this stage the certified public accountants firm makes a plan to perform the audit.
1. Initial Meeting: Before planning the audit the owner of the certified public accountants (CPA) firm i.e., MR ABUL KASEM Fca Partner, Rahman Kasem & Co make a preliminary meeting with the Board of Directors (BOD) of that garments (Like Amtranet Group) and discuss about the audit plan. Here the garments (Like Amtranet Group) describes 1) The unit or system to be reviewed, 2) The organization, 3) Available resources (personnel, facilities, equipment, funds), 4) Other relevant information.
2. Preliminary Survey: After the initial meeting the audit firm conducts a preliminary survey in the garment organization to collect some information in order to obtain a general overview of operations. Auditor talks with key personnel and reviews reports, files, and other sources of information
3. Planning the Audit:
The CPA firm like as The RAHMAN KASHEM & COM. makes a draft audit plan about how they should perform the audit practice in the organization. To make a draft plan they collect some information from garment organization. Which are- a. Company’s Cash book. b. Ledger book. c. Bank statements. d. Salary registers. e. Bank books. f. Asset list. g. Liability list.
4. Controlling:
Then the CPA firm actually build an audit team comprising a manager, some audit staffs/assistants on the behalf of FCA. Basically the assistants are student who continue the audit practice in this selected CPA firm.
5. Authorization Letter:
Here the concerned CPA firm mostly the FCA sends an authorization letter to the particular garment organization or AMTRANET group about specifying the assigning audit team.
6. Field Work:
In this stage the audit firm goes to the plant or warehouse to collect relevant evidence regarding organizations financial and non-financial statements. And here auditors analyze the Vouchers which they gather in previous task. In vouching, the auditor identify is there any significant or insignificant difference between the voucher and actual statements. Such as: cash books, ledger books, bank statements.
It is also an important issue that if any amount is more than tk 200/= then the auditor notice is there any stamps exist or not.
Besides this, here the audit team analyses the rules and regulation of the garment to collect evidence about asset valuation and stock valuation. Sometime the audit team physically visits the operating facilities such as: * Plant of garment and * The Warehouses.

7. Sufficiency of the evidence:
The audit team performs vouching and physical visits and evaluates evidence until they are satisfied about the sufficiency of the evidence. Here the team thinks that * Evidence is sufficient to make a report * Evidence is sufficient to represent the actual condition * Evidence is sufficient to confirm the prior information

Step 3 Analysis and Reporting:
In this step the auditor prepares a report on the basis of their evidence which is they gather through performing field works. Before making a draft report auditor i.e. Rahman Kasem & Co analyses the evidence collected by the audit team. The audit team submits all the evidence to owner of the CPA firm Like MR. Abul Kasem FCA. Then the FCA prepares some reports. Reports are:
1. Draft Report:
After analyzing the relevant vouchers, statements and field work documents the audit firm makes a draft report. That means make a new Financial Statement for such the garment organization like as AMTRANET Group.
2. Meeting with BOD of Garment Organization about Draft Report:
Now the audit team communicates the draft report with the Board of directors (BOD) about report. If there found any misstatement or error in the information, the team would reasons to the Board of directors (BOD)

3. Cold Review:
In this stage audit team review all the documents, statements and evidences from the starting point. And this evidence is documented to prepare a final report. If there arise any misstatement, then the audit team again reevaluates the evidence.
4. Review Prior Year Audit Report:
Before making final report the auditor observe the last year audit report of such garment such as AMTRANET GROUP which is prepared by other preceding CPA firm.
6. Finalization & Submission:
Here the CPA firm prepares a final report. In this report the signature of FCA is very important. Then CPA firm submit the report to: * Board of Director (BOD). * Security & Exchange Commission ( SEC) and * Bangladesh Bank etc.

7. Responsibility up to next year:
It is the responsibility of the CPA firm to preserve the report and all documents for the next year. It s important to face any query regarding the report.

Comparison between BSA standard and Practical Findings
Performing the audit practice in garment organization, the CPA firm follows some specific procedures which are more or less similar to BSA standard audit procedures. But in some case they do not follow BSA standard to conduct audit practice. By analyzing the audit practice of different CPAs firm, we summarize some difference in following perspectives.

In First Phase of BSA standard: * In the engagement process the concerned CPA firm does not evaluate the integrity of management. * The CPA firm does not make inquires of the third parties. * They limit the assessment of competence to perform audit. They think that they can perform audit in any environment. * They do not evaluate independence in garment organizations audit practice. In Second Phase of BSA standard: * The CPA firm does not give more importance of related parties. They do not collect the name of related parties. * CPAs avoid external source in developing expectations rather than giving more priority on internal sources. * The audit team has lack of knowledge about determining materiality of the information. In Third Phase of BSA standard: * The CPA firm does not go for any tracing test. * They can’t examine the entire population in vouching. * They more or less depend on selective testing and audit sampling for performing audit test.
Problems or constrains are faced by an auditor to conduct an audit in GARMENT Organization.

Every successful audit is completed based on sound planning and an atmosphere of constructive involvement and communication between the client and the auditor. But During the course of the audit, auditor faced some inconsistent which deemed to revise the audit procedures, scope, or budgeted hours. The auditor should evaluate the situation, make timely recommendations to audit management, and obtain approval before incorporating any changes.

We recently talked with ‘Mr.EmrulKayes Sujan’ Asst. Manager-HR & Compliance, AMTRANET GROUP. We knew through him some exciting information about audit problems that an auditor is faced to perform an audit in his/her organization. At the point of our conversation, he said that it is difficult about this inconsistence to disclose from my position. Because audit practice are performed by Certified Public Accountant (CPAFirm) who better known and encountered about this. From our request, he point out some problems. Those were-

* Lack of adequate audit planning. * Unskilled managers or accountants. * No conformity with GAAP due to inexpert HR * Lack of unique software. * Problem at wastage valuation e.g. jut. * Missing receipts to prove deductions. * Too many frameworks and regulations. * Time periods of audit practice, Like as only 2/3 or maximum 15 days.

Then we visit three (3) CPA Firms respectively MR. Abul Kasem FCA Partner of Rahman Kasem & Co, Ramesh kumar student of Howladar Yunus & com, and KanchiLal Das & com to detailed understand about the problems of audit practice in a particular Garments Organization.

We asked them about this subject and then they are said-

There are a multitude of issues and problems auditors will encounter during auditing that must be solved individually. So we cannot discuss every one of them, I have highlighted common problems that auditors experience. Throughout my auditing career, I have had the opportunity to observe different auditing styles, from Food and Drug Administration (FDA) inspectors to third-party auditors for International Organization for Standardization (ISO) certifications.

Most of the auditors face an entirely different set of following considerations.

PROBLEM AREAS | Percentage of CPA Firm(3) | 1. To Gather sufficient audit evidence. | 80% | 2. Exercising due professional care. | 71% | 3. Demonstrating appropriate level of professional skepticism. | 60% | 4. Interpreting or applying requirements of GAAP. | 49% | 5. Designing audit programs and planning engagement (inherent risk issues, no routine transactions). | 44% | 6. Using inquiry as form of evidence (relying too much on this method). | 40% | 7. Obtaining adequate evidence related to the evaluation of significant management estimates (failing to gather sufficient evidence). | 36% | 8. Confirming accounts receivable. | 29% | 9. Recognizing/disclosing key related parties. | 27% | 10. Relying on internal controls (rely too much/failing to react to known control weaknesses). | 24% |

Common Audit Problems:

1. To Gather Sufficient Audit Evidence:

Near about 80% of the CPA Firms, auditors are failed to gather sufficient audit evidence. Many of the cases involved inadequate evidence in areas such as asset valuation, asset ownership and management representations.
Assets valuation: The auditor did not obtain evidence to support key assumptions.
Asset ownership: The auditor did not obtain evidence to indicate the company owned certain assets.
Management representations: The auditor did not corroborate management responses to inquiries.
Some cases involved the auditor’s failure to examine relevant supporting documents (for example, examining a draft, instead of a final, sales contract) or failure to perform steps listed in the audit program. Overall, this failure contributed to management’s success in overstating assets, the most common fraud technique.
2. Due Professional Care:
The Securities and Exchange Commission (SEC) claimed that auditors failed to exercise due professional care in 71% of the enforcement cases and to maintain an attitude of professional skepticism in 60% of the cases. In general, this failure on the auditors’ part can be found throughout the sanctioned audit engagements.
3. Applying GAAP:
In almost half of the cases, the SEC said the auditors failed to apply or incorrectly applied GAAP pronouncements. Many of the GAAP violations related to unusual assets with unique accounting valuation issues (often described in the lower levels of the GAAP hierarchy).
4. Designing Audit Planning and Engagement Programs:
Planning the audit engagement is crucial to its success. Deficiencies in audit planning were cited in 44% of the cases. Specifically, the auditor failed to
Properly assess inherent risk and adjust the audit program accordingly.
Recognize the heightened risk associated with non-routine transactions.
Prepare an audit program (or inappropriately reused one from prior years).
5 Over Reliance on Inquiry as a Form of Audit Evidence:
Another common deficiency present in 40% of cases, the overreliance on inquiry as a form of audit evidence. The agency cited auditors for failing to corroborate management’s explanations or to challenge explanations that were inconsistent or refuted by other evidence the auditor had already gathered.

6. Problem in Management Estimations:
Failure to obtain adequate evidence relating to the evaluation of significant management estimates was present in 36% of the cases. The SEC claimed auditors failed to gather corroborating evidence and to challenge management’s assumptions and methods underlying the development of those estimates.
7. Confirming Accounts Receivable:
The SEC cited numerous deficiencies in confirming accounts receivable (present in 29% of the cases). These deficiencies included * Fail to confirm enough receivables. * Fail to perform alternative procedures when confirmations were not returned or were returned with material exceptions. * Problem with sending and receiving confirmation requests (for example, failing to corroborate confirmations received via fax or allowing the client to mail confirmation requests).
8. Recognizing Key Related Parties:
Another common problem (in 27% of cases) was the auditor’s failure to recognize or disclose transactions with related parties. The auditor was either unaware of the related party or appeared to cooperate in the client’s decision to conceal a transaction with this party. Such transactions often resulted in inflated asset values.
9. Problems in Internal Control:
In 24% of the cases, the auditor encounter to expand testing in light of identified weaknesses in the client’s internal controls. In other cases, the auditors seemed to implicitly assume the presence of a baseline level of internal controls, but the reality is that the client essentially had no controls in place.

Major Findings: We found some key information regarding our assignment. These are * The procedure of audit performance by CPA firms is almost same as our theoretical standard. * Only registered and renowned garments arrange external audit. * Garments are lack of efficient accountants. * Due to lack efficient accountants CPA firms face some problems in performing the procedure. * Time constraints create problem to auditor in performing audit.

Group Recommendation to These Problems:
Based on the deficiencies, there are a number of areas where CPA firms should take appropriate attention to control these problems during the course of audit. 1) Auditors can solve audit planning deficiencies by promoting more extensive and timely involvement by partners—both engagement and concurring—and managers in planning the engagement.

2) CPA firms that perform audits can take a number of steps to reduce the incidence of GAAP violations among audit personnel, including- Required specific internal firm consultation with technical A&A partners or industry specialists when certain accounting issues are arises. Expands the coverage of technical accounting topics and training courses to ensure audit personnel understand the nuances of GAAP. Ensuring the firm personnel understand with the Generally Accepted Accounting Principles in the Independent Auditor’s Report.

3) The three most common deficiencies all reflect engagement management problems affecting many areas of the audit: a failure to gather sufficient, competent evidence, lack of due care and lack of professional skepticism. In many cases, the best remedy for such problems is for auditors to develop a properly designed and executed quality control system.

4) Another means of reducing office-wide audit problems is to address the attitudes at the firm’s highest levels. Define “client” to include not only management but also the entity’s board of directors, audit committee, stockholders and the investing public to ensure the audit team considers all affected parties throughout the engagement.

5) In many of the fraud cases, it appeared auditors simply chose not to pursue identified audit issues, perhaps fearing the time spent investigating those issues would hinder career advancement or result in penalties during salary and bonus reviews because they ran overtime budgets or missed client-imposed deadlines. 6) CPA firms need to ensure their audit teams are effectively handling the confirmation process. Firms should remind team members to Confirm accounts receivable. Confirm an adequate portion of the receivables. Maintain control of the confirmation process.

7) At a minimum, auditors need to carefully review the underlying data, assumptions and methods a company’s management used to develop financial statement estimates.

8) To increase the likelihood of detecting related-party transactions, the auditor should: Prepare a list of related parties, continually updating it throughout the engagement and distribute it to all audit team members. Make inquiries of management regarding the existence of related-party transactions.
Implementing this recommendation might require the firm to develop or purchase guidance on implementing GAAP’s more obscure aspects.

APPENDIX 1 An audit report 2 A Sample Questionnaire Questionnaire for AMTRANET GROUP 1) Do you have any internal audit department? a) yes b)no
2) What type of audit is performed in your organization? a)internal b)external c)both d)others 3) Do you have any internal control system? a)yes b)no 4) How strong is your internal control system? a)strong b) very strong c)liberal d) very liberal 5) How you appoint an audit firm? ………………………………………………………………… ………………………………………………………………… ……………………………………………………………….. 6) Do you support audit team effectively? a)yes b)no c)others Questionnaire for Certified Public Accountants (CPA) firm 1) How you perform the audit procedure?
…………………………………………………………..
…………………………………………………………. 2) What are the problems that are faced by you in performing audit Procedures? …………………………………………………………… ………………………………………………………….. 3 Reference:

a) ‘Mr.Emrul Kayes Sujan’ Asst. Manager-HR & Compliance AMTRANET GROUP Maa tower tong b) MR.Abul Kashem FCA, Partner,Rahmanm Kasem & Co
Rahman Kashem & Co.
Chartered Accountants
City Heart Bhaban(3rd floor)
67,Nayapaltan
Dhaka,1000,Bangladesh.
C) MR. Taposh Raha student, Pinaki &Co Pinaki & Co 2/4 Nawab Habibullah Road (1st floor) Shahbag, Dhaka, 1000, Bangladesh.
D) Auditing: an integrated approach. By Areans and lobbecke