Audit Report
Introduction:
Statement of problem:
AppolloIspat Complex Limited incorporated the incorrect financial statements for the year ended on June 30, 2011 with the Prospectus, which do not give a true and fair view of the state of the company’s affairs. For this unfair practice AppolloIspat Complex Limited and ICB Capital Management Limited have been punished.
Objectives of study:
This report is based on study purpose and the objective of the report is to gather knowledge about law and punishment procedures regarding financial misstatement and auditing scandal maintained in Bangladesh. Analyzing AppolloIspat Complex Limited’s financial misstatement and the punishment procedures we are trying to find out the auditors punishment procedures practices in Bangladesh.
Scope of study:
The report covers the company profile of AppolloIspat Complex Limited, their unfair practice in financial statement, the punishment procedures of management, auditors and regulatory bodies etc. The area of concentration of this report is to identify unfair practice and punishment.
Methodology of study:
To prepare the report both primary and secondary data and information were needed. The report is mainly based on secondary data which were collected from different reports, notes, internet etc.
Secondary source:
← Internet ← Teacher and students of State University of Bangladesh. ← Personal Experience.
Limitations of study:
We faced a lot of problem during the gathering information .As we are doing a report in a very challenging subject auditing scandal and punishment and for this reason we should be gather information from primary source mostly which was really tough to gather as much as information for our report.
← Barriers in disclosing actual data from some of the persons.
← Large-scale research was not possible due to time constraints.
← Organizational problem of disclosing
Statement of problem:
AppolloIspat Complex Limited incorporated the incorrect financial statements for the year ended on June 30, 2011 with the Prospectus, which do not give a true and fair view of the state of the company’s affairs. For this unfair practice AppolloIspat Complex Limited and ICB Capital Management Limited have been punished.
Objectives of study:
This report is based on study purpose and the objective of the report is to gather knowledge about law and punishment procedures regarding financial misstatement and auditing scandal maintained in Bangladesh. Analyzing AppolloIspat Complex Limited’s financial misstatement and the punishment procedures we are trying to find out the auditors punishment procedures practices in Bangladesh.
Scope of study:
The report covers the company profile of AppolloIspat Complex Limited, their unfair practice in financial statement, the punishment procedures of management, auditors and regulatory bodies etc. The area of concentration of this report is to identify unfair practice and punishment.
Methodology of study:
To prepare the report both primary and secondary data and information were needed. The report is mainly based on secondary data which were collected from different reports, notes, internet etc.
Secondary source:
← Internet ← Teacher and students of State University of Bangladesh. ← Personal Experience.
Limitations of study:
We faced a lot of problem during the gathering information .As we are doing a report in a very challenging subject auditing scandal and punishment and for this reason we should be gather information from primary source mostly which was really tough to gather as much as information for our report.
← Barriers in disclosing actual data from some of the persons.
← Large-scale research was not possible due to time constraints.
← Organizational problem of disclosing