auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
This document discusses internal controls, internal checks, internal audits, and the differences between them. It provides advantages and limitations of each. Internal controls help ensure organizational objectives are achieved. Internal checks involve separating duties so employees check each other's work. Internal audits continuously review financial and operational matters to detect errors and fraud. Key differences include internal checks focusing on transaction processing while internal controls ensure policy compliance, and internal audits are appointed by management for early error detection versus statutory audits appointed by shareholders.
The audit report communicates the auditor's opinion on the financial statements and sets out requirements for its content and format. The standard audit report includes basic elements like the title, addressee, management and auditor responsibilities, scope of the audit, and opinion. There are two main types of reports - unqualified and qualified. An unqualified report means the financials fairly represent the entity. A qualified report is issued if problems cannot be resolved with management.
The document discusses the advantages of auditing. It lists 15 advantages such as errors and frauds being detected early, accounts clerks being more vigilant, audited accounts being accepted by tax authorities, and management being able to get advice from auditors. It also discusses different types of audits based on legislative control, relationship with management, periodicity, coverage, and manner of checking. The last section compares internal auditing with external auditing.
This document provides an overview of auditing. It defines auditing as the systematic examination of records of a business or organization to verify financial operations and results. The document outlines the key features, types, and classifications of auditing. It also discusses the qualities needed in an auditor and the advantages and disadvantages of auditing.
The document discusses internal controls in auditing, including the objectives, components, and case studies related to internal controls. It describes the control environment, risk assessment, control activities, information and communication, and monitoring as the main components of internal controls. The document also differentiates between substantive tests and tests of controls in auditing.
The objectives of auditing are to examine the accuracy of books of accounts and financial statements and express an opinion on whether the financial statements provide a true and fair view. The primary objectives are to verify assets and liabilities, ensure statutory compliance, and certify that the profit/loss and balance sheet accurately reflect the financial position of the business. Secondary objectives include detecting and preventing errors and fraud such as cash misappropriation, goods misappropriation, and account manipulation.
The document provides information on tax audit requirements in India. It discusses that tax audits are mandated for businesses and professionals with annual sales/receipts over certain thresholds. The purpose is to ensure accurate income reporting and compliance with tax laws. Tax auditors must be chartered accountants and are responsible for examining accounts, reporting discrepancies, and certifying tax audit reports using amended Forms 3CA, 3CB, and 3CD. The amended forms require additional details on various transactions to facilitate tax assessments.
This document outlines requirements for audit documentation according to standards set by the PCAOB. It defines audit documentation as the written record of the audit work performed, evidence obtained, and conclusions reached. Audit documentation supports the auditor's conclusions and representations in their report. It must contain sufficient information for another auditor to understand the work performed and conclusions reached. The documentation must also include any significant issues identified and how they were addressed. Audit documentation must be retained for seven years after the report release date.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
A management audit is an independent review that identifies areas where management has failed to meet performance standards and evaluates management decision making to improve organizational efficiency and effectiveness. Shareholders or the board of directors appoint management auditors, who are typically chartered accountants with knowledge of accounting, finance, and management. Management auditors evaluate and compare past and present performance, assess current procedures, and suggest improvements to help organizations improve efficiency, evaluate management effectiveness, and inform decisions around loans, equity, reviving struggling business units, and foreign collaborations. A management audit differs from a cost audit in its definition, scope, period covered, appointment process, auditor qualifications, and audit report submission requirements.
This document provides information about audit reports and certificates. It defines an audit report as a presentation of collected facts regarding a company's accounts that informs shareholders about whether the accounts accurately portray the company's financial condition. An audit certificate confirms the accuracy of specific information based on documentary evidence. The document outlines the key components of an audit report according to the Companies Act and discusses important auditing concepts like "true and fair view", types of reports, and the differences between reports and certificates.
IT CONTAINS BASICS OF AUDIT AND AUDITOR
MEANING OF AUDIT, DEFINITION, ORIGIN AND DEVELOPMENT, TYPES OF AUDIT, DIFFERENCE BETWEEN ACCOUNT AND AUDIT, AUDITOR
IT WILL HELP THE STUDENTS TO UNDERSTAND THE BASIC OF AUDIT.
COMPUTERIZED ACCOUNTING AND AUDITING TECHNIQUES (CAAT)Rikesh Chaurasia
This document discusses computerized accounting auditing technology (CAATTs). It explains that CAATTs involves using computers to automate accounting and audit processes, including basic software like spreadsheets as well as more advanced statistical and business intelligence tools. The document contrasts traditional auditing methods, which rely on small samples, with CAATTs which allows auditors to analyze large volumes of data. It provides examples of how CAATTs can be used for tasks like fraud detection. The document also outlines some advantages and disadvantages of computerized accounting and auditing.
This document discusses audit sampling, including:
1. The definition and purpose of audit sampling, which is using procedures on less than 100% of items to make inferences about the whole population.
2. Factors that affect sample size such as population size, confidence level, precision, risk, and materiality.
3. Types of sampling methods like simple random sampling, stratified sampling, and cluster sampling.
4. The differences between tests of control and substantive tests, and between statistical and non-statistical sampling.
5. Key concepts like type I and type II errors, tolerable error, and expected error in the population.
INTERNATIONAL AUDITING STANDARDS -PPT.pptxHeldaMaryA
This document provides information about international auditing standards and the audit process. It discusses the historical background of auditing dating back to ancient civilizations. It also outlines the development of modern auditing with the emergence of large corporations during the Industrial Revolution. The document then explains the role of the International Auditing and Assurance Standards Board (IAASB) in establishing International Standards on Auditing (ISAs) and other standards. Finally, it describes the typical four phases of an audit process: client acceptance, planning, testing and evidence, and evaluation and reporting.
This is a step-by-step process on how to plan and carry out Auditing. This shall be useful for Accountants , professionals,small businesses,big businesses.
This document provides an overview of auditing principles and practices. It defines auditing and outlines its objectives, which include determining the fairness of financial statements and uncovering frauds and errors. The document discusses the differences between accountancy and auditing, the types of audits, and the advantages of auditing. It also covers audit preparation, audit notebooks, working papers, programs, and trends in tax, cost, and management auditing.
This document discusses the fundamentals and purpose of financial statement audits. It outlines the relationship between accounting and auditing, the need for audits due to conflicts of interest and complexity, and theories like agency theory that explain the purpose of audits. The document also describes the audit process, the duties and legal requirements of auditors, what gets included in the auditor's report, and limitations of audits.
Audit working papers are documents prepared or obtained by auditors that provide evidence of the audit work performed. They include information used to plan and conduct the audit, as well as evidence to support the auditor's opinion. Working papers serve several purposes, such as providing evidence of compliance with auditing standards, supporting the conclusions in the audit report, and allowing for review of the audit work. They must be organized, indexed, and signed or initialed by the preparer and reviewer. Working papers are the property of the auditing firm but may be subpoenaed by a court.
Advanced audit
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Aminul Islam Milon
Md. Maznur Rahman
Md. Tarikul Islam Tarif
Md. Mamunur Rahman
Subho Placid Besra
Rahid Hasan
Bikash Kumar
Md. Ali Haidar
Md. Alomgir Hosen
Khairul Basar
Risul Islam Tonu
Md. Asik Mahamud
Ahsan Ullah
Tanveer Shaharear
Md. Imran Hossain
Arif Hossain (leader)
Md. Aslam Hossain
Md. Faysal Alam
Md. Junayed
Md. Nazrul Islam
Md. Rasel Mollah
Presented by Group 4 #Advanced audit
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Aminul Islam Milon
Md. Maznur Rahman
Md. Tarikul Islam Tarif
Md. Mamunur Rahman
Subho Placid Besra
Rahid Hasan
Bikash Kumar
Md. Ali Haidar
Md. Alomgir Hosen
Khairul Basar
Risul Islam Tonu
Md. Asik Mahamud
Ahsan Ullah
Tanveer Shaharear
Md. Imran Hossain
Arif Hossain (leader)
Md. Aslam Hossain
Md. Faysal Alam
Md. Junayed
Md. Nazrul Islam
Md. Rasel Mollah
The document summarizes an audit report presentation given to shareholders of National Credit and Commerce Bank. It includes slides on the basic elements of an audit report according to standards, which are the title, addressee, introductory paragraph, scope paragraph, opinion paragraph, date, auditor's address, and signature. It provides an unqualified opinion on the bank's annual report for 2012. It also discusses the auditor's responsibilities to evaluate financial statements and management's responsibilities for the statements.
1) The auditor audited the financial statements of Karur Vysya Bank for the year ending March 2012 which included branches audited by the auditor and other branch auditors.
2) Management is responsible for preparing the financial statements according to relevant regulations. The auditor is responsible for expressing an opinion on if the statements are free of material misstatements.
3) The auditor believes the audit evidence is sufficient to provide an opinion that the financial statements give a true and fair view of the bank's affairs according to accounting standards and regulations.
The document discusses various topics related to auditing of banks, insurance companies, cooperative societies, stock exchanges, NBFCs, mutual funds, and depositories. It provides an overview of the relevant legislation, accounting practices, internal controls, audit procedures, and reporting requirements for auditing these different entities. The key points covered include the Reserve Bank of India Act, Banking Regulation Act, procedures for bank audits such as verification of assets and liabilities, non-performing assets, long-form audit reports. For insurance companies, it discusses the Insurance Act, general insurance business nationalization act, features of accounting, and content of audit reports.
This document contains the consolidated financial statements of Hyundai Capital Services, Inc. and its subsidiaries as of December 31, 2022. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. The consolidated statements of financial position shows the company had total assets of KRW 38.6 trillion and total liabilities of KRW 33 trillion. Total equity was KRW 5.6 trillion, with issued capital of KRW 496.5 billion and retained earnings of KRW 4.6 trillion.
The document is a summary audit report of the financial statements of the Coffee Board General Fund for the year ending March 31, 2012. Some key details:
- The auditor issued a qualified opinion due to an overstatement of provisions and understatement of income from an incorrect accounting treatment related to unused grants.
- Unutilized grants totaled Rs. 25.19 crore out of total grants received of Rs. 203.53 crore for the year.
- Internal controls need strengthening regarding bank reconciliations, medical advances, and timely submission of utilization certificates.
- Fixed asset registers and other records like grants and bills registers are not properly maintained.
The directors are responsible for preparing consolidated financial statements for Ecobank Group that give a true and fair view of its financial position and comply with IFRS. This includes keeping proper accounting records, establishing adequate internal controls, and preparing financial statements using suitable policies, judgments and estimates.
The directors acknowledge their responsibility and confirm that the consolidated financial statements were prepared accordingly and give a true and fair view. They also confirm that Ecobank Group will continue as a going concern for at least 12 months.
The independent auditors issued an opinion that the consolidated financial statements present fairly Ecobank Group's financial position in accordance with IFRS. Key audit matters included impairment of loans and advances, and valuation of goodwill
The document discusses requirements for bank audits according to the Bank Company Act of 1991 as amended in 2013. It states that auditors must report on the adequacy of internal controls, risks of fraud, and consolidation of subsidiary financials. Auditors must also immediately report any serious violations of law or risks of default to Bangladesh Bank. The document provides details on audit procedures for loans and advances, common mistakes made by banks, mandatory financial statement disclosures, and relevant Bangladesh Bank reporting requirements for banks.
This document is an independent auditor's report on the consolidated financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the years ending December 31, 2020 and 2019. It includes the auditor's opinion that the financial statements present fairly the financial position, financial performance and cash flows of the company in accordance with Korean International Financial Reporting Standards. It also describes the responsibilities of management and the auditors. The financial statements include the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows, along with accompanying notes.
1) The document is the consolidated financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the years ended December 31, 2021 and 2020. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows.
2) The consolidated financial statements present the financial position, financial performance, cash flows, and changes in equity of Hyundai Capital Services and its subsidiaries for the years ended December 31, 2021 and 2020 in accordance with Korean International Financial Reporting Standards.
3) KPMG Samjong Accounting Corp., the independent auditor, issued an unqualified opinion and determined that the consolidated financial statements present fairly in all material respects the consolidated financial position and financial performance
This document is the consolidated financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the years ended December 31, 2019 and 2018. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. The independent auditors' report expresses an unmodified opinion on the consolidated financial statements. It also provides details on the responsibilities of management and the auditors.
The document provides an overview of auditing banks' deposits and loans. It discusses the roles and responsibilities of different types of auditors when conducting audits of banks. The auditor must be familiar with RBI regulations regarding loan sanctioning and disbursement. The auditor ensures documents are executed properly and reviews procedures for advancing loans. The auditor examines adherence to prudential norms and whether the financial position and internal controls of the bank are accurately reported.
This document provides an audit plan for Beximco Synthetics Limited for the year 2013. It begins with an introduction and outlines the audit objective, terms of engagement, and deliverables. It then discusses understanding the entity's environment, including economic factors, client characteristics, financial performance, and reporting framework. Next, it describes management and auditor responsibilities. The document outlines the audit approach, including risk analysis, materiality, fraud considerations, and internal controls. It then provides an audit program covering internal controls, revenue/purchases, sampling, substantive procedures, and specific items. Finally, it discusses independence, the audit team, timetable, and costs. The overall purpose is to present the audit process and focus areas to assess
This document provides notes to the accounts of Karnataka Bank Ltd. for the year ending 2010. It includes information on reconciliation of branch adjustments, prior period items, share issue expenses, employee benefits, segment reporting, related party transactions, accounting for taxes, impairment of assets, provisions and contingencies, and additional disclosures on risk exposures in derivatives and employee stock options as required by applicable accounting standards and RBI guidelines.
The auditor's report summarizes the auditor's responsibilities and opinions regarding ABC Private Limited's financial statements for the year ending March 31, 2013. The auditor is responsible for expressing an opinion on whether the financial statements accurately represent the company's financial position based on their audit of the statements. The auditor believes the financial statements give a true and fair view of the company's affairs for the year ended in accordance with accounting standards. The report also states the auditor obtained necessary information for their audit and proper accounting records were maintained by the company.
- Hyundai Commercial, Inc. published its financial statements for the years ended December 31, 2019 and 2018.
- The financial statements include the statements of financial position, statements of comprehensive income, statements of changes in equity, statements of cash flows, and notes to the financial statements.
- As of December 31, 2019, Hyundai Commercial's total assets were 8,987 billion won, an increase from 8,545 billion won as of December 31, 2018. Its total liabilities were 7,872 billion won as of December 31, 2019, up from 7,402 billion won the previous year.
This document provides the consolidated financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the years ended December 31, 2018 and 2017. It includes the consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. The independent auditors' report expresses an unmodified opinion on the consolidated financial statements. The consolidated financial statements present fairly the financial position, financial performance and cash flows of the Group for the years ended December 31, 2018 and 2017 in accordance with Korean International Financial Reporting Standards.
- Hyundai Commercial, Inc. published its financial statements for the years ended December 31, 2018 and 2017.
- As of December 31, 2018, the company's total assets were KRW 8,544.7 billion, an increase from KRW 7,748.8 billion in the previous year. Major assets included loans receivable, installment financial assets, and lease receivables.
- As of the same date, total liabilities were KRW 6,837.5 billion, up from KRW 6,132.5 billion in 2017. The main liabilities were borrowings and debentures.
This document provides an overview of the sixth edition of the textbook "Cost and Management Accounting: An Introduction" by Colin Drury. The book aims to introduce students pursuing a one-year cost and management accounting course to the theory and practice of cost and management accounting. It covers topics such as cost accumulation, cost behavior, decision making, budgeting, and performance measurement. The book is intended for students in foundation/intermediate professional programs and undergraduate business programs.
Queuing theory is the mathematics of waiting lines and is useful for predicting system performance. It models processes where customers arrive, wait for service, are serviced, and leave. Key elements include the arrival process, queue structure, and service system. Common applications include telecommunications, traffic control, and health services. Characteristics like arrival patterns, queue discipline, and service times are analyzed. Models can be deterministic or probabilistic and include metrics like average wait times, number of customers in line, and server utilization. Managing queues effectively requires understanding customer wait times and segmenting customer flows.
Tnx group 15
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD: AL AMIN
SAIFUL ISLAM
RUKSANA PARVIN RUPA
SHAMIM MIA
LIMA AKTER
by-group 9
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Imran Hossain
Rima Binte Rahamot
F.M. Alimuzzaman
Md.Sultan Mahmud
Md. Al-Amin
Robiul IsLAm
Tamanna Toma
Md. Junayed Hossain
Yousuf Chowdhury
Md. Roxy Hossain
by- g 6 envensebles
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Dip Murmu & Md. Abadullah Miah
Neamur Rabbi & Md. Azad Khan
Anik Costa & Tanvir Hasan Plabon
Tarikul Islam Tarif
Md. Jakir Hossain Khan & Dilruba Jahan
Shanjida Afrin & Md. Rajib
by G-10
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Rasik Rownak Hossain
Shakib Fardous
Md. Rakibul Islam
Effat Ara Saima
Rafia Sultana
Tanvir Ahmed
Md.Shahidul Islam
SK Shourov Ahemmed
Tamjedul Alam Evan
Romana Haque Saima
Sarkar Muhammad Shohag
Khademul Islam
Jannatul Ferdous
Sheikh Hamim Hasan
Toufique Ul Haque Tuhin
Kerobin Hasda
This document provides an overview of an upcoming presentation on asset pricing models. The presentation will cover capital market theory, the capital market line, security market line, capital asset pricing model, and diversification. It will discuss the assumptions and formulas for the capital market line and security market line. The capital market line shows expected returns based on portfolio risk, while the security market line shows expected individual asset returns based on systematic risk. The capital asset pricing model uses the concept of beta to calculate the expected return of an asset based on its risk relative to the market.
Prepared by Students of University of Rajshahi
Pranto Karmoker Ariful Islam Tonmoy Halder Monir Hossain
1711033122 1710733119 1710833120 1711033205
Ashikur Rahman Mahfuzul Haque Jibon Rahman Sohag Miah
1710133113 1710933297 1711033210 1710933202
Siam Hossain Shammira Parvin Farhana Afrose Anjuman Ara
1710333148 1712033136 1712033209 1712433159
Shakil Hossain
1710833138
presented by Group 2
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Shahin Islam
Aslam Hossain
Shahidul Islam
Amy Khatun
Sohanuzzaman Sohan
MD. Rehan
Bikash Kumar
Rahid Hasan
Ali Haider
Uttam Kumar
MD. Abdullah AL Mamun
Mamunur Rahman
presented by Mango squad
For downloading this contact- bikashkumar.bk100@gmail.com
- Portfolio management involves determining the optimal mix of assets to achieve an investor's objectives while balancing risk and return. The key objectives include capital growth, security, liquidity, consistent returns, and tax planning.
- Modern portfolio theory, developed by Harry Markowitz, introduced the concept of efficient portfolios which maximize return for a given level of risk. The theory uses statistical measures like variance and standard deviation to quantify risk.
- Variance and standard deviation are commonly used to measure the risk of individual assets and portfolios. The variance of a portfolio is calculated using the covariance between asset returns to determine the portfolio's total risk.
This document provides an introduction to cost accounting, including its objectives, importance, and key concepts. It discusses the emergence of cost accounting as a field and defines it as a method for accumulating, classifying, and interpreting cost information to aid in planning, control, and decision making. The document also outlines the advantages of cost accounting for management, employees, creditors, and consumers. It emphasizes that cost accounting is important for controlling costs, measuring efficiency, budgeting, and determining prices. Finally, it discusses essential conditions and factors for installing an effective cost accounting system, such as having efficient material and wage payment controls.
E-commerce involves conducting business electronically over the internet. There are three main types: business-to-business, business-to-consumer, and consumer-to-consumer. E-commerce allows companies to reach a global market at low cost and speed up information flow. However, threats include security issues, theft of intellectual property, fraud, and invasion of consumer privacy. Businesses must ensure transactions are safe while being aware of legal and taxation implications in different jurisdictions.
The document discusses various types of telecommunication channels and transmission media. It describes simplex, half-duplex, and full-duplex channels. It also explains different transmission media including guided media like twisted pair wires, coaxial cables, fiber-optic cables and broadband over power lines. Wireless media such as short range options of NFC, Bluetooth, Wi-Fi and infrared as well as medium and wide area options are also outlined. Finally, it briefly discusses telecommunications hardware including modems, multiplexers and switches.
The document traces the history and development of calculation and computing devices from ancient abacuses through modern computers. It describes inventions like the Pascal machine (1642), which could add and subtract, and Leibnitz's machine (1671), which could perform multiplication and division. Charles Babbage proposed analytical engines in the 1820s but they were not built. Ada Lovelace programmed algorithms for Babbage's proposed machines, making her the first computer programmer. The first modern computers included the Mark I (1944), the ABC (1946), and the ENIAC (1946). The stored program concept was introduced by the EDVAC in 1950. Transistors were introduced in the 1950s, leading to smaller,
1. **Team Strength**:
- Seasoned discoverers with mineral finds of >$1Bn (silver), >42Mozs (gold), >12Blbs (copper)
- $8.75M recently raised for aggressive exploration
- 30% management ownership aligns interests
2. **High-Grade Discovery**:
- 2021 re-discovery: 75Moz at 980g/t AgEq (silver-zinc-lead)
- Objective: Prove continuity between high-grade discovery and existing gold-silver mine
- Potential for a gigantic, continuous deposit
3. **Proven Production Area**:
- Site of one of Alaska's first open-pit gold mines
- Existing 43-101 resource: ~500,000 oz AuEq, mostly indicated
4. **Carbonate Replacement Deposit (CRD) Advantages**:
- High grades, low mining costs
- Metallurgically simple, minimal environmental impact
- Strategic metals (Zn, Ga) could expedite permitting
5. **Massive Potential**:
- Two polymetallic deposits potentially linked
- Extensive mineralization corridor to be confirmed by drilling
Key Takeaway: High-grade discovery with potential for a giant, continuous CRD deposit, backed by a proven team and existing resources in a mining-friendly jurisdiction.
The standard operating procedure aims to align all the Digital Marketing Efforts into a single channel and help to measure the effectiveness of each department.
This SOP applies to all digital marketing activities including
• Social Media Marketing (SMM)
• Search Engine Marketing (SEM)
• Digital Ads
• Web Development
• SEO
• Email Marketing
• SMS Marketing
• Community Marketing (Whatsapp/ Viber etc.)
• Paid Marketing
• Native Marketing
• Analytics Tools
AI and Best Use Cases for Your Personal Life.pptxBrian Frerichs
THIS SLIDE PROVIDES A BRIEF OVERVIEW OF THE TOPIC AND THE KEY AREAS THAT WILL BE COVERED IN THE PRESENTATION ON HOW AI CAN BE LEVERAGED FOR PERSONAL LIFE APPLICATIONS.
Zodiac Signs and Fashion: Dressing to Suit Your Astrological Stylemy Pandit
Discover how the 12 Zodiac Signs influence your fashion style with MyPandit! From bold Aries to dreamy Pisces, find out how to dress to suit your astrological personality.
Maximise your Business Potential: Annual Planning Workshopchris908327
Are you striving to elevate your business to new heights? Prepare to transform your aspirations into actionable plans with our exclusive 90-Day Planning Workshop, meticulously designed for owners and managers of family and privately owned businesses. Led by Russell Cummings, Australia’s premier business coach from Shifft, this online workshop is your golden ticket to crafting a focused roadmap for the April to June 2024 quarter.
Test Bank For Principles Of Cost Accounting, 17th Edition Edward J. Vander...kevinkariuki227
Test Bank For Principles Of Cost Accounting, 17th Edition Edward J. Vanderbeck Chapters 1 - 10, Complete
Test Bank For Principles Of Cost Accounting, 17th Edition Edward J. Vanderbeck Chapters 1 - 10, Complete
1. Definition of Auditor’s
Report
An audit report may be defined as an
organized statement of facts relating to
audit of books of account of the company
prepared after an inquiry and presented to
the shareholders.
It is the duty of an Auditor to make
report to shareholders. But it isn’t the duty
of an Auditor to send the report to each &
every shareholder as decided in the case
“Allen Grlgh & Co. Ltd.(London, (1931)”
2. According to Lancaster “A report
is a statement of collected and
considered facts, so drawn up to give
clear and concise information to
persons who are not already in
possession of the full facts of the
subject matter of the report.”
3. Importance of audit report
The importance of audit report can be described from the two
points views.
Frominternal pointofview
Fromexternalpointof view
4. Importance of internal users
Implementation of future plan
Knowing true and fair information
Declaration of dividends
Proper management
Government donation
5. Importance of audit report to external
users
Reflecting actual financial position
Help to future investors
Tax Authority
Help to invest
Help to take loan
Purchase of share
Investigation
Critical valuation
Accurate data expression
Professional advancement
6. Basic elements of Audit
Report
A measure of uniformity in the
form & content of the audit report is
desirable because it helps to promote
the readers understanding. The
auditor’s unqualified report will usually
consists of a paragraph describing the
scope of his audit & a separate
expressing his opinion.
7. Title
Addressee
Identification of the financial statement
A reference to the auditing standards.
An expression or disclaimer of opinion on
the financial statements.
Signature
The auditors address &
The date of the report.
8. Features of Audit Report
Simplicity
Unambiguous opinion
Clarity
Brief
Factual information
Unbiased opinion
Forceful
Point out mistake
Constructive criticism
Logical suggestion
9. Auditors’ report Of Sonali Bank Limited
For the year ended 31 December 2012
• To the Shareholders of Sonali Bank Limited
• We have audited the accompanying consolidated
financial statements of Sonali Bank Limited (SBL)
• and its subsidiaries (the “Group”) as well as the
financial statements of Sonali Bank Limited (“the
• Bank”) which comprise the Balance Sheet as at 31
December 2012 and Profit & Loss account,
• Statement of Changes in Equity and Cash Flow
Statement for the year then ended, and a summary
of significant accounting policies and other
explanatory information.
10. Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of
these consolidated financial statements of the group and also the
financial statements of the Bank in accordance with Bangladesh
Financial Reporting Standards (BFRS), Bank Companies Act 1991, the
rules and regulations issued by the Bangladesh Bank, the Companies Act
1994, the Securities and Exchanges Rules 1987 and other applicable
laws and regulations. This responsibility includes; designing,
implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error; selecting
and applying appropriate accounting policies, and making accounting
estimates that are reasonable in the circumstances.
11. Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated
financial statements of the Group and the financial statements of the
Bank based on our audit. We conducted our audit in accordance with
Bangladesh Standards on Auditing (BSA). Those standards require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements of the Group and the financial statements of the Bank are
free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on our judgment, including the assessment of the risks
of material misstatement of the consolidated financial statements of the
Group and the financial statements of the Bank, whether due to fraud
or error. In making those risk assessments, we consider internal control
relevant to the entity’s preparation and fair presentation of the
consolidated financial statements of the Group and the financial
statements of the Bank in order to design audit procedures that are
12. appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements of the Group and the financial statements of the
Bank.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Basis for Qualified Opinion
1. Loans and Advances amounting to Tk. 9,383 million were found to be non-
performing as per Bangladesh Bank guidelines. In addition the base for provision was
found to be understated by overvaluing the collateral security of some bad loss parties
amounting to Tk. 2,169 million. Had provision been made on such non-performing
loans & advances, and the base for provision were properly calculated the loss for the
year would have been increased by Tk. 7,886 million.(Tk. 5,414 million on account of
additional provision, Tk. 303 million on account of transfer of interest income to
interest suspense, Tk. 2,169 million on account of additional provision for the
understated base for provision).
2. Interest receivable from Government against loan exemption under jute sector
reform project 94-95 is aggregated to Tk. 5,362 million. Neither any provision has been
kept nor has any amount so far received from the government since 1994-95.
13. Qualified Opinion
In our opinion, except for the effects of the matters
described in the Basis for Qualified Opinion
Paragraphs 1 to 2, the financial statements prepared
in accordance with Bangladesh Financial Reporting
Standards (BFRS), give a true and fair view of the
financial position of the Group as well as the Bank as
at 31 December 2012 and of the results of its financial
performance and its cash flows for the year then
ended and comply with the Bank Companies Act
1991, the rules and regulations issued by the
Bangladesh Bank, the Companies Act 1994, the
Securities and Exchanges Rules 1987 and other
applicable laws and regulations.
14. Emphasis of Matter
In addition to our above qualified opinion, we draw
attention to the following facts:
1. Note 7.9 to the financial statements stated that
some loans are not classified and no provision has
been provided due to High-Court Injunction.
2. Note 14 to the financial statements stated that
there is a shortfall of capital in compliance
with the requirements of BASEL II.
3. Note 7.10 to the financial statements stated that
Hotel Sheraton Corporate Branch and Gulshan
Corporate Branch distributed loans and advances
fraudulently to some parties contravening banking
rules and regulations.
15. We also report that:
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit and made due verification thereof;
(ii) in our opinion, proper books of account as required by law have
been kept by SBL so far as it appeared from our examination of those
books and proper returns adequate for the purpose of our audit have
been received from (1140) branches not visited by us;
(iii) the consolidated balance sheet and consolidated profit and loss
account of the Group and those of the Bank together with the annexed
notes 1 to 48 dealt with by the report are in agreement with the books
of account and returns;
(iv) the expenditures incurred was for the purpose of the Group’s and
the Bank’s business;
(v) subject to matters described in basis for qualified opinion paragraphs
and emphasis of matter paragraph, the financial position as of 31
December 2012 and the loss for the year then ended have been
properly reflected in the financial statements and the financial
statements have been prepared in accordance with the Bangladesh
16. (vi) the financial statements have been drawn up in conformity with the Bank
Companies Act,1991 and in accordance with the accounting rules and regulations
issued by the Bangladesh Bank;
(vii) the consolidated financial statements of the Group and those of the Bank conform
to the prescribed standards set in the accounting regulations issued by the Bangladesh
Bank after consultation with the professional accounting bodies of Bangladesh;
(viii) the records and statements submitted by the branches have been properly
maintained and consolidated in the financial statements;
(ix) subject to our audit findings numbered as 1 & 2 in the basis for qualified opinion
paragraphs, adequate provisions have been made for advances and other assets which
are, in our opinion, doubtful of recovery;
(x) the information and explanations required by us have been received and found
satisfactory;
(xi) the Bank has Two (2) overseas branches which has been audited by other auditors;
(xii) 80% of the risk- weighted assets have been audited covering 60 branches selected
by the bank authority based on their own risk assessment;
(xiii) we have spent approximately 14,400 man hours for the audit of the books and
accounts of the Bank.
Syful Shamsul Alam & Co.
Chartered Accountants
HodaVasi Chowdhury & Co.
Chartered Accountants
17. Classification of Audit
Report
The auditor expresses his opinion about
the financial information reported in annual
statements of accounts. His opinion may be
» Unqualified or clean report
» Qualified report
» Adverse report &
» Disclaimer report
18. Unqualified Report
An unqualified opinion is issued when
the auditor is satisfied in all material
respects with the matters dealt with in
paragraph 29 of objective & basic
principles governing an audit as quoted in
paragraph 1. The auditors report should
express this satisfaction in a clear &
affirmative manner.
19. Qualified Report
When the auditor is not satisfied
after auditing of the statement of the
company and if he believe that the
balance sheet of the company does not
reflect the actual financial position or if
he is not satisfied with some other causes
he things perfect, he can qualify report.
20. Adverse Report
When an auditor gives his opinion
in a report describing that the accuracy
and the appropriateness of the
accounts are not properly shown is
called adverse report.
21. Disclaimer Report
Where there exits differences
between the opinion of the
auditor and authority then the
auditor reports that he is unable
to take the responsibility of audit,
then it is called report with
disclaimer.
22. Audit Report of Company
• According to section 213 (2), (3), & (4) the
auditor’s report should contain the following
clause.
• 1st clause: Whether or not they have obtained
all the information & explanations which is the
best of their knowledge & belief were
necessary for the purpose of the audit (sec
213).
23. 2nd clause: Whether or not in their
opinion proper books of accounts as
recquired by the act have been kept by
the company sec 213(1).
3rd clause: Whether or not in their
opinion the balancesheet & profit &loss
account have been drawn up in
conformity with the act & are in
agreement with the books of account.
24. 4th clause: whether or not in their opinion
and to the best of their information and
according to the explanation given to
them, the said accounts give the
information a recquired by the ordinance
in the manner so required and give a true
and fair view.
5th clause: whether or not in their opinion:-
1. The expenditure incurred during the year was for
the purpose of a company business.
2. The business conducted, investments made &
expenditure incurred during the year were in
accordance with the objects of company.
25. When to qualify an audit report:
Auditors must qualify the report
only if his non satisfaction in respect of
matters vital for his reporting is very
much great and the effect of
circumstances on profit or loss or
financial affairs of the company is
material.
26. In adequate provision for depreciation
In adequate provision made for bad and
doubtful debts.
Valuation of investment at cost when the
market price is far below it.
Contingent liability is not disclosed
Violation of provisions of company law-
payment of remuneration to managerial
personnel in excess of limit without
approval.
27. How to qualify the audit report
Clear & unambiguous
Conciseness.
Specific & to the point
Effect of matter
Misinterpretation.
28. Definition of Audit Certificate
When the auditor signs a written document
in respect of the accuracy of the financial
statements or accounts or anything else of the
firm or the company it is called audit certificate.
Kamal Gupta-A certificate is a written
confirmation of the accuracy of the facts started
therein and does not involve any estimate or
opinion.
The certificate means that what it contains
is cent percent true and correct and it does not
include any inaccurate facts.
29. Audit Report vs. Audit Certificate
1. Means
2. Criticism
3. Scope
4. Suggestion
5. Time
6. Responsibility