Audit Procedure: A Practical learning of Consumer Knitex Limited

Abstract

Consumer Knitex is a garments factory one of the sister concern of Compagnie Mauricienne de Textile Ltée. They started their journey in Bangladesh in 2011. At present they have three factories in Bangladesh. This internship report is made on titled “Audit Procedure: A Practical learning of Consumer Knitex Limited”– the report is consisting of the important things of assessing the organization's case. This topic is chosen by consulting with my academic honorable faculty. I want to describe the temporary position within the Finance and Audit department of Consumer Knitex limited. By holding this position I get a prime opportunity to conduct a close examination and improve better understanding of the current situation of internal control of the organization & clothes sectors in Bangladesh. In this report I would like to discuss about my given responsibility on the organization, Control activity and Risk allocation, evaluation of risk, Information, communication and monitoring. I also collect information from BGMEA to discuss about RMG sector situation of Bangladesh. Major information collect from CONSUMER KNITEX LIMITED to know about internal control and external control of the organization. SWAT analysis of the organization. The terms and condition of the consumer knitex limited is more clear and specific getter than some local companies. They are very strict about their rules. In some case we found that the multination organizations management is more decorated then local companies. Their internal control is automatic. They use face scan machine to maintain attendance. On the other hand our Bangladeshi garments companies found in poor internal control, number of reason found behind this. Because of poor administration and late salary payment creates worker dissatisfaction, Worker violence are making narrow their business. Lack of internal control and implementation is main responsible for this negative effect. In Bangladesh government is trying to developing this sector for this reason government implementing rules, imposing law and regulation to protect employee’s right. Consumer Knitex LTD is more careful about using more standard technology for approval, Train up their workers and employees regular, Increase their salary according time. Regular evaluate their work and it will help them to develop the organization and also the employee this way their profit is increasing.