Audit Procedure of a Chartered Accountant Firm- A Study on Rahman Rahman Huq, the member of KPMG in Bangladesh

Abstract

Auditing is a methodical process that is comparable across the majority of nations. The key differences lie in the laws and regulations that each country must comply to, not in the techniques required to conduct an audit, but in the rules they must follow. Auditing in Bangladesh is overseen and directed by the Institute of Chartered Accountants of Bangladesh and its audit practice guidelines. The study analyzes conventional auditing approaches in Bangladesh with those applied by Rahman Rahman Huq (KPMG Bangladesh). It covers Rahman Rahman Huq's complete organization, as well as the services they provide and their interaction with audited firms. It describes each phase of RRH's audit process, from evaluating the client engagement through forming an opinion on the audit report. In addition, this paper examines the audit policy of Bangladesh and the policies that would be applied by the country's auditors. Its purpose is to describe the fundamental auditing processes that should be followed so that the effectiveness of auditing procedures can be measured based on the presence of these guidelines. Several fundamental audit policies have been defined, and the effectiveness of RRH's audit policies has been examined relative to these fundamental policies. The paper also discusses the absence of policies identified at Rahman and Rahman Huq (KPMG Bangladesh) and how they might design, execute, and provide enhanced quality assurance services. In a nutshell, the implementation of these methods is anticipated to increase audit companies' service efficiency, which will contribute to the evolution of the industry's overall structure. As KPMG maintains a high level of client confidentiality, ABC Ltd is a fictitious client name.