“Audit Procedure of Howladar Yunus & Co.”

Abstract

The objective of this research is to analyze the internal auditing processes and policies of Howladar Yunus & Co. This report signifies the importance of audit procedures followed by a reputed audit firm. The present report has been structured into eight distinct segments. In order to avoid dependence on quantitative data, a qualitative methodology was employed to investigate the company's internal audit process. The study elucidates in detail the methodologies employed for data compilation, the data categories utilized, and the size of the sample. Through reviewing the internal audit process this study has identified both similarities and differences in practices among different audit firms across the globe. Regional customs and norms, regulatory framework, culture, and beliefs of the accounting communities caused these differences. The audit firm under study conducts its internal audits with the utmost expertise, befitting a prominent Bangladeshi corporation. This had both opportunities and limits when writing this report, which mainly focused on their internal audit procedure. The first chapter of the report entails a brief introduction of the topic concerned whereas chapter two deals with the objectives of the study. Chapter three describes the methodology of the report and chapter four includes a brief description of some important terminologies used in the internal audit process. Chapter Five elaborates in detail on the internal audit process of the Howladar Yunis & Co. Chapter 6 entails the findings section of the report which compares and contrasts the internal auditing procedures of “Howladar Yunus & Co.” and Emile Woolf. This report also contains recommendations for their internal control activities that will help them streamline their internal audit process.