Audit Planning and Proceeding of HVC-Final-Report

Abstract

The report has been written with the intention of providing a clear idea of how an audit firm deals with the concept of audit procedure. Hoda Vasi Chowdhury & Co. is one of the top Chartered Accountant firm in Bangladesh which provides various services like statutory audit, consultancy, taxation services and many more. Within the period of internship program, I was assigned in Samsung India Electronics Pvt. Limited Company, Bangladesh Branch Office as a junior auditor. I have worked in this report followed by the knowledge that I have gained from working, trainings, website, from managers and also from my personal experiences. Audit Planning is the initial phase where necessary consideration is given to the crucial areas at the beginning of audit process. It is necessary to keep in mind that the predetermined risks must be taken care to the best of the ability during the whole process of audit planning. Risks may appear in different forms like inappropriate representation of financial statements, misstatements of assets, poor or lack of internal control within the organization, market and economy oriented risks, etc. The auditor will be well aware only if they eligible to know these risks before the audit engagement. Bangladesh is a country where the economy is still developing and belonging to the middle income group of countries. This is why it is a prospective place for businesses to foster. The different industries are booming here which causes the increase of demand for auditing and financial services. At the same time, rigid rules and guidelines are being set by the authorities. Therefore, the need for superior financial reporting is a must and we can’t deny that. In this whole report I’ve tried my utter best to express the audit procedure that are followed by HVC and that all are explained in terms of my internship experience.