A Comprehensive Overview of the Audit Practices of PKF Aziz Halim Khair Choudhury, Chartered Accountants, Along with Targeted Recommendations

Abstract

The internship report is a document that has been prepared based on three months of professional experience at the reputed chartered accountancy firm in Bangladesh, PKF Aziz Halim Khair Choudhury Chartered Accountants. This report focuses on a detailed and structured audit report on the audit practices of the audit firm, supported by specific recommendations made as a result of the direct observation and active involvement in real audit engagements. The report can be divided in six chapters, the last of which is reserved for the references. The study is introduced in chapter one, which provides background, aims and explains the method of data collection used. Chapter Two provides an organizational profile of the firm and contextualizes it in the current context of the audit and consultancy industry in Bangladesh. Chapter Three is an analytical part of the report which provides detailed analysis of the audit procedures adopted by PKF Aziz Halim Khair Choudhury. The findings from these studies are elaborated into specific recommendations in Chapter Four, and summarized in the concluding remarks. Chapter Five offers a reflective analysis of the intern's particular responsibilities and professional results of the placement, along with the challenges that arose during the placement experience. The central theme of the report is the professional learning aspects of the internship experience as well as the current audit and consultancy landscape in Bangladesh. More than 250 CA firms operate in the country under the jurisdiction of the Institute of Chartered Accountants of Bangladesh (ICAB) who regulates the country's audit sector. In total, these companies are crucial to maintaining financial responsibility, ensuring adherence to regulations, and fostering transparency within public and private institutions. The industry has made tremendous efforts to harmonize its standards with internationally accepted standards such as the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). The gradual transition towards audit software and digital accounting tools has also enhanced the effectiveness, accuracy, and trustworthiness of audit processes. Despite all these developments, the industry is still facing recurring issues such as shortage in workforce, heavy workload pressure during year-end audit cycles and need for constant updates of the knowledge of the new auditing standards. During the placement period, which was three months long, I got to be directly involved and actively engaged in a variety of practical special audit activities. These encompassed the financial voucher examination and cross referencing, prepared lead schedules, review of supporting financial documentation, extraction and analysis of ledger data and matching to information from the financial vouchers. Other duties included keeping structured audit working papers, providing first-hand experience with the process and documentation of professional auditing. These experiences all contributed to the development of technical as well as interpersonal abilities. Technically, I learned how verify audit documents, financial statement analysis, verification of the voucher, and how to use ISA guidelines and ICAB guidelines. Professionally, the placement helped to improve skills in teamwork, communication, time management and professional ethics. I also learned how auditors can operate in a real business environment while simultaneously adhering to the accounting and auditing rules.