Audit Services
Auditors are responsible for evaluating evidence and examining various criteria to present an accurate report of the information. Professional standards are met in Bangladesh through the Institute of Chartered Accountants, who ensure financial assurance services such as auditing by a separate and independent team.
Types of Audit Conducted
Statutory Audit
- Evaluate whether the financial transactions is free from material
misstatement. Asses whether Financial statements is prepared in accordance with
the IAS/IFRS/ GAAP, relevant laws, rules and regulations.
Provide reasonable assurance regarding
financial statements provide a true and fair view.- Review internal control system, identify
the weakness, provide impact of control
weakness and possible recommendations.
PF Audit (Proven Fund Audit)
A provident fund is made of contribution from both a company and its employees which is served as a benefit to be provided when an employee retires or separate on any reason. AKSCo perform special audit on this employee’s provident fund to verify several matters such as contribution requirements, payment from fund, income generated from investment of such fund, achievement of other conditions etc.
GF Audit (Audit Of Gratuity Fund)
Gratuity fund is a lump sum payment made by a company to the employee in time of his/her retirement. We perform audit on this fund where there is funded gratuity fund with a separate trustee board and a separate accounts is prepared to confirm if the client is adhering to its agreements.
WPPF Audit
The labour law 2006 u/s 232 requires a company to pay five percent (5%) of its Net Profit to the WPPF. According to section 232 (3) of the Act, the Government can make rule for establishing a fund in cases of hundred percent export oriented industrial sector or industrial sectors with hundred percent foreign investment. Labour Act 2006 u/s 248 it is compulsory to audit the workers’ participation fund every year. AKSCo gives this valuable services.
Public Finance Audit
The guidelines have been prepared to enable the audit personnel of AKSCO Bangladesh
to undertake financial audit engagements of high quality. Drawing from the international best
practices, which ISSAI and the Government Auditing Standards of Bangladesh reflect, these
guidelines contextualise them in our country. They take into account the Constitutional and
other mandate of the AKSCO and are designed to meet the challenges that the public sector audit
in Bangladesh face.
Performance Audit
We Audit:-
- Whether an entity is working in such a way that the desired objectives of an entity will be achieved.
- Whether funds which are raised from the public are used for the intended use.
- Whether loans raised from the bank are used for the purpose applied.
- Whether an entity is complying legal and other laws.
- Whether any fraudulent or unlawful activities are conducted by an entity.
- Whether grant or other money given by governmental authorities are spent for the purpose they are given.
- Whether activities are conducted with efficiency and functions effectiveness.
And suggest improvements if any.
Project Audit
Why????????
- Improve project performance and reduce cost
- Identify and avoid scope creep
- Avoid wasted time (& cost) on wild goose chases
- Better clarity and focus amongst project team members
- Improved relationship with the client
- Consolidate learning and carry that forward onto future projects
When dealing with risks, the earlier they are discovered, the
better the opportunity to avoid or mitigate them effectively.
NGOB Audit
A neutral third-party audit is the best way of providing an impartial, comprehensive understanding of an NGOs accountability and ensuring the transparency, integrity and performance. Some Dimensions of best practices:
- Governing body;
- Strategic framework;
- Integrity management;
- Human resources;
- Fund-raising, resources allocation and financial controls;
- Operations;
- Maintain Contributors’ expectations;
- Continuous improvement.