Audit and Assurance Services
Generally, Auditors do an evaluation of evidence about information and report against certain established criterias. Such assurance services related to the financial position of an entity are provided by an independent batch of auditors, in Bangladesh they are all controlled under the Institute of Chartered Accountants Bangladesh.
External or Statutory Audit
In External audit a practicing Chartered Accountant reviews the financial position and operations of an entity to the external stakeholders. Key aspects of an external statutory audit includes performing the process of the annual statutory audit of the company’s financial accounts, providing opinions if they are an impartial and fair reflection of the company’s financial position etc.
Basic function of an Internal Auditor is to be accountable directly to the audit committee of the same organization it is auditing, even though operating independently from other departments. Generally it is limited to the management controls over the operations of an organization and risk management.
Credit audit focuses on improving the credit quality among all other reasons. Credit quality is vitally important to bank shareholders for many reasons including the cash costs of poor credit quality. To enhance the independency and get a fair view from audit, the credit audit department should ideally be run from outside the bank’s normal chain of command.
Performance audit is solely focused on determining an entity’s programs or functions are working as intended to achieve stated goals by its shareholders/directors. The specific objectives of an audit can include effectiveness, economy and efficiency of a program, and compliance with legal requirements.
An independent review on effectiveness and alignment to the goals of a fund by its donors is basically what defines a fund audit.
Provident Fund Audit
An independent review on operations of Provident fund is termed as “Provident Fund audit”.
In general terms, Gratuity is given by the employer to an employee for the services rendered by him usually at the time of retirement. Gratuity audit is often supported by the funds actuarial valuation at times.
Workers Profit Participation Fund Audit
Generally, companies tend to contribute a specific percentage of their year end profit to a specific fund which then is divided among its employees. According to Bangladesh laws, WPPF funds need to be audited in order to get Income Tax benefits on a yearly basis.
Risk Management Audit
Risk management audit allocate the existing risks in the organisation through vetting of the documents and records and advise the mitigation procedure for the same. We ensure that the interests of the shareholders are properly protected in relation to risk management, internal control and financial reporting.
A business needs to stay compliant of the guidelines, laws and regulations in Bangladesh, in any case if the business fails to stay compliant, there can be a high chance of acquiring severe regulatory penalties in Bangladesh.
BDLC Associates Services:
- Company Formation
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- Incorporate a private limited company
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