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Presentation on Audit Report

BE HONEST
 NAME ID
Tazul Azam 1420208
Mahmudur Hasan 1420470
Md. Niamot Ullah Sunny 1310864
Arif Arman Sifat 1310193
Sirajum Munira Tanni 1421496

Green Independent, Group

Members
 AUDIT
An official inspection of an individual's or organization's accounts, typically by an
independent body.

INTRODUCTION

o The key function of an Audit is to provide companys stockholders with a professional, independent opinion as
to whether the financial statements of the company imitate a true and fair view of the financial situation of the
company and whether they can be relied on.

o Auditors give reasonable assurance about the absence of material misstatements in financial statements. All
these are ensured because of the presence of independence, competent skills, and ethics in Auditors which
ensures task to be carried out in an objective manner, instead of subjective. The Auditors Report is written in a
standard format, as delegated by generally accepted Auditing standards (GAAS).

o Our main goal is to observe the appraisal between a domestic firm and international firm. Developing a quality
of service implement initiated in the marketing area and applying marketing theory to examine audit service
quality of the firm and customer satisfaction and loyalty, this report contributes to both the marketing auditing of
both companies.
 Objective of this Strategy

Objective of this study is to compare Audit report of one domestic company and another
foreign company of same industry. For this study, we selected Rahim textile Ltd as the domestic company. That
is a private Limited Company of Bangladesh and another is Raymond LTD which operates in India. Raymond
LTD is Indian multinational garments company. We have analyzed the Audit reports for the year 2015-16 of both
the companies. In Audit report, we looked carefully to find out how Auditors conducted Audit, sampling method,
Audit report style, accounting principles, estimates, similarities, and dissimilarities etc. At the end of this report,
we have also given our opinion about the Audit reports.
 Auditors Responsibility

The auditor has responsibility to plan and perform the audit to obtain
reasonable assurance about whether the financial statement are free of
material misstatement, whether caused by error or fraud. Because of
the nature of audit evidence and the characteristic of fraud the auditor
is able obtain reasonable but not absolute assurance that material
misstatement are detected.
 Similarity of Rahim Textile Mills
Ltd. and Raymond LTD

Both reports prepared in accordance with International Auditing Standards.

Both of the reports are issued towards shareholders of respective companies.
Audit procedures of both companies are quite same.
Both audit reports give importance on internal control.
Audit reports of the two company states that auditors have collected adequate
evidence to give opinion.

Audit reports of Rahim Textile Mills Ltd and Raymond LTD both are
unqualified.
 Dissimilarity of Rahim Textile Mills
Ltd. and Raymond LTD

The format of the audit reports of Rahim Textile Mills Ltd and Raymond LTD are not same.

In the report of Rahim Textile Mills Ltd, responsibility of auditors in defined in scope paragraph but in the report of
Raymond LTD, responsibilities of auditors is defined under a separate head comprising of five paragraphs.
Auditors of Raymond LTD mentioned inherent limitations of internal financial controls of the company which is
absent in the report of Rahim Textile Mills Ltd.
Audit report of Rahim Textile Mills Ltd consists of one page whereas audit reports of Raymond LTD consist of four
pages.
Audit report of Raymond LTD is influenced by Indian Companies Act-1913 and audit and assurance standards of
ICAI (Institute of Chartered Accountants of India) whereas audit report of Rahim Textile Mills Ltd is influenced by
Bangladesh Companies Act-1994 and audit and assurance standards of ICAB (Institute of Chartered Accountants of
Bangladesh)
 Auditors Opinion

Malek Siddiqui Wali (Chartered Accountants) audited the company of the domestic firm Rahim textile Mills
Ltd. and Anish P Amin audited the foreign company Raymond LTD.

They audited the consolidated financial statements of the group and the separate financial statements of the
company give a true and fair view of the consolidated financial position of the group and the separate financial
position.

Both the Auditors have the same opinion of those companies, unqualified, for their respective clients.

Both reports prepared in accordance with International Auditing Standards.

Auditors opinion shows that all the required characteristics to be unqualified.