Marel Q1 2024 Investor Presentation from May 8, 2024
An assignment on_auditing(shawon)
1. Submitted To:
Ms. Mumtahina Islam
Lecturer
Dept. of Business Administration
Dhaka City College
AN ASSIGNMENT ON AUDITING
Submitted By:
Wahid Hossain
Id. No. 30
Section: A
11th
Batch BBA
Dhaka City College
Date of Submission: October 10, 2011
2. ICAB & AICPA 1
ICAB:
The Institute of Chartered Accountants of Bangladesh
(ICAB) is the National Professional Accounting Body of
Bangladesh established under the Bangladesh Chartered
Accountants Order 1973 (Presidential Order No. 2 of
1973). The Ministry of Commerce, Government of the
People's Republic of Bangladesh is the administrative
Ministry of ICAB. The mission of ICAB is to provide
leadership in the development, enhancement and
coordination of the Accountancy Profession in Bangladesh
in order to enable the profession to provide services of
consistently high quality in the public interest.
ICAB's Vision
To meet the ever-changing global economic demands
dominated by WTO regime, the ICAB is fast becoming a
body of professionals whose expert services will be highly
sought after-
To anticipate, meet and exceed the rising
expectations of the society
To better use of opportunities to face the
challenges of fiercer global competition
To recognize the changes in economy/ business
and recognize the path to success by adopting changes in knowledge management and
acquiring skills
To recognize its role as a regulatory body to equip its members (Chartered Accountants)
with top-quality education and values
To recognize the needs known as world Class Advisors.
In order to materialize the above vision, ICAB will-
Generate Chartered Accountants of high competence through rigorous but useful
education and training, who will be able to meet the challenges of the new millennium
Uphold professional integrity and honesty of its members
Advise government on taxation, business law and related matters
Maintain superiority in respect of professional competence
Meet the growing demand for qualified Chartered Accountants in Bangladesh
Create the environment of mutual cooperation
Carry out continuous research and make in-depth study of related subjects and apply
findings of research and study in the fields of accountancy profession
ICAB's Aims and Objectives
To achieve the above mission, ICAB will pursue the following objectives:
Regulate the Accountancy Profession and matters connected therewith in the country
3. ICAB & AICPA 2
Administer its members and students
Ensure sound professional ethics and code of conduct by its members
Provide specialized training and professional expertise in Accounting, Auditing,
Taxation, Corporate Laws, Management Consultancy, Information Technology and
related subjects
Impart Continuing Professional Education (CPE) to its members
Foster acceptance and observance of International Accounting Standards (IAS) and
International Standards on Auditing (ISA) and adopt the same as Bangladesh
Accounting Standards (BAS) and Bangladesh Standards on Auditing (BSA) respectively.
Keep abreast of latest developments in Accounting techniques, Audit methodology,
Information technology, Management consultancy and related fields
Liaise with international and regional organizations to influence the development of
efficient capital markets and international trade in services.
Functions of chartered accountants engaged in public practices:
Chartered Accountants engaged in public practice mainly carry out the following functions:
Perform professional services involving auditing or verification of financial transactions,
books, accounts or records, or preparation, verification or certification of financial,
accounting and related statements;
Render professional services or assistance in or about matters of principles or details
relating to accounting procedures, costing techniques, or recording, presentation or
certification of financial facts or data;
Render professional services or assistance as Management Consultant in or about
matters of accounting methods, systems and techniques involving forecasting, in order
to assist management in its task of formulating polices, programmes, management
systems and procedures for maintaining and improving efficiency.
Functions of CA’s employed in trade, commerce, industry, finance, etc.:
After qualifying, a Chartered Accountant may not necessarily go for public practice either on
his/her own or in partnership with other Chartered Accountant(s) but may go for employment in
trade, commerce, industry, finance, etc. Many positions of trust and responsibility are open to a
Chartered Accountant such as Chief Executive, Member Finance, Finance Director, Company
Secretary, Chief Accountant, Finance Controller, Systems Analyst, Internal Auditor, Cost
Accountant, etc. in Listed Companies/ Autonomous bodies or in industrial, financial, commercial
or educational enterprises. A Chartered Accountant can also serve on the Board of Directors of
various organizations, particularly financial institutions. Such positions of responsibility, trust,
honor and dignity are offered to Chartered Accountants because of their excellent educational &
training background, professional know-how & technical expertise and sound financial
knowledge & experience, thus enabling them to contribute towards solving accounting, financial,
educational and business problems at top levels.
4. ICAB & AICPA 3
AICPA:
The American Institute of Certified Public Accountants (AICPA) is the world's largest association
representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA
members represent many areas of practice, including business and industry, public practice,
government, education and consulting; membership is also available to accounting students and
CPA candidates. The AICPA sets ethical standards for the profession and U.S. auditing
standards for audits of private companies, non-profit organizations, federal, state and local
governments. It develops and grades the Uniform CPA Examination. The Uniform CPA
Examination protects the public interest by helping to ensure that only qualified individuals
become licensed as U.S. Certified Public Accountants (CPAs). Individuals seeking to qualify as
CPAs – the only licensed qualification in accounting – are required to pass the CPA
Examination
History of AICPA:
When the AICPA was founded in 1887, it was named the
American Association of Public Accountants. The original
members of the AICPA were primarily English and Scottish
chartered accountants working in what had been a poorly defined
profession. Founding members wanted to ensure that
accountancy gained respect as a profession and was practiced
by ethical, competent professionals. Even though the AICPA has
merged with other professional accounting organizations and
reorganized over the last hundred years, AICPA always retained
these goals.
Standards
One central location to access the standards and statements that the AICPA develops, issues
and enforces. Standards and statements include:
AUDIT AND ATTEST STANDARDS
Audit and attest standards for conducting, planning and reporting on audit and attestation
engagements of non issuers, including Statements on Auditing Standards (SASs), Statements
on Standards for Attestation Engagements (SSAEs) and Statements on Quality Control
Standards (SQCS).
5. ICAB & AICPA 4
CODE OF PROFESSIONAL CONDUCT
The guidance and rules for all AICPA members, for example those in public practice, industry,
government and education, to follow in regards to the performance of their professional
responsibilities.
COMPILATION AND REVIEW STANDARDS
Find standards for performing and reporting on compilation and review engagements of a
nonpublic entity.
CONSULTING SERVICES STANDARDS
Standards for members who provide their clients with a range of consulting services
surrounding technological and industry expertise and management and financial skills.
CONTINUING PROFESSIONAL EDUCATION (CPE) PROGRAMS STANDARDS
The AICPA and the National Association of State Boards of Accountancy (NASBA) jointly issue
standards for CPE development. Review these standards if you are developing a continuing
professional education (CPE) class, publication, webinar or software.
PEER REVIEW STANDARDS
Standards for Performing and Reporting on Peer Reviews and Interpretations for administering,
planning, performing, reporting on and the acceptance of peer reviews of CPA firms (and
individuals) enrolled in the AICPA Peer Review Program.
PERSONAL FINANCIAL PLANNING STATEMENTS
Statements on Responsibilities in Personal Financial Planning (PFP) practice, establish CPA
responsibilities for providing PFP services and serve as guidelines for the way CPAs deliver
PFP services.
TAX STANDARDS
AICPA's Statements on Standards for Tax Services (SSTSs) are enforceable tax practice
standards for members of the AICPA. These standards apply to all members regardless of the
jurisdictions in which they practice and the types of taxes with respect to which they are
providing services.
6. ICAB & AICPA 5
VALUATION SERVICES STANDARDS
The valuation services standards, written by the AICPA Consulting Services Executive
Committee to improve the consistency and quality of practice among AICPA members
performing business valuations.
AICPA's new Financial Reporting Center:
As an AICPA member you will find resources to assist you across the entire financial reporting
process. Whether you are involved in accounting, preparing financial statements, or performing
compilation, review, audit, attest, or assurance and advisory engagements, this new Center will
support you in the execution of high-quality financial reporting by providing:
Financial reporting news and developments
Financial reporting guidance and resources such as articles, presentations, and
frequently asked questions
Industry insights on important financial reporting topics
A Standards Tracker to help you stay current on recently issued FASB, ARSC, and ASB
standards
Insight and guidance to help you avoid common financial reporting pitfalls