A Summer Internship Project Report on

AUDIT PROCEDURES OF A CHARTERED ACCOUNTANTS

FIRM – A STUDY ON S.K. LULLA

Submitted to
Amity University Madhya Pradesh

In Partial Fulfilment of the requirements for the

Award of the degree of
BACHELOR OF BUSINESS ADMINISTRATION
In
Finance

BY
ROHIT GARG
(Enrolment No. A60006420041)
Under Steering of
Dr PRIYANKA SIKARWAR
Manager

AMITY BUSINESS SCHOOL

AMITY UNIVERSITY MADHYA PRADESH

June-August 2022
 Amity Business School

DECLARATION

I Rohit Garg, student of BBA hereby declare that the Summer Internship Project titled
“AUDIT PROCEDURES OF A CHARTERED ACCOUNTANTS FIRM” which is
submitted by me to Amity Business School, Amity University Madhya Pradesh, in partial
fulfilment of requirement for the award of the degree of Bachelor of Business
Administration has not been previously formed the basis for the award of any degree, diploma
or other similar title or recognition.

ROHIT GARG

Gwalior

Date:
 Amity Business School

CERTIFICATE

It is to certify that the Summer Internship Project titled “AUDIT PROCEDURES OF A

CHARTERED ACCOUNTANTS FIRMS” which is submitted by Mr. Rohit Garg to
Amity Business School, Amity University Madhya Pradesh, in partial fulfilment of the
requirement for the award of the degree of Bachelor of Business Administration is an
original contribution with existing knowledge and faithful record of work carried out by
him/her under my guidance and supervision.

To the best of my knowledge this work has not been submitted in part or full for any Degree
or Diploma to this University or elsewhere.

Gwalior
Date:
Dr Priyanka Sikarwar
Manager

HOI / HOD
Amity Business School
Amity University Madhya Pradesh, Gwalior
 ACKNOWLEDGEMENT

I extend my deep sense of gratitude and sincere thanks to Prof. (Dr) Anil Vashisht, Director,
Amity Business School for allowing me to take up this project. I would also like to thank Dr
Priyanka Sikarwar, Manager, Amity Business School, for his continuous support in my project
work. I express my sincere gratitude to Mr. Sushil Kumar Lulla, Chartered Accountants for
providing me this wonderful opportunity to do my Summer Internship Project work in “Audit
Procedure of a Chartered Accountants Firm.” I also express my thanks to my friends and family
who have helped me to carry out this work. I thank almighty god for his blessing showed on
me during this period.

ROHIT GARG
 ABSTRACT

This report is named "Audit Procedure of a Chartered Accountants Firm - A Study on

S.K. LULLA is a result of BBA entry level position program. This report contains the
subtleties of the review practice followed by S.K. LULLA.
I have partitioned this report into seven areas. First segment contains the foundation of the
study. Segment two will portray a perfect image of S.K. LULLA. In area three I have
coordinated and examined all my insight that I have accumulated about evaluating during my
learns at the Amity Business School, Amity University Madhya Pradesh. Segment four will
give the subtleties of the general review strategies of S.K. LULLA. In segment five, I have
made an examination between the Review Strategies followed by S.K. LULLA and Emile
Woolf's Sequential Arrangements of Review Methods. Segment six contains the issues that I
have distinguished to complete review commitment in S.K. LULLA also, a few proposals to
limit such issues. In area seven, I have drawn a general end.
 CONTENTS

Front Page
Declaration by Student
Certificate by Company
Certificate by supervisor (Forwarded by HOD/HOI)
Acknowledgement
Abstract
CHAPTER 1: INTRODUCTION
1.1 Origin of the Report
CHAPTER 2: ORGANIZATION PROFILE
CHAPTER 3: REVIEW OF LITERATURE
3.1 Distinction Between Auditing and Accounting
3.2 AICPA Generally Accepted Auditing Standards
3.3 AICPA Principles of Professional Conduct
3.4 Audit Risks
3.5 Audit Evidence
CHAPTER 4: RESEARCH METHODOLOGY
4.1 Objectives of the Study
4.2 Scope of Study
4.3 Collection of Information
4.4 Limitation of the Study
CHAPTER 5: AUDIT PROCEDURE FOLLOWED BY ANACABIN
5.1 Engagement Procedures
5.2 Audit Procedures Followed by ACNABIN
CHAPTER 6: PRACTICAL EXPERIENCE AS AN INTERN
6.1 Internship Position & Duties
6.2 My Practical Experience as an Intern on the Following Tasks
6.3 My Observation
CHAPTER 7: ANALYSIS OF DATA REGARDING EFFECTIVENESS
OF AUDIT PROCEDURES OF S.K. LULLA & Co.
7.1 Analysis of the Effectiveness of Audit Procedures of S.K. LULLA & Co.
7.2 Analysis Procedure
7.3 Data Analysis
7.3.1 Important factor for effective Audit Procedures
7.3.2 Steps of the Audit Procedure
7.3.3 Cost of the Audit Procedure
7.3.4 Quality of Auditors
CHAPTER 8: FINDINGS AND RECOMMENDATIONS
CHAPTER 9: CONCLUSION
References
Plagiarism record
 CHAPTER 1
INTRODUCTION

In this day and age scholastic training isn't satisfactory to empower an understudy to rival
certainty and arrive at his/her objective without having experience with the rest of the world.
To have a thought and gain encounters, we, the understudies at Amity university Madhya
Pradesh need to embrace multi month entry level position program at any association. As a
piece of my BBA Program, the multi month temporary job program offered me the chance to
have a functional information on reviewing strategy. The task was the way a sanctioned
bookkeeping firm plays out a review and furthermore to acquire an information and
pragmatic experience on how review work is acted in partnerships, organizations, and non-
benefit making associations. To confront substantially more complicated and testing business
world in the difficult business regions, useful information is fundamental to grow our
hypothetical base. To assemble this useful information, we were sent different association in
the wake of finishing BBA Program. As I have an aim to turn into a contracted bookkeeper, I
was sent to ACNABIN, a conspicuous sanctioned bookkeeping firm in Gwalior. This study
offered me a chance to notice and perform true information about the review technique,
which is trailed by the contracted bookkeeping firm. In the entry level position period I could
relate the hypothetical information on reviewing to viable openness.

1.1 ORIGIN OF THE REPORT

The temporary job program is obligatory necessity for the understudy who are moving on
from the BBA program under the Friendship College MADHYA PRADESH In the entry
level position program I was participated in a host firm named S.K. LULLA and CO. for
multi month time frame. I have figured out how a review is led. I likewise found out about
the review strategies of ACNABIN firm and how the commitment is finished in the event of a
yearly review. Subsequently I have chosen to compose a report about the review strategies of
S.K. LULLA and CO. from viable information that I have noticed.
 CHAPTER 2
ORGANIZATION PROFILE

• Name of the firm S.K. LULLA & CO.

• Establishment of organization 2008
• Registration No. of firm with ICAI 002336C

• Constitution of the firm Partnership

• Registered Office 18, Prem Nagar, Fort Road
Gwalior 474002
• No. of employees 29+
• Branches Gwalior, Bhopal, Indore,
Mumbai, Gurugram
[email protected]
• Contact mail

• Particulars of partners

S.K. LULLA & Co. is a professionally managed accountancy firm. The team consists of
chartered accountants, corporate financial advisors, and tax consultants. The firm represents a
combination of specialized skills which are geared to offer sound financial advice and
personalized proactive services. Those associated with the firm have regular interaction with
industry and other professionals which enables the firm to keep pace with contemporary
developments and to meet the needs of its clients.
 CHAPTER 3
REVIEW OF LITERATURE
Arenes and Liebeck, 1998 characterizes Evaluating as
"Inspecting is the cycle by which a capable, free individual gathers and assesses proof about
quantifiable data connected with a particular monetary element to decide and investigating
the level of correspondence between the quantifiable data and laid out models." This
definition incorporates a few catchphrases and expressions. To comprehend the definition,
various terms are talked about underneath:

Competent, Independent Person:

The inspector should be able to comprehend the rules utilized and equipped to know the sorts
and measure of proof to aggregate to arrive at the legitimate resolution after the proof has
been analysed. The examiner should likewise have a free mental disposition. It does minimal
great to have an equipped individual who is one-sided playing out the proof gathering when
fair-minded data and goal believing are required for the decisions and choices to be made.
Freedom can't be outright using any and all means, yet it should be an objective that is
pursued; and it tends to be accomplished somewhat.

Accumulating and Evaluating Evidence:

Proof is characterized as any data utilized by the evaluator to decide if the quantifiable data
being reviewed is expressed as per the laid out standards.
Proof takes various structures, including oral declaration of the auditee (client), composed
correspondence with untouchables, and perception by the inspector. It is critical to get
adequate quality and volume of proof to fulfil the review goals. The method involved with
deciding how much proof essential and assessing whether the quantifiable data compares to
the laid out models is a basic undertaking for each reviewer

Quantifiable Information and Established Criteria:

To do a review, there should be data in an undeniable structure and a few norms (rules) by
which the evaluator can assess the data. Quantifiable data can and takes many structures. It is
feasible to review such thing as an organization's fiscal reports, how much time it takes a
representative to finish a doled out job, the complete expense of an administration
development contract, and a singular's government form. The standards for assessing
quantitative data can likewise fluctuate impressively. For instance, in evaluating a merchant's
receipt for the obtaining of unrefined components, it is feasible to decide if materials of the
amount and expressed depiction were really gotten, whether the legitimate natural substance
was procured considering the creation needs of the organization, or whether the cost charged
for the merchandise was sensible. The measures utilized rely on the goals of the review.
Economic Entity:
At the point when a review is directed, the extent of the examiner's liability should be
clarified. The essential technique includes characterizing the monetary substance and the time
span. In many examples the monetary substance is likewise a legitimate element, like a
company, unit of government, association, or ownership. At times, be that as it may, the
substance is characterized as a division, an office, or even a person. The time span for leading
a review is ordinarily one year, yet there is likewise reviews for a month, a quarter, quite a
while, and now and again the lifetime of an element.

Reporting:
The last stage in the review cycle is the review report - the correspondence of the discoveries
to clients. Reports contrast in nature, yet in all cases they should advise peruses regarding the
level of correspondence between quantifiable data and laid out models.

3.1 DISTINCTION BETWEEN AUDITING AND

ACCOUNTING
Numerous budget reports clients and individuals from the overall population mistake
examining for bookkeeping. The disarray results on the grounds that most examining is
worried about bookkeeping data, and numerous reviewers have extensive mastery in
bookkeeping matters. In spite of the fact that examining, and bookkeeping are connected,
they are unmistakable from one another.
Bookkeeping includes gathering, summing up, announcing, and deciphering monetary
information. Bookkeeping is the most common way of recording, grouping, and summing up
monetary occasions in a consistent way to give monetary data to navigation.

The capability of bookkeeping, to an element and a general public overall, is to give certain
sorts of quantitative data that administration and others can use to simply decide. To give
important data, bookkeepers should have an intensive comprehension of the standards and
decides that gives the premise to setting up the bookkeeping data. In expansion, bookkeepers
should foster a framework to ensure that the substance's monetary occasions are appropriately
recorded on a convenient premise and at a sensible expense.

Evaluating, paradoxically, uses the hypothesis of proof - similarly as does the

legitimate calling - to check the general sensibility (decency) of the monetary
articulations introduced. In evaluating bookkeeping information, the worry is with deciding
whether recorded data appropriately mirrors the financial occasions that happened during
the bookkeeping time frame. Since the bookkeeping rules are the measures for assessing
whether the bookkeeping data is appropriately recorded, any examiner engaged with these
information should likewise completely grasp the guidelines. With regards to the review of
monetary articulations, these are sound accounting standards (GAAP).

3.2 AICPA GENERALLY ACCEPTED AUDITING

STANDARDS
valuating norms are common rules to help examiners in satisfying their expert obligations in
the review of authentic fiscal reports. They incorporate thought of expert characteristics like
capability and freedom, revealing necessities, what's more, proof. The broadest rules
accessible are the ten for the most part Acknowledged Reviewing Norms (GAAS). These
norms were created by the AICPA in 1947, they have, with insignificant changes, continued
as before. These guidelines are not adequately intended for give any significant manual for
specialists; however they truly do address a structure upon which the AICPA can give
translations.

3.3 AICPA PRINCIPLES of PROFESSIONAL CONDUCT

The standards give the moral ideas on which the Principles of Direct are based as
well as the guidelines for meeting the public trust. The standards give the broadest
structure for proficient direct and ought to be the most noteworthy aide for proficient
activity. Evaluators ought to constantly look first to the standards for proficient direction.
The standards are as per the following

Responsibilities:
In completing their obligations as experts, individuals ought to practice delicate expert and
moral decisions in the entirety of their exercises.
Public Interest:
Individuals ought to acknowledge the commitment to act such that will serve the public
interest, honour the public trust, and show obligation to incredible skill.

Integrity:
To keep up with and widen public certainty, individuals ought to play out all expert
Genuinely trustworthy obligations with the most noteworthy feeling.

Objectivity and independence:

A part ought to keep up with objectivity and be liberated from clashes in releasing proficient
obligations. A part out in the open practice ought to be free as a matter of fact and appearance
while giving evaluating and other authentication administrations.

Due care:
A part ought to notice the calling's specialized and moral guidelines, endeavour ceaselessly to
further develop capability and the nature of administrations and release proficient obligation
to the best of the part's capacity.

Scope and nature of services:

A part out in the open practice ought to notice the standards of the Code of Expert Lead in
deciding the extension and nature of administrations to be given.

3.4 AUDIT RISKS

The examiner ought to acquire a comprehension of the bookkeeping and interior control
frameworks adequate to design the review and foster a viable review approach. The inspector
ought to utilize proficient judgment to evaluate review risk and to configuration review
systems to guarantee it is decreased to an acceptably low level.

Audit risk is characterized as "the gamble that the examiner may unwittingly neglect to
fittingly alter his/her viewpoint on fiscal reports that are tangibly misquoted". So review risk
is the gamble that the examiner gives an improper review assessment when the monetary
proclamations are really misquoted. Review risk has three parts:

• “Inherent risk” is the helplessness of a record equilibrium or class of exchanges

misquote that could be material, separately or when amassed with
misquotes in different equilibriums or classes, it were no connected with accept that there
inner controls.
• “Control risk” is the gamble that a misquote that could happen in a record
equilibrium or class of exchanges and that could be material separately or when accumulated
with misquotes in different equilibriums or classes, won't be forestalled or on the other hand
distinguished and rectified on an opportune premise by the bookkeeping and inside control
frameworks.

• “Detection risk” is the gamble that an evaluator's considerable systems will not
distinguish a misquote that exists in a record equilibrium or class of exchanges that could be
material, separately or when totalled with errors in other balances or classes.

3.5 AUDIT EVIDENCE

Review proof comprises of those realities and derivations that impact the inspector's psyche
concerning monetary show. The aggregate motivation behind all review techniques is to
assemble adequate equipped proof to frame an assessment on the reasonableness of the fiscal
reports taken in general.

Characteristics of Audit Evidence:

The examiner actually must see the value in the various attributes of review proof also, the
dependence that can be put on each kind. Review proof can be portrayed as:
1. Created and held by the client.
2. Gotten from outside parties and held by the client.
3. Gotten straight by the reviewer by autonomous means or from free or then again semi free
gatherings.

Means of Gathering Audit Evidence:

By and large proof get-together strategies can be placed into the accompanying classes:
1. Perception
2. Affirmation
3. Computation
4. Examination
5. Request
6. Correlation.
For the review of specific records, it is conceivable that each of the seven strategies will be
utilized.
 CHAPTER 4
RESEARCH METHODOLOGY

4.1 OBJECTIVES OF THE STUDY

➢ To have a general thought regarding the review strategies of S.K. LULLA and CO.
➢ To acquire functional information and experience on how S.K. LULLA and CO. plays out
a review and how review work is acted in organizations, organizations what's more, non-
benefit making associations.
➢ To distinguish about how to aggregate and handle confirmations to make a review report.

4.2 SCOPE OF STUDY

I have been allotted in ACNABIN that gave me gigantic degree to acclimate with the
review methodology of the association. Significant pieces of degree are brought up beneath:

➢ Foundation of the host association and furthermore their situation.

➢ Review technique, which is trailed by the association for playing out any review.
➢ Nature and significance of it has portrayed in this review.
➢ Review system of the firm, which is trailed by the association for playing out any review.
➢ Review organization of the firm, which is trailed by the association for playing out any
review.

4.3 COLLECTION OF INFORMATION

To set up the doled out project paper I have gathered essential data from
Two types of source as follows:
1. Primary sources data.
2. Secondary sources data.

Primary sources information

1. I have gathered essential data by working with various review group.
2. Talking about with commitment accomplice, review chief, review staff and articled
understudy.

Secondary sources information

1. I have additionally gathered optional data like yearly review report, the board review
report, bookkeeping framework, and review working papers.
2. The data was gotten from different relating records of the firm.
4.4 LIMITATIONS OF THE STUDY
The review is led with a target to make an exhaustive investigation of outside review
system. I have profited numerous offices and confronted a few obstructions during my
review. These impediments might be named as restriction of the review.

These constraints are as follows:

➢ Planned stretch of time was not adequate to cover all data.
➢ As an autonomous review firm the data of the contextual investigation isn't satisfactory
for this review.
➢ To some expand the specific review methodology isn't followed because of time and
other obliges.
➢ As the temporary job was the primary viable experience, it was unrealistic for me to know
all and all that of review technique.
 CHAPTER 5
AUDIT PROCEDURE FOLLOWED BY ANACABIN
5.1 ENGAGEMENT PROCEDURES
Prior to talking about the Review Methods followed by ACNABIN, I attempt to zero in on
the commitment strategies through which ACNABIN is locked in/enrolled by the client to
play out the review. ACNABIN faces three sorts of circumstances in commitment process:

➢ Commitment with new client.

➢ Commitment with existing client.
➢ Straightforwardly designated by the client.

Prior to beginning the review work, a few letters are traded among ACNABIN and clients.

In case of new client:

4 (four) letters are traded among ACNABIN and client including acknowledgment letter
of arrangement at the hour of including with the new client. Following stages are
followed by both ACNABIN and client:

STAGE – 1: Client requires for technical and financial proposal from the
ACNABIN

Client by and large gives round with the paper or straightforwardly needs proposition for
review from the review firm. In the event of direct proposition they solicitation to the review
firm to present a citation for the expense of directing review of the client. They likewise
notice the particular date to affirm the choice taken by the review firm and fulfilment date for
reviews. The client firm notices here the critical region of the review as connection. It
guarantees that
assuming ACNABIN reviews client's firm, they will supply the proper terms of
reference/review orders to oversee the direct of review.

STAGE – 2: The technical and financial proposal is sent by ACNABIN to

the client
Subsequent to exploring the client letter or paper's roundabout, review firm drafts a
proposition letter to the client. The proposition letter contains specialized and monetary
proposition for doing
the subject of review. ACNABIN gauges its faculty costs subsequent to considering the
orders to be used and involving the base hourly pace of expenses as recommended by The
Initiated of Contracted Bookkeepers of Bangladesh (ICAB). The firm likewise makes
reference to that as it is a gauge, the expense might change with variety in number of orders
assessed to be used for the gig.
STAGE – 3: Acceptance by the client on the basis of proposal of ACNABIN
– A letter of contract
Subsequent to getting proposition letters from different review firms, client then, at that point,
chooses the one which is positive for them, and it names the review firm for review reason.
From the specialized furthermore, monetary proposition of the ACNABIN the client
organization comprehends the idea of the review (like free, outside) to evaluate the
association's inward control framework in overseeing the reviewed matter.

STAGE – 4: A letter is sent by ACNABIN to the client confirming to work

with the client – Confirmation Letter

Subsequent to getting the acknowledgment letter from the client, ACNABIN gives
affirmation letter depicting the association's ability to work with the client.

In case of last year’s client

Three letters are traded between the ACNABIN and client:
➢ Eagerness letter for reappointment: In this letter ACNABIN needs to review this year. It
can demand to increment review expense or change some other conditions.
➢ Client sends arrangement letter.
➢ ACNABIN acknowledge this arrangement.

In case of directly appointed by the client

On the off chance that the client is intrigued to work with ACNABIN, it straightforwardly
sends an arrangement letter to the firm which incorporates all agreements. Assuming all
agreements are positive for the ACNABIN then it acknowledges the arrangement and sends a
letter to the client as an examiner.

5.2 AUDIT PROCEDURES FOLLOWED BY ACNABIN

ACNABIN follows Cook TILLY Global Review methodology. The essential objective of
ACNABIN at the hour of including in any review commitment is to give the assessment on
Budget reports as per Bangladesh Norms on Reviewing (BSA) as well as Worldwide Norms
on Examining (ISA). ACNABIN additionally tries to give inspecting and business
consultancy benefits that are imaginative, proficient, and most significantly receptive to their
client's business needs.

There are seven stages engaged with the methodology that come consistently.
Steps are as follows:
➢ Personality In general Objectives
➢ Accumulate and Assess Introductory Data
➢ Survey General Dangers
➢ Survey Record Explicit Dangers
➢ Foster Viable and Effective Review Plan/Work Program
➢ Direct Review Testing
➢ Assess and Impart Review Results
 CHAPTER 6
PRACTICAL EXPERIENCE AS AN INTERN

6.1 INTERNSHIP POSITION & DUTIES

An entry level position is a business related opportunity for growth for individuals who need
to acquire involved work experience in specific areas of work. A temporary job is the
situation where an understudy should continuously obtain proficient involvement with an
expert field that the individual in question imagines. An entry level position directs the pre-
proficient opportunity for growth where understudies apply their abilities in the proficient
field. It offers understudies a total and reasonable perspective on the working environment,
culture and
experience.

Internship Position: As an understudy I was worked in S.K. LULLA and Co, with the
senior article understudies to do in real money motivating force review of 90 days. My
temporary job position was as like as a reviewer.

Internship Duties: I filled in collectively (7 individuals), working with clients of

Southeast Bank Restricted (SEBL) to direct financial motivator tests. What's more, Southeast
Bank Restricted is one of S.K. LULLA and Co. clients. I additionally confirmed SEBL
clients. S.K. LULLA and Co. is a bookkeeper enrolled with the Bank of Bangladesh
commission for Bank Clients Money Impetus Review.

As an understudy my obligations were following:

➢ sending records from the bank]

➢ Planning of the functioning record
➢ Agenda
➢ Checking the work record
➢ Ascertain the motivation application in real money and check the work record
➢ Check and mark of the accomplice
➢ Enter the information
➢ Set up the floor script and the draft of the endorsement

6.2 MY PRACTICAL EXPERIENCES AS AN INTERN ON THE

FOLLOWING TASKS
My obligations in this office have been simply to aid a little and conceivably
way:
➢ Making Agenda
➢ Utilize the Xerox machine to help them.
➢ Plan Inquiries and send it to the SEBL
➢ Handle the client
➢ Input information
➢ Ascertain Money Motivator Guarantee and Cross Checking of the Functioning Document
Other than the above obligation, I have additionally done the assignment of
checking of such Significant Archives:
➢ Application
➢ Ace L/C or Agreement
➢ Consecutive L/C
➢ BTMA Testament
➢ Continues Acknowledgment Testament (Unique Duplicate)
➢ Send out receipt/Business Receipt/Pressing rundown
➢ Bill of replenishing (B/L)
➢ Bill of Product
➢ EXP Structure and so on.

Organizations, which cash motivator document I have reviewed:

➢ KEYA sew Composite Materials Factories Ltd.
➢ Designtex Sweaters Ltd.
➢ Keizer Knitwear Ltd.
➢ Ripon Knitwear Ltd.
➢ Preeminent Stich Ltd.
➢ Sharone Sew Wear Ltd.
➢ Hoity Sew Composite Ltd. Etc

6.3 MY OBSERVATIONS
➢ Significance and comprehension of obligations
➢ Need for responsibility Elate Amass capacities connected with significant work
➢ Acquiring, understanding and knowledge of the expert assumptions and social standards
at work
 CHAPTER 7
ANALYSIS OF DATA REGARDING EFFECTIVENESS
OF AUDIT PROCEDURES OF S.K. LULLA & Co.
7.1 ANALYSIS OF THE EFFECTIVENESS OF AUDIT
PROCEDURES OF S.K. LULLA & Co.
Information assortment is an essential poll reviews. The reason for poll
overview are given beneath:
➢ To see if HVC performs adequately in regard to each variables as per the respondents.
Respondents were straightforwardly found out if they think the exhibition of HVC is
sufficient or not.
➢ At long last, an open related question was requested to figure out the general
assessment from respondents about the review program of HVC.

7.2 ANALYSIS PROCEDURE

The examination techniques followed a structure is as displayed in the above graph. This was
proper to the situation being referred to which was with respect to the assessment of the
review techniques of HVC.

Coding Data
The majority of the inquiries in the poll expected respondents to give ostensible responses.
The greater part of the inquiries were MCQ. Thus, all MCQ sort of inquiries is relegated a
mathematical worth from 1, 2, 3 and so on. The inquiry without a right or wrong answer was
not coded as there were a large number of remarks about the review program of S.K.
LULLA.

Data Summarization
One of the significant reasons for the overview is to investigate how the powerful review
system of S.K. LULLA is for the client organizations. Examining this precisely it's
consistently better to utilize various strategies and instruments. A few techniques given
underneath:

7.3 Data Analysis

7.3.1 Important factor for effective Audit Procedures
Interpretation: As indicated by the bar diagram, half of respondents trust that "quality
commentator" is the main figure a survey interaction. 20% of respondents imagine that the
"cost of the assessment strategy" is the main calculate a survey interaction. Another 20% of
That's what respondents trust "the time expected for the test strategy" is the main component
for a test method. Just 10% of respondents trust that "the means of the assessment
methodology" are the main consider an assessment technique. No respondent accepts that one
more significant variable exists for the audit cycle. For most respondents, the main figure the
survey interaction is the "nature of the commentator".

7.3.2 Steps of the Audit Procedure

Interpretation: As per this bar graph, 60% of respondents accept that the methodology is
better than others. 25% of respondents believe that the phases of the assessment methodology
are typical. Another 15% of respondents accept that the phases of the test are great. No
interviewee thinks about these entries great or extremely awful. As indicated by the
respondents, the stages of the assessment technique are in this way better than others.
Evaluation of HVC regarding Steps

Interpretation: Every one of the respondents concurred that the means of HVC are
sufficiently compelling to serve the review reason. In this way, we can outline that a large
portion of the respondents believe that the means directed by HVC are superior to other
people and sufficiently adequate to fill the review need.
Interpretation: As indicated by this bar outline, 67.5 % of the respondents imagine that
Time expected for the Review Methodology by HVC is normal. Where, 22.5 % of the
respondents think that it isn't so much lengthy. Another 10 % of the respondents imagine that
it isn't so much short. No respondent think that the time is excessively short or excessively
lengthy. In this way, as per the greater part of the respondents, the time expected for the
review strategy is normal.

Evaluation of HVC regarding Time

Interpretation: Every one of the respondents concurred that the means of HVC utilize
adequate time for the review reason. Thus, we can outline that a large portion of the
respondents believe that the time expected by HVC is normal and adequate enough to fill the
review need.
7.3.3 Cost of the Audit Procedure

Interpretation: As per this bar outline, 57.5 % of the respondents feel that Expense of the
Review Method of HVC is normal. Where, 27.5 % of the respondents feel that it isn't so
much that that much expensive. Another 15 % of the respondents believe that it isn't so much
financially savvy. No respondent think that it is exceptionally financially savvy or exorbitant.
Thus, as per the greater part of the respondents, the expense of the review technique is
normal.

Evaluation of HVC regarding Cost:

Interpretation: Here 92.5% respondents said that concurred that the expense charged by
HVC legitimizes their review administration. Where, 7.5% respondents couldn't help
contradicting it. Thus, we can synopsis that a large portion of the respondents believe that the
expense charged by HVC is normal and legitimizes their review administration.

7.3.4 Quality of Auditors

Interpretation: As per this bar graph, 70 % of the respondents believe that the nature of
evaluators of HVC is superior to other people. Where, 17.5 % of the respondents feel that it is
ordinary. Another 12.5 % of the respondents believe that it is fantastic. No respondent think
that it is very terrible or bad. Thus, as per the greater part of the respondents, the nature of the
evaluators of HVC is better than others

Evaluation of HVC regarding Quality:

Interpretation: Every one of the respondents concurred that the examiners of HVC are
qualified enough for the review reason. In this way, we can outline that the vast majority of
the respondents feel that the nature of the
examiners of HVC is superior to other people and they are sufficiently qualified to direct the
review strategy.

Summary: At the present most of the respondents imagine that greatness of examiners is
the fundamental driving elements in deciding review methodology. As indicated by major of
them the nature of reviewers of S.K. LULLA is superior to other contracted bookkeeping
firm and examiners are qualified enough to direct the review methodology. Moreover HVC
had positive rating in practically any remaining.

factors. Thusly, in rundown one might say that the review methodology of S.K. LULLA is
measurably demonstrated to be compelling for the client organizations.
 CHAPTER 8
FINDINGS AND RECOMMENDATIONS
FINDING NO. 1
Including in a review commitment without having legitimate information
on client's business.
Fact:
As a rule, when the firm gets another client, accomplice/accomplices select one of the
directors as the manager of the review group. Then, at that point, manager chooses a portion
of the understudies as the individuals from the review group for such review commitment and
the most senior understudy is chosen as the accountable for the group. Now and then manager
doesn't give all the individuals from the group a general thought of the client, nature of its
business, its activity and so forth. Just in control is educated about the client and in control
likewise doesn't examine the subtleties of the client's business and its inclination prior to
going to the client.

Effect:
➢ As the individuals know nothing about the client, client's business, they need to give
a lot of chance to comprehend client's business and afterward they can begin, their
review undertakings. So the review undertakings take a lot of time.
➢ Due to individuals' deficient in information about the client's business, they now and
again neglect to manage the client and they need to rely upon their in control for
doing any review task.

FINDING NO. 2

Work programs are not followed as expected.

Fact:
Work programs contain bit by bit directions to complete the review work. In S.K. LULLA,
we have separate work programs for various areas of business. Work programs are
additionally created for various record heads to make our review assignments simpler.
However, in the greater part of the cases, work programs are not followed as expected. At
times, we just contact each record head yet don't go to the profound of the head to save our
time.

Effect:
➢ Due to staying away from work programs, we can't acquire legitimate thought
regarding each record head.
➢ We may here and there miss a few significant issues to be examined.
 FINDING NO. 3

Absence of oversight.
Fact:
As per the review norms, all the review errands should be directed appropriately. Proper
management guarantees the nature of the review commitment. However, for all intents and
purposes, this doesn't occur in S.K. LULLA. In the greater part of the cases, in control
disperses unique account heads to various understudies and gives them some thought
regarding such heads. In any case, later, in control doesn't administer his youngsters' works
appropriately.

Effect:
Youngsters might accomplish something wrong or may gather a few superfluous reports, may
fall flat to gather essential/required archives and that can't be checked and rectified in light of
absence of management. Accordingly, when the accomplice/accomplices actually take a look
at the working paper documents, junior understudies need to deal with certain issues.

FINDING NO. 4

Restricted opportunity to finish a review commitment.

Fact:
We need to do and finish our review undertakings inside a restricted time span. Once in a
while, Client makes strain to finish the review and give the review report inside extremely
restricted time as it he/she needs to present the review report and evaluated monetary
explanations to the Stock Trade or Recorder of Business entities (in the event of confidential
restricted organizations) inside a decent date. Here and there, commitment accomplice of
such commitment likewise makes strain to finish review function as soon as could be
expected.

Effect:
In view of time impediment, we complete the review commitment and give the review report
rapidly. In this way, it is preposterous to expect to guarantee the nature of the review work.
Once in a while some record heads might be immaculate.
 FINDING NO. 5
Troubles in getting required review confirmations.
Fact:

Examining standard proposes that adequate and skilful review confirmations should be
gathered and should be investigated appropriately. As a result of time restriction, testing
every one of the transactions is preposterous. We recognize a few exchanges having huge
sums or we feel critical and test them and give our viewpoint based on such exchanges. In
this way, we attempt to gather every one of the confirmations connected with those
exchanges. Yet, at times, the executives of clients are not intrigued or don't have any desire to
give every one of the important or required records in light of their absence of information
about review or they need to conceal a few unlawful or wrong works done by them. Here and
there, we need to stand by 2/3 days to get our necessary reports. At times, client lost the
reports that are useful for our errands.

Effect:
In the event that the client neglects to give the required and vital archives, it is hard as far as
we're concerned to give or issue a fitting review assessment and give the suitable review
report.
 RECOMMENDATION

I. Prior to going to the client, manager or in control ought to give some concise
thought regarding the client's business to every one of the individuals from
the review group.

II. Work programs should be appropriately acquainted with the youngsters/new

understudies and should be followed however much as could reasonably be
expected in each review commitment.

III. responsible for a review group should be requested and appropriately

educated to direct the work of his youngsters.

IV. A review group ought to be given suitable time (neither much nor less) to do
the whole review work appropriately.

V. More significant position of the client should arrange or educate the

administration to give Inspectors the necessary reports
 CHAPTER 9
CONCLUSION

The entry level position is a scaffold between hypothetical information and functional
information. In knowing the past, this entry level position was a brilliant and compensating
experience. I have met and worked online with such countless individuals that I am certain
they will actually want to assist me with new open doors later on. As an understudy at S.K.
LULLA and Co. I truly valued my temporary job. I am sure that this three-month temporary
position with S.K. LULLA and Co. will positively assist me with accomplishing my vocation
in the work market. Apparently, S.K. LULLA and Co. has the monetary means to carry out
the inspecting system using programming. For model, in the event that the organization
utilizes the test programming, it will be helpful to lessen staff expenses to complete the whole
examination process, furnish the client with the most ideal help as before long as could really
be expected and decrease the above of too many report documents during the review process
be reported the unpleasant work of the examiners will diminish. If this proceeds, I trust that
the review strategies of S.K. LULLA and Co. will keep on advancing in the future.
 REFERENCE

Books:

➢ Alvin A. Arenes, James Kleeck, Render J. Senior and Imprints S. Beasley

"Reviewing An Incorporated Methodology", eighth Release
➢ Alvin A. Arenes & James K. Liebeck "Reviewing", fourth Version
➢ B.N. Tandon "Functional Evaluating", tenth Altering
➢ Foundation of Sanctioned Bookkeepers of Bangladesh-"Study Manual on
Examining".
➢ Larry F. Konrath, "Inspecting: A Gamble Examination Approach"

Publications:
➢ AICPA(1947)
➢ Braun and Devis(2003)
➢ Bazerman, M.H., Loewenstein, G., and Moore, D.A. (2002), Why Great Bookkeepers
Do Awful Reviews, Harvard Business Audit, Nov. pp 95─98.
➢ Caplan, D. furthermore, Kirchheimer, M. (2002), A Model of Examining Under
Splendid Line Bookkeeping Norms
➢ Debrecen et al.(2005)
➢ Post, M.J., and J.D. Hansen. 1999. "Utilizing the Commitment Letter To Restrict
Examiners' Expert Obligation Openness." The Ohio CPA Diary (July-September)
Vol. 58, No. 3, pp. 59-62.
➢ Firm Profile of S.K. LULLA & Co.
➢ Hivelike and Merlot(2005)
➢ HVC, Contracted Bookkeepers, Work Paper and other related archives from firm
record furthermore, client records Saeed K. Amjad "Inspecting Standards and
Methodology", 1996 Version, and Bookkeeping Distribution House.
➢ Foundation of Contracted Bookkeepers of Bangladesh "Bookkeeping Principles and
Reviewing Rules", Walk 1992.
➢ Mallette(1993)
➢ PDF of S.K. LULLA & Co.
➢ Distributed under The World Bank Supported Venture - "Improvement of
Bookkeeping and Reviewing Norms in Bangladesh".