Internship Report on Audit Procedures of a Chartered Accountant Firm: A Study on Hoda Vasi Chowdhury & Co”

Abstract

This internship report outlines the performed procedures and experience during a three-month internship at an established chartered accountancy firm Hoda Vasi Chowdhury & Company (HVC). The primary purpose of this report is to examine the theoretical and practical consideration of audit procedures that allow Chartered Accountants to develop skills relevant to their profession. These procedures have an important consideration for achieving transparency and compliance in the business environment of Bangladesh where technology and regulatory environment is continuously changing. HVC is a professional services firms with over 60 year experience helping clients with audit, accounting, taxation and business advisory services. The firm is based in Dhaka and Chittagong with over 200 professionals on staff. HVC's client list includes organizations from various sectors including banks, energy, telecommunications and NGOs. HVC's vision is to serve its client's sustainable development while providing a high standard of ethics and professionalism. During my internship learning period I was involved in Cash Incentive Audit and Inventory Counting whereby I participated in or performed file check, data entry and client communication. Through this experience, I learned the practical aspects of audit procedures such as risk assessment, evidence procedure and analytical procedure. I understood the importance of teamwork and having data accuracy, which would be helpful towards audit quality. Audit procedure main phases include: Client Acceptance, Audit Planning, Risk Assessment, Evidence gathering not limited to Physical Verification, Vouching, Substantive Testing, Audit Report Preparation. HVC adopts ICAB and ISA standards where matters such as Key Audit Matters (KAM) and the Going Concern Test comes into consideration.issues includes the likelihood of errors because of performing audits manually as well as inconsistencies in risk assessment. The main findings are the lack of digital tools in the audit system and ineffectiveness in the program. Recommendations: Increasing digitalization, establishing training programs, and enhancing risk management. In short the internship gave me the opportunity to build professionalism and work skills. HVC has played a significant role in the economic transparency of Bangladesh.