Abstract:
This research report offers the assessment and evaluation of risk management process of Atik Khaled Chowdhury Chartered Accountants (AKC) auditing firm in Bangladesh based on the BSA provisions. Specifically, the study focuses on audit procedures performed by AKC, its organizational structure, key issues, and potential opportunities that need to be considered to develop specific recommendations for increasing the organization’s efficiency and its compliance with the standards. The research shows that AKC complies well with BSA, with an average score of 92.5% percent, which is evidence of ethical and professional performances. Nevertheless, the following frequently reported operational issues indicate significant problem areas. The rate of errors was 4.5 errors per audit on average, it took 10.3 days to resolve each issue. While there have been improvements in the response to errors, industries such as finance, manufacturing, and transportation have slightly higher error counts and significantly higher time to resolution than related industries like retail or healthcare. The report calls for the use of risk based audit approach, the use of advanced technologies in solving challenges and the need to train auditors. Further steps include to focus on the high-risk audits, to improve audit workflow to decrease time to complete an audit, and to utilize data analytics to improve errors and compliance identification. The potential for operational excellence is boosted by AKC’s capacity for emulating effective operational practices from high-performing sectors in other industries such as retail.
