Statutory Audit :
A statutory (or financial statement) audit is performed by an auditor with the aim of obtaining reasonable assurance and expressing an independent opinion on whether a company’s financial statements show a true and fair view (of its performance and position for the respective accounting period) and are free from material misstatements due to fraud or error.
Legislation in Bangladesh stipulates that all companies in Bangladesh require an audit of their financial statements to be performed for each financial year and specifies that companies can only hire registered CA firms with the appropriate authorisation to perform these audits. They need to be performed within a specific timeframe after the end of each financial year.
At AZC, we have a high-performing statutory audit team led by very experienced partners with clients across a wide range of sectors. Additionally, our membership at Geneva Group International, allows us to take advantage of a strong global alliance and pool of technical resources equipping us sufficiently to face the most complex of issues when auditing an organisation.
We are enlisted with the following regulatory bodies in Bangladesh:
- Bangladesh Bank.
- Bangladesh Securities and Exchange Commission.
- Palli Karma Sahayak Foundation (PKSF).
- Micro Credit Regulatory Authority (MRA).
- NGO Affairs Bureau.
- Other International Development Agencies.
Our wide client portfolio includes Banks, Financial Institutions, Listed Companies, Private Limited Companies, Insurance Companies, Foreign Donor Projects, Government Organisations and NGOs.
We are committed to observing our firm values when providing our audit services and subsequently we ensure all our audits are performed in compliance with Bank Companies Act 1991 and Guidelines, Companies Act 1994, Securities and Exchange Rules 1987 and Bangladesh Financial Reporting Standards (BFRS) and Bangladesh Standards on Auditing (BSAs) as adopted by The Institute of Chartered Accountants of Bangladesh (ICAB).
We have a growing Internal Audit (IA) practice focused on providing high-quality, independent assurance services on governance, risk management and internal control processes for our clients.
Our IA offering has three key elements:
Compliance: This is the more historic aspect of the IA service containing a core element of controls work ensuring that the processes and controls around key business functions (e.g. Operations, Finance, HR etc.) are well designed and operating effectively and that the business is compliant with internal policies and procedures and external regulations.
Risk and Corporate Governance: A thorough review is performed of a business’ corporate governance and risk management processes. For the latter, this involves reviewing how prepared a business is to manage supply chain failures, revenue leakage, brand damage etc.
Change of Information and Control Systems: Our IA practice can provide assurance on significant projects that management decides to implement within a business (e.g. transforming a marketing or finance function, installing a new internal IT system etc.). We can undertake programme assurance work at the start and/or throughout the life of such projects to identify any issues and improve their probabilities of being a success.
Over the years, we have worked with numerous clients of varying sizes across a wide range of sectors in Bangladesh giving us the skills and experience to be the clear IA choice for your business. Additionally, our membership at Geneva Group International, allows us to take advantage of a strong global alliance and pool of technical resources equipping us sufficiently to face the most complex of issues when performing an internal audit.
Please get in touch with us to get the conversation started on how we can help your business with our audit services.