Audit Report

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Introduction:

Statement of problem:

AppolloIspat Complex Limited incorporated the incorrect financial statements for the year ended on June 30, 2011 with the Prospectus, which do not give a true and fair view of the state of the company’s affairs. For this unfair practice AppolloIspat Complex Limited and ICB Capital Management Limited have been punished.

Objectives of study:

This report is based on study purpose and the objective of the report is to gather knowledge about law and punishment procedures regarding financial misstatement and auditing scandal maintained in Bangladesh. Analyzing AppolloIspat Complex Limited’s financial misstatement and the punishment procedures we are trying to find out the auditors punishment procedures practices in Bangladesh.

Scope of study:

The report covers the company profile of AppolloIspat Complex Limited, their unfair practice in financial statement, the punishment procedures of management, auditors and regulatory bodies etc. The area of concentration of this report is to identify unfair practice and punishment.

Methodology of study:

To prepare the report both primary and secondary data and information were needed. The report is mainly based on secondary data which were collected from different reports, notes, internet etc.

Secondary source:

← Internet
← Teacher and students of State University of Bangladesh. ← Personal Experience.

Limitations of study:

We faced a lot of problem during the gathering information .As we are doing a report in a very challenging subject auditing scandal and punishment and for this reason we should be gather information from primary source mostly which was really tough to gather as much as information for our report.

← Barriers in disclosing actual data from some of the persons.

← Large-scale research was not possible due to time constraints.

← Organizational problem of disclosing some sensitive data and information for obvious reasons posed an obstacle to the practical orientation

An Overview of Appollo Ispat Complex Limited:

Company profile:

Appollo Ispat Complex Limited (AICL) is one of the subsidiaries of Appollo Group. It engaged in producing corrugated and galvanized sheet (GP/CI) and marketing nationally and internationally.  
AICL was founded in 1995 in response to growing demand for high quality GP/CI products. This is now largest corrugated and galvanized sheet producing company in bangladesh with a galvanising capacity of 140,000 metric ton annually.

← Company name: Appollo Ispat Complex Limited

← Date of Incorporation: 31st December 1994

← Authorized Capital: Tk. 1000 Million

← Products & Capacity: C.I. Sheet of different gauge 0.100 Million Tons

← Annual Turnover: Tk. 4000 Million

← Nature of Industry: Continuous Galvanizing and Corrugated sheet plant

The Group established its most modern continuous galvanizing line at Shimrail, Siddhirgonj to achieve a production target of 100,000 MT. C.I. (Corrugated iron) Sheets per annum in 2 phases of 50,000 MT out-put in each phase. Its first phase has already gone into commercial production in July 1997. With the completion of this unit the group will became the single largest products of C.I. Sheets in the country.

Products of Appollo Ispat Complex Limited:

← Hot rolled coils

← Cold rolled coils

← Galvanized

← Sheets/coils

Key people of Appollo Ispat Complex Limited:

← Deen Mohammad      - Chairman

← Md. Ansar Ali       -  Managing Director

← Abdur Rahman        -  Deputy Managing Director

← M.A Majid               - Director

← Mohammad Shoeb     - Director

←  Mohammad Rafique  - Director

The Securities and Exchange Ordinance, 1969
(Ordinance No. XVII of 1969):
CHAPTER IV
PROHIBITIONS AND RESTRICTIONS...
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