Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues

Topics: International Financial Reporting Standards, Financial statements, Auditing Pages: 28 (13574 words) Published: October 27, 2014

An Internship Report
On
Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues

Department of Finance
Faculty of Business Studies
University of Dhaka
An Internship Report
On
Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues (As partial fulfillment of BBA Program)
Submitted To
Department of Finance
University of Dhaka
Supervised By
Taher Jamil
Lecturer
Department of Finance
University of Dhaka

Submitted By
Md. Rased Mosarraf
ID: 16-062
Department of Finance
University of Dhaka

Date of Submission: May 22, 2014.
Letter of Transmittal

May 22, 2014.
Taher Jamil
Lecturer
Department of Finance
University of Dhaka
Subject: Submission of internship report.
Dear Sir,
I have the pleasure to submit an Internship Report after completing a successful three month Internship attachment at a CA firm named “UHY Syful Shamsul Alam & Co.” on “Audit Procedure of UHY Syful Shamsul Alam& Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues”. I have concentrated my best effort to achieve the objectives of the report and hope that my endeavor will serve the purpose. The practical knowledge and experience gathered during report preparation will immeasurably help in my future professional life. I will be obliged if you kindly approved this endeavor.

Sincerely Yours,
……………………..
(Md. Rased Mosarraf)
ID: 16-062
Department of Finance
University of Dhaka
Declaration

I, Md. Rased Mosarraf, hereby affirm that the whole internship program and the preparation of this report have been conducted under the supervision of my academic internship supervisor Taher Jamil, Lecturer, Department of Finance, university of Dhaka. The purposes of this study and the drafting of this report are only intended for fulfilling the requirements of completing the internship program (which is a process of practical realization of theoretical knowledge) of BBA academic program. This report will be used for academic purposes and the views, perceptions carried by this report are solely related to the author’s perspectives and point of views. Every single liability of this report goes with the author of it. Accumulation of information, data analysis and the preparation of this report is a result of author’s own effort. ……………………….

(Md. Rased Mosarraf)
ID: 16-062
Department of Finance
University of Dhaka
Certificate of Acceptance

This is to certify that Md. Rased Mosarraf, ID: 16-062, Department of Finance, Faculty of Business Studies, University of Dhaka, has done this internship report entitled “Audit Procedure of Syful Shamsul Alam& Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues” which is solely intended for the purpose of completing BBA Academic Program and the Internship Process. To the best of my knowledge, this report is original in nature and has been prepared by him under my guidance and was not submitted elsewhere for any purpose and I accept this report as a final Internship report. I wish affluence and prosperity in every aspect of his professional and academic life. ---------------------------------

(Taher Jamil)
Lecturer
Faculty of Business Studies
Department of Finance
University of Dhaka
Acknowledgement

At first, I must show my gratitude to Almighty Allah for giving me energy, ability & capabilities for preparing this report. As my assigned topic was to prepare the Internship report on “Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues”for fulfilling the requirements of completing the internship program of BBA academic program, I have tried my level best to complete my report and it’s really a great opportunity for me to acquire valuable knowledge for this interesting...

Bibliography: Arens A. A. and Loebbecke J.K.( 2009) Auditing: An Integrated Approach, , Eight Edition, Prentice Hall International inc, and New York).
Hand Book of Bangladesh Standards on Auditing, Assurance, and Ethics Pronouncements, Volume-2,(2013)
Audit Manual, Syful Shamsul Alam& Co, Chartered Accounts.
Audit Practice Manual of ICAB.
www.ssac.bd.comwww.ifrs.org
Shabbir, Muhammad. (2012). Adequacy of Disclosure in Islamic Financial Institutions, accessed February 18, 2012, [available at http://www.islamic-banking.com/iarticle_5.aspx].
Appendix-1: Accounting, Auditing for Islamic Financial Institution(AAOIFI) accounting standards
www.aaoifi.comInternational Financial Reporting Standards (IFRS) Books: Volume-1 & 2.
Kieso, Donald S., Jerry J.Weygandt., & Terry D.Warfield. (2011). Intermediate Accounting
Hidayat, Sutan E. (2011). Benefits and Challenges in Applying International Financial Reporting Standards (IFRS) for Islamic Finance.
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