RMG Financial Services Audit. General Guidelines on Accounting

25.10.17

Financial Services Audit

Auditing is a comprehensive discipline. It is concerned with examination and review of financial information of the Company.

The entire process of auditing will depend upon the kind of audit required by the Company in particular circumstances.

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The Company shall appoint Internal Auditors who will exercise an independent appraisal function as per Terms of Reference (TOR).

To undertake examination and evaluation of all accounting, financial services audit and operating activities of the Company.
To ascertain whether all prescribed rules, regulations, policies & procedures have been followed or not.
To check whether existing internal controls are adequate and effective.
To ensure that all the assets of the Company are safeguarded.
To highlight the weak areas of the Company.

The Board of Directors of the Company shall appoint External Auditors within three months from the end of accounting year as per provision of Company Law for carrying out the annual audit of the Company and submit the report.
External audit shall be conducted by the Chartered Accountant Firms who will carry out its annual audit on the financial services audit statements of the Company.
The audit shall be carried out in conformity with International Standards on Auditing (ISA) as adopted in Bangladesh and to the special directions, if any by the Board of Directors.
The auditors will certify the financial services audit statements & submit the report to the management as per Terms of Reference (TOR) of the appointment letter.

The Company may, at any time by order, direct that a special audit of the company's accounts or affairs, for a period as specified in the order, will be conducted by the Internal Auditor.
The Company may, in the same manner, appoint a Chartered Accountant Firm to conduct such special audit.

Cases not covered by the delegation shall be submitted through concerned Director to the Managing Director for approval.
The powers delegated are subject to the relevant orders/instruction issued by the company from time to time on specific issues.
All powers to be exercised as per prescribed procedures. For any deviation from it, prior approval of the next higher authority is to be taken.
Only those civil/electrical works are to be taken up for design/estimates, leading to technical approval must be included in the Capital Budget for execution of the same by the competent authority.
All revenue expenditure for the company shall be approved by the appropriate authority provided budget provision exists and normal Rules and Regulations are complied with.
Cases of purchase of land and building and any kind of investment in any new venture are to be processed as per Investment Policy.

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