An Application of Auditing, practices of Ascent: Standard VS. Practices

Abstract

As a requirement of BBA course at East West University, I have been carried out an internship report based on my three months long working experiences in the internal Audit Department of Ascent Group. The subject matter of the report is "An Application of Auditing Practices of Ascent: Standard vs' Practices"' The internal audit department is a crucial department of an organization' Though this is not directly related with the operation still it is an important department to evaluate the company performance. lt entails the most crucial aspects of an organization. Probably no other division of a company faces so many crucial decisions or is burdened with so much varied demand on it' During our tenure we went through different audits. Although we are too young to comment about the organization, we found different short comes in the company and its overall management. we try to give some suggestion based on our theoretical knowledge and overall inspection. According to our audit experience we found that Etcetra Bangladesh Pvt. Limited is in tremendous bad condition' lts inventories are not kept in a proper way' We found that there is huge no' of missing items in the Uttara Section' We gave some suggestions but we hardly see any measures are taken against the guilty parties' Another audit was fixed asset audit. We found that the record they kept was not up-to-date and the new items they installed did not put any code on it. So we assigned again to put the code on the fixed asset from the beginning'