Process of assurance: an internship experience in A. Qasem & Co.

Abstract

The aim of this report is to know about the Audit procedures followed by A. Qasem & Co. The study named “Process of Assurance: An Internship Experience in A. Qasem & Co.” was performed to analyze the audit process followed by different chartered accountancy firm. The main purpose of the report is to have an overall knowledge and idea about the audit performing tools, techniques and methods under A. Qasem & Co. However, the process starts with obtaining an audit engagement by identifying the potential client by issuing audit engagement letter approved by A Chartered Accountant. After obtaining the audit engagement auditor plan an audit of the financial statement of client by setting out the nature, timing and extent of audit procedures. Those procedures are being performed by the audit engagement team member in order to obtain sufficient appropriate audit evidence. Next, the engagement team member set control regarding revenue system, purchase system, employee costs and others and collect the sample document form the client. After documentation of the findings the audited financial statement is being reviewed by A Chartered accountant. Finally, after review, the audited statement is being compiled and reported by the engagement team member to the end users. There are a number of guidelines for the engagement team members for doing audit by maintaining professionalism. Those guidelines are named as code of professional ethics and only by following those guidelines, an accountant can satisfy the needs of the shareholders and the end users.