Audit Procedure of verification of alternative cash assistance of ACNABIN Chartered Accountants

Abstract

Business edification can only form a wholesome meaning if it goes beyond the boundaries of theoretical concept and into the real world so as to meet the demand of the present situation. This is where the importance of the internship program comes in. Such programs facilitate us to apply our understanding of the theoretical knowledge in the feasible, practical field. As a part of this program, I had an immense opportunity to work in ACNABIN Chartered Accountants - an independent a member of Baker Tilly International, which is the world’s 8th largest network - as my first exposure to professional world. ACNABIN has established a close working relationship with many international and national consulting firms for providing services to clients in Bangladesh. In this way ACNABIN has enriched its professional base for serving the clients interest in best manner. In November 2010 the Central Bank of Bangladesh (Bangladesh Bank) ranked ACNABIN as the number one audit firm in the country for audit of banks and financial institutions. In 1993 the United States Office of Regional Inspector General/Audit, Singapore, approved the firm to perform financial audits of USAID fund recipients in Bangladesh. In these twelve weeks internship program, I was allocated in the Cash Incentive Audit department of the firm where my chief responsibility was to verify Alternative Cash Assistance Files and prepare related working paper files. Hence, the focal point of this study is principally concerned with the knowledge that I gained working in this department that is gathered from my trainings and personal experiences. The introductory part of the report consists of an introduction, objectives, scope, limitations and methodology of the study. The secondary part of the report discloses a minute profile of the organization. This is followed by the third section where the audit procedures of ACNABIN are discussed in details. This section contains an introduction which explicates the Cash Incentive, its importance and conditions briefly. The steps of verifying an Alternative Cash Assistance file is also laid out in this section. In the latter part of this segment, a concise case study from my work is included where it is five industries are considered who are eligible for receiving Cash Incentive from the Government.