Effectiveness of Rahman Rahman Huq (KPMG Bangladesh) audit policy

Abstract

Audit is a systematic process, which is more or less same in every country. The basic differences are in the rules and regulation that every country has to follow not in the steps taken to conduct audit but in the rules and regulations that they have to comply with. In Bangladesh, audit is practiced based on the audit practice manual by the Institute of Chartered Accountants of Bangladesh. The paper gives an overall view between the general audit practices in Bangladesh and of those used by Rahman and Rahman Huq (KPMG Bangladesh). It digs deep into the overall structure of the Rahman and Rahman Huq, the services provided by them and the way they go into dealing with audited firms. It describes all the process implemented by RRH in their audit process starting from client engagement evaluation process to forming an opinion on the report of the audit. Moreover, this paper dives into the audit policy of Bangladesh and perfects to analyses the policies that are to be implemented by the auditors in the country. It aims to figure out the core policies that should be put into place while performing audits which will help to identify the effectiveness of the audit policies based on the presence of these core policies. 12 core audit policies have been identified and the effectiveness of RRH’s audit policy effectiveness have been measured against those core policies. The paper also talks about the absence of the policies that have been noticed in Rahman and Rahman Huq (KPMG Bangladesh) and the way they can develop these policies and implement those policy and provide better quality assurance service. In a nutshell, implementation of these processes are likely to ensure that the audit firms become more efficient in their service which will help to develop the overall structure of the industry.