An assignment on_auditing(shawon)
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The document provides information about the Institute of Chartered Accountants of Bangladesh (ICAB) and the American Institute of Certified Public Accountants (AICPA). It discusses the mission and vision of ICAB to regulate the accountancy profession in Bangladesh. It also outlines the aims and objectives of ICAB and the functions of chartered accountants in Bangladesh. The document then provides a brief history of the AICPA and discusses its role in setting standards for the accounting profession in the United States. It lists the various standards and statements developed by the AICPA.
An assignment on_auditing(shawon)
- 1. Submitted To: Ms. Mumtahina Islam Lecturer Dept. of Business Administration Dhaka City College AN ASSIGNMENT ON AUDITING Submitted By: Wahid Hossain Id. No. 30 Section: A 11th Batch BBA Dhaka City College Date of Submission: October 10, 2011
- 2. ICAB & AICPA 1 ICAB: The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. The mission of ICAB is to provide leadership in the development, enhancement and coordination of the Accountancy Profession in Bangladesh in order to enable the profession to provide services of consistently high quality in the public interest. ICAB's Vision To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after- To anticipate, meet and exceed the rising expectations of the society To better use of opportunities to face the challenges of fiercer global competition To recognize the changes in economy/ business and recognize the path to success by adopting changes in knowledge management and acquiring skills To recognize its role as a regulatory body to equip its members (Chartered Accountants) with top-quality education and values To recognize the needs known as world Class Advisors. In order to materialize the above vision, ICAB will- Generate Chartered Accountants of high competence through rigorous but useful education and training, who will be able to meet the challenges of the new millennium Uphold professional integrity and honesty of its members Advise government on taxation, business law and related matters Maintain superiority in respect of professional competence Meet the growing demand for qualified Chartered Accountants in Bangladesh Create the environment of mutual cooperation Carry out continuous research and make in-depth study of related subjects and apply findings of research and study in the fields of accountancy profession ICAB's Aims and Objectives To achieve the above mission, ICAB will pursue the following objectives: Regulate the Accountancy Profession and matters connected therewith in the country
- 3. ICAB & AICPA 2 Administer its members and students Ensure sound professional ethics and code of conduct by its members Provide specialized training and professional expertise in Accounting, Auditing, Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects Impart Continuing Professional Education (CPE) to its members Foster acceptance and observance of International Accounting Standards (IAS) and International Standards on Auditing (ISA) and adopt the same as Bangladesh Accounting Standards (BAS) and Bangladesh Standards on Auditing (BSA) respectively. Keep abreast of latest developments in Accounting techniques, Audit methodology, Information technology, Management consultancy and related fields Liaise with international and regional organizations to influence the development of efficient capital markets and international trade in services. Functions of chartered accountants engaged in public practices: Chartered Accountants engaged in public practice mainly carry out the following functions: Perform professional services involving auditing or verification of financial transactions, books, accounts or records, or preparation, verification or certification of financial, accounting and related statements; Render professional services or assistance in or about matters of principles or details relating to accounting procedures, costing techniques, or recording, presentation or certification of financial facts or data; Render professional services or assistance as Management Consultant in or about matters of accounting methods, systems and techniques involving forecasting, in order to assist management in its task of formulating polices, programmes, management systems and procedures for maintaining and improving efficiency. Functions of CA’s employed in trade, commerce, industry, finance, etc.: After qualifying, a Chartered Accountant may not necessarily go for public practice either on his/her own or in partnership with other Chartered Accountant(s) but may go for employment in trade, commerce, industry, finance, etc. Many positions of trust and responsibility are open to a Chartered Accountant such as Chief Executive, Member Finance, Finance Director, Company Secretary, Chief Accountant, Finance Controller, Systems Analyst, Internal Auditor, Cost Accountant, etc. in Listed Companies/ Autonomous bodies or in industrial, financial, commercial or educational enterprises. A Chartered Accountant can also serve on the Board of Directors of various organizations, particularly financial institutions. Such positions of responsibility, trust, honor and dignity are offered to Chartered Accountants because of their excellent educational & training background, professional know-how & technical expertise and sound financial knowledge & experience, thus enabling them to contribute towards solving accounting, financial, educational and business problems at top levels.
- 4. ICAB & AICPA 3 AICPA: The American Institute of Certified Public Accountants (AICPA) is the world's largest association representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting; membership is also available to accounting students and CPA candidates. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The Uniform CPA Examination protects the public interest by helping to ensure that only qualified individuals become licensed as U.S. Certified Public Accountants (CPAs). Individuals seeking to qualify as CPAs – the only licensed qualification in accounting – are required to pass the CPA Examination History of AICPA: When the AICPA was founded in 1887, it was named the American Association of Public Accountants. The original members of the AICPA were primarily English and Scottish chartered accountants working in what had been a poorly defined profession. Founding members wanted to ensure that accountancy gained respect as a profession and was practiced by ethical, competent professionals. Even though the AICPA has merged with other professional accounting organizations and reorganized over the last hundred years, AICPA always retained these goals. Standards One central location to access the standards and statements that the AICPA develops, issues and enforces. Standards and statements include: AUDIT AND ATTEST STANDARDS Audit and attest standards for conducting, planning and reporting on audit and attestation engagements of non issuers, including Statements on Auditing Standards (SASs), Statements on Standards for Attestation Engagements (SSAEs) and Statements on Quality Control Standards (SQCS).
- 5. ICAB & AICPA 4 CODE OF PROFESSIONAL CONDUCT The guidance and rules for all AICPA members, for example those in public practice, industry, government and education, to follow in regards to the performance of their professional responsibilities. COMPILATION AND REVIEW STANDARDS Find standards for performing and reporting on compilation and review engagements of a nonpublic entity. CONSULTING SERVICES STANDARDS Standards for members who provide their clients with a range of consulting services surrounding technological and industry expertise and management and financial skills. CONTINUING PROFESSIONAL EDUCATION (CPE) PROGRAMS STANDARDS The AICPA and the National Association of State Boards of Accountancy (NASBA) jointly issue standards for CPE development. Review these standards if you are developing a continuing professional education (CPE) class, publication, webinar or software. PEER REVIEW STANDARDS Standards for Performing and Reporting on Peer Reviews and Interpretations for administering, planning, performing, reporting on and the acceptance of peer reviews of CPA firms (and individuals) enrolled in the AICPA Peer Review Program. PERSONAL FINANCIAL PLANNING STATEMENTS Statements on Responsibilities in Personal Financial Planning (PFP) practice, establish CPA responsibilities for providing PFP services and serve as guidelines for the way CPAs deliver PFP services. TAX STANDARDS AICPA's Statements on Standards for Tax Services (SSTSs) are enforceable tax practice standards for members of the AICPA. These standards apply to all members regardless of the jurisdictions in which they practice and the types of taxes with respect to which they are providing services.
- 6. ICAB & AICPA 5 VALUATION SERVICES STANDARDS The valuation services standards, written by the AICPA Consulting Services Executive Committee to improve the consistency and quality of practice among AICPA members performing business valuations. AICPA's new Financial Reporting Center: As an AICPA member you will find resources to assist you across the entire financial reporting process. Whether you are involved in accounting, preparing financial statements, or performing compilation, review, audit, attest, or assurance and advisory engagements, this new Center will support you in the execution of high-quality financial reporting by providing: Financial reporting news and developments Financial reporting guidance and resources such as articles, presentations, and frequently asked questions Industry insights on important financial reporting topics A Standards Tracker to help you stay current on recently issued FASB, ARSC, and ASB standards Insight and guidance to help you avoid common financial reporting pitfalls