ACN-403.pdf - Introduction The primary function of an Audit...

This preview shows page 1 - 3 out of 16 pages.

1 | P a g eIntroduction The primary function of an Audit is to provide company’s shareholders with an expert, independent opinion as to whether the financial statements of the company reflect a true and fair view of the financial position of the company and whether they can be relied on. Auditors give reasonable assurance about the absence of material misstatements in financial statements. All these are ensured because of the presence of independence, competent skills, and ethics in Auditors which ensures task to be carried out in an objective manner, instead of subjective. The Auditors Report is written in a standard format, as mandated by generally accepted Auditing standards (GAAS). GAAS requires or allows certain variations in the report, depending upon the circumstances of the Audit work that the Auditor engaged in. The audit report is the final product or opinion of the financial statement. Audit a firm, in the global marketplace, is the major component for business sustainability. And it is recognized that, the success of the firm depends on the high quality services. So, the key strategy for customer-focused firms is to monitor and measure customer satisfaction and service quality. Customer loyalty is another element that is also needed for the firms. These three type of elements that firms offering services should strive for. The primary objective of service provider and marketers is to provide services that satisfy customer needs and expectations. The satisfaction or dissatisfaction of customers comes arise when they compare their experiences with their expectations. So, the goal of the service provider should be to narrow the gap between expectations and experiences. Our main goal is to examine the comparison between a domestic firm and international firm. Utilizing a quality of service instrument initiated in the marketing area and applying marketing theory to examine audit service quality and client satisfaction and loyalty, this report contributes to both the marketing auditing
2 | P a g eObjective of this study Objective of this study is to compare Audit report of one domestic company and another foreign company of same industry. For this study, we selected Alltex industries Ltd as the domestic company. That is a private Limited Company of Bangladesh and another is Alok industries LTD. that is Indian multinational garments company. We have analyzed the Audit reports for the year 2015-16 of both the companies. In Audit report, we looked carefully to find out how Auditors conducted Audit, sampling method, Audit report style, accounting principles, estimates, similarities, and dissimilarities etc. At the end of this report, we have also given our opinion about the Audit reports. AUDITOR RESPONSIBILITY The objective of the ordinary audit of financial statements by the independent auditor is the expression of an opinion on the fairness with which they present, in all material respects, financial

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture