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    Accounting Theory Presentation

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    sibgat ullah
    The document discusses audit reports of several major Non-Bank Financial Institutions in Bangladesh, including Lanka Bangla Finance, FAS Finance, IPDC Finance, Uttara Finance, Bangladesh Finance, United Finance, IDLC Finance, and MIDAS Financing. It analyzes the audit opinions, key audit matters, auditors, and audit rotations for each institution. The auditors are all top rated chartered accountant firms in Bangladesh.

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    Accounting Theory Presentation

    Uploaded by

    sibgat ullah
    27 views37 pages
    The document discusses audit reports of several major Non-Bank Financial Institutions in Bangladesh, including Lanka Bangla Finance, FAS Finance, IPDC Finance, Uttara Finance, Bangladesh Finance, United Finance, IDLC Finance, and MIDAS Financing. It analyzes the audit opinions, key audit matters, auditors, and audit rotations for each institution. The auditors are all top rated chartered accountant firms in Bangladesh.

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    The document discusses audit reports of several major Non-Bank Financial Institutions in Bangladesh, including Lanka Bangla Finance, FAS Finance, IPDC Finance, Uttara Finance, Bangladesh Finance, United Finance, IDLC Finance, and MIDAS Financing. It analyzes the audit opinions, key audit matters, auditors, and audit rotations for each institution. The auditors are all top rated chartered accountant firms in Bangladesh.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    27 views37 pages

    Accounting Theory Presentation

    Uploaded by

    sibgat ullah
    The document discusses audit reports of several major Non-Bank Financial Institutions in Bangladesh, including Lanka Bangla Finance, FAS Finance, IPDC Finance, Uttara Finance, Bangladesh Finance, United Finance, IDLC Finance, and MIDAS Financing. It analyzes the audit opinions, key audit matters, auditors, and audit rotations for each institution. The auditors are all top rated chartered accountant firms in Bangladesh.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 37

    WELCOME

    TO

    OUR PRESENTATION
    An analysis
    on

    Auditor’s report of Non-Bank Financial

    Institutions in Bangladesh
    GROUP NAME
    Name Id No
    Mahmudul Islam M22010201104
    Zeshanul Haque M22010201106
    Md. Sibgat Ullah M22010201141
    Udoy Joseph Rozario M22010201144
    Md. Mehedi Hasan M22010201145
    Md. Mehedi Hasan
    M22010201145
    Introduction

    An audit report is the auditor’s written opinion

    explaining if the financial statements are free of

    material misstatements and presented correctly.


    Non-Bank Financial
    Institutions in Bangladesh

    • Focuses on
    Mahmudul Islam
    M22010201104
    Selected NBFI’s List
    Lanka Bangla Finance PLC
    FAS Finance & Investment Limited
    IPDC Finance Limited
    Uttara Finance and Investments Limited
    Bangladesh Finance & Investment Company Limited.
    United Finance Limited.
    IDLC Finance Limited.
    MIDAS Finance Limited
    Types of Audit Opinion
    Analysis & Finding
    Lanka Bangla Finance Limited
    Name of the Audit Year Audit Opinion Auditors Name Signature Date
    Company

    Lanka 2022 Unqualified Hussain Farhad & 27.04.2023


    Bangla Report Co.
    Finance Chartered
    Limited Accountants
    Lanka 2021 Unqualified Hussain Farhad & 11.04.2022
    Bangla Report Co.
    Finance Chartered
    Limited Accountants
    Lanka 2020 Unqualified Ahmed Zaker & 10.03.2021
    Bangla Report Co.
    Finance Chartered
    Limited Accountants
    Key Audit Matter
    •Measurement of provisions for leases, loans, and advances.
    •Carrying value of investments in subsidiaries by Lanka
    Bangla Finance Limited and impairment assessment of
    unquoted investments.
    •Investment and provision for diminution in value of the
    investment.
    •Measurement of deferred tax assets.
    •Legal and regulatory matters.
    Auditor’s Category:-
    • Hussain Farhad & Co Chartered Account and Ahmed
    Zaker & Co Chartered Account both A rated CA firm
    in Bangladesh.
    • Both are listed in Bangladesh securities and exchange
    commission and Bangladesh Bank.

    Audit Rotation:
    • Hussain Farhad & Co.(2021-2022)
    • Ahmed Zaker & Co. (2020)
    FAS Finance and Investment
    Limited
    Name of the Audit Audit Auditors Name Signature
    Company Year Opinion Date
    FAS 2021 Qualified Mahfel Huq & 17.10.2022
    Finance and Report Co. Chartered
    Investments Accountants
    Limited
    FAS 2020 Qualified Malek siddiqui 24.10.2021
    Finance and Report wali Chartered
    Investments Accountants
    Limited
    FAS 2019 Qualified Malek siddiqui 22.11.2020
    Finance and Report wali Chartered
    Investments Accountants
    Limited
    Auditor’s Category:
    • Mahfel Huq & Co. Chartered Account and Malek siddiqui
    wali Chartered Account both A rated CA firm in
    Bangladesh.
    • Both are listed in Bangladesh securities and exchange
    commission and Bangladesh Bank.

    Audit Rotation:
    • Mahfel Huq & Co. 2021)
    • Malek siddiqui wali (2019-2020)
    IPDC Finance Limited
    Uttara Finance and Investments Limited

    Mahmudul Islam
    M22010201104
    IPDC Finance Limited
    Name of the Audit Audit Auditors Name Signature
    Company Year Opinion Date

    IPDC 2022 Unqualified Rahman Rahman 01.03.2023


    Finance Report Huq Chartered
    Limited Accountants

    IPDC 2021 Unqualified Rahman Rahman 02.03.2022


    Finance Report Huq Chartered
    Limited Accountants

    IPDC 2020 Unqualified Rahman Rahman 17.02.2021


    Finance Report Huq Chartered
    Limited Accountants
    Key Audit Matter

    • Measurement of provision for loans, advances and


    leases
    • Loans and advances
    • Interest on loans and advance
    Auditor’s Category:-
    • Rahman Rahman Huq Chartered Account and Hoda
    Vasi Chowdhury & COChartered Account both A rated
    CA firm in Bangladesh.
    • Both are listed in Bangladesh securities and exchange
    commission and Bangladesh Bank.

    Audit Rotation:
    • Rahman Rahman Huq (2020-2022)
    • Hoda Vasi Chowdhury & CO(2017-2019)
    Uttara Finance and Investment
    Limited
    Name of the Audit Audit Auditors Name Signature
    Company Year Opinion Date
    Uttara 2019 Unqualified S. F. AHMED & 08.09.2020
    Finance and Report CO Chartered
    Investments Accountants
    Limited
    Uttara 2018 Unqualified S. F. AHMED & 12.05.2019
    Finance and Report CO Chartered
    Investments Accountants
    Limited
    Uttara 2017 Unqualified K. M. HASAN & 05.04.2018
    Finance and Report CO. Chartered
    Investments Accountants
    Limited
    Key Audit Matter

    • Implementation of IFRS 16 "Leases"


    • Measurement of provision for loans, advances and Leases to
    customers
    • Measurement of provisions for negative equity on margin loan
    • Investment and provision for diminution in value of investment
    • Legal and regulatory matters
    • IT systems and control
    Auditor’s Category:-
    • S. F. AHMED & CO Chartered Account and K. M.
    HASAN & CO Chartered Account both A rated CA
    firm in Bangladesh.
    • Both are listed in Bangladesh securities and exchange
    commission and Bangladesh Bank.

    Audit Rotation:
    • S. F. AHMED & CO (2018-2019)
    • K. M. HASAN & CO (2015-2017)
    Bangladesh Finance Limited
    United Finance Limited

    Md. Sibgat Ullah


    M22010201141
    Bangladesh Finance Limited
    Name of the Audit Audit Auditors Name Signature
    Company Year Opinion Date
    Bangladesh 2022 Unqualified Hoda Vasi 13.03.2023
    Finance Report Chowdhury & Co
    Limited Chartered
    Accountants
    Bangladesh 2021 Unqualified Hoda Vasi 27.07.2022
    Finance Report Chowdhury & Co
    Limited Chartered
    Accountants
    Bangladesh 2020 Unqualified Hoda Vasi 17.02.2021
    Finance Report Chowdhury & Co
    Limited Chartered
    Accountants
    Key Audit Matter

    • Measurement of provision for loans and


    advances
    • IT Systems and Controls
    Auditor’s Category:-
    • Hoda Vasi Chowdhury & Co Chartered Account
    andMABS & J Partners Chartered Account both A
    rated CA firm in Bangladesh.
    • Both are listed in Bangladesh securities and exchange
    commission and Bangladesh Bank.

    Audit Rotation:
    • Hoda Vasi Chowdhury & Co (2020-2022)
    • MABS & J Partners (2017-2019)
    United Finance Limited
    Name of the Audit Audit Auditors Name Signature
    Company Year Opinion Date

    United 2022 Unqualified Nurul Faruk Hasan & 23.03.2023


    Finance Report Co.
    Limited Chartered
    Accountants

    United 2021 Unqualified Nurul Faruk Hasan & 24.03.2022


    Finance Report Co.
    Limited Chartered
    Accountants

    United 2020 Unqualified Nurul Faruk Hasan & 18.03.2021


    Finance Report Co.
    Limited Chartered
    Accountants
    Key Audit Matter

    •Measurement of Provision for Leases, Loans and


    Advances
    • Revenue Recognition
    • IT Systems and Controls
    Auditor’s Category:-

    • Nurul Faruk Hasan & Co. Chartered Account and A.


    Qasem& Co. Chartered Account both A rated CA firm
    in Bangladesh.

    • Both are listed in Bangladesh securities and exchange


    commission and Bangladesh Bank.

    Audit Rotation:
    • Nurul Faruk Hasan & Co. (2020-2022)
    • A. Qasem & Co. (2017-2019)
    IDLC Finance Limited
    MIDAS Financing Limited

    Zeshanul Haque
    M22010201106
    IDLC Finance Limited
    Name of the Audit Audit Auditors Name Signature
    Company Year Opinion Date

    IDLC 2022 Unqualified Hoda Vasi Chowdhury 06.04.2023


    Finance Report & Co
    Limited Chartered Accountants

    IDLC 2021 Unqualified Hoda Vasi Chowdhury 14.02.2022


    Finance Report & Co
    Limited Chartered Accountants

    IDLC 2020 Unqualified Hoda Vasi Chowdhury 17.02.2021


    Finance Report & Co
    Limited Chartered Accountants
    Key Audit Matter
    • Review of quarterly Classification of Loans (CL)
    • Reviewed the adequacy of the general and specific
    provisions in line with related Bangladesh Bank
    guidelines.
    • Evaluated the appropriateness and presentation of
    disclosures against relevant accounting standards
    and Bangladesh Bank guidelines; and
    • Finally compared the amount of loan provision and
    loan classification disclosed in the financial
    statements with the quick summary report prepared
    by Bangladesh Bank.
    Auditor’s Category:-

    • Hoda Vasi Chowdhury & Co Chartered Account and A.


    Qasem& Co. Chartered Account both A rated CA firm
    in Bangladesh.

    • Both are listed in Bangladesh securities and exchange


    commission and Bangladesh Bank.

    Audit Rotation:
    • Hoda Vasi Chowdhury & Co (2020-2022)
    • A. Qasem & Co. (2017-2019)
    MIDAS Financing Limited
    Name of the Audit Audit Auditors Name Signature
    Company Year Opinion Date

    MIDAS 2021 Unqualifi Zoha Zaman Kabir 08.06.2022


    Financing ed Report Rashid & Co.
    Limited Chartered Accountants

    MIDAS 2020 Unqualifi Hoda Vasi Chowdhury 02.08.2021


    Financing ed Report & Co.
    Limited Chartered Accountants

    MIDAS 2019 Unqualifi Mahfel Huq & Co. 14.07.2020


    Financing ed Report Chartered Accountants
    Limited
    Key Audit Matter

    • Assessed the appropriateness and presentation of


    disclosures against relevant accounting standards
    and Bangladesh Bank guidelines
    • The process for estimating the provision for loans,
    advances and leases portfolio associated with credit
    risk is significant and complex.
    • Assessed the appropriateness and presentation of
    disclosures against relevant accounting standards
    and Bangladesh Bank guidelines
    Auditor’s Category:-

    • Zoha Zaman Kabir Rashid & Co. Chartered Account


    and Mahfel Huq & Co. Chartered Account both A rated
    CA firm in Bangladesh.

    • Both are listed in Bangladesh securities and exchange


    commission and Bangladesh Bank.

    Audit Rotation:
    • Zoha Zaman Kabir Rashid & Co. (2021)
    • Hoda Vasi Cowdhury & Co. (2020)
    • Mahfel Huq & Co. (2019)

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