Assignment

Auditing

Submitted to
Mohammad Tariq Hasan (MTH)

Assistant Professor

School of Business and Economics

United International University

Submitted by
Name: Md. Siful Malak Srijon

ID: 111 171 252

Sec: A

Fall 2020

Date of Submission: 13 th
December, 2020
 Company background of United Finance Limited

United Finance Limited began its excursion as United Leasing Company Limited in 1989 with a
solitary item center. Duncan Brothers Limited, a grounded organization working in Bangladesh
for more than 150 years, Asian Development Bank, Commonwealth Corporation alongside a few
neighborhood and worldwide enterprises met up to frame this establishment. In 1995, the
Company got permit from Bangladesh Bank as a monetary foundation and has been exchanging
A-class shares in the Dhaka Stock Exchange. United Finance is one of the only 13 monetary
organizations permitted by the Government to take Public Sector deposits.

At first United Finance focused in on giving lease financing generally to the medium measured
clients yet throughout the long term it has differentiated its scope of items to meet the monetary
necessities of customers going from corporate to people, regardless of size.

The Company began activity as a leasing organization with just a single office in the capital.
With the movement of time it extended its wings to cover regions past Dhaka. Now United
Finance Limited works through 23 branch workplaces the nation over bringing each of the 64
regions under its financial coverage.

United finance limited started their journey with a vision of being leading high quality service provider in
the market. Their main goal for customer is ensuring that their service quality exceed customer
expectation in term of delivery, fairness in treatment and value addition. Their group of service Managers
are consistently there committed to function as a counsel of customer, Providing the need of individual to
institutional speculators' store, working capital and resource financing.
 Feature of the audited annual report

 Management discussion and analysis: is a part inside an organization's annual

report where executives break down the organization's performance. The part can
likewise incorporate a conversation of consistence, risk, and tentative arrangements, for
example, objectives and new projects.
 Chairperson’s report: The chairman's report is a significant part of a yearly regular
gathering for any organization. Contingent upon the arrangement of the gathering, and
specifically whether some other board individuals are talking, the discourse will be seen
by investors as a significant sign of the strength of their investment.
 Management’s responsibility for financial reporting: The general duty
regarding the readiness and introduction of the monetary statements. Identifying the
monetary detailing structure to be utilized in the planning and introduction of the
monetary statements. Designing, actualizing and keeping up inner controls applicable to
the arrangement and introduction of budget reports that are liberated from material
misquote whether because of misrepresentation or blunder. Choosing and applying fitting
accounting policies. Making accounting estimates that are sensible in the conditions.
 Audit Committee report: Audit committee reports give a quarterly and yearly
depiction of the monetary detailing measure, the audit process , data on the organization's
internal controls framework, and affirmation that the organization is in consistence with
laws and guidelines.
 Director’s report to shareholder: The requirement for directors' reports emerged
out of an overall move for more noteworthy straightforwardness in corporate
administration. It is valuable for investors to discover issues, for example, regardless of
whether the organization has great funds, whether the market has potential, and whether
the business has the underlying ability to venture into new chances. With the goal for
investors to settle on educated choices when projecting their votes at yearly or different
gatherings, the Directors' Report gives part of that basic least norm of data. It is
supplemented by the Director's Remuneration Report and the Company Accounts
 Report of the independent auditor: An independent Auditor's Report is an
official assessment gave by an outside or inward examiner with regards to the quality and
exactness of the financial summaries arranged by an organization. The report is an
essential wellspring of correspondence between the reviewer and clients of fiscal
summaries. The clients incorporate value holders, moneylenders, lenders, and some other
expected financial specialists in the organization.
 Financial statement: Financial statements are set up accounts that pass on the
business exercises and the monetary presentation of an organization. Financial statements
are regularly evaluated by government organizations, accountants, firms, and so on to
 guarantee precision and for assessment, financing, or contributing purposes. Financial
statements include: Balance sheet, Income statement, Cash flow statement.
 Notes to financial statements: Financial report notes are the supplemental notes
that are added to the distributed budget summaries of an organization. The notes are
utilized to clarify further the numbers remembered for the fiscal summaries, just as the
bookkeeping arrangements embraced by the organization. They help various kinds of
clients, for example, monetary examiners and speculators, to decipher all the numbers
included the financial statements.
 Summary of financial data: Additionally alluded to as references. These give extra
data relating to an organization's tasks and monetary position and are viewed as an
indispensable piece of the fiscal reports. The notes are needed by the complete honesty
guideline
 Accounting polices: Accounting strategies are the particular standards and methods
actualized by an organization's supervisory group that are utilized to set up its budget
reports. These incorporate any bookkeeping strategies, estimation frameworks, and
techniques for introducing exposures. Accounting strategies contrast from accounting
standards in that the standards are the accounting rules and the arrangements are an
organization's method of holding fast to those guidelines.

Critical evaluation of Audit report

Introductory paragraph: A Qasem & Co. audited the financial statement , which comprise
the balance sheet as 31, December 2019, and the profit and loss account, statement of changes in
equity and cash flow statement for the year then ended and notes to the financial statements
including summary of significant accounting principle .

Management is responsible for the preparation and fair presentation of the financial statement of
the IFRS , as explained in note 2 and for such internal control as determines is necessary to
enable the preparation of budget reports that are liberated from material misquote, regardless of
whether because of extortion or fraud. In setting up the budget summaries, the board is liable for
surveying the Company's capacity to proceed as a going concern, uncovering, as appropriate,
matters identified with going concern and utilizing the going concern premise of bookkeeping
except if the executives either means to exchange the Company or to stop tasks, or has no
sensible elective however to do as such.

The responsibility auditor is acquire sensible confirmation about whether the budget summaries
overall are liberated from material misquote, regardless of whether because of extortion or
blunder, and to give an evaluator's report that incorporates our opinion. Reasonable affirmation is
an elevated level of confirmation, however isn't an assurance that a review led as per ISAs will
consistently identify a material error when it exists .
Scope paragraph: A Qasem & Co. directed our reports per International Standards on Auditing
(ISAs). Our obligations under those standards are additionally portrayed in the examiner's duties
regarding the review of the financial statement of our report. An audit is also includes examining
on test basis evidence supporting the amounts and disclosures in the financial statement. For the
individual investigation, these arrangements consider the appraisals of future business execution
and the market estimation of insurance accommodated credit transactions tested the credit
evaluation, advance dispensing methods, observing and provisioning measure.

Opinion Paragraph: As we would see it, the going with financial statement of the Company
give a valid and reasonable perspective on the balance of the Company as at 31 December 2019,
and of its profit and loss account and its incomes for the year at that point finished as per
International Financial Reporting Standards ( IFRSs) as clarified in note # 2.1 and consent to the
monetary Institutions Act, 1993, the Rules and Regulations gave by the Bangladesh Bank, the
Companies Act, 1994 also, other relevant Laws and Regulations.

Feature of compliance report of CG code

The compliance audited report of financial statement is given by Hoque Bhattacharjee Das
&Co.They examined the compliance status to the Corporate Governance Code by United
Finance Limited for the year ended on December 31, 2019. This Code relates to the Notification
No. BSEC/CMRRCD/2006-158/207/Admin/80, dated June 3, 2018 of the Bangladesh Securities
and Exchange Commission .

According to the opinion auditor United financial limited has agreed to the states of the
Corporate Governance Code as specified in the previously mentioned Corporate Governance
Code gave by the Commission. The Company has consented to the arrangements of the
applicable Bangladesh Secretarial Standards (BSS) as received by the Institute of Chartered
Secretaries of Bangladesh (ICSB) as needed by this Code. Appropriate books and records have
been stayed with by the as needed under the Companies Act, 1994, the protections laws and
other important laws.The standard of administration in the Company is satisfactory.