1.
a Act diligently and honestly,
following codes of conduct, taking
into account – and keeping up-to-
date with – legislation.
b Act with integrity, objectivity,
professional competence and
due care and confidentiality. You
should raise concerns about non-
compliance.
c Develop a commitment to your
personal and professional
knowledge and development.
You should become a life-long
learner and continuous improver,
seeking feedback and reflect on
your contribution and skills.
d Identify, extract, process and
evaluate information to make
reliable, well-reasoned
conclusions.
e Check, critically analyse and
assess financial and other data
with professional scepticism. You
should question opinion and facts
through corroboration and robust
testing.
In 2017 in one of my clients I found that they overstated the revenue
balance when I asked them to write off the overstated amount they denied
to do it. So the company management indirectly offered me lavish
hospitality to hide this issue. I professionally rejected their offer and
informed my manager and partner. Later the client agreed with us and
booked the amount correctly.
In February 2016, in one of my textile clients, I found that they are
non-compliant with the local tax. The client has deducted TDS from
its vendors but they did not deposit the deducted amount to
government treasury. When I asked them they denied the issue,
then I informed immediately to my senior without disclosing the
issue to anyone.
I keep myself updated with all new IFRS, applicable IAS, local
taxation and ethical guideline of IESBA. Additionally read ACCA
article regularly to know the latest issues. By learning these matters,
it is being deployed to my work.
From the client I always pick the data from their system, and start
my audit work based on it. Moreover, I also use various function of
excel to make the data more readable and easily identifiable.
In one of textile clients I found that their inventory report was
overstated for few items and understated for few particulars items. I
got this issue when I verified the items by tag to floor and floor to tag.
When I asked the client they denied to update the inventory sheet, so
immediately I informed to my immediate senior. And subsequently the
client update the inventory sheet accordingly.
You manage stakeholder expectations and needs, developing and maintaining productive business
relationships. You listen to and engage stakeholders effectively and communicate the right information
to them when they need it.

Display sensitivity, empathy and In one of my client I found that the CFO of the company is from
cultural awareness in all your another country and the culture of that country is totally different
communications. This allows you from ours. So after the initial meeting I didn’t understand what to do.
a Later by discussing with my manager and knowing that culture I
to establish trust and credibility
with a range of stakeholders and adopted myself and with that approach I start my audit work. And I
gain their confidence. found that day by day the communication with the client became
very easy for me.

Use a range of mediums and
make appropriate use of IT to
b communicate clearly, concisely
and persuasively in formal and
informal situations.
Regularly by attending the IT training in our firm I updated myself. In
one of my advisory clients I have to use the advance stage of IT, at
that time by taking IT department helps I completed my task very
efficiently. And I have to communicate with the management by
Skype, e-mail etc. which save many times for me and the client.

Gain commitment from

stakeholders by consulting and In one of my audit client I found that they by mistake capitalized the
influencing them to solve assets then I notified them to recognize it by following the IAS-16
c guide lines, later accordingly they capitalized the assets, after in
problems, meet objectives and
maximise mutually beneficial later audits it helps us lot to save our time and complete the work
opportunities. within the deadline.

Develop and build effective and Due to practicing the audit I got the chance to get introduce with
d ethical professional relationships many professional from the different body like ACCA, CA and CMA.
and networks. And maintain the professional and ethical relationship with them.

In an audit client I had a doubt on entry they passed in the system.

Deal calmly and efficiently with
conflicting priorities, deadlines or
e opinions – both internally and
externally – by listening and
negotiating.
According to me they were overstating the revenue but client didn’t
agree with me, finally I took few time then very next day with the
supporting documents I discussed the whole issue with my senior
then the client. Finally, the client agreed with me. And passed the
correct entry in the system.
3.
Research and be familiar with
your employer’s business, the
a
sector it operates within and the
wider business environment.
Listen to and learn from
colleagues and experts.
b Anticipate challenges, show
openness and contribute to new
ideas and opportunities.
Plan, identify and monitor your
personal targets and standards of
c delivery so that they meet the
wider departmental and strategic
objectives of your organisation.
Think systematically, critically and
d innovatively when you’re solving
business problems.
Develop financial acumen and
sound business judgement. This
will allow you to anticipate
e the weakness of the client control system. So in every client we
potential business problems,
recognise weaknesses and
propose solutions.
The audit team in which I worked they did mostly the textile
industries client. So when I joined that team I by surfing the internet
studied many articles related to that industry and when I got time I
went through the previous year audit file which helped me lot to
know about the client. So in this way before going to the client I took
the idea about the client that helped me to do better audit.
Before going to the new client I always discussed with my
colleagues, manager and partners to know about the client. That
helps me to highlight the risky areas and helps me to generate the
new ideas in case of planning and during the audit period.
During the audit I always follow the audit plan and every day I check
the progress of my audit work so that it helps me to meet the client
deadline and that also helps me to be punctual. Moreover, one of
the objectives of our firm is to provide the quality full report on time.
After critical and systematic assessment of revenue recognition of
the garments industry I found that they recognized the revenue
before the transfer the risk and rewards to the customer. So at that
time I always pushed them to follow the IAS-18 guidelines so that
they could solve the problem very easily.
In the same industry almost all the clients have the same problems, so
during the audit I can focus on the critical areas and can easily identify
provide the management letter where we mention the findings,
implication and recommendation.
You contribute to effective governance in your area. You evaluate, monitor and implement risk
management procedures, complying with the spirit and the letter of policies, laws and
regulations.
a Provide and present information
at the appropriate time to
comply with organisational
requirements and external
regulation.
b Operate according to the
governance standards, policies
and controls of your
organisation. You also review
your work and your colleagues’
work to make sure it complies.
c Evaluate and identify areas of
risk – assessing the probability
of fraud, error and other hazards
in your area of responsibility,
and the impact they would have.
d Assess the risk of failures in the
internal controls and procedures
in your area of responsibility.
e Consult with stakeholders and
specialists, communicating with
them to solve problems and
reach conclusions.
In Bangladesh the authorized client needs to deduct the VDS and
TDS and needs to submit this in time, but in one of clients I found
that they didn’t deduct the VDS and TDS appropriately and they
didn’t deposit the deduction amount in time which they did
intentionally. When we notified them about the penalty then they
complied accordingly.
During the audit I always follow the international standards and the
local standards. In our firm the practice is that the immediate senior
review the junior work and the whole audit work is reviewed by
engagement partner and the manager. So any kind of non-
compliance is easily identified and corrected accordingly.
In one of my clients which operates in textiles industry, I found the
client in many cases paid to the supplier in cash. But according to the
policy, they should pay in accounts payee cheque. So it became very
difficult to confirm whether they paid the exact amount or not. Later
by increasing substantive procedure few frauds were identified and
communicated to the management.
In one of my clients which operates in the power industry, use Tally
ERP software so the data they provided to us from the system
couldn’t be rely on since they can modify the data at any time without
any tracking to the system. That indicated very poor internal control
system which we identified and communicated to the manager,
partner and the client authority.
In one of my clients which operates in textiles industry, I found that
they revalued their assets and they have taken a certificate from the
third party. After going through all the documents it seemed to me
that they overstated their assets value then by taking the experts help
we identified that forced them to adjust it accordingly.
You manage yourself and your resources effectively and responsibly. You contribute to the
leadership and management of your organisation – delivering what’s needed by stakeholders
and the business.
a Show initiative with your team –
working towards organisational
goals, collaborating with and
supporting others.
b Manage time and tasks
effectively to meet business
needs and professional
commitments. You are capable
of working under pressure.
c Manage resources – including
teams – to deliver your
objectives to agreed deadlines.
You motivate other people and
you’re actively involved in
helping them to develop.
d Work with others to recognize,
assess and improve business
performance. You use different
techniques and technology to do
this.
e You negotiate effectively and
can justify solutions logically and
persuasively to colleagues and
clients.
One of my colleagues got confused how to recognize the revenue as
per IAS-18 in the textile industry. I briefed him the IAS-18 by relating
it to the textiles industry then accordingly he completed his audit
work. And in our team in very week we hold a meeting in our board
room where we discussed about the latest updates and how to
increase our firm quality.
In 2016 just before my exam I was tagged in a team to complete the
audit work in very short time. To meet the deadline we have to do
overtime in the client. At that it became very difficult to manage the
time. But successfully we met the deadline and I got the exam leave
in time.
In 2017 I led many clients as team leader for that I have to form a
team with adequate skills and knowledge. And few of my client were
far away from home office for this my team need to stay there to
meet the client deadline. At that time we regularly hold the meeting to
motivate the team and sometimes go for outing to refresh the team.
In one of my advisory clients which operates in the textiles industry,
we assessed the whole process of the client and identified the
weakness and the unnecessary part in the process. Then accordingly
client cut the unnecessary part and design the process accordingly.
In one of my clients which operates in the textiles industry they argued
with me about the assets recognition. Then with the references of IAS-
16 I briefed them about the assets recognition. Later they accepted my
logic and recognized the assets accordingly.
You plan and control the engagement process, including the initial investigation. You also plan
and monitor the audit programme – legally and ethically.
Here are the elements you need to achieve for this performance objective

a Become familiar with the scope Before accepting any client we identify the type of services and the
and services to be provided. scope of work along this we also check the independence status
regarding the client. After getting all the positive answer we go for
bidding.

b Identify ethical requirements at For each client at first we take the ethical clearness and we identify
the start of an engagement or whether any ethical restrictions exist or not. Moreover, I also
internal audit investigation. complete pre-OAR and global EY permission and clearance before
accepting the client.

c Use up-to-date auditing When we prepare the audit plan we always keep in mind about the
standards and legal and ethical updated IFRSs, IAS, ISAs and the local rules and regulations. And
frameworks. accordingly we prepare our report and complete our audit work.

d Determine levels of risk and use
them to document the audit plan.
Design programmes and plan
tests for an internal or external
audit.
In audit plan we prepare the details audit plan for completing the
audit in steps by steps. Moreover, we also do analytical review, initial
materiality calculation and tolerable error and identify the risky areas
and designed appropriate strategy to focus on those risky areas.

e Evaluate risk in an In every client at first we check the effectiveness of the internal
organisation's internal control control system if the system is found weak then we increase the
structure and make any sampling and do more substantive test and if the system is found
necessary changes to the audit strong then we do less substantive test and accordingly we design
programme/plan of work. our audit plan.
Carry out an internal or external audit from collecting evidence, through to forming an opinion.
You demonstrate professional scepticism and make sure judgements are based on sufficient
valid evidence.
Here are the elements you need to achieve for this performance objective
a Coordinate the engagement,
including managing people and
time to make sure you get
results.
b Carry out and document
compliance, substantive tests
and other audit work.
c Evaluate evidence, demonstrate
professional scepticism,
investigate areas of concern and
make sure documentation is
complete and all significant
issues are highlighted.
d Assess that the audit evidence
is sufficient and appropriate.
e Identify the main factors to be
considered before forming an
opinion and reaching
judgements.
I was assigned as team leader in an NGO audit, which had 5
branches. Accordingly my manager provided me audit associates
and semi senior. Then we all together made the audit plan and I
prepared the check list for them which made them easier to complete
the audit field work.
In January 2017 in one of my clients I have done internal control
testing by assessment of control environment to prevent and detect
fraud and error. The test incudes IT system audit, CRA, JE Testing,
etc. I found that their internal control is weak then do more
substantive test and extended scope of work to reach reasonable
assurance level. After completion of all testing I have documented all
test results.
In one of my clients during the analytical test I found that there was
huge difference between last year one particular month sales and the
current year that particular month sales then I focused with
questioning mind and found that they overstated their sales and later
I notified it to my senior and the client passed the reversal entry in the
system.
For the bank balance confirmation at first we match the client
reconciliation with the bank statement and the bank book. And also
send the bank confirmation letter to the bank to confirm the balance.
 Authentication of financial statements figures and disclosures
 Materiality level
 Compliance with regulatory body requirements
 Compliance with rules and regulations
 Related party arm’s length transactions
 Ethical compliance
You complete an audit, preparing the formal documentation and reporting any control
deficiencies to management. You report back to managers in a formal audit report.

Elements
Here are the elements you need to achieve for this performance objective

a Review the performance of an
audit; making sure that the
evidence is accurate, complete
and sufficient.
In January 2016 after finishing audit field work of a garments
company, my manager reviewed our working files. The review was
taken in real time since I uploaded all the data in real time to the EY
canvas. For authentication of the data I also attached the third party
confirmation latter in the system such as bank confirmation letter,
Receivable confirmation letter and payable confirmation letter.

b Contribute to identifying and
resolving audit issues and make
sure there are no outstanding
queries.
After reviewing my audit work my manager asked me about few
queries and asked me to show the evidence of that queries. Later I
showed few evidence but my manager said to collect more evidence
regarding that point accordingly I collected all the evidence and the
queries were solved.

c Discuss the findings and As I was the team leader in many clients, I summarized all the
implications of an audit with findings and the observations, and discussed those matters with my
management and governance manager and subsequently with the client. And let them know about
teams. the implications of those observation.

d Draft written representations After audit work, we send the management letter to our client where
and report significant control we mention the observation, implication, recommendation of our
deficiencies to management and findings. Before sending it to the client my manager and partner
governance teams. verify it then we send the final copy of ML.

e Prepare audit reports in For preparing the audit report I always follow the ISA, local rules and
accordance with relevant regulations such as BSA and for NGOs follow the NGO bureau rules
standards, regulations and and regulations.
legislation.
Here are the elements you need to achieve for this performance objective

a Advise on the appropriateness In one of our advisory clients where we have to put advice how our
and cost of different sources of client could easily raise finance for their further development in cost
finance. effective way. We showed them many ways of raising finance and the
advantage and disadvantage and cost associated with each options.

b Identify and raise an appropriate
source of finance for a specific
business need.
One of my clients in garments investment required large investments
on setting up its new plant. The client was facing financial difficulties
and planning to secure its financing through bank overdraft, but I
suggested the client to obtain loan from government subsidized loan
allocated to new garments in our country as it was much cheaper
than overdraft interest.

c Review the financial and In one of my advisory clients they were confused in which way they
strategic consequences of should expand their business, at that time they had two options one
undertaking a particular was expanding in the same sector and the other was go for unrelated
investment decision. diversification means investing in the another new sector. Later by
various investment analysis we showed which one would be viable
for them.

d Select investment or merger and One of my clients was considering two competitive acquisition
acquisition opportunities using options. I analyzed NPV, investment forecasted cash flows, return on
appropriate appraisal asset, return on capital, payback period for both potential targeted
techniques. company. After careful consideration I found that one project had
good potential opportunity compared to other. I suggested the client
to acquire better option.

e Evaluate projects, financial In 2017 one of my clients had planned to invest in stock exchange
securities and instruments – and and preparing its investment. I projected the investment portfolio
advise on their costs and diversifying investment opportunity. I detailed the client with
benefits to the organization. associated costs and year end recognition of stock investment and
recognition of associated gain/loss in statement of comprehensive
income through fair value through profit and loss.