Hoda Vasi Chowdhury & Co

AFN Corner
Responsibilities Matrix

Audit In-charge’s Responsibilities:

1. Drafting audit plan and timeline;

2. Review of last year working papers and files;
3. Coordinating with Manager to set up a Whatsapp group;
4. Updating company-specific audit program and audit checklist;
5. Communicating the requisition and coordination;
6. Preparing audit engagement letter and get it approval by Manager and Partner;
7. Identifying key risk areas and asserting audit approach to reduce that;
8. Task allocation among team members;
9. Ensuring working file preparation with relevant substance;
10. Sharing a summary of audit observation with managers and partners;
11. File storage and keeping the soft copies;
12. Perform initial analytical review and discuss with the manager;
13. Audit report preparation;
14. Listing all/any key audit observations in a separate document sharing for time to time;
15. Analysis and review of each and every schedule and ensure that it has been checked as per audit
program;
16. Ensure that team members have completed their assigned responsibilities;
17. Summarise the findings as per the above procedures;
18. Discuss the findings with concerned Manager and drafting the report and insert/revise related
notes;
19. Ensure proper documentations of working papers as per standard practice specially focusing HVC
quality requirements;
20. Go through FS and related notes word by word and identity the gaps, shortcomings, grammatical
mistakes and improvements required;
21. Communicate with client finance team, manager and partner through emails and telephone
conversations;
22. Preparation of permanent file;
23. Ensure compliance of IFRS/IAS;
24. Preparation of Draft FS in HVC’s format;
25. Preparation of Management Representation Letter and get it signed by client and subject to
manager for review;
26. Preparation of Management Letter, if applicable and subject to Manager for review;
27. Obtain DVC and process for singing by Partner;
28. Any other works as assigned by Manager and/or Partner.
Manager’s Responsibilities:

1. Initiating initial meeting;

2. Ensuring initial requisition;
3. Review of key audit risk areas;
4. Revising the Management Representation letter wherever necessary;
5. Ensuring availability of draft FS to the team;
6. Review the audit plan and timeline prepared by the team;
7. Assigning tasks as per audit program in coordination with Audit In-charge;
8. Ensuring at least 3 days for review at Manager level and another 2 days for Partner level;
9. Attending key meetings;
10. Monitor the team and follow up the work progress and timeline;
11. Updating partner from time to time about progress of work and escalating the issue if any;
12. Ensuring daily task updates from the team;
13. Ensure compliance of IFRS/IAS and relevant disclosures requirements;
14. Ensure that the audit has been completed following relevant standards and HVC practices;
15. Review of audit report;
16. Go through the draft FS and notes word by word and review the additions/deletions;
17. Review and finalisation of Management Letter. If necessary, discuss with the Partner any point
that deserves special mention/focus;
18. Discuss the draft audit report with Partner and note the instructions or advices;
19. Collect DVC number in collaboration with respective assigned person and confirm the input of the
same in the FS;
20. Any other responsibilities as assigned by Partner.

Partner’s Responsibilities:

1. Understand the client’s business and main focus areas;

2. Review the changes in notes;
3. Whether team require any support for cooperation and furnishing information and documents
timely if there is any such noncooperation from client side;
4. Providing required instructions and guidelines to finalise the report, FS and notes;
5. Attend meetings and discussion with client;
6. Discuss with the Team and client about major findings;
7. Guide the Team about reporting through Notes, EOM, other matters or qualifications;
8. Sign off the audited FS and audit report.