Evaluation of ACI

FINAL
ASSESSMENT Limited Annual Report
SPRING 2020
2018-19
 The report which is issued by independent auditors
after their professional examination of the entity’s
financial statements as well as other related reports
and contains the audit’s opinion, is called audit
report.
 Unqualified Audit report
DISCUSSION ON
ASSIGNMENT NO Qualified Audit report
01:
Adverse Audit report
Disclaimer Audit report
 TYPE OF AUDIT REPORT IS ISSUED BY ACI
LIMITED EXTERNAL AUDITOR

UnqualifiedRe Give true and fair view

port with
Modified Solely responsible for their performance and
opinion
Wording Name of auditors of the group companies has been
(Make mentioned
Reference in Not responsible for other auditors performance and
Report) opinion
Mentioned of material misstatement in other
information
 Financial Performance of ACI Limited of year
2018-19
 Low net income
Operating cost of new Pharmaceutical unit
DISCUSSION ON
ASSIGNMENT NO Adverse interest rate
02:
Increased the expense interest
Local price of rice has fallen
Domestic currency devaluation compare to foreign
currency
 FINANCIAL POSITION OF ACI LIMITED OF
YEAR 2018-19
Focused on the liquidity activity ratios
 Declined current ratio (1.13 times)
Obligation to meet current debt has been
decreased
Quick ratio as previous year(.92)
 Obligations to meet current short-term debt
have not changed
Return on equity has been decreased (3.82
%)
Company’s return on investment has also
decreased
 INTERNAL CONTROL SYSTEM
STRENGTH
DISCUSSION
ON Ensure organizations policies and procedures

ASSIGNMENT Makes sure company achieved its objective

NO 03 Saves companies resources

WEAKNESS

Inconsistent application, frequent discrepancies

Lack of acceptance of company policies, procedures

  Four members where the chairperson is an independent director

 All members are financially literate

 Four meetings in a year

 Reviews quarterly and annual financial statement before submitting for

THE ROLE OF board approval
INTERNAL  Monitor internal control efficiency
AUDIT
 Financial reporting procedure, hiring and works of the independent
COMMITTEE IN
auditors
ACI LIMITED
 Observe the application of accounting policies and principles

 Ensures that company is aware of the different risks associated while

doing business

 Prepared to counter those risks through systematic approach.

 Proper steps have been taken throughout the year to reduce risk along with feasible strategy
not to jeopardize the company operation for the near future

Maintain periodic actions plans and strategies to keep the sustainability of its financial
performance and positions

Introduced Quality Management System and Environmental Management System

ACI LIMITED INTERNAL CONTROL SYSTEM

 Corporate governance is a set of rules, practices and process which
has been used to direct and control an organization

Two types of corporate governance. One is mandatory (rule based)

and the second one is voluntary (soft law)

DISCUSSION In Bangladesh, the corporate governance is not mandatory for

ON companies

ASSIGNMENT Comply or explain approach

NO 04:
The aim is to improve corporate governance practices

Helps to easily regulate the market

 ACI Limited followed all the Corporate Governance Conditions issued by
the commission along with BSS EVALUATION OF
 Not inconsistent with CG Code
ACI COMPLIANCE
WITH THE
 Complied with proper books and records CORPORATE
 Company MD or CEO, CS, CFO and HIAC, shall not hold any GOVERNANCE
executive position in any other company at the same time CODE
 Governance standard in the ACI Limited is satisfactory