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1) INTRODUCTION .................................................................................................................. 2
2) TYPE OF AUDIT ....................................................................................................................... 2
3) AUDIT SCOPE AND OBJECTIVE...2
4) ENTITY INTRODUCTION....3
5) GENERAL PLANNING.4
6) AUDIT APPROACH..5
7) RESPONSIBILTIES...5
8) CORRECTION OF ERRORS.6
12) RECOMMENDATION7.
14) CONCLUSION.8
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1) Introduction
The consolidated financial statements of Fatima Jinnah Women University are subject to an
annual audit in accordance with Financial Regulations of Fatima Jinnah Women University. The
Auditor General of Pakistan is following the standards of DAGP. We work to ensure a quality,
efficient audit. Our unique methodology involves the right people, a tailored audit approach and
effective use of technology.
2) Type of Audit
We have done the performance audit as it refers to an independent examination of a program,
function, the management systems and procedures of Fatima Jinnah Women University to assess
whether the entity is achieving economy, efficiency and effectiveness in providing the
educational services to the student with available resources including compliance with authority
audit. Compliance audit is to determine whether the entity is meeting specific contractual,
regulatory or predetermined requirements or not. In compliance audits we can review the staff or
departments. Our entity is large organization so we compliance audit to conduct internal reviews
that measure how well each department operates according to standard operating procedures.
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4) Entity introduction
We are taking Fatima Jinnah women university for our auditing we briefly describe about the
entity we selected.
4.1) FJWU Vision
Fatima Jinnah Women University (FJWU) provides an environment which enables students to
develop their academic, moral, physical, professional and spiritual potential. FJWU aims to
promote the highest standards of academic excellence in teaching and research. The cultural,
political, social and economic needs are the priority of its vision for education. FJWU is
continuously establishing closer links internationally, as well as with the world of industry.
FJWU believe that women are an important human resource vital for the progress of Pakistan.
FJWU encourages wider participation in higher education by offering opportunities and support
to those who have the potential to benefit from it by raising their aspirations to use their
capacities for success.
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Look upon as the first women's university in Pakistan, it is ranked at number 18 in general
category of the Higher Education Commission of Pakistan rankings. The university focuses on
two distinct dimensions. One is to add significantly to the standards of higher education, the
other is to introduce new areas of study for the young women of Pakistan.
Women working at the University have made history in more than one way. At the first the
university was involved in higher education management, and offering courses to bring students
to an international level of training. Women institutions from all over the world have been in
touch to develop exchange programs of collaboration.
4.3) Professional Degree Programs
Computer Arts
Software Engineering
Psychology
Economics
Islamic Studies
Behavioral Sciences
Public Administration
Communication and Media Studies
Gender Studies
Computer Science
English
Fine Arts
Education
Business Administration
Environmental Sciences
Defence and Diplomatic Studies
Urdu
Law
Electronics
5) General planning
For auditing Fatima Jinnah Women University we first get the information about the business
knowledge of our entity, from this we come to know that it is governmental institution, it is
nonprofit organization. It provides educational services to women on very affordable prices and
also ensures to provide better environment to study. Rules and regulations are also set by the
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entity in order to maintain its discipline and also these rules and regulations are strictly obeyed.
If any student did not obey she will be struck off from the university. Fatima Jinnah women
university had a vast organizational structure as it is comprises of more than 20 departments. The
entity has the departmental structure. One vice chancellor is controlling all the functions and
activities performed in the university, there are 5 deans which are responsible to give report to
VC and also to have the check and balance in different departments. There are 20 head of
departments and they are responsible to control the activities in the departments. There are 20
department coordinator who have the responsibility to check whether the students are taking
their classes or not and also ensure that the teachers are coming to university. We also asses the
policy structures which is prevailing in our entity. Our audit objective was to express opinion and
understand the entity and its functions and to check the accountability prevailing in our entity.
6) Audit approach:
Our audit approach is designed to allow us to execute a good quality and efficient audit. We do
this by:
(a) Gaining an understanding of the FJWU and its environment by focusing on new
developments and key business issues affecting the Organization, as well as managements
monitoring of controls and business processes;
(b) Identifying significant audit risks, sharing our perspectives, obtaining your feedback, and
ensuring our audit.
(c) Using well-reasoned professional judgments, especially in areas that are subjective or that
require estimates.
Our approach will include a mixture of substantive analytics, and detailed testing. Our
understanding of the FJWU also drives our assessment of materiality and the identification of
audit risks.
7) Responsibilities
7.1) Auditors Responsibilities.
We are responsible to conduct our audit in accordance with DAGP Standards of Auditing. Those
standards require that we comply with ethical and independence requirements, and that we plan
and perform the audit to obtain reasonable assurance about whether the consolidated financial
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statements are free from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the consolidated financial statements.
The procedures selected depend on the auditors professional judgments, including the
assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. At the end Auditor will also express his own opinion on Report.
7.2) Management Responsibilities.
Management is responsible for the preparation and fair presentation of the consolidated financial
statements and information referred to above. It is also responsible for establishing and
maintaining an effective system of internal control over financial reporting to enable the
preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error. In this regard, management is responsible for establishing policies
and procedures that ensure financial information is prepared in accordance with International
Public Sector Accounting DAGP Standards.
8) Correction of errors:
Management is responsible for adjusting the consolidated financial statements to correct material
misstatements and for confirming to us that the total of all uncorrected misstatements identified
by us during our audit are immaterial, both individually and in total, to the consolidated financial
statements taken as a whole.
9) Prevention and detection of fraud:
We also observe that there is management system in each department which is also responsible
for the design and implementation of programs held by the entity on regular basis. The
administration department is also working on the check and balance of controls and functions of
different departments. These two departments are also working to prevent and detect fraud.
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10.2) Materiality Approach:
Materiality represents our judgments on the degree of significance of a misstatement that could
influence the decision of a knowledgeable user relying on the financial statements. In
determining materiality, both quantitative and qualitative factors are considered. Consistent with
prior year we have set our preliminary materiality at 5 per cent of planned expenditures. Our materiality
calculation is based on current forecasted results; should there be a significant change, we will
communicate changes to the Director-General at year-end.
12) Recommendations
We had conducted performance audit and due to limited accessibility of recourses and short time
period we are unable to conduct full audit as internal audit. Due to short time availability we are
also unable to gather more evidences and it is also because of insufficiently availability of
references in administration department and limited recourses.
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economy of the entity it should be held after 1 year. Audit of foreign aided project should also be
held when the entity is working on any project by financial support of government or other
foreign authority.
14) Conclusion
By auditing Fatima Jinnah Women University we concluded that the entity is working
efficiently, effectively. We found that there is less fraud in the entity. The degree of
accountability is also high. We had limited resources so we were unable to full audit the entity.
By observing all the gather evidences we assess that there is minimum audit risk prevailing in the
entity as the control risk is near to zero. Rules and regulations are highly followed in the entity.
The staff of the entity is very dedicated to their work they work hard for achieving better results,
that is why the university is ranked on 18th grade and also recognized by HEC.
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PROJECT REPORT
TOPIC
AUDIT PLAN OF FATIMA JINNAH
WOMEN UNIVERSITY
TAYYABA RASOOL
DATE OF SUBMISSION
30-12-2015