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Table of Contents

1) INTRODUCTION .................................................................................................................. 2
2) TYPE OF AUDIT ....................................................................................................................... 2
3) AUDIT SCOPE AND OBJECTIVE...2

4) ENTITY INTRODUCTION....3

4.1) FJWU VISION.........3

4.2) FJWU HISTORY.3

4.3) PROFESSIONAL DEGREE PROGRAM...4

5) GENERAL PLANNING.4

6) AUDIT APPROACH..5

7) RESPONSIBILTIES...5

7.1) AUDITORS RESPONSIBILTIES...5

7.2) MANAGEMENT REPONSIBILTIES.6

8) CORRECTION OF ERRORS.6

9) PREVENTION AND DETECTION OF FRAUD..6

10) RESOURSE PLANNING.....6

10.1) RISK ASSESSSMENT .....6

10.2) MATERIALITY APPROACH...7

11) AUDIT TEAM AND COST..7

12) RECOMMENDATION7.

13) FOLLOW UP....7

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.

3) Audit Objective and Scope.


Our primary responsibility is to form and express an opinion on the consolidated financial
statements based on an audit. The consolidated financial statements are prepared by management
with the oversight of those charged with governance. An audit of the financial statements does
not relieve management or those charged with governance of their responsibilities. We will
conduct our audit in accordance with DAGP Standards. Simply with ethical requirements and
plan and perform the audit to obtain reasonable, but not absolute assurance, on whether the
consolidated financial statements are free of material misstatement, including those
misstatements caused by fraud or error. We also assess the FJWU compliance with significant
authority instruments and consider whether, during the course of our examination, we have
become aware of any other matters that, in our opinion, should be brought to the attention of
the Governing Body.

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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.

4.2) FJWU History


Fatima Jinnah Women University (FJWU) has been established in the premises of the Old
Presidency, situated at the Mall, in the heart of Rawalpindi Cantonment. Its heritage has been
beautifully interlinked with the education of women for the next millennium. The main building
is Victorian as reflected in its architectural splendor. This building was originally built as a
residence by two famous Sikh brothers, Mohan Singh and Sohan Singh. It became the
Presidency of Pakistan around the mid 1960s. The rooms are steeped in history; personalities
like Benazir Bhutto, Mr. Ch. Fazal Elahi and President Zia-ul-Haq have walked in the corridors
of this building. Former Prime Minister Mian Muhammad Nawaz Sharif inaugurated this gift for
the nations daughters and their families on August 6, 1998.As it stands it is a symbol of the
commitment of the nation to womens education. The University is unique in the fact that the
Punjab Government funds it. The Government of Punjab is very supportive of the university
thereby furthering the cause of women education and empowerment.
Classes were initiated at FJWU on December 28, 1998 and the first batch of students graduated
in September 2001.Students have been coming from all over the country-from as far as
Balochistan, Southern Punjab and Sindh. Between 1998 to 2008, more than 4362 students have
been awarded degrees and effectively employed in various organizations in and outside the
country. Women working at the University have made history in more than one way. At the first
Womens University the women are 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. Fatima Jinnah
Women University is an institution with a vision to promoting and facilitating studies and
research in various fields of Higher Education for women. This is an institute with a vision to
promoting and facilitating studies and research in various fields of higher education. Fatima
Jinnah Women University aims to provide quality education to the women of Pakistan. It aims to
advance learning to the highest level attainable through research, teaching and dissemination of
knowledge for the benefit of women in particular and society in general. The women are trained
to become mainstream citizens with confidence about their position and status in society.

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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.

10) Resource Planning:


10.1 ) Risk Assessment:
In making our risk assessments, we will obtain an understanding of internal control relevant to
the preparation of the consolidated financial statements in order to design audit procedures that
are appropriate in the circumstances. The scope of our review of internal controls will not be
sufficient to express an opinion on the effectiveness or efficiency of your internal controls.

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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.

11) Audit team and cost


We are 4 people working as a head of four departments and we are having different subordinates
working with us in the audit team. We have the job to audit Fatima Jinnah Women University
from 5 November, 2015 to 30 December, 2015. We conducted audit in this given time period
and gather as much evidence as we can to audit the entity clearly. During the auditing we had
spend Rs 25,000 for the work assigned to us. This budget is of our money which has been spend
during the audit to Fatima Jinnah Women University and also it include the cost which we spend
while gathering the evidence to the entity and also our visit to university for auditing.

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.

13) Follow up.


For next audit planning we will suggest that the next audit should be last for 6 months at least. It
should also be done including internal audit it should be in continuously done after every 6
months or after 1 year. The audit team should have the resources for collecting the evidences
from all departments, also they have more time duration not less than 4 months so they can
conduct audit plan efficiently. The evidences should be properly documented and assessed
accordingly. The financial audit can also be done on the entity whether to check the financial and

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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

SUBMITTED TO: Mr. NOUMAN WAHEED


SUBMITTED BY: GROUP MEMBERS
MARIA IRAM
SAFIA ALTAF

TAYYABA RASOOL

DATE OF SUBMISSION

30-12-2015