Name : Affan Ahmed

ID: 1821868
Course : MIS 441
Section : 02
Submission Date : 19/08/2021

Submitted to : Syed Numan Chowdhury

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Letter of transmittal:

To:
Syed Numan Chowdhury,
Faculty, MIS441
Independent University, Bangladesh
Bashundhara R/A, Dhaka
Date: 19August, 2018
Subject: Submission of report
Dear sir ,
Please allow me to express my gratitude towards you for providing me with the
opportunity of presenting my report. This report reflects thoroughly on my focus
on the topic regarding this matter. All the relevant information regarding the report
I have done have been included and it is expected that my report will help you get
a clear view about my work . I tried my level best for preparing this report
meaningfully and correctly, as much as possible and it will be my sheer pleasure to
explain any query or clarification in order for you to learn in depth of my report.

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Acknowledgement:

I have taken effort in this assignment. However, the completion of this

assignment would not have been possible without the kind support and
help of my respected faculty who deserves my deepest appreciation. I
would like to express my utmost gratitude to Mr. Syed Numan
Chowdhury for giving me the opportunity to do this report and I would
like to thank you for your contribution in stimulating numerous
suggestions and encouragement, which helped me to coordinate this
assignment and most importantly for being the most supportive mentor
one could ask for. My thanks and appreciations also go to those who
have helped me with the abilities in developing the assignment. It would
not have been possible for me to successfully complete this report.
Thank you.

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Table of contents

Company Introduction …………………………………………………………….5

Revenue Cycle…………………………………………………………………….. .5

Process of Revenue Cycle………………………………………………………….5

Expenditure cycle ……………………………………………………………….…6

Internal Control …………………………………………………………………….6

Things that the audit committee appears up are………………………………….6

Recommendation…………………………………………………………………… 7

References………………………………………………………………………..…..7

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Company Introduction : NUR FASHION turned into installation in 2012 as a Garments Manufacturing
Organization and substantial Buying Agent in Bangladesh. It is one of the Readymade Garments
Manufacturing and distributer institutions with different Textile gadgets located in Bangladesh. Within a short
time frame, this enterprise has been efficaciously pleasing its valuable purpose through supplying the finest
gadgets in step with its consumer's demand. They recognise that to construct the nice and effectiveness of the
gadgets, it's miles vital to reduce charges and conveyance time. Through this, it's miles viable to hold a-listing
collection administration. That is the purpose they supply the high-satisfactory gadgets to their clients at a
modest price completely reason on furnishing notable patron help with the high-satisfactory nice gadgets at a
low price. Here they receive that customers can actually consider them for his or her enjoy and polished
methodology, but similarly for his or her rule of liability, straightforwardness, trustworthiness, and, maximum
importantly, entire regard for the consumer.Their unmistakable administrations supplied nimble assembling,
introduction choices, and commendable nice manipulate with stable and brief conveyance to their clients.
Thusly, they as of now had been geared up for constructing a scaffold among their community manufacturers
and overseas purchasers. How it’s end up a Top Garments Factory in Bangladesh? The precept in their
enterprise is you purchased the high-satisfactory nice product fabric on the proper time via current
communications. And manipulate all operations via sturdy teamwork, rigorous time control, and green product
nice manipulate. Through non-stop and constant tough paintings, folks who are effectively finishing one after
the other cargo of fabric are known as the spirit of Noor Fashion.

Revenue Cycle : It begins offevolved while an enterprise gets order from the consumer and the worried
branch system the order. It continues items equipped to dispatch, then the branch begins offevolved billing,
prepares an bill, and sends that bill to a consumer. The logistics branch arranges delivery and ships items to a
consumer, then the consumer gets items and makes a charge, system end while an enterprise gets charge and
concurrently data the transaction withinside the gadget.

Process of Revenue Cycle

Receive order from a consumer : Nur Fashions get their orders from pinnacle groups like Nike, Zara models
etc.

Processing the order through making items equipped for shipping : After getting their order the corporation
begins offevolved its productions of their garment factories which are located in savar to supply the goods to
their clients withinside the envisioned time this is given withinside the contract.
Billing and making ready invoices : After making ready the products they make a voucher that they could ship
it to their customers withinside the voucher the quantity of products, bargain price, Total quantity ,shipping
date etc. are included.

Delivery of products and bill to a consumer : If the clients are in Bangladesh then Nur Fashions use their very
own pickup truck however if the products are exported to any other us of a then they do now no longer
undergo the delivery price.

Delivery obtained through a consumer : When the consumer gets the product they e-mail them a shipping
receipt that Nur Fashions continues a duplicate of.

Accounts receivable recorded: Until the charge from the customers Nur Fashions consist of those sale of their
books as money owed receivable till they get the charge from their customers.

Payment through consumer: After getting charge Nur Fashions ship the consumer a cash receipt that consists
of a seal from the corporation that they have got obtained the charge Nur Fashions hold a duplicate for
themselves and emails any other reproduction to the consumer.

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Expenditure cycle : The expenditure cycle is the set of sports associated with the purchase of and charge for
items and offerings. These sports consist of the dedication of what desires to be bought, buying sports, the
receipt of products, and bills to providers. Much of the enter to the expenditure cycle comes from the income
cycle, wherein buying necessities are pushed through the extent and form of consumer orders.

The expenditure cycle is constructed from numerous wonderful additives, along with the requisition of
products and offerings, provider selection, the ordering of products and offerings, their receipt, and next charge
for them. The complete expenditure cycle includes the subsequent sports:

1. Nur Fashions Determine which items and offerings want to be ordered. Most items to be ordered are
wanted through the manufacturing system. To do so, the gadget calculates the additives that want to be
reachable for scheduled manufacturing and subtracts out on-hand and unallocated uncooked substances to
reach on the quantities that should be acquired.
2. When items are being bought for ongoing manufacturing, the gadget will gift the buying workforce with a
initial buy order, the use of the desired provider said withinside the stock grasp record for every object to
be bought. The buying workforce critiques and approves those orders, which can be then both despatched
electronically direct to providers, or revealed and mailed to them.
3. When non-wellknown items and offerings are being requested, the buying workforce investigates viable
providers, selects the high-satisfactory one, and problems them a buy order.
4. As items are obtained, the receiving branch accesses open buy orders withinside the gadget and enters the
portions obtained. 5.
5. When provider invoices are obtained, they may be logged into the gadget through the money owed
payable workforce. The gadget then compares those invoices to the authorizing buy orders and receiving
records to decide whether or not the invoices may be paid. There may be a considerable quantity of guide
reconciliation paintings at this stage. The final results is a fixed of invoices which have been authorised for
charge.
6. The gadget schedules bills to providers primarily based totally at the predetermined charge phrases with
every one. When a scheduled charge date arrives, the gadget approaches a batch of bills, to be able to both
be withinside the shape of digital budget transfers or checks.

Internal Control : There is a audit crew that controls the inner elements of the corporation. The audit crew
frequently visits the factories and record to the control head. If the audit crew reveals any type of misconduct
they at the start reviews it to the pinnacle in their branch then they investigates the problem and additionally
attempt to remedy the issue.

Things that the audit committee appears up are:

Review the effectiveness and performance of the Internal Control System and put in force corrective
movement Plan and display ordinary manufacturing facility go to time table of an audit crew and record to
Head of Audit/pinnacle control. Prepare audit plan weekly, monthly, the quarterly and every year foundation
for the corporation. Report to Head of Audit/pinnacle Management and comply with up audit findings and
recommendations (if required). Invoice checking any verifying the figures Insurance and income fee invoice
checking Pro-forma bill (PI) checking Proceed all type of credit, coins and adjustment invoice Purchase fee
evaluation with the procurement branch Approval of fabric buy requisition via database and Construction
fabric requisition approval from pinnacle Management Any different venture assigned through the pinnacle of
inner audit Some different matters that they do are : Weekly manufacturing facility go to Factory invoice and
voucher check

and comply with up. Checking subcontract get hold of challan & different receiving challan and comply with
the reputation up a time to time. Follow up LC (letter of credit) & TT (telegraphic Transfer) and some other

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quick get hold of reviews Follow up MRS (go back challan) checking for whether or not the object invoice
paid or now no longer paid. Quarterly or Yearly stock valuation of the corporation Monitoring invoice in hand
to Audit, an enhance invoice in hand to Purchase, antique challan in hand to Store Department Auditing Over
Time, Tiffin invoice & unpaid salary of the corporation Follow up yarn stability checking to subcontract
celebration C&F and Transport fee following up and hold data of rates. Check and put together Financial
Statement as consistent with BAS (Bangladesh Accounting Standard), IAS (International Accounting
Standard) Coordinate the outside audit Manage crew and coordinate with the patron for record findings Any
different venture assigned through the pinnacle of audit/control.

Recommendation :

 Things that Nur Fashions should include in their internal control are:
 Develop Adequate Physical Control of Assets
 Identify Risks in the Office
 Correct Errors Promptly
 Develop Written Policies and Procedures
 Perform Reconciliations Regularly
 Review and Approve Processes/Transactions
 Maintain Adequate Supporting Documentation
 Provide Adequate Training to Staff

References :
Sai.ok.gov. 2021. [online] Available at: <https://www.sai.ok.gov/Search
%20FormsPubs/database/TopTenThingsICanDoToStrengthenInternalControlsInMyOfficeDocBW.pdf>
[Accessed 19 August 2021].

WallStreetMojo. 2021. Revenue Cycle. [online] Available at: <https://www.wallstreetmojo.com/revenue-

cycle/> [Accessed 19 August 2021].

Bragg, S. and Bragg, S., 2021. Expenditure cycle definition — AccountingTools. [online] AccountingTools.
Available at: <https://www.accountingtools.com/articles/2018/12/28/expenditure-cycle> [Accessed 19
August 2021].