Shiraz Khan Basak & Co.

Chartered Accountants

The Board of Trustee

Quality Education Foundation (QEF)

House # 13C/8C, Babar Road, Mohammadpur Housing Estate, Block-B,

Dhaka-1207.

LETTER TO THE MANAGEMENT ON THE FINANCIAL STATEMENTS OF QUALITY EDUCATION

FOUNDATION (QEF) FOR THE YEAR ENDED 2016- 2017.

Dear Sir/Madam,
In accordance with your appointment letter no: QEF/Audit/30/09/07–9681 dated 15.10.16, we have
completed the audit of accounts of Quality Education Foundation (QEF) for the year ended 30 June,
2017 and we are pleased to submit our management report on the accounts for the year ended on
that date. The draft report along with our comments and observation on accounts was discussed
with the Board of Directors on 23.07.2018 and got it approved by them. We state below our
comments and observations, which came to our notice during the course of our audit.

SCOPE OF AUDIT:
Our examination of the books of the account of the Foundation has been carried out in accordance
with the Bangladesh Auditing Standards (BAS) and accordingly included such tests of accounting
records, audit procedures and observations as were considered appropriate in the circumstance.

We would like to mention here that our audit procedures were designed primarily to enable us to
form an opinion on the accounts as a whole. Weaknesses and deficiencies noted hereunder are
those, which came to our notice in course of our audit.
 Shiraz Khan Basak & Co.
Chartered Accountants

1.0 INTRODUCTION:
Quality Education Foundation is an innovative private sector initiative in the field of education in
Bangladesh. It is a non-profit and non-political organization. QEF was established in August 2006
inspired by the commitment of the Government of Bangladesh for education and the global
campaign for “Education for All”. The office of the Foundation situated at, House # 13C/8C, Babar
Road, Mohammadpur Housing Estate, Block-B, Dhaka-1207. QEF was registered under the
Trust Act of 1882. It had also been registered under the Foreign Donations (Voluntary Activities)
Regulation Ordinance 1978 bearing registration on. 2126 dated 21 August 2006.
2.00 BOARD OF TRUSTEES:
The present composition of the Board of Trustees of the Quality Education Foundation is as follows:
SL. Name of the Members Designation
No.
01. Chancellor Dr. K.M. Mohsin Chairman
Vice-Chancellor
Dhaka International University
02. Mr. Abdul Muyeed Chowdhury Vice- Chairman
Former Secretary and former Advisor
03. Mr. Mahboob Alam Director
Former Ambassador
04. Professor Abdur Rashid Director
Former Director General
Secondary and Higher Education
05. Professor Md.Khalilur Rahman Director
Former Director General, NYEM
06. Mr. Fashir Ahmad Director
Retired Joint Secretary
07. Professor Salma Rahman Director

08. Mr.Nurul Islam Bhuya Director

Journalist
09. Mohammad Sohidul Alam Director & Managing Director
Former Secretary
3. 00 EDUCATIONAL INSTITUTIONS OF QUALITY EDUCATION FOUNDATION:
In the first phase (October 2006 – May 2007) 23 Educational Institutions were managed by QEF
Based on the success of the above Institutions QEF established another 24 Schools. Now QEF
manages 11 schools which are as follows:
SL. Name of the Schools Location
No.
01. Quality School (English Medium & Bangla Version) Fulbari, Dinajpur

02. Quality School (English Medium & Bangla Version) Jaldhaka, Nilfamari
03. Quality School (English Medium & Bangla Version) Nilfamari
04. Upzilla Parishad Quality School ( Bangla Medium) Pirgachha, Rangpur
05. Kabi Nazrul Quality School (English Medium & Bangla Trishal, Mymensingh
Version)
06. Quality School (English Medium & Bangla Version) Golapgonj, Sylhet
07. Quality School (English Medium & Bangla Version) Alfadanga, Faridpur
08. Quality School (English Medium & Bangla Version) Netrakona
 Shiraz Khan Basak & Co.
Chartered Accountants
09. Abdul Rashid Mridha Quality School (Bangla Medium) Dilmahmud, Padma,
Borguna
10. University Quality School (English Medium & Bangla Chagolnaiya, Feni
Version)
11. Sapla Quality School (English Medium & Bangla Version) Tanore, Rajshahi

4.00: SIGNIFICANT ACCOUNTING POLICIES:

4.01 BASIS OF ACCOUNTING:
The financial statements of the Quality Education Foundation under reporting have been prepared
on cash basis other than audit fees in accordance with generally accepted accounting principles
(GAAP).
4.02 PRINCIPAL ACCOUNTING POLICIES:
Specific accounting policies were selected and applied by the foundation’s management for
significant transactions and events that have a material effect within the framework of BAS-1
“Preparation of Financial Statement” in preparation and presentation financial statements. The
previous year’s figures were presented according to the same accounting principles

4.03 DEPRECIATION:
During the course of our audit, we found that the Foundation has charged depreciation on the basis
of reducing balance method. Details are in the Schedule of Fixed Assets.
5.00 SCHOOL WISE REGISTER:
Quality Education Foundation has several partner schools. Foundation receives money from partner
schools against books, diaries, school dress etc. Foundation also paid salary to staff of partner
schools. During the course of our audit we found that Quality Education maintain school wise
register for receiving money from partner schools and payment to partner schools and these are
duly recorded in the registers.
8.00 INVESTMENT IN FDR: TK.
During our scrutiny, we have found that QEF has invested closing a/c balance Tk. 109,512,542 with
First Security Islami Bank Limited, a/c No # 013332600000122 &. a/c No # 013324600002073.
Name of Bank Balance Tk.(2016-2017)
Opening Balance 107,312,542
Closing Balance 109,512,542
Increased /(Decreased) 2,200,000
There is a Savings a/c with FSIBL, a/c No.013312200025095 opened for the purpose of 20% FDR
interest transfer which closing balance is Tk.1, 868,579.
4.00 Fund account: TK. 111,126,195
During the course of our audit, we found that an amount Tk. 100,000,000 was received from the
Government of Bangladesh in 2006 as Endowment Fund and amount of TK. 2,000,000 was
received from Prime Minister’s Fund in 2007 and TK. 105,000 & Tk. 15,000 was received from
Trustee Board in 2007 & 2008 – 2009 along with FDR profit transferred to principal fund amounting
to Tk. 9,006,195.

5.00 LIABILITIES FOR EXPENSES (AUDIT FEE): TK. 39,900

This represents audit fee payable to auditors up to 30 June 2017.

9.00 CONCLUDING REMARKS:
We accord our appreciation to the management of QUALITY EDUCATION FOUNDATION as well
as concerned staff members for extending their cooperation to us and also for their continued efforts
to enable us to complete the assigned work smoothly and satisfactorily.

Placed: Dhaka Shiraz Khan Basak & Co.

Dated: 22 February, 2018 (Chartered Accountants)
 Shiraz Khan Basak & Co.
Chartered Accountants