Today’s changing global economy needs that credible information must be corroborated with professional assurance for reliability of financials, very existence and capacity of factory and product information. Our professionals take the time to understand clients’ businesses requirements, help identify major risks and opportunities beyond the traditional financial reporting function and propose solutions to minimize risks.
Audit quality is vital for maintaining trust in the financial reporting process and the integrity of financial information. Our professionals are equipped with high level of technical skills, empowered with professional skepticism that provide the heart and soul of a good audit.
Our audit services add professional and economic value to the business of our clients. Our professional services are extensive and broad-based including:
Cost Audit
Cost audit is a detailed analysis, review, and report on each production process & cost components to measure the performance and efficiency of entities. Also, a certain class of companies may have to maintain and prepare cost records as per the requirements of section 220 of the Companies Act, 2017.
Our cost audit reports provide our clients’ top management with an in-depth look into the overall and per unit cost of all the cost components and their comparison with the previous year’s data enabling them to exert control where any cost overrun is found. Cost audit and post audit management control measures not only increase domestic competitiveness but also help increase cross border competitiveness and trade. Cost audit also increases our clients’ confidence that their cost accounts are verified and are in adherence with the principles and objectives set out by a defined cost accounting plan.
Factory Audit
A factory audit refers to a standardized process of confirmation of installed and actually attainable capacity, performance record, bottleneck of any technology and process followed. The factory audit is used by quality managers to determine if a supplier or vendor conforms with the required business standards in delivering high quality products and services.
Statutory Audit
A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions. Under the Companies Act of 2017, all companies in Pakistan are required to conduct Statutory Audit.
The statutory audit reports are not only used by the actual shareholders but potential investors, stock exchanges, creditors, regulators and the authorities.
Management Audit
Management audit is a systematic examination of decisions and actions of the management to analyze the performance. Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control system in order to check the efficiency or performance of the management over the activities of the Company. It also includes review of adherence to the code of good governance structure of the board as per company law.
Performance Evaluation Audits
Performance evaluation audit refers to independent examination of a program, function, operation or the management systems and procedures of companies to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources. The examination is objective and systematic, generally using structures and professionally adopted methodologies and international best practices.
Forensic Audits
Forensic audit deals with matters related to frauds, dishonesties, misuses or other financial and non-financial crimes. It helps to trace the crimes that are not traceable from the available documentary evidence of an entity. So, we go beyond the documentary evidence and have to investigate related events, the occurrence of transactions and procedural lapses. It also includes in-depth analysis of inter corporate financing, transfer pricing and transactions with directors and key management position holders.