Our Audit Approach
OUR OBJECTIVES OF AUDIT
- Our objective in an audit of the financial statements of an entity is to express our independent opinion on whether the statements as a whole have been properly prepared in accordance with International Financial Reporting Standards (IFRS) as applicable and relevant legislation to give a true and fair view of the financial position and results of the entity. In order to express such an opinion, we need to perform our audit in accordance with generally accepted auditing standards.
- To be effective, we need to obtain sufficient, reliable and relevant evidence to enable us to form our opinion. To be efficient, we need to obtain that evidence economically and in a way, that is (and is perceived by our clients to be) highly professional. This involves making the best use of resources available to us – the expertise of our people, their time, and any assistance which can be provided to us by the client.
- Given these objectives and the diversity of the clients we service, we have developed an audit approach that provides a high degree of flexibility with the emphasis on the exercise of professional judgment in tailoring the audit to meet the specific circumstances of each client.
- Our approach has four key factors:
- Understanding the client – the business the risk, the needs
- Developing a strategy for audit tailored to those risks and needs
- Translating that strategy into an effective and efficient program of work for the audit
- Care and control in drawing together our finds and arriving at our audit opinion.
Internal audit involves assistance to the management in making strategic and business decisions,
recruitment and training issues, designing of accounting and internal control procedures and most
importantly to measure the efficiency and effectiveness of operation of the transaction flows as
designed by the management. Unlike statutory audits, these audits are performed in more detailed
and investigative manner.
It is an effective mode of fulfilling responsibilities of the management by providing them with
following reports on the diversified areas, which specifically require management consideration;
- Pertinent comments regarding findings of audit
FORENSIC AUDITING AND INVESTIGATION
The firm specializes in providing services for forensic auditing and fraud investigation. The partners
have been engaged in major financial investigations by the Superior courts, Securities and Exchange
Commission Government of Pakistan. They have to their credit major investigations carried out in the
history of the country in famous Taj Company case and the Cooperative Scandal.