Audit & Compliance

audit

Audit & Compliance

Methods of doing business and business norms are changing. New operational methods and financial tools are being developed. However, the basic objectives of businesses have not changed - to maximize the wealth of shareholders and meet the stakeholders’ expectations. Financial Statements of any organization show its financial position and how well it's achieving its objectives.

Independent audits inspire confidence of stakeholders, whose primary concern is the fair presentation of financial and non-financial information in the financial statements.

01External Audit and Assurance Engagements

independent evaluation of financial statements in accordance with International Standards on Auditing and relevant ethical guidelines.

  • Project Audit
  • Special Audit
  • Review Engagements
  • Pre-award Assessment
  • Other Assurance Engagements
02Internal Audit and Compliance

continuous monitoring and evaluation of risk management, governance and internal control processes to maintain operational efficiency.

  • HR Audit
  • Procurement Audit
  • Review Engagements
  • Compliance Audit
  • Investigation Audit and Inquiries
  • What is External Audit and Assurance Engagement?

    There are many variations of passages of available but the majority have in that some form by injected randomised words which don’t look even as slightly believable now.External Audit and Assurance Engagement refers to an independent examination of an organization's financial statements to inspire confidence among stakeholders regarding their fair presentation. Performed in accordance with International Standards on Auditing and relevant ethical guidelines, the purpose is to provide reasonable assurance on the absence of material misstatements. In this process, auditors, commonly chartered accountants, deliver an independent opinion validating the accuracy of the report. Such engagements include External Statutory Audit, Project Audit, Special Audit, Review engagements, Pre-award assessment, and other Assurance engagements. Thus, it helps enhance stakeholders' trust in the organization's financial soundness.

  • What is internal Audit and Compliance?

    Internal Audit and Compliance is an assurance and consulting activity designed to be independent and objective. It goes beyond just providing assurance on business risks and controls. It helps organizations navigate complex, rapidly changing environments and provides them significant value. It ensures that organizations meet their operational, financial and compliance objectives. Additionally, it enables improved performance, reduced costs, and optimizes operational efficiency. The effectiveness of Internal Audit is determined through a process of understanding the business environment, evaluating organizational processes, risk assessment, control effectiveness, and the application of appropriate audit procedures and quality control standards. This includes a full spectrum of services such as complete internal audit function, HR audit, procurement audit, compliance audit, investigation audit, and inquiries. Outlining these procedures and functions gives organizations the ability to address their expanding needs and challenges through outsourcing.

  • How External Audit and Assurance is conducted?

    External audit and assurance is conducted to enhance the confidence of stakeholders in the financial statements of organizations. An independent auditor, guided by International Standards on Auditing and ethical protocols, undertakes the process. In the case of Pakistan, certified Chartered Accountants authorized by the Institute of Chartered Accountants of Pakistan (ICAP) issue these audits. Conducting an audit involves understanding the organization's business environment and operations, assessing risks and their corresponding control measures, and evaluating the effectiveness of controls. Key to the auditing process is choosing the appropriate procedures to obtain assurance. The entire process aims to provide reasonable assurance that financial statements are free from material misstatements, bolstering stakeholder trust.

  • What is process of conducting Internal Audit?

    The process of conducting Internal Audit and Compliance involves various steps. At the beginning, an understanding of the business environment as well as the organization and its business processes is obtained. This is followed by assessing the risks that the organization is facing and figuring out the controls that are designed to prevent these risks. An evaluation is then carried out to assess how effectively these controls are working. The next step involves choosing appropriate audit procedures to obtain assurance. Finally, a quality control procedure is applied to ensure the accuracy of all operations. To adapt to the specific nature and business of each client, audit tools are tailored after a thorough understanding of the client's operating environment. This entire process of Internal Audit and Compliance ensures a comprehensive, independent, and objective inspection of an organization’s financial and operational activities, evaluating the efficiency of risk management and internal control practices.