Audit and Assurance

Independent, quality financial statement audits

The audit and assurance landscape is changing. Regulatory requirements, coupled with increased stakeholder demands for greater transparency, are putting more pressure on organizations. As a result, audit and assurance are high on the agenda for many boards.

At PKF F.R.A.N.T.S Chartered Accountants, we believe we have a responsibility to continue our work in building trust in corporate reporting, which goes far beyond regulatory demands for greater disclosure and aims to increase transparency and rebuild confidence.

We maintain an uncompromising commitment to offering a consistent risk-based audit. Our clients value us for our ‘no surprises approach’ and timely service.

Financial Statement Audit

We in Pakistan provides independent audit services that can help to enhance the reliability and credibility of organization’s financial reporting.

An independent audit of financial statements is one of the foundations for the effective operation of the capital markets. Audit quality is vital for maintaining trust in the financial reporting process and the integrity of financial information.

Stakeholders require responsible opinion from independent auditors and the fundamental goal of our professionals is to provide this assurance.

Our audit is based on six key principles to help ensure optimal service for our clients in the listed, private and public sector. These are:

• Technical experience: providing transparent, credible, timely and decisive judgments.
• Focus: a prioritized approach, concentrating on mutually agreed key risks.
• Involvement: frequent communication and substantial partner involvement supports the early identification and discussion of emerging risks.
• Insight: sharing our views and observations on business performance, based on company and sector knowledge.
• Integrated: tax and technology professionals, for example, are all part of our multi-disciplinary team.
• Consistency: strong central direction brings cohesion and co-ordination of our audit team across all subsidiaries and territories.

Audit Data and Analytics

Adding value to audit and confidence in assurance

Audit committees, management, and shareholders are demanding broader assurance, more efficient and effective audits, and deeper insight. Perceptions of the value of audit are evolving quickly. Stakeholders are crying out to hear auditors’ points of view on how audit will embrace the explosive opportunities afforded by D&A.

We has invested significantly in the use of innovative data and analytics technology to enhance our ability to challenge assumptions and provide deeper insights.

How we can help:

Our proprietary technology is integral to our audit methodology, which results in a more focused and robust audit, and assists in analyzing large volumes of data. The judgment and professional skepticism of PKF F.R.A.N.T.S Chartered Accountants’ audit professionals, already among the most technically adept in the profession, are now further empowered with intelligent automation and innovative analytics capabilities.

Audit-related Services

Our audit related services include:

• Financial statement audits
• Financial statement reviews
• Financial statement compilation
• Agreed upon procedures
• Attestation services
• Other assurance services

Our Audit Approach

Our audit methodology is designed to focus the audit on the risks that might have material impact on the financial statements.

It is designed to exceed national and international standards and all our professionals throughout our member firms around the world are guided by the same approach to methodology, processes and documentation. All audit staff undergo frequent and regular training to help ensure that their knowledge is as current as possible.

Communication

The high quality of communication is a particular feature of our audit process. Underpinning our audit approach is a commitment to no surprises, with early advice on any potential issues. The amount of time we spent on site and the frequent and interactive exchange of views builds a stronger working relationship, brings fresh perspectives and the early identification of emerging issues.

We are confident in the technical abilities of our lead audit engagement partners, who have the extensive experience and authority to make accounting decisions that commit the firm. This empowerment of our partners, the collegiate nature of the firm and regular consultation with our clients means that our response to accounting issues that arise during the audit is prompt, decisive and consistent.

Technological Supports and Resources

The audit practice provides high quality service to a growing list of prestigious clients. Our technology tools and resources support us in creating the unmatched audit experience for our clients and for our people. Our technology tools allow our people to leverage resources from across the firm. Our proprietary software tools and knowledge-based applications bring the power of knowledge to our audit.

Our professionals are equipped with comprehensive information on industry trends and the business issues that are faced by any organization.

We in Pakistan offers the audit industry’s most technologically empowered audit. Our existing audit electronic functionality namely Audit is being significantly enhanced with the global roll-out of additional technological developments the most significant amongst these is the area of Data & Analytics.

Fully customizable electronic workflows offer industry-leading audit design flexibility for our firms’ engagements whether it is a major international group audit (Financial Statements Audit Workflow -FSA) or a small scale audit for a small or medium enterprise (Small engagements workflow).

Using an intuitive advanced interface, We as auditors now have leading industry knowledge and auditing standards guidance integrated into the audit process to enable the audit process to be optimized for each client.

This functionality builds on our existing reputation as market leading providers of tailored and efficient audits.

Audit brings the power of Our collective wisdom, industry knowledge, and technical skills to our firm’s clients on every audit engagement using advanced and secure technology tools.

Quality, Integrity and Independence

We have own quality procedures in place to which all member firms adhere, as well as being subject to external review by the Institute of Chartered Accountants of Pakistan. In addition, all our relationships are assessed by an independent Client Service Review, where we obtain direct feedback from the client on the overall quality of Our services and relationships.

We take rigorous steps to help ensure that potential conflicts are carefully and effectively managed. Sentinel, unique to us, is a sophisticated and automated independent tracking system, helping engagement teams review, approve and verify Our service relationships with business entities worldwide. The system is mandatory for the client service teams of all clients and is fully compliant with Sarbanes Oxley and other regulatory requirements.