Risk assessment
Key risks and processes identified and ranked.
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Internal audit tells owners and boards whether controls are working before losses, fraud or compliance failures show up in the accounts. We provide outsourced, risk-based internal audit for Pakistani businesses: planning, testing, reporting and follow-up, sized to your operations and reporting to you or your audit committee.
In a growing business, the people who approve, record and pay are often the same few individuals, and controls that worked when the business was small stop working without anyone noticing. Internal audit is the regular, independent check that finds those gaps early.
Internal audit is an independent review of how a business manages its risks, controls and processes. Unlike a statutory audit, which gives an opinion on the financial statements, internal audit looks inside the business: whether purchases are properly approved, whether vendors are genuine, whether revenue is complete, whether inventory exists, whether payroll is accurate, and whether tax and regulatory obligations are met. Findings are reported to owners, management or the audit committee with recommendations and agreed actions.
For listed companies, the Listed Companies (Code of Corporate Governance) Regulations, 2019 require an effective internal audit function reporting to the audit committee, and allow that function to be outsourced to a suitably qualified firm. For private companies, family businesses and NGOs, internal audit is voluntary but increasingly expected by banks, investors and donors. Our approach follows recognised internal auditing practice: a risk assessment, an annual plan, fieldwork based on testing samples against controls, a clear report and follow-up of every agreed action.
Each review follows the same pattern. We walk through the process with the people who run it, document how it actually works, identify the key controls, and test a sample of transactions against them. Each finding is rated by risk, with the root cause explained and a practical recommendation agreed with the process owner, including who will act and by when. At the next review we check whether those actions were completed, so the report becomes a tool for improvement rather than a document that is filed and forgotten. Independence matters, so where we also keep a client's books, we agree safeguards on scope with the owners or audit committee.
Internal audit findings often point to accounting or system weaknesses. Our accounting system setup and management accounting teams can help fix them, and tax control gaps can be addressed through a tax compliance review.
A fixed annual fee for the agreed plan, or a fee per review.
Key risks and processes identified and ranked.
Reviews scheduled across the year.
Purchasing, vendor and payment controls.
Sales, credit and collections controls.
Stock counts, valuation and movements.
Joiners, leavers and pay accuracy.
Withholding, sales tax and SECP compliance.
Findings, ratings and agreed actions tracked.
These control gaps appear in businesses of every size.
One person can approve, record and pay without a check.
We redesign controls.Vendor masters without checks allow improper payments.
We test vendor data.Gaps between dispatch and invoicing mean lost revenue.
We test completeness.Book and physical stock that do not agree.
We test counts.Former employees or incorrect pay still on the payroll.
We test payroll.Withholding missed on payments creates section 161 exposure.
We test tax controls.A cycle that repeats each year and improves each time.
We understand your business and concerns.
Agreed for the plan or review.
Risk assessment and annual plan approved.
Reviews performed and reported.
Agreed actions tracked to closure.
Outsourced internal audit function.
Independent checks as the business grows.
Inventory, production and procurement.
Credit control and stock movement.
Donor-funded controls and procurement.
Group policy compliance locally.
A qualified, independent team without the cost of a full in-house department.
Effort focused where the risk is highest.
ACCA and ICAP Chartered Accountant qualifications and an FBR-registered income tax practitioner.
Tax controls tested as part of the plan.
Fixes your team can actually implement.
Clear ratings and agreed actions.
Agreed before work starts.
Have a question that is not here? Send it to us on WhatsApp and we will reply the same day.
Tell us about your business and your main concerns. We will propose a risk-based plan and a fixed fee.
Book your free consultationThis page is general information about our services, not tax, legal or financial advice for your specific situation. Laws, rates and deadlines change with each Finance Act and official notification.