Framework check
Classification and reporting framework confirmed.
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An auditor can only audit the financial statements you give them. We prepare complete, framework-compliant financial statements, notes and disclosures for your financial statement audit, with every balance supported, so the audit focuses on testing rather than rebuilding your accounts.
Auditors spend much of their time on balances that were estimated, mis-classified or never reconciled, and on disclosures that are missing. Prepare the statements properly, and the audit becomes a test of good work rather than a search for errors.
A financial statement audit is an independent examination of a complete set of financial statements, leading to an auditor's opinion on whether they give a true and fair view in accordance with the applicable financial reporting framework. For companies in Pakistan, the framework is set by classification under the Companies Act, 2017: full IFRS as notified by SECP for larger and public interest companies, IFRS for SMEs for medium-sized companies, and the framework for small entities for small companies. The Fourth and Fifth Schedules to the Act add specific disclosure requirements for different kinds of companies.
Preparing statements that can be audited means more than producing a trial balance. Revenue must be recognised under the correct standard, property and equipment depreciated and tested for impairment, receivables assessed for expected credit losses where IFRS 9 applies, leases accounted for, provisions estimated, current and deferred tax computed, related parties disclosed and every balance supported by a reconciliation or confirmation. We prepare that full set, with working papers that show how each figure was arrived at, and support you through the audit itself, which is performed and signed by your appointed auditor.
We start from last year's audited statements and the auditor's management letter, so known issues are dealt with first. Each line in the new statements is linked to a lead schedule, and each lead schedule to its supporting reconciliation, invoice listing or confirmation. Disclosures are checked against a completion checklist for the framework and schedule that apply, and the tax note is tied to the computation behind your return.
This service is about the statements; for the wider audit process, see statutory audit support. Monthly reporting that keeps you audit-ready all year is available through our financial accounting service, and detailed preparation through preparation of financial statements.
A fixed fee per set of statements, agreed after review.
Classification and reporting framework confirmed.
All primary statements prepared.
Policies, judgements and schedule disclosures.
Depreciation, impairment, credit losses and provisions.
Current and deferred tax prepared.
Transactions and balances identified and disclosed.
Support for every balance.
Auditor's proposals reviewed and posted.
These issues cause adjustments, delays and qualified opinions.
Using full IFRS or IFRS for SMEs incorrectly for your classification.
We confirm it.Required notes under the Fourth or Fifth Schedule left out.
We use checklists.Provisions and impairments without a basis.
We document estimates.Temporary differences not accounted for under IAS 12.
We compute it.Undisclosed related party transactions are a common finding.
We identify them.Cash flow statements that do not reconcile to the balance sheet.
We reconcile them.Done after year-end close, before fieldwork.
We check last year's statements and audit points.
Agreed for the year.
Statements, notes and working papers.
Auditor queries answered.
Adjustments posted and final set issued.
Annual statements for audit and filing.
Subsidiary statements and consolidation support.
Local statements alongside group reporting.
Statements investors will read closely.
Statements for members and donors.
Statements for PSEB, banks and tax.
Accounting standards, tax and company law handled together.
IFRS, IFRS for SMEs or small-entity framework applied correctly.
ACCA and ICAP Chartered Accountant qualifications and an FBR-registered income tax practitioner.
Current and deferred tax prepared by tax specialists.
Every balance supported.
Files organised the way auditors work.
Agreed before work starts.
Have a question that is not here? Send it to us on WhatsApp and we will reply the same day.
Send us last year's audited statements and this year's trial balance. We will review them and quote 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.