Statutory Audit in Pakistan readiness and support for your company's annual audit

A smooth audit is mostly prepared before the auditor arrives

Audits run late and cost more when the books are not closed, schedules do not agree and supporting documents are scattered. Most of the delay in a Pakistani statutory audit happens on the company's side of the table, and that is the side we fix.

Under the Companies Act, 2017, a company's annual financial statements must be audited by an auditor appointed under section 246, who reports to the members under section 249. Only persons qualified under section 247 can act as auditor: in general, a practising chartered accountant or firm of chartered accountants, with cost and management accountants permitted for private companies below the paid-up capital limit in the law. The audited statements are laid before the annual general meeting, which must generally be held within 120 days of the year-end, and are then filed with SECP. The financial reporting framework, whether full IFRS, IFRS for SMEs or the framework for small entities, depends on the company's classification under the Act.

Our role is audit readiness and support, not the audit opinion itself. We close and reconcile your books, prepare draft financial statements and notes, build the schedules auditors ask for, answer their queries and help you resolve adjustments and management letter points. Because we also handle your tax, the tax balances, deferred tax and related disclosures are prepared consistently with your returns. We also keep a list of every point your auditor raises, so that next year's audit starts with those already resolved.

After the audit, our corporate team handles the SECP annual returns and other SECP filings. If your books need work first, our financial statements preparation service is the place to start.