Audit & Assurance

Audit

Audit is an independent examination of financial statements of the entity to express an opinion on the fairness of the financial statements prepared in accordance with applicable financial reporting framework.

Why Audit?

The audit is required by the applicable legal framework of the entity. In Pakistan all companies are required to get their annual financial statements audited from an independent auditor.

Benefits of Audit

Apart from compliance with legal requirement, an audit also enhances the degree of confidence of intended users in the financial statements which mainly includes shareholders, employees, customers, suppliers, lenders, tax authorities and other regulatory authorities.

Our Services

JASB & Associates, a member of KS International; is a registered Chartered Accountant firm licensed by Institute of Chartered Accountants of Pakistan to undertake public practice. JASB has been issued a “Satisfactory QCR Rating” by Institute of Chartered Accountants of Pakistan.

JASB has the knowledge and experience to facilitate our clients with complex financial accounting issues. We have audit experience of best companies and other organizations in all economic sectors including MNCs and local well reputed groups.

Our audit approach is exclusive focused upon our extensive industry knowledge, applicable financial reporting framework, and industry best practice to enhance the credibility of financial statements for its intended users.

We render high-quality and cost- competitive services to our audit clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to;

Preparation of financial statements in accordance with applicable financial reporting framework including IFRS & other applicable standards
Suggestions to improve internal controls applicable over financial reporting and other functions

Cost Audit

Cost Audit, is the independent examination of cost accounting records of the Companies by independent auditor who shall be Chartered Accountant or Cost & Management Accountant.

Why Cost Audit ?

Cost audit is also a statutory requirement following companies engaged in the following sectors namely;

Vegetable Ghee & Cooking Oil Industry
Cement Industry
Sugar Industry
Chemical Fertilizer Industry
Synthetic & Rayon Industry

Benefits of Audit

Apart from compliance with legal requirement, a cost audit also enhances the degree of confidence of intended users in the cost accounting records of the Company which mainly includes shareholders, employees, customers, suppliers, lenders, tax authorities and other regulatory authorities.

Our Services

JASB has the knowledge and experience to facilitate our clients with complex cost accounting issues. We have audit experience of best companies and other organizations in all economic sectors including MNCs and local well reputed groups.

Preparation of Cost Report in accordance with applicable financial reporting framework & other applicable standards
Suggestions to improve internal controls applicable over cost accounting and other functions.

Limited Assurance/Review Engagements

The objective of a limited assurance engagement is a reduction in assurance engagement risk to a level that is acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable assurance engagement, as the basis for a negative form of expression of the practitioner’s conclusion. In these engagements the auditor applies analytical procedures to assess the fairness of account balances and transactions.

Why Limited Assurance/Review ?

Limited Assurance/Review Engagement is usually required in following cases;

By law i.e. Half yearly financial statements of the listed companies are subject to limited review
Merger, amalgamation etc.
Acquisition etc.
Any other case where management may decide to get negative assurance instead of reasonable assurance due to time limitation and cost effectiveness.

Benefits of Limited Assurance/Review Engagements

Apart from compliance with legal requirement, a Limited Assurance/Review Engagement also enhances the degree of confidence of intended users in financial statements of the Company which mainly includes shareholders, employees, customers, suppliers, lenders, tax authorities and other regulatory authorities.

Our Services

Our Limited Assurance/Review Engagement approach is exclusive focused upon our extensive industry knowledge, applicable financial reporting framework, and industry best practice to enhance the credibility of financial statements for its intended users.

We render high-quality and cost- competitive services to our assurance clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to;

Preparation of financial statements in accordance with applicable financial reporting framework including IFRS & other applicable standards

Suggestions to improve internal controls applicable over financial reporting and other functions

Agreed Upon Procedure Engagements

An engagement in which an auditor is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. The recipients of the report form their own conclusions from the report by the auditor. The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures may misinterpret the results.

These engagements may be initiated for whole financial statements or any one or more component of financial statements. These engagements may also be executed for financial or non- financial information.

Why Agreed Upon Procedure Engagement ?

Agreed upon Procedure Engagements are usually required in following cases;

By law i.e. system audit, IT Audit etc.
Accounting & Tax Due Diligence
HR, IT, Legal Due Diligence
Internal Audit
Forensic Review
Reconciliations
Physical Verifications etc.

Any other case where management may decide to apply certain audit procedures in certain area to find out factual report.

Benefits of Agreed Upon Procedure Engagements

Apart from compliance with legal requirement, an Agreed Upon Procedure Engagement also enhances the degree of confidence of management to fix the factual position in selected area. It facilitates the management in meeting its objective to remove the weaknesses through improvement in system of internal controls.

Our Services

JASB has the knowledge and experience to facilitate our clients with complex business accounting issues. We have audit experience of best companies and other organizations in all economic sectors including MNCs and local well reputed groups.

Our Agreed upon Procedure Engagement approach is exclusive focused upon our extensive industry knowledge, applicable financial reporting framework, and industry best practice to enhance the credibility of financial statements for its intended users.

Factual Reporting in light of applicable financial reporting framework including IFRS & other applicable standards
Suggestions for improvement on the basis of international best practices as well as local customs and standards.

Certifications

An engagement, where a professional accountant/auditor is required to certify the compliance with certain laws & regulations to enhance the credibility and authenticity of subject matter.

These engagements may be initiated for whole financial statements or any one or more component or transactions of financial statements. These engagements may also be executed for financial or non- financial information.

Why Certifications ?

Certifications are usually required in accordance with certain laws & regulations. Following are few examples;

Freight Remittance;
Dividend Remittance;
Royalty/ Fee for Technical Remittance etc.;
Book/Breakup Value Certification
Swap Ratio Certifications
Net Capital for brokerage industry
Reserves Certificate for Bonus Issue
Other certifications

Benefits of Agreed Upon Procedure Engagements

Apart from compliance with legal requirement, certifications also enhance the degree of confidence and credibility of information for its intended user mainly regulators.

Our Services

JASB has the knowledge and experience to facilitate our clients with complex business accounting issues. We have certification experience of best companies and other organizations in all economic sectors including MNCs and local well reputed groups.

Our Certification Engagement approach is exclusive focused upon our extensive industry knowledge, applicable financial reporting framework, and industry best practice to enhance the credibility of information for its intended users.

Certifications as per format prescribed by relevant laws as well as compliance with guidelines issued by Institute of Chartered Accountants of Pakistan.
Suggestions for improvement on the basis of international best practices as well as local customs and standards applicable to information subject to certification.

Others

There are different types of needs for different types of entities and business, which may include the following

Review of Projected Financial Statements
Management Audit
Forensic Reviews
Reconciliations of various head of accounts
Data entry of backlog data
Business Process re-engineering
Professional/expert advices on implementation of applicable financial reporting framework in complex transactions
Review of policies and procedures, documents, agreements etc.
Physical verification & counting of inventories, fixed assets;
Secondment of professional staff for short term needs etc.

The client needs the services of the professional accountant’s depending on the specific scope of the engagement. The engagement will be carried in accordance with best applicable standard to meet client’s objective.

Why are these needed?

It depends on the nature of engagements and its need. The client may require these in any of the following situations;

Outgoing shareholders of a private company may need the independent certification of projected financial statements to determine business worth.
An auditor may require the management to get independent certification of business valuation of its un-listed investment.
An Auditor may require the management to get independent certification of projected financial statements to records deferred tax assets.
A dispute among partners on profit sharing may be referred to independent certification of profits.
In acquisition, the management may need to have independent verification of fixed assets or stocks/inventories etc.
The Company is switching over jasb accounting system and existing staff is pre-occupied with existing task, the management may get professional staff on short term basis from chartered accountant firm.

Benefits of Engagement

The independent verification and certification would enhance the degree of confidence and credibility of information for its intended users.

Our Services

Client’s specific need of the engagements and
Suggestions for improvement on the basis of international best practices as well as local customs and standards applicable to information subject to certification.