Audit & Assurance

Cost Audit is an independent examination of companies' cost accounting records by a Chartered Accountant or Cost & Management Accountant. Statutorily required for sectors like Vegetable Ghee, Cement, Sugar, Chemical Fertilizer, and Synthetic & Rayon Industries.

Benefits:

Beyond compliance, cost audit boosts confidence for stakeholders - shareholders, employees, customers, suppliers, lenders, tax authorities. It ensures accuracy and credibility in cost accounting records.

Our Expertise:

JASB & Associates, a licensed Chartered Accountant firm, brings a "Satisfactory QCR Rating." With extensive industry knowledge, we provide high-quality, cost-competitive services, including Cost Report preparation and enhancing internal controls over cost accounting functions. 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

Limited Assurance aims to reduce engagement risk to an acceptable level, though higher than reasonable assurance. Analytical procedures assess fairness in account balances and transactions, allowing for a negative expression of the practitioner’s conclusion.

Why Limited Assurance/Review:

Mandated by law for listed companies' half-yearly financial statements, or in cases like mergers, acquisitions, and when time or cost constraints make reasonable assurance impractical.

Benefits:

Beyond compliance, cost audit boosts confidence for stakeholders - shareholders, employees, customers, suppliers, lenders, tax authorities. It ensures accuracy and credibility in cost accounting records.

Our Expertise:

JASB & Associates, a licensed Chartered Accountant firm, brings a "Satisfactory QCR Rating." With extensive industry knowledge, we provide high-quality, cost-competitive services, including Cost Report preparation and enhancing internal controls over cost accounting functions. We do believe in providing value added services to our valued clients with respect to;

• 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.

In AUP engagements, the auditor performs agreed-upon audit procedures, reporting factual findings. Recipients draw conclusions based on the report, which is restricted to parties involved in agreeing on the procedures to avoid misinterpretation.

Why AUP Engagements:

Commonly required by law for system audits, IT audits, accounting and tax due diligence, HR/IT/legal due diligence, internal audits, forensic reviews, reconciliations, physical verifications, or when specific audit procedures are needed in certain areas.

Benefits:

Beyond compliance, cost audit boosts confidence for stakeholders - shareholders, employees, customers, suppliers, lenders, tax authorities. It ensures accuracy and credibility in cost accounting records.

Our Expertise:

JASB & Associates, a licensed Chartered Accountant firm, brings a "Satisfactory QCR Rating." With extensive industry knowledge, we provide high-quality, cost-competitive services, including Cost Report preparation and enhancing internal controls over cost accounting functions.

Certifications involve a professional accountant/auditor certifying compliance with specific laws and regulations, enhancing credibility and authenticity.

Why Certifications:

Essential for legal compliance, certifications cover areas like freight remittance, dividend remittance, royalty/fee for technical remittance, book/breakup value, swap ratios, net capital for brokerage, reserves for bonus issues, and other specific requirements.

Benefits:

Beyond compliance, cost audit boosts confidence for stakeholders - shareholders, employees, customers, suppliers, lenders, tax authorities. It ensures accuracy and credibility in cost accounting records.

Our Expertise:

JASB & Associates, a licensed Chartered Accountant firm, brings a "Satisfactory QCR Rating." With extensive industry knowledge, we provide high-quality, cost-competitive services, including Cost Report preparation and enhancing internal controls over cost accounting functions. We do believe in providing value added services to our valued clients with respect to;

• 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.

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 Required:

Client needs vary based on specific situations, such as determining business worth for outgoing shareholders, independent certification of business valuation for unlisted investments, recording deferred tax assets, resolving profit-sharing disputes among partners, verifying assets or inventories in acquisitions, and obtaining professional staff during a switch to a new accounting system.

Benefits of Engagement

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

Our Expertise:

JASB & Associates, a licensed Chartered Accountant firm, brings a "Satisfactory QCR Rating." With extensive industry knowledge, we provide high-quality, cost-competitive services, including Cost Report preparation and enhancing internal controls over cost accounting functions. We do believe in providing value added services to our valued clients with respect to;

• 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.