Audit and 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.

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.
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.
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 u201cSatisfactory QCR Ratingu201d by Institute of Chartered Accountants of Pakistan.nnJASB 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.nnOur 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.nnWe 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;nnnPreparation of financial statements in accordance with applicable financial reporting framework including IFRS & other applicable standardsnnSuggestions 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.

Cost audit is also a statutory requirement following companies engaged in the following sectors namely;nnVegetable Ghee & Cooking Oil IndustrynCement IndustrynSugar IndustrynChemical Fertilizer IndustrynSynthetic & Rayon Industry
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.
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 u201cSatisfactory QCR Ratingu201d by Institute of Chartered Accountants of Pakistan.nnJASB 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.nnOur audit 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.nnWe 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;nnPreparation of Cost Report in accordance with applicable financial reporting framework & other applicable standards.nnSuggestions 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.

Limited Assurance/Review Engagement is usually required in following cases;nnBy law i.e. Half yearly financial statements of the listed companies are subject to limited reviewnMerger, amalgamation etc.nAcquisition etc.nAny other case where management may decide to get negative assurance instead of reasonable assurance due to time limitation and cost effectiveness.
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.
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 u201cSatisfactory QCR Ratingu201d by Institute of Chartered Accountants of Pakistan.nnJASB 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.nnOur 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.nnWe 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;nnPreparation of financial statements in accordance with applicable financial reporting framework including IFRS & other applicable standardsnnSuggestions 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.

Agreed upon Procedure Engagements are usually required in following cases;nnBy law i.e. system audit, IT Audit etc.nAccounting & Tax Due DiligencenHR, IT, Legal Due DiligencenInternal AuditnForensic ReviewnReconciliationsnPhysical Verifications etc.nnAny other case where management may decide to apply certain audit procedures in certain area to find out factual report
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.
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 u201cSatisfactory QCR Ratingu201d by Institute of Chartered Accountants of Pakistan.nnJASB 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.nnOur 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.nnWe 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;nnFactual Reporting in light of applicable financial reporting framework including IFRS & other applicable standardsnnSuggestions 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.

Certifications are usually required in accordance with certain laws & regulations. Following are few examples;nnFreight Remittance;nDividend Remittance;nRoyalty/ Fee for Technical Remittance etc.;nBook/Breakup Value CertificationnSwap Ratio CertificationsnNet Capital for brokerage industrynReserves Certificate for Bonus IssuenOther certifications
Apart from compliance with legal requirement, certifications also enhance the degree of confidence and credibility of information for its intended user mainly regulators.
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 u201cSatisfactory QCR Ratingu201d by Institute of Chartered Accountants of Pakistan.nnJASB 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.nnOur 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.nnWe 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;nnCertifications as per format prescribed by relevant laws as well as compliance with guidelines issued by Institute of Chartered Accountants of Pakistan.nSuggestions 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 advice 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.

It depends on the nature of engagements and its need. The client may require these in any of the following situations;nnOutgoing shareholders of a private company may need the independent certification of projected financial statements to determine business worth.nAn auditor may require the management to get independent certification of business valuation of its un-listed investment.nAn Auditor may require the management to get independent certification of projected financial statements to records deferred tax assets.nA dispute among partners on profit sharing may be referred to independent certification of profits.nIn acquisition, the management may need to have independent verification of fixed assets or stocks/inventories etc.nThe 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.
The independent verification and certification would enhance the degree of confidence and credibility of information for its intended users.
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 u201cSatisfactory QCR Ratingu201d by Institute of Chartered Accountants of Pakistan.nnJASB 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.nnOur 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.nnWe 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;nnClientu2019s specific need of the engagements andnSuggestions for improvement on the basis of international best practices as well as local customs and standards applicable to information subject to certification.