Multiple uses of audit reports

The importance of Audit firms is at times left undermined. There are numerous times where audit firms have played a vital role in the life of a company or the organization.  The audit firms are not just the company who look into accounts, but the reports of these auditing firms can highlight or raise the questions on the integrity of the business, and similarly in the same way, an audit report can also improve the integrity of the business.

Audit firms in Pakistan, are used by business for one main purpose and that is to maintain the compliance requirement by the securities exchange commission of Pakistan. These audit reports are a mandatory requirement for all the publicly traded companies. Without publishing the auditor’s report, the company can face strict action by the law enforcement. This is the main reason why businesses use audit firms in Pakistan, but there are other uses as well of audit firms, that many business managers fail to see and this article will try to highlight some those facts.

Auditing other than a regular check and balance on the accounts of the business, also help the business managers to determine if there is any fraud taking place internally. Such as, if an owner of a medium sized business, who is not aware of the accounts management, and accounting standards, but is skilled in other business departments, the owner can be at risk of being tricked by the business’s accountant, by improper presentation of facts and figures, this is why the auditor will help the business owners, in assuring that there is true presentation of facts and figures taking place in the business.

Another important task that these auditor’s report do is, that they help in the valuation process of any asset or the business itself. If anytime, the business owner decides to sell the business, without auditing reports from audit firms in Pakistan, it would take time, because the valuation process will start then, as the potential buyer would want to what they are investing in. If, there are audit reports, they speed up the process in the sense that these reports would be trusted by the buyer of the business, and hence would know that whatever is in the business accounts, it is true and factual. Moreover, report of audit firms in Pakistan, can also help businesses to obtain bank loans, these will help the bank know that the stated amounts in the accounts of the business are true, and it would help the business obtain a loan.

If your business is looking for an audit firms in Karachi, Sayub & co. is the name you could trust, it has been providing services to the business for the past 25 years, which has enabled it to be more than qualified to provide such services. To find out more about auditing services contact us today.