The use of accounting and audit firms in Pakistan

Financial accounting is important for nay business, as it is used to keep records of all the business transactions that take place. Without proper record keeping a majority of the data would be lost. The managers could have used the information to keep track of business performance, about the asset and liabilities of the business. This would enable the business manager to compare the performance of the business, and evaluate how the business performance was. These are just some of the uses of financial accounting. Similarly, a business might need the services of auditing firms as well. These auditing firms perform the tasks of official check on the business accounts. As for companies it is requirement by the Securities Exchange Commission of Pakistan, that all the publicly traded companies in Pakistani must have regular audits. Many business are unable to maintain an accounting department, because of high costs associated to it. This is why there are many accounting and audit firms in Pakistan. These audit & accounting services assure your company’s compliance with requirements of applicable laws, financial reporting standards as advised by the Institute of Chartered Accountants of Pakistan. Moreover, these firms will also ensure regulations, rules, contracts, or grants of your organization are in line with the laws. The most common audit & accounting services provided accounting and audit firms in Karachi is accounting itself. The accounting is a range of services designed to provide proper preparation of company accounts, whether it be at the financial year end or on a monthly basis. Services include but are not limited to general ledger and financial statement preparation, they can also help on  accounting system design and implementation, cash management & forecasting of future cash flows, and strategies to improve those, and depreciation & asset tracking.Whereas the other service provided by accounting and audit firm in Karachi, they will review the compilation. These services are provide to your company to help it to comply with the statutory requirements,. As it is required by the Securities Exchange Commission of Pakistan that publicly traded companies must publish audit reports, and from these there are other non-auditing services that are provided. Such as advisory services, which can give you critical information for making balanced and rational decisions about your business. Audits independently verify by sight, confirmation, discussion with management, assessment of internal controls used in the organization and analytical procedures to help business plan for future, and check if company's financial reports are substantively correct. Reviews are consist predominantly of an assessment of the company's books and records by the performance of analytical tests. These are done through the calculation of certain financial tests and ratios.