Use of audit reports

There are certain requirements that the organization must fulfil. Of which the most important one is that Securities Exchange Commission of Pakistan has made it mandatory for publicly traded companies to publish an auditing report. The auditing report must be obtained from external auditing firm.

The auditors are supposed to visit and monitor the account of the company, and ensure that there was no breach in the ethical code and the laws that were required while annual financial statements were made. It is to discover that if there are any fraudulent activates taking place within the company as with publicly traded companies, there are a number of stakeholders attached to it, non-disclosure of important facts and figures could hurt the investors trust and their investment while impacting other stakeholders.

However, an audit report proves to be useful in other cases as well. Sayub & co. is audit firm in Karachi. We believe that audit is more than just requirement in today’s world. Audit report does have certain advantages to the businesses. For example, regular audit reports could help the owners in finding a buyer for their business. The audit report could be used by the interested buyer to see integrity of the business. An audit report, which is in line with the financial statement of the company, would help in improve the interest of the buyers, and trust in the business. Which could help in business deal.

These audit reports also help in compensation, incase if there are any insurance claims to be made. The audit reports will then act as a proof for the lost assets and the business will be able to make a claim. functions of audit reports go far beyond then just fulfilling a compliance or regulatory requirement. Furthermore, an audit report will certainly help in attaining a business loan, financial institutions give loans on the basis of audited statements. This is because of the fact that financial statements could be fraudulent and the audit report could prove the authenticity of the financial statements. Therefore, an organization should have audit reports, because of the numerous uses it has If you are looking for an auditor in Pakistan, Sayub & co. is one of the trusted audit firms in Pakistan, contact today for more help.