Stakeholders and business

Keeping and maintaining records is one thing, and having them validated is another thing. Validation of accounts of the business is done through the help of audit firms. These audit firms in Pakistan provide businesses with auditors who then prepare an auditing report for the businesses. Both incorporated and unincorporated businesses can use the services of auditing firms in Pakistan. Due to the fact that it is required by the Securities Exchange Commission of Pakistan that all the publicly traded companies must publish the auditor’s report along with the annual financial statements.

Although, it is a requirement, the auditor report serves many purposes and has many uses. The use of an external auditor will help the business in ensuring that there are proper rules and regulation maintained by the accounting department. Furthermore, it will enable the managers to see if there has been any fraudulent activity going on or not. As the auditors will investigate the accounts, the transparency of the accounts will be tested, this will also make the internal staff of the company realize that they should be more cautious and avoid making any errors, as the auditor will eventually discover it. The realization of this fact will help the business improve its efficiency and incorporate the sense of responsibility in the employees that they should exhibit.

These audit reports not only creates a sense of responsibility on the employees, but on the managers as well, as the audit report is directed for the use of stake holders, and shareholders being the most important stakeholders of the business, would be able to evaluate the decision making ability of the managers of the business

Sayub & co. is an audit firm in Karachi, it provides both assurance and non-assurance services to its clients. Our  team of auditors will not only help you in obtaining the audit report, but we will also provide consulting based on our findings that will help you improve the business strategies and the business as a whole. With Sayub & co. you will be able get consulting services bases on the audit report that will help you understand your business better. Such as our feasibility study will enable you to know if the expected cash flows are going to have any negative impact on the business. For more information of our services contact us today.

Importance of audit report and audit firms

Audit hold immense importance for businesses, both incorporated and unincorporated. It is a mandatory requirement by the securities exchange commission of Pakistan for the publicly traded companies, which means that companies that have their stocks listed in the Pakistan Stock Exchange must publish audit reports with their annual financial statements for the general public.

The audit report plays other vital roles as well, other than just a requirement by the Securities Exchange commission of Pakistan. Business that are not listed at the stock can also find the audit report useful. This is because an audit report is the evaluation of the business’s financial statements, it is to validate the financial statements published by the business. The audit report can prove to be an assurance for the stakeholders of the business. Such as, lenders, investors, banks, government, shareholders and much more. Each of these stake holders can use the audit report for a different purpose, but it would be because of the fact that they have an interest in business, which the business could use for the development. For example, a lender may be reluctant to lend to the business, because it cannot trust the business. With the audit report, the lender can have an unbiased evaluation of the business, and determine the risk attached to it. The audit report plays a similar role for other stake holders.

The audit report is generated through the help of audit firms, there are various audit firms in Pakistan that can provide services to the business, but the selection of the right audit firm in Pakistan is as important as the audit report. History is evident what could happen when an audit firms do not act according to the required manner, Arthur Andersen, a huge audit firm, faced probes because of the fact that it shredded documents for the audit of Enron.

Sayub & co. is an audit firm in Pakistan, which was established 25 years. Over the year we have evolved ourselves into a modern audit firm in Karachi. As an audit firm, we provide both assurance and non-assurance services to the business. We enable business to generate and true and fair audit report, which is not only beneficial to them but also is beneficial to the stakeholder attached to the business. We have a team of highly qualified chartered accountants, who will perform audit on your business as per the requirements of the Institute of Chartered Accountants Pakistan, and along that we will ensure that the highest of the ethical code is maintained. With Sayub & co. as your audit firm in Karachi, your business will be in safe hands. For more information of our services contact us today

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.

Auditing and beyond

Sayub & co is one of the audit firms in Karachi which was established 25 years ago. Our firm provides a mix of legal and accounting services to the clients. Our team of professionals will help your business managers in coping with different complexities of doing and running a business. One of the major problems for a large corporation is the audit process. There are too many step and stages involved and there is too much dependent on the audit report. As the audit report is a statutory requirement by the Securities Exchange Commission of Pakistan.

For businesses looking for audit firms in Pakistan which can provide assurance services, for the readers and users of the audit report, Sayub & co. is the one your business is looking for. With our experience that we have accumulated with working on different firms, and different industries, our teams are more than capable of carrying out an audit for your business.

The audit report would help you represent the information that needs to be disclosed, this would be done by the team of sayub & co. as per the laws and requirements of the institute of chartered accountants Pakistan. Ensuring that all the ethical and moral codes are followed while the audit is conducted and even after the audit is completed.

Unlike other audit firms in Karachi, there are other services also available at Sayub & co. which would help you in adding value to your business. As a business manager, not only you will be able to provide the information with Sayub & co. but you will also be able to use the information generated through audit for the improvement of your business. These services of Sayub & co. will be provided by the team of advisory services, which would help you to obtain and proper analysis of your business based on the information obtained on the audit. These services may include feasibility studies, tax advisory, due diligence and much more. As business manager, everyone wants to make the right decision for the business, and our advisory services will help you make those decisions, for more information of our services contact us today.

The use of audit report

Audit reports in Pakistan, serve purposes more than just the statutory requirement. In Pakistan it is required by the Securities Exchange Commission of Pakistan, that all the publicly traded companies must publish their audit reports along with their financial statements. How an audit report is made is a different discussion, but what the following paragraphs are going to discuss is the use of the audit reports to highlight the importance of audit for businesses. An audit report derived when an external auditor checks the accounts of the business for any potential error and fraud. The auditor then creates a report, stating the facts, reasoning and the result of the tests the auditor had conducted. This report from an external auditor helps the stake holders.

For a layman, it is very hard to go through and assess the published accounts of the business, before making an investment in the business. The commissioned audit reports help from the audit firms in Pakistan, helps the layman understand the business activity. The audit report helps the reader have an inside look of the business from an unbiased and professional point of view. As the audit report is the opinion of the auditor.

This opinion or the audit report does not only help build trust of the layman, but also helps business attract new investors. If the business have been involved in getting audits in the past then these audit reports will help the business present true and fair value of the business. Creating ease during mergers and acquisitions. This flow of information can go both ways. It can also help the business looking to invest in other businesses, the audit report will help in assessment of the value of the business.

One other role that audit reports play, is help the business in legal matters. If any time in the future the business is under probe by government, or any other individual, the audit report will help clarify  the business position.

Sayub & co. is one of the audit firms in Karachi which will help your business in obtaining an auditor report. Sayub & co. was formed in 1992, and it has since maintained the level and quality of service it has been providing. For more information about our services please contact us today through email or phone.

Purpose of audit firms in Pakistan

In our country, businesses used to often rely on accountants from the audit firms in Pakistan to assist in reconciling the business accounts, preparing and adjusting the journal entries and writing financial statements for the business.

Small and medium organizations, to be particular often lack the level of accounting sophistication which is needed to carry out these tasks. Relying on the audit firms in Pakistan often made sense from the perspective of efficiency and cost containment.

However, there is an increased focus towards standards and regulation, that must be followed by businesses. Moreover, it is a requirement for incorporated business which are traded publicly on the stock market. This is why businesses need to use audit firms for their purpose.

What audit firms in Pakistan do?

External audit firms in Pakistan play a critical role in validating an organization’s financial information. If a party discovers that an auditor failed to detect material misstatements, it reflects poorly on the firm and the profession in general. For that reason, accounting bodies in Pakistan release auditing standards and expectations to define the role of external audit firms in Pakistan.

The outside, independent audit firm is engaged to render an opinion on whether an organization’s financial statements are presented fairly, in all material respects, in accordance with financial reporting framework of Pakistan. The audit provides stakeholders, such as lenders and investors with an enhanced degree of confidence in the financial statements. An audit conducted in accordance with Institute of Chartered Accountants Pakistan relevant ethical requirements enables the auditor to form that opinion.

To form their opinion about the organization, the auditor gathers appropriate and sufficient evidence and observes the organization, tests are conducted, comparisons are made and confirmation is not made until gaining reasonable assurance. The auditor then forms an opinion of whether the financial statements of the organization audited, are free of material misstatements, whether due to fraud or error.

Sayub & co. is an audit frim in Karachi, which has been performing audits for various organization over the past. The following is the list of audit procedure:

• Gathering information from management and others to gain an understanding of the organization itself, and the operations, financial reporting standards, and find fraud or error
• Evaluation and understanding of internal control system of the organization
• Analyzing procedures on expected or unexpected variances in account of the organization, with balances or classes of transactions
• Test the documentation supporting account balances or classes of transactions
• Taking physical count
• Confirmation accounts receivable and other accounts from a third party

After the completion of the audit, the auditor may also offer objective advice for improving financial reporting and internal controls to maximize a company’s performance and efficiency.

The auditing process

Businesses both incorporated and unincorporated need audit firms in Pakistan. The need is not only derived because it is statutory requirement by the Securities Exchange Commission of Pakistan. The process of audit reports can serve many purposes. The use of an external audit firm in Pakistan, is necessary for Pakistan based companies, because the audit would be conducted according to the local laws and regulation that have to be implemented while auditing.

The audit process starts long before the, audit could actually begin. The first stage is planning for audit, in this stage the auditors and company’s executives meet and discuss the scope of the audit. The auditors discuss about the internal controls of the company, information is gathered, existing controls are evaluated, and then further steps of audit are planned. Before the audit could start there is an announcement letter, in which client is informed about the commencement of the audit. This is followed by an initial meeting, in which the unit, or the organization to be audited is described by the client. Next in the process of auditing, is the preliminary survey by the auditors, it is to gather information about the organization, information about the operations. This is done by auditors so that they can have a general idea about the organization. After this the internal control review starts which is time consuming, because a lot of information is gathered. After the completion of these stages, when the auditors have enough information. They audit starts.

The audit must be completed within a given time period. When the audit report has been completed, a draft is first discussed by the management of the audit, before it is presented to the client.  This is to ensure that the audit was completed in an ethical and legal manner, and that the audit report has covered the spectrum it is expected to. After the draft presentation process is completed, the exit conference starts. Where the auditors meet with the management to discuss and validate the facts of the audit report. After the audit report is completed, there are many discussion stages that follow. After these discussions and meetings, a formal draft of the audit report is created.

The formal draft of the audit report must include the findings of the audit, recommendation, and action plan. In the formal draft there are revisions made from the findings of the exit conference, and then changes are made, and the formal draft is sent to client. After the changed have been reviewed by the client and the audits, the final report is issued.

If your business is looking for a trusted audit firm in Karachi. Sayub & co. is the name you could trust. Our team of auditors will perform the above mentioned tasks with diligence and in according to the legal requirement of the Institute of Chartered Accountants of Pakistan. For more information about our auditing services contact us today.

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.

Audit for all

Audit means a different thing for different companies, it depends on their status. If a business is incorporated in Pakistan, and is a publicly traded company. Then it must follow the guidelines of the securities exchange commission of Pakistan. Which means such companies must perform external audits regularly, for the protection of their stake holders. This why for many companies the audit might a mere compliance fulfillment on its behalf, and this is the only reason why they use the services of audit firms in Pakistan. We at Sayub & co., one of the most renowned audit firms in Karachi, firmly believe that an audit report can serve many aspects other than just the legal compliance set by the securities exchange commission of Pakistan. Sayub & co. has been in the business for 25 years, and over these years Sayub & co. has developed skills and knowledge that will help your business in many accounting processes including audit reports.

We at Sayub & co. believe that there are many more purposes of audit reports, as working as one of the audit firms in Karachi, it has certainly enlightened us on some of the other uses that are available for audit report which we have over time seen that many businesses do use.

An audit report, irrespective of your business status can serve many purposes for your business. This is why we have been providing audit services to business of any size. An audit report is prepared by auditor which they prepare after reviewing the company’s status. Auditors go throw the companies accounts and look for errors, or any fraudulent activities that the business might have incurred. As a result of an external audit report, many stake holders use the report to make many decisions regarding the business. Let’s say for example, a business owner is looking for a potential buyer to sell their business to. The buyer might be interested in business, and to make the final decision it would need to review the business accounts and financial positions. The audit report of accounts would act as proof of what the company has presented in their accounts. Is it true or there have been sort of fraud that has taken place? The audit report will ensure about fairness of the presentation of the fact. Similarly banks might be interested in the auditor’s report for the same reason, to see the financial position of the business, what are the assets of the business? It could be used to decide what is value of the business. The owners and managers could use the auditor report to see how the business have been performing, and the business accounting presentation is free from flaws and frauds.

It is clear that business can use the audits report for many other reasons. If this information has made you interested in an audit of your business, then contact Sayub & co. today for more information.

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.

The importance of regular audits

Services of audit firms are very important for any organization. Sayub & co. is an audit firm in Karachi, and understands the importance of auditing. Many businesses have internal audit committees, to keep a regular check and balance, but audit service from auditing firm is a bit different than those audit conducted internally by the organization itself.

Firstly, external audit reports are required, and are mandatory requirement for all publicly traded companies in Pakistan. The Securities Exchange Commission of Pakistan has made it mandatory for public companies to publish their audit reports. These audit reports must be obtained through an external auditor, who will then use the audit reports to inform the stakeholders of the organization. The audit report contains the auditors review and opinion for the organization from an auditor. This is to reflect the company’s position and activities that organization has been carrying out. The auditor’s report could directly affect the interest of investors, because it shows the reputation of the company/organization. The better the review the more interest of investors will be developed and vice versa, this is because, an auditor looks into transactions, accounts, assets, investments of the organization, and then matches everything stated by the organization in their accounts.

Other maintaining organization’s integrity for investors, audit reports are used for other purposes as well. It will help in valuation of the organization, if the owners are planning to sell their organization, the auditors evaluation of the assets of the organization will help the buyers place a value for the assets based on the auditor’s report. This will help at arriving at affair value for the organization.

An audit report could also help in court, and taxation. If the organization is under any court ordered investigation, the auditor’s report could help the organization present in the court, and as result of which it will be able to maintain its integrity in the court.

Sayub & co. is one of the renowned audit firms in Pakistan, it can help your organization with audit reports, it has a team of qualifies Chartered accountants, who will help your organization in obtaining a verified auditor’s reports. Which help you maintain compliance, and as well as other benefits that your organization can derive from the auditor’s reports. For more information contact now.

Sayub & co for you

The importance of audit reports is far more than just a compliance requirement by the securities exchange commission of Pakistan. Audit reports can provide a lot more than just being a regular check on the accounts. This depends majorly on the fact that who is preparing the audit report for your company. There may be many audit firm in Pakistan, but there are few which offer value added services along with audit report. Selection of audit is very important for the future use of audit report.

Sayub & co. which is an audit firm in Karachi, can be answer to your prayers. Sayub & co. offer a range of services which proves that auditing more than just a compliance requirement. Sayub & co. also offers advisory services, the data for these services will be mainly generated by having deep information about your company, and that will be done by the audit report. It is not just a check on the process of preparing financial statements, or the check for any fraudulent activities, but it is core review of the financials of the company. This review will not only help us generate information, but it will also help you plan ahead for future of your business. You will be able to understand your business better, along with potential investors and lenders. These audit reports will also act as a shield against any court orders and during investigations by the government, these could prevent any loss of confidence, and trust of potential investors for your business.

If you choose Sayub & co. as your audit firm, you would be avail their accounting and legal services as well. Our team of professional can help you in registration of different taxes, registration of your business. Talking about accounting services we will help you in restructuring of your business, fixed asset management, preparation of tax reports and also help in day to day accounting. These services will altogether help you in taking better decisions for your business, you will enabled to add value to your business. For more information and to manage your business into a strategical safe hands, contact Sayub & co.  

More than just a requirement

In Pakistan it is required by the Securities Exchange Commission of Pakistan for publicly traded companies to publish an auditing report. This auditing report must be generated with the help of an external auditing firm. Which is supposed to visit and monitor the account of the company, and ensure that the company had followed all the rules and regulations while drawing up their annual financial statements. Moreover, it is to discover that here are fraudulent activates taking place within the company, as with publicly traded companies, there are a number of stakeholders attached to it. Non-disclosure of such facts could hurt the investors’ confidence, and also affect other stakeholders.

Sayub & co. is audit firm in Karachi. We believe that audit is more than just requirement in today’s world. Audit report dies have certain advantages to the businesses as well. For example, regular audit reports could help the owners in finding a buyer for their business, as the audit reports would be supporting the financial statements.  Moreover, these audit reports would 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 asset and then the business will be able to make a claim. The functions of audit reports go far beyond then just fulfilling a compliance or regulatory requirement. The audit report will certainly help in attaining a business loan, financial institutions give loans on the basis of audited statements. A business organization may be able to obtain loan considering the audited statement of last five years. So, an organization should have audit reports. Audit reports also help with tax assessment for the business, business can also plan for the future with the help of audit report, as it is representation of true position of the business, it can certainly provide figures and estimation for the future. It can also be used to help in court related matters, the audit report can be used to present facts and figures that can help in the determination of the case.

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.