Maqbool Haroon Shahid Safdar & Co

 

  • +92 42 3575 9501-3
  • info@mhssco.com
  • Webmail
  • +92 42 35759501-3
  • info@mhssco.com
  • Webmail
  • +92 42 35759501-3
  • info@mhssco.com
  • Webmail

Finance Directors need an auditor they can trust to help them manage risk and improve operations, as well as ensure compliance with regulatory obligations. We know businesses want an auditor who focuses on what’s important, doesn’t reinvent the wheel each year, and is able to reveal useful insights about the business at the end of the audit process. With MHSS, that’s what you will receive.

 

We believe the statutory audit should be viewed as an opportunity, not an overhead. It is a legally required review of the accuracy of a company's or governments financial records. The purpose of a statutory audit is the same as the purpose of any other audit - to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, book keeping records and financial transactions of both Public and Private Companies, Banks, Financial Institutions, firms and Sole-Proprietors.

 

Commonly referred to as financial audit, this is carried out, both for domestic and multinational enterprises, which may be public or private limited companies, branches of foreign entities, representative and liaison offices of offshore companies, construction and for other projects, provident, pension, gratuity and other employee-benefit funds, trusts, charities and non-governmental organizations. The scope of audit is generally governed by the company law framework or other statute as applicable.

 

We review the financial statements and determine whether the audit evidence obtained for each audit objective reduces the risk of material misstatements in the financial statements to an acceptably low level. Our audit opinion is based on a review of the financial statements and an evaluation of all audit evidence in accordance with the applicable auditing standards, issued by the International Federation of Accountants (IFAC), as and where applicable in Pakistan.

 

We specifically consider Financial Reporting Framework, accounting policies and practices, Internal controls, business and industry and financial performance.

 

The following chart shows selected key activities performed in our audit:

 

Phase

Activities

Planning

  • Perform risk assessment procedure and identify risk
  • Determine audit methodology
  • Determine planned audit approach

Control

  • Understand accounting and reporting activities
  • Evaluate design and implementation of selected controls
  • Test operating effectiveness of selected controls
  • Assess control risk and risk of significant misstatement

Substantive Testing

  • Plan substantive procedures
  • Perform substantive procedures
  • Consider if audit evidence is sufficient and appropriate
  • Conclude on critical accounting matters

Completion

  • Perform completion procedures
  • Perform overall evaluation
  • Form an audit opinion

 

In addition to the short form opinion on the financial statements, a Management Letter or a Memorandum on significant Internal Control Weaknesses is provided to management which highlights business risks, help them to take necessary remedial measures well in time.

 

We would be delighted to discuss how we can help you, and your group or company. Please get in touch and contact MHSS at info@mhssco.com or alternatively, contact our office directly.