Directors find an auditor they can belief to help them manage business and financial risk as well as ensure all types of regulatory compliances. MHSS knows what businesses want from an auditor who not only focuses on what’s important and but also disclose useful insights including internal controls issues of the business after the finalization of the audit procedures. With MHSS, that is what business entities will receive.


Business entities now view auditing as an opportunity and not an overhead. In most of the countries, statutory audit is mandatory required to review accuracy of a business entities financial records. The purpose of statutory audit is to determine fair and accurate representation of financial transactions and position by examining information such as accounting and book keepings, bank balances and financial transactions.


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:





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


  • 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


  • 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 [email protected] or alternatively, contact our office directly.