Audit & Assurance

AUDIT & ASSURANCE

The audit and assurance environment is evolving. Organizations are coming under additional pressure due to regulatory constraints as well as growing stakeholder expectations for more openness. As a consequence, audit and assurance are on many boards' top priority lists.

A wide range of audit, assurance, and review services are offered by Amco in accordance with international standards of auditing that are appropriate for Pakistan as well as with the requirements of the Companies Act 2017, directives from the Securities and Exchange Commission of Pakistan (SECP), and approved accounting standards that are appropriate for Pakistan, including International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board.

At AMCO, we think it's our duty to keep working to promote transparency and restore confidence in corporate reporting, which goes well beyond the requirements of the law for more disclosure.
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Statutory Audit

The firm is well-suited to meet the statutory requirements of both domestic and foreign clients, reports on the financial statements of public and private organizations in compliance with local laws, ISAs & IFRS.

Our offices are all equally competent to execute financial statement audits in accordance with international requirements, such as global consolidation, securities quotations on the world's major stock exchanges, and purchase/merger investigations. The firm has vast experience evaluating organizations using the most cutting-edge integrated enterprise resource planning technology. AMCO requires all overseas audit work to be completed in line with specified globally accepted professional standards, which will be exceeded where national best practices permit.

Each engagement team is staffed with experts that have the knowledge, expertise, and experience necessary to complete the engagement. Our team's proficiency with the business procedures, accounting principles, internal controls, and financial reporting challenges unique to your sector and firm depends on our ability to execute a high-quality audit. Our engagement teams are made up of subject matter experts and audit professionals with previous industry expertise who may actively participate in tasks requiring specialized training, abilities, or equipment.

AMCO’s Statutory Audit approach focuses on the following areas:

  • Acquiring in-depth knowledge of the client’s ecosystem.
  • Identifying areas in the financial statements subject to audit where there is a risk of material misstatement and reviewing the client’s procedures to mitigate those risks. 
  • Planning and conducting audit tests to obtain evidence for the major financial statement assertions. 
  • Review and quality control procedures that guarantee intended work is completed and acceptable conclusions are reached.
  • Developing an opinion and reporting it. 

Internal Audit

The current business and corporate environment have completely demonstrated that the Internal Audit function has grown much beyond its traditional transaction-based purpose. Business entities must be responsive to reach objectives in discovering opportunities, controlling risks and exposures that might decide success or failure in a technology-driven world

We have used and implemented a wide range of Internal Audit Tools and have knowledge that we can make accessible to our clients as part of Internal Audit advisory services or as an outsourced project.

AMCO can assist you in transforming your internal audit department by making it more risk-focused - connecting the Internal Audit effort with the risks that threaten the attainment of the business objectives and corporate purpose. We will give you a customized strategic approach to assist you in identifying and understanding particular operational and financial risks; defining the degree of risk your organization is prepared to tolerate; and identifying and focusing on the possibilities available to your business.

AMCO can assist you in the following situations:

  • You are worried that your company’s internal audit function won’t be able to keep up with the shifting threats it faces.
  • You are having difficulty recruiting and retaining internal audit specialists across all of your major skill areas. 
  • Your internal audit function lacks adequate resources to cover your organization geographically.   
  • Internal audit is a non-core operation in your business, thus you wish to hire an outside source. 
  • The efficiency of your risk management, internal audit, and corporate governance systems has to be evaluated. 
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Forensic and Investigation Audit

The Investigative Service team at AMCO works closely with clients to comprehend investigation goals and coordinate our strategy to make use of the best available resources. Our highly qualified professionals offer an unbiased way to establish facts, assess implications, identify suitable corrective actions, submit restatements if necessary, and communicate with regulators or external auditors as needed through in-depth inquiries and examinations, including the use of cutting-edge data analytic techniques.

Our forensic specialists offer support in a variety of fields, including forensic and investigative accounting, litigation support services, and regulatory compliance to:

  • Examine financial statements and reports for indicators of irregularities and conduct an investigation.
  • Recreate the events and activities that took place during financial misconduct.
  • Adopting measures for prevention and detection of fraud or financial crime.
  • Audit documents, look into discrepancies, and track down assets.
  • Providing reconciliation and assistance in commercial disputes.
  • Providing reconciliation and assistance in regulatory compliance.
  • Interview persons who produced contributed to, or evaluated the documents under consideration. 
  • Investigate employee fraud/misappropriation, misbehavior, and corruption. 
  • Arbitrate or mediate suspected frauds.

Tax Audit

Tax authorities sometimes hire outside professionals to offer assurance on compliance with different provisions of the Income Tax, Sales Tax, and other tax regulations. This occurs for both direct and indirect taxes. The scope of the engagement varies from case to case depending on the level of assurance sought by the tax authority on the reliability of such declarations, taxes withheld and deposited, input-output adjustment for sales tax purposes, and other aspects of compliance, ranging from a comprehensive assurance on the declared operating results of a taxpayer to any specific aspect of tax compliance.

The major goal of AMCO tax audit services is to ensure that books of accounts have been kept in accordance with the requirements of the Government of Pakistan's Federal Board of Revenue (FBR) Income Tax Ordinance 2001.

Our services include the following features and benefits:

  • Tax compliance audits are conducted to reduce tax evasion and assure tax compliance. 
  • Auditing tax planning to improve tax efficiency responsibly.
  • Tax risk auditing to managing risk and boost the confidence of people or important corporate stakeholders. 

Management Audit

A management audit is a methodical review of the choices made by the management, as well as their subsequent actions and performance evaluation. To evaluate the effectiveness or performance of the management for the operations of the corporate entity, it takes into consideration and examines managerial elements such as organizational goals, structure, policies, procedures, systems, and controls. Management audit questions fundamental principles, practices, and policies while assessing the efficacy of controls.  

A management audit evaluates an organization's management practices concerning administration, tactical and strategic planning, resource use, and personnel and organizational improvements.

By availing of AMCO's management audit services, we can help you to:

  • Evaluate management and policy implementation efficiency at all levels. 
  • Highlight inefficiencies in all areas of management and provide important recommendations and methods for improving efficiency. 
  • Examine and assess plans and policies to see whether they are being executed appropriately. 
  • Increase profitability by offering suggestions for effectively maximizing the organization’s resources. 
  • Determine the interdependence of activities, assesses authority and responsibility, and make helpful ideas for improving coordination among tasks and personnel. 

Compliance Audit

The compliance auditing involves closely examining the job completed and contrasting the outcomes with pre-written instructions. It compares the actions taken with those needed. A compliance audit ensures and improves the quality of procedural work. For our customers that need it before signing large contracts, AMCO conducts various compliance audits, such as new vendor regulatory audits, registration audits, etc.

AMCO team can support you to ensure:

  • Regulatory compliance with the standards for financial and non-financial reporting. 
  • Effective management of regulatory risk. 
  • Trustworthy corporate governance. 
  • Compliance that supports the organization’s business goals.