Audit & Assurance Services in Pakistan and Abroad
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Independent Audits That Actually Mean Something
Most businesses only think about an audit when a bank or regulator demands one. A. Sattar & Co. provides audit and assurance services in Pakistan and abroad that do far more than satisfy a compliance checkbox. As an ICAP-approved practice, our audit reports carry the professional weight that lenders, investors, SECP, and FBR expect. We conduct every engagement under International Standards on Auditing (ISAs) — the same framework that governs audit firms globally. And unlike larger firms with premium pricing, we keep our fees honest without cutting corners on quality. Whether you are a private limited company required by law to file audited accounts, a manufacturer needing a cost audit under ICAP rules, an NGO managing donor funds from USAID or UN agencies, or a business seeking a bank loan or investment — we prepare the audit report that opens those doors.
Who Needs Audit & Assurance Services?
If any of the following apply to you, you almost certainly need a formal audit engagement:
1. Private & Public Limited Companies
Under Section 223 of the Companies Act 2017, companies meeting the prescribed thresholds are required to appoint a qualified auditor and submit audited financial statements to SECP annually. Failing to comply exposes directors to monetary penalties, late filing fees, and in serious cases, SECP may strike the company off the register under Section 426 of the Act. An ICAP-approved audit report is the correct response to this obligation — not a set of unaudited accounts prepared in-house.
2. Manufacturers & Trading Companies
Businesses above a certain annual turnover threshold fall under Pakistan’s Cost Audit Rules. A cost audit goes beyond financial compliance — it maps exactly where your margins are being lost, often in areas that management accounts do not capture. If your production costs are creeping up but the cause is not visible in your profit and loss, a cost audit is the tool that finds it.
3. NGOs & Donor-Funded Projects
If your organisation receives funding from USAID, UN agencies, the European Union, DFID, or any bilateral donor, your grant agreement almost certainly requires an annual audit. Donor-mandated audits must satisfy both Pakistani law and the specific financial reporting standards of the funding body. We prepare reports that meet both sets of requirements in a single engagement, so you do not need two separate auditors.
4. Businesses Seeking Finance or Investment
Banks, private equity investors, and joint venture partners all ask for audited financial statements before committing capital. An ICAP-approved audit report from a recognised firm carries credibility that an unaudited set of accounts simply does not. If you are applying for a project finance facility, negotiating a business acquisition, or bringing in a new shareholder, audited accounts are the first document every serious counterparty will request.
What Our Audit and Assurance Services in Pakistan Cover:
We handle the full spectrum of audit and assurance work. Every engagement is structured around your specific deadline, your industry, and the regulator or counterparty you need to satisfy.
Statutory External Audit:
Annual statutory audits for private limited companies, public limited companies, and single member companies incorporated under the Companies Act 2017. Conducted under ISAs, our audit opinions are accepted by SECP, FBR, and financial institutions operating in Pakistan and internationally.
Outsourced Internal Audit:
For SMEs and mid-sized businesses that do not have a dedicated internal audit function, we provide outsourced internal audit services on a retainer or per-engagement basis. This includes risk assessments, internal control reviews, process audits, and agreed-upon procedures — all documented and reported to management or the audit committee.
Cost Audit:
Manufacturing cost audits are conducted under the Companies (Audit of Cost Accounts) Rules. We identify cost variances, map cost centres, and prepare the statutory cost audit report required by SECP for eligible manufacturers. Beyond compliance, the findings routinely reveal margin leakage that management was not aware of.
Forensic Audit and Fraud Investigation:
When financial irregularities are suspected — whether internal fraud, misappropriation of funds, or disputed transactions — we conduct forensic investigations that produce evidence admissible in court and defensible before regulatory bodies. Our reports are structured for use in legal proceedings, insurance claims, and disciplinary processes.
Donor and NGO Audit:
Specialised audit reports for organisations receiving funding from USAID, UN agencies, EU bodies, and other international donors. We prepare reports that satisfy both Pakistani regulatory requirements and the specific financial reporting standards embedded in donor agreements — in a single engagement, without duplication of effort.
Agreed-Upon Procedures:
Where a full statutory audit is not required but a specific financial assertion needs independent verification, we conduct agreed-upon procedure engagements. Common uses include pre-acquisition financial due diligence, verification of grant expenditure, and compliance spot-checks requested by lenders.
How Our Audit Process Works:
Step 1 — Initial Consultation (Free)
We begin with a no-fee consultation to understand the type of audit required, your industry, your deadline, and any specific reporting requirements from SECP, FBR, or your donor. This call also helps us identify the right engagement structure so there are no surprises on scope or fees.
Step 2 — Engagement Letter and Fee Agreement
Before any work begins, we issue a formal engagement letter that sets out the scope, timeline, deliverables, and fee. Everything is agreed in writing.
Step 3 — Fieldwork and Evidence Gathering
Our team carries out planning, risk assessment, and substantive testing in line with ISAs. We work directly with your finance team or management to collect the documentation we need — bank statements, ledgers, contracts, invoices, and any industry-specific records relevant to your engagement type.
Step 4 — Draft Report and Management Review
Before issuing the final opinion, we share draft findings with management. This gives you the opportunity to provide explanations or additional evidence on any matter we have flagged. Our goal is an accurate report, not a surprise one.
Step 5 — Final Signed Audit Report
The signed audit report is issued on A. Sattar & Co. letterhead as an ICAP-approved practice. The report includes our independent auditor’s opinion and, where required, the management letter with internal control observations. This document is ready for submission to SECP, FBR, your bank, or your donor.
Why Choose A. Sattar & Co. for Audit Services?
ICAP-Approved Practice
our audit reports are formally accepted by SECP, FBR, and international counterparts
Honest fees
- no inflated retainer structures; you pay for the work your engagement actually requires
Industry experience
we regularly audit manufacturing businesses, trading companies, NGOs, and service-sector entities
Deadline-oriented
we understand that SECP filing deadlines, donor reporting windows, and bank submission dates are non-negotiable
Available for international clients
We Serve Both Pakistani and International Clients
Conducted under ISAs
every engagement follows International Standards on Auditing, the global benchmark
Common Questions About Audit Services in Pakistan
Is an audit the same as filing a tax return?
No, they are entirely separate. An audit is an independent examination of your financial statements. A tax return is a separate submission to FBR based on your taxable income. Many businesses need both, and we offer both, but they serve different purposes.
How long does an external audit take?
For a small-to-medium business, fieldwork typically takes two to four weeks depending on the complexity of your records. We agree on a timeline upfront and structure the work around your statutory deadline so you are never filing at the last minute.
Can a small business benefit from an audit even if it is not legally required?
Absolutely. Voluntary audits are increasingly common among Pakistani SMEs because they signal credibility to banks, suppliers, and partners. If you are planning to grow, seek financing, or bring in a new shareholder, audited accounts are one of the strongest signals of a professionally run business.
Do you serve international clients?
Yes. We work with Pakistani diaspora businesses, foreign companies operating in Pakistan, and Pakistani exporters who need audit reports accepted by overseas counterparties. Our reports follow ISAs and are recognised internationally.
What happens if my company does not file audited accounts with SECP?
Under the Companies Act 2017, failure to submit audited financial statements to SECP exposes both the company and its directors to monetary penalties. In serious cases of persistent non-compliance, SECP has the power to strike the company off the register under Section 426 of the Act. The practical consequence is that your company loses its legal standing and the ability to conduct business.
