Audit & Assurance

We, through our audit and assurance services, are highly determined to add valuable inputs in our client’s business, propose innovative solutions that improve their operations and offer cost effective services to organization’s financial control, compliances and reporting. With in depth knowledge, ZA is commited to offer traditional, special  and related services to its clients to complement its assurance offerings. ZA is able to deliver peace-of-mind audit, assurance services which, together with an excellent reputation for quality, provide great potential for competitive success and growth.

Mainstream Services

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Zulfiqar Ahmad & Co. Chartered Accounts

Financial Statements Audit

Our audit process and approach is grounded on a clear and precise understanding of each client and the industry and environment in which they operate. ZA goes well beyond the traditional checking and verification procedures by exchanging ideas to generate improvements in controls, procedures, and ultimately profitability. With traditional audit, we offer value added service that is focused towards ensuring client’s operational and functional effectiveness. Our integrated services improve our overall audit performance and create opportunities to improve our efficiency, develop a strategical approach in delivering greater value to our shareholders.

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Zulfiqar Ahmad & Co. Chartered Accounts

IFRS Advisory

With practical and extensive understanding of accounting and reporting areas, ZA is committed to provide technical, adaptable and meaningful solutions to clients for application of accounting standards and compliance with reporting requirements.  We carry out reviews and provide an impact analysis of reporting under International Financial Reporting Standards (IFRS), or US GAAP. Our provision of service also includes the application and compliance of new or amended IFRS’s issued and applicable on companies in Pakistan.  We also ensure that reporting requirements are adequately met.

We assist organizations in implementation of accounting changes, ranging from a single accounting standard to the full implementation of IFRS. We help higher management, audit committees, chief financial officer and other financial executives to understand the changes and assess the impact on their companies.

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Zulfiqar Ahmad & Co. Chartered Accounts

Internal Audit

We review and evaluate the effectiveness of your organization’s internal controls. Based on the risk assessment, we evaluate the adequacy of existing internal controls and perform checks whether these are effectively implemented. The processes, risks, and controls are documented, recommendations provided for improvement and we stay involved through the implementation.

We offer a wide range of tailored internal audit services to help our clients if they:

  1. Consider internal audit to be a non-core activity and want to find an external provider;
  2. Need to assess the effectiveness of its risk management, internal audit and corporate governance procedures;
  3. Are concerned that its internal audit function can’t keep up with the changing risks facing by the business;
  4. Need to supplement your in-house internal audit function with specialist skills;
  5. Consider that the internal audit function has insufficient resources to cover the geographic scope of its organization; or
  6. Find it difficult to recruit and retain internal audit professionals in all of its key skill areas.
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Zulfiqar Ahmad & Co. Chartered Accounts

Funds Audit

We have a wide experience of providing assurance services to our clients based on our strong grip on local laws for the following retirement funds:

  1. Worker Profit Participation Fund
  2. Employees’ Contributory Provident Fund
  3. Employees’ Gratuity Fund
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Zulfiqar Ahmad & Co. Chartered Accounts

Financial Accounting

We have expertise in providing book keeping services to various industrial and service oriented clients. The services should include:

  1. Conducting Compilation engagements.
  2. Remotely performing accounting and book keeping functions on behalf of client.
  3. Outsourcing our resources on-site at client locations for data processing and accounting.
  4. Carrying out one-off reconstruction of data in special situations for clients.
  5. Remote and on-site payroll processing services.
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Zulfiqar Ahmad & Co. Chartered Accounts

Regulatory Compliance & Reporting

We assist our clients with special purpose reviews wherein we check on management or regulator specified areas to ensure all the requirements of regulator are fulfilled.  We provide guidelines and assistance to companies for regular and timely reporting to concerned regulatory authorities in order to comply with applicable laws and regulations. Report on secretarial compliances is a very popular area in this regard.

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Zulfiqar Ahmad & Co. Chartered Accounts

Corporate Governance

Nowadays as the economic conditions have improved, the world is demanding greater corporate transparency. Investors want access to more accurate and relevant information about companies, transactions, markets, and risks. For that new corporate governance laws and regulations have been introduced.

For such changes, ZA can assist directors and management to identify the applicable laws and regulations to better understand the regulatory environment. Our approach combines an analysis of framework together with an assessment of the systems and processes which can help to ensure compliance and sound corporate governance.
 
Our approach is to support our clients in meeting the Governance, regulatory and compliance challenge by offering the following services:
 
  1. Governance framework designing.
  2. Board training, i.e. director responsibilities, obligations, and better practice governance requirements.
  3. Board and Audit Committee assessments.
  4. Regulatory code impact diagnostics.
Our firm’s multidisciplinary teams have advised clients on how best to meet the corporate governance, regulatory and compliance challenges.
Our professionals have in-depth knowledge of corporate governance developments. We combine the process and system benchmarking knowledge and experience with organizational knowledge.
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Corporate Governance

SPECIALITY SERVICES

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Forensic Audit

Zulfiqar Ahmad & Co. Chartered Accounts

Forensic audit is examination of past financial and non-financial data for a specific purpose, such as fraud. The evidence derived from this exercise can be used in the court of law. This sort of investigation can be made for several reason, including the following:

  • Corruption
    • Conflict of interest
    • Fraudulent disbursements
    • Bribery
    • Extortion
  • Asset misappropriation
  • Financial statement fraud

When comparing a forensic audit to a statutory audit, a forensic audit is much more extensive, detailed and many additional steps are to be performed. Transactions are verified at the grass root level and evaluated in substance keeping the objective of the company in mind. Decisions are assessed based on the given circumstances at the time of the decision and the ability and capacity of the individual making the decisions.

All in all, this area of auditing requires deep scrutiny of evidence with expertise in the given matter. Here at ZA, we possess the required skill and knowledge to perform this activity and have the ability to deliver to your organization at high quality.

 

 

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Media Audit

Zulfiqar Ahmad & Co. Chartered Accounts

Large organizations normally use agencies for their media buying. All bookings, purchasing and coordinating is done through these agencies.

Transparency is the most crucial element in this transaction as the client has to place a lot of confidence in the media agency to let him promote his media interests and investments so as to ensure the greatest possible benefit.

Our mission consists in establishing or re‐establishing confidence between media agencies and their customers using our proven methodology.

Media Audit is the process of determining whether the media purchased by a client via their agency appears correctly and at a fair market value. There are 3 types of media auditing:

  1. Media Agency Reviews and Benchmark Pool Auditing – Review of media agencies performance against a benchmark or industry best practices.
  2. Contract compliance audit – Audit of the contractual agreement and whether the agency has delivered on their obligations.
  3. Financial audit – verification of all spending done by the agency that are relevant to the client.

ZA has been performing media audits for the past decade for one of the largest multinational company in Pakistan. We have identified non-compliance and added value at each stage of the audit which was duly recognized and appreciated by the client.

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