Audit & Assurance Services
Audit & Assurance Services
SAC offers a full spectrum of Audit & Assurance Services, specifically designed to meet the regulatory, financial, and operational needs of businesses across Pakistan. Our auditing services provide valuable insights into your organization’s financial health, ensure compliance with legal requirements, and support strategic decision-making. By working with SAC, clients can be confident in the accuracy and transparency of their financial reporting, risk management, and operational efficiency. Below is an in-depth look at our key services:
External Audit
Our External Audit services are independent evaluations of an organization’s financial records conducted by External auditors outside of the company. These audit are essential for businesses seeking to enhance trust with external stakeholders such as shareholders, investors, creditors, and regulatory authorities.
Key Aspects of External Audit:
- Independence: We maintain objectivity to provide unbiased audit opinions.
- Transparency & Accountability: External audit foster transparency and strengthen investor and stakeholder confidence in your business.
- Regulatory Adherence: Ensures compliance with the Income Tax Ordinance, 2001, Companies Act, 2017, and other local regulations.
Compliance Audit
Our Compliance Audit are designed to ensure that your business is adhering to all relevant regulatory requirements, industry standards, and internal policies. This service is particularly critical for businesses in heavily regulated industries such as banking, pharmaceuticals, and manufacturing.
Features of Compliance Audit:
- Regulatory Review: We assess adherence to laws and regulations relevant to your sector.
- Policy Audit: Evaluation of internal processes and policies to ensure compliance with company guidelines.
- Corrective Actions: Recommendations to rectify areas of non-compliance and improve ongoing adherence.
Internal Audit
Our Internal Audit services focus on assessing the effectiveness of your internal controls, risk management, and governance processes. By identifying inefficiencies, we help organizations improve their internal operations and reduce exposure to financial, operational, and compliance risks.
Internal Audit Highlights:
- Operational Efficiency: Evaluate business processes for cost savings and operational improvements.
- Risk Mitigation: Identify and address potential risks before they become critical issues.
- Continuous Improvement: Provide feedback on how internal controls can be strengthened for better risk management.
Specialized Audit
SAC offers Specialized Audit Services for specific industries such as healthcare, manufacturing, real estate, hospitality, and more. These audit are tailored to address industry-specific challenges, ensuring that your business remains compliant while optimizing performance within its sector.
Examples of Specialized Audit:
- Healthcare Audit: Compliance with healthcare regulations, accurate billing practices, and risk assessments.
- Manufacturing Audit: Inventory audit, process efficiency reviews, and compliance with environmental regulations.
- Hospitality Audit: Revenue audit, cash flow assessments, and operational reviews for hotels and restaurants.
Assurance Engagements
In addition to traditional audit, we offer Assurance Engagements, which include reviews, compilations, and agreed-upon procedures. These engagements provide varying levels of assurance depending on your needs and are ideal for businesses seeking to enhance the credibility of their financial or non-financial information without undergoing a full audit.
Types of Assurance Engagements:
- Review Engagements: Limited assurance that financial statements are free from material misstatement.
- Compilation Engagements: Preparation of financial information based on data provided by the client, without assurance.
- Agreed-Upon Procedures: Customized procedures carried out on specific financial information as requested by the client.
Regulatory Compliance Audit
Our Regulatory Compliance Services help businesses stay on top of ever-evolving regulatory frameworks in Pakistan. SAC ensures your business complies with laws and regulations from bodies like the Federal Board of Revenue (FBR) and the Securities & Exchange Commission of Pakistan (SECP), avoiding legal and financial penalties.
Key Regulatory Compliance Services:
- Compliance with Tax Laws: Ensure adherence to Pakistan’s tax laws, including VAT and corporate tax.
- Corporate Governance Audit: Help businesses meet governance and reporting requirements under Pakistani law.
- Industry-Specific Regulations: Assistance in complying with sector-specific regulatory bodies.
Risk Assessment and Management
We offer Risk Assessment and Management Services to help you identify, assess, and mitigate risks inherent in your business operations. By conducting risk assessments, we help your organization proactively address potential threats, protect assets, and capitalize on growth opportunities.
Risk Assessment Process:
- Identification: Recognize the potential risks across financial, operational, compliance, and strategic areas.
- Evaluation: Analyze the likelihood and impact of risks on your business.
- Mitigation: Provide actionable recommendations to minimize risk exposure and enhance business resilience.
Frequently Asked Questions
SAC offers a comprehensive range of audit services, including:
- External Audits: Independent reviews of financial records to assure stakeholders of their integrity.
- Compliance Audit: Audits to ensure adherence to regulatory requirements and industry standards.
- Internal Audit: Evaluations of internal controls, risk management, and operational processes.
- Specialized Audit: Tailored audits for specific industries like healthcare, manufacturing, and real estate.
External Audit: Conducted by independent auditors outside of the organization, external audits provide an objective assessment of the financial statements and compliance with regulations. These audit are important for building trust with shareholders, creditors, and regulators.
Internal Audit: Conducted by auditors within the organization or by third-party consultant, internal audit focus on improving internal processes, risk management, and operational efficiency. They are designed to identify areas of improvement and ensure the organization operates efficiently.
Compliance Audit ensure that your business adheres to all relevant laws, regulations, and industry standards. These audits help organizations avoid fines, legal penalties, and reputational damage by identifying non-compliance issues and recommending corrective actions.
Specialized Audit are audit tailored to the specific needs and regulatory requirements of different industries, such as healthcare, manufacturing, real estate, and hospitality. These audits address unique challenges within each sector and provide valuable insights to optimize performance and ensure regulatory compliance.
