AUDIT (INTERNAL & EXTERNAL)

To carry out audit strategy, our Professional team visits the premises of our client.

The audit will be carried out:

  • In accordance with generally accepted auditing principles and standards as prescribed by the Institute of Chartered Accountants of Pakistan.
  • In accordance with the requirements of approved International Standards of Auditing as applicable in Pakistan.

We understand that financial statements including all related disclosures shall be prepared in accordance with International Accounting Standards / International Financial Reporting Standards as applicable in Pakistan. The responsibility for the preparation of financial statements including adequate disclosure is that of the management. This includes the maintenance of adequate accounting records and internal controls, the selection and application of accounting policies, and the safeguard of the assets of the entity.

We, at Taxco Consultants, follow the below Audit Methodology.

  • Agree Terms of engagement.
  • Gather information.
    • Understand the business and accounting system.
    • Determine audit units.
  • Develop audit strategy.
    • Assess inherent risk.
    • Determine Planning Materiality.
    • Perform preliminary analytical review.
    • Determine areas of audit significance.
    • Assess control environment.
    • Develop Risk Profile.
    • Determine nature and extent of audit procedures.
  • Gather information.
    • Perform and evaluate:
      • Tests of controls.
      • Substantive analytical procedures
      • Other substantive procedures
  • Form and opinion.
    • Evaluate overall results of audit procedures.
    • Perform final analytical review.
  • Report.
    • Issue audit report.
    • Issue management letter.