Internal & External Audit
Scope of Audit and Responsibilities
Our audit team executes the audit strategy through visits to the client’s premises in accordance with the auditing standards prescribed by the Institute of Chartered Accountants of Pakistan and applicable International Standards on Auditing. The financial statements are prepared in compliance with International Accounting Standards and International Financial Reporting Standards applicable in Pakistan. Management is responsible for their preparation and fair presentation, including maintaining proper records, effective internal controls, appropriate accounting policies, and safeguarding the entity’s assets.
Audit Approach and Execution Framework
At Taxco Consultants, our audit methodology begins with agreeing engagement terms and understanding the client’s business, systems, and controls. We assess risks, set materiality, define audit units, and develop the audit strategy.
We perform tests of controls and substantive procedures based on assessed risks, then evaluate results, conduct a final analytical review, form an audit opinion, and issue the audit report with a management letter highlighting key findings and recommendations.