This blog is written by Mr. Ahmed Yar Khan, Senior Manager Audit and Assurance Services. Please read this blog and provide your valued comments. Agreed-Upon Procedures Engagements There are a number of non-audit services available for small and medium-sized entities (SMEs), including review, compilation, other assurance, and engagements to perform agreed-upon procedures. The choice [...]
Introduction Securities and Exchange Commission of Pakistan has issued SRO 46(I)/2019 dated Janaury 9, 2019. Commentary Through the afroemetnioned SRO SECP rescinds and delegates the powers and functions of the Commission under the Public Sector Companies (Corporate Governance) Rules, 2013, in the following manner:- Under rule 24(3) of the Public Sector Companies (Corporate Governance) Rules [...]
This blog is written by Mr. Mubeen Liaquat, Associate Taxation. Please read this blog and provide your valued comments. Book Keeping and Challenges in SMEs A bookkeeper/accountant generally faces following challenges during book keeping in small and medium enterprises that are; Weakness of Internal Control System Internal control system operating in SMEs is generally not up-to-mark. The [...]
This blog is written by Mr. Ahmad Afzaal Baig, Associate Internal Audit. Please read this blog and provide your valued comments. ISA 720 OBJECTIVE The objective of the IAASB’s revision of ISA 720 was to ensure that the ISA continues to be capable of enhancing the credibility of financial statements through specifying appropriate responsibilities of the auditor [...]
This Blog is written by Mr. Muhammad Bilal Bashir, Associate Consultancy Services. Please read this blog and provide your valued comments. Why business Valuation is important? ‘’This information is something that all business owners should have available. Obtaining a business valuation should also be completed yearly to display company growth.’’ Business valuation: A business valuation provides the [...]
This blog is written by Mr. Waqar Ul Mulk, Associate Audit and Assurance. Please read this blog and provide your valued comments. IFRS 15 REVENUE Recognition: An entity recognise revenue to depict the transfer of promised good or services to customer in amount that reflect consideration to which the entity expect to be entitled in exchange for [...]
This Blog is written by Mr. Nazakat Ali, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. Appointment of an auditor Auditor An auditor is a person who is assigned the job to audit the financial statements of a company in accordance with the provisions of law and auditing standards as applicable [...]
This Blog is written by Mr. Khizar Abbasi, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. Related Party and Role of Auditor Related Party: The party is an associate of the entity. Common control. The party is, directly or indirectly, either under common control with the entity or has significant or joint control over the [...]
Introduction Federal Board of Revenue has issued SRO 29(I)/2019 dated January 8, 2019. Commentary Vide the above mentioned SRO, FBR has issued amendments in in Income Tax Rules 2002. These amendments are made in Chapter VIII A, which describes the Banking Companies Reporting Requirements. In this particular Chapter, through this SRO following amendments are made: [...]
In continuation of our regular practice, we are pleased to present and publish our Newsletter for the month of DECEMBER 2018. Please click on link mentioned below to access and study the Khilji & Co, Chartered Accountants Newsletter (December 2018) KCO Newsletter December 2018 This Newsletter envisages following aspects: Commentary on Lahore High Court – [...]
