This blog is written by Mr. Muneeb Sultan, Associate Internal Audit Services. Please read this blog and provide your valued comments. IFRS 16 LEASES The transfer of right to control the use of leased asset from lessor to lessee for a period of time in exchange for consideration. OBJECTIVE The objective of this standard is [...]
This blog is written by Mr. Maaz Khan, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. Using the Work of an Auditor’s Expert (ISA 620) The term ‘expert’ is used here in the sense of an individual or an organization that possesses skills, knowledge and experience in fields other than [...]
This Blog is written by Mr. Adnan Khan, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. IAS-38 INTANGIBLE ASSET Intangible asset: An identifiable nonmonetary asset without physical substance. An asset is a resource that is controlled by the enterprise as a result of Past events (for example, purchase or self-creation) and [...]
This Blog is written by Mr. Waheed Ahmed, Associate, Audit and Assurance Services. Please read this blog and provide your valued comments. MANAGEMENT LETTER Although the statutory reporting requirements of the companies Act only call for the auditor to make a report to the members as to whether the financial statements show a true and fair [...]
INTRODUCTION SECP vide S.R.O.1569 (I)/2018 - Dated December 26, 2018 notified amendments to the Public Offering (Regulated Securities Activities Licensing) Regulations 2017. COMMENTARY Amendment in Definitions: New definitions are inserted in Regulation # 2 of the Public Offering (Regulated Securities Activities Licensing) Regulations 2017, and are as follows: - 1 – “Companies Act” means Companies [...]
Introduction Federal Board of Revenue has issued Circular 10 of 2018 dated December 31, 2018. Commentary Vide the above referred Circular, FBR has issued Extension the date of Filing of Revised Returns as specified in Clause iii of Section 214E upto January 31, 2018. Link of Circular Please click to read the Original Circular. 201812312112178787Circular10of2018
An Audit of Internal Control over Financial Reporting This blog is written by Mr. Abdullah Saleem, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. An Audit of Internal Control over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and [...]
This blog is written by Mr. Sohail Arif, Senior Associate Audit & Assurance Services. Please read this informative, relevant and well crafted piece and provide your valued comments. Summary of First time adoption of IFRS SCOPE FRS 1 does not apply to entities already reporting under IFRSs IFRS 1 applies to the first set of [...]
Companies (Investment in Associated Companies or Associated Undertakings) Regulations 2017 This blog is written by Mr. Nauman Ul Qadeer, Senior Manager Consultancy. Please read this detailed blog on Corporate Matter of essential relevance and provide your valued comments. These regulations were issued by Securities and Exchange Commission of Pakistan (SECP) on 6th of December 2017 vide SRO [...]
INTRODUCTION The Securities and Exchange Commission of Pakistan (the Commission) in order to ensure that Insurance Sector should be operated by competent persons with adequate know-how of the insurance business without any involvement in financial crimes and in order to meet the challenges of globalization, to avoid maladministration and to mitigate the money laundering and [...]
