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 [...]
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 [...]
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 [...]
