Audit, tax and advisory you can rely on.

We start with a meeting to understand your requirements. Before accepting any engagement we complete our client acceptance procedures, including independence and conflict-of-interest checks. We then issue an engagement letter setting out the scope of work, each party's responsibilities, timelines and fees. Work begins once the engagement letter is signed.

Fees depend on the scope and complexity of the work, the time required and the seniority of the team involved. They are agreed in advance and recorded in the engagement letter, either as a fixed fee or on a time basis. In line with the ICAP Code of Ethics, we do not charge contingent fees for audit or other assurance engagements.

As members of the Institute of Chartered Accountants of Pakistan, our partners and staff are bound by the confidentiality requirements of the ICAP Code of Ethics. We do not disclose client information without your authority unless there is a legal or professional duty to do so. Access to client files is restricted to the engagement team.

Some non-audit services can be provided to audit clients and some cannot, because they would threaten our independence as auditors. We assess every request against the independence requirements of the ICAP Code of Ethics and will tell you if a service needs to be provided by another firm.

Under the Companies Act, 2017, companies are generally required to have their annual financial statements audited by a chartered accountant firm, subject to limited exemptions for certain small private companies. Not-for-profit organisations and trusts may also need audited accounts under their registration conditions, donor agreements or tax-exemption requirements. We can confirm what applies to your entity.

Audited financial statements must be laid before the company's annual general meeting, which is generally required to be held within 120 days of the financial year end. We recommend agreeing the audit timetable soon after the year end so that there is enough time for fieldwork, review and board approval.

Typically the trial balance and general ledger, bank statements and reconciliations, the fixed asset register, significant contracts and agreements, board and shareholder minutes, tax returns and assessments, and the prior year's audited financial statements. We will share a detailed list at the planning stage.

For individuals and associations of persons, the return for a tax year is normally due by 30 September following the end of the tax year on 30 June. Companies with a June year end normally file by 31 December. Individuals must also file a wealth statement with their return. The FBR sometimes extends these dates, so please check with us before relying on an extension.

The Active Taxpayers List (ATL) is published by the FBR and includes persons who have filed their income tax return for the latest tax year. Persons not on the list generally suffer withholding tax at higher rates on many transactions, such as property and vehicle transactions and bank withdrawals, so filing on time has a direct financial benefit.

Do not ignore it, and note the deadline for responding. Send us a copy as soon as possible so that we can review it, advise you on the documents needed and prepare the reply. If an order is passed against you, we can represent you before the Commissioner Inland Revenue (Appeals) and the Appellate Tribunal Inland Revenue.

Registration depends on your activities. Manufacturers above the prescribed threshold, importers, wholesalers and certain retailers register with the FBR for sales tax on goods. Sales tax on services is administered by the provincial revenue authorities, and by the FBR for services in the Islamabad Capital Territory. We can assess your registration requirements.

Companies are incorporated with the Securities and Exchange Commission of Pakistan (SECP) through its eServices portal. The process involves reserving the company name, preparing the memorandum and articles of association and filing the incorporation documents. Once the name is approved and documents are complete, incorporation is usually quick. We also handle the NTN, bank account opening support and any sector licences you need.

They include holding the annual general meeting, filing the annual return and audited financial statements, reporting changes in directors, officers and registered office within the prescribed time, maintaining statutory registers and keeping beneficial ownership information up to date. Late filings attract penalties, so we maintain a compliance calendar for our clients.

Odoo is an integrated business management system covering accounting, inventory, manufacturing, HR, CRM and more. Because our implementations are led by accountants, the chart of accounts, internal controls and tax settings are designed correctly from the start, which makes month-end closing, tax compliance and the annual audit considerably easier.