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Audit & assurance • Pakistan
Statutory audit & assurance in Pakistan with ICAP QCR-rated firms
We coordinate and manage statutory audits for companies, NGOs and funds across Pakistan through our trusted network of ICAP QCR-rated chartered accountant firms, from audit readiness and scoping to fieldwork support and final report.
ICAP QCR-rated partner firms
Companies Act 2017
ISAs as adopted by ICAP
Partner-signed report
[ Partner audit firm’s official letterhead ]ICAP QCR rated
INDEPENDENT AUDITOR’S REPORT
To the members of [Company Name] (Private) Limited
Opinion
Basis for opinion
Chartered Accountants
Engagement Partner
Place & date
Engagement Partner
Place & date
AUDIT
FIRM
STAMP
FIRM
STAMP
Issued on the partner firm’s letterhead
Compliance notice
The Business Explore Consultants does not issue statutory audit reports in its own name. Statutory audits are conducted together with our trusted ICAP QCR-rated chartered accountant firms, and the independent auditor’s report is issued and signed by the partner firm on its own official letterhead.
Engagement acceptance, auditor independence, the audit opinion and the auditor’s report remain the sole professional responsibility of the partner firm under the Companies Act 2017, the International Standards on Auditing as adopted by ICAP, and the ICAP Code of Ethics.
How our audit model works
One coordinated team, two clear roles
You get the convenience of a single point of contact, while the statutory opinion comes from a qualified, QCR-rated audit firm.
The Business Explore Consultants
Coordination & audit support
- Free consultation and audit scoping
- Matching you with a suitable ICAP QCR-rated firm
- Audit readiness review and document checklist
- Coordinating schedules, queries and timelines
- Following up on management letter points
- Single point of contact from start to finish
+
ICAP QCR-rated partner firm
Statutory audit & opinion
- Engagement letter and independence checks
- Audit planning, risk assessment and fieldwork
- Audit procedures under ISAs as adopted by ICAP
- Management letter on internal control findings
- Independent auditor’s report and opinion
- Report signed by the engagement partner on the firm’s letterhead
Audit & assurance services
Assurance for every requirement
Statutory and regulatory audits are issued by our partner firms. Advisory and internal reviews are delivered directly by The Business Explore.
Via partner firm
Statutory audit of companies
Annual audit of financial statements as required under the Companies Act 2017.
- Private limited & single member companies
- Public unlisted companies
- Subsidiaries of foreign companies
Via partner firm
NGO, NPO & trust audits
Audits for not-for-profit organisations, Section 42 companies, trusts and societies.
- Annual statutory audits
- Donor-funded project audits
- Audits for certification & registration
Via partner firm
Provident & gratuity fund audits
Audit of employee retirement benefit funds and trust accounts.
- Provident fund trusts
- Gratuity & pension funds
- Compliance with trust deeds
Via partner firm
Review & special-purpose engagements
Limited assurance and specific-purpose reports for banks, donors and regulators.
- Review of financial statements
- Agreed-upon procedures
- Special-purpose audits & certificates
The Business Explore
Internal audit
Outsourced or co-sourced internal audit to strengthen controls and governance.
- Risk-based internal audit plans
- Process & control testing
- Board & audit committee reporting
The Business Explore
Audit readiness & due diligence
Get your books audit-ready, or review a business before you invest or acquire.
- Pre-audit health check
- Financial due diligence
- Stock, cash & fixed asset verification
Who we serve
Who needs an audit in Pakistan?
Private limited companies
Companies registered with SECP that must have annual financial statements audited.
Public unlisted companies
Companies with wider shareholding and stricter reporting obligations.
NGOs, NPOs & trusts
Organisations reporting to donors, regulators and certification bodies.
Businesses seeking finance
Companies applying for bank loans, tenders or investment that need audited accounts.
Indicative fees
Transparent audit fee guide (PKR)
Starting fees for planning purposes. The final fee depends on turnover, transactions, locations and complexity, and is confirmed in the engagement letter.
Small company audit
SMCs & small private limited companies
Starting fromRs 75,000 per year
TurnoverUp to Rs 50m
Timeline3–4 weeks
- Statutory audit via partner firm
- Audit readiness checklist
- Management letter
- Auditor’s report on firm letterhead
Most requested
Private company audit
Growing private limited companies
Starting fromRs 150,000 per year
TurnoverRs 50m–500m
Timeline4–6 weeks
- Statutory audit via partner firm
- Pre-audit readiness review
- Dedicated coordinator
- Management letter & follow-up
- Auditor’s report on firm letterhead
NGO / NPO audit
Non-profits, trusts & donor-funded projects
Starting fromRs 120,000 per year
ScopeEntity or project
Timeline4–6 weeks
- Statutory or donor audit via partner firm
- Grant & fund-wise reporting support
- Donor compliance checks
- Report on firm letterhead
Large & group audits
Public unlisted companies, groups & multi-location
FeeCustom quote
TurnoverAbove Rs 500m
TimelineAs agreed
- Statutory & group audits via partner firm
- Multi-location coordination
- Internal audit & controls support
- Report on firm letterhead
Please note: fees are indicative and exclusive of applicable sales tax on services and out-of-pocket expenses. The statutory audit is performed and the auditor’s report is issued by an ICAP QCR-rated partner firm on its official letterhead. The final scope and fee are set out in the engagement letter issued by that firm.
Audit process
From first call to signed report
1
Consultation
We understand your entity, year-end and requirements.
The Business Explore2
Scoping & firm match
We scope the audit and match you with a QCR-rated firm.
The Business Explore3
Engagement letter
The partner firm completes independence checks and issues the engagement letter.
Partner firm4
Planning & fieldwork
Risk assessment, testing and evidence gathering.
Partner firm5
Findings & adjustments
Queries resolved and management letter discussed.
Both6
Signed report
Auditor’s report issued on the firm’s letterhead.
Partner firmProfessional framework
Audits governed by recognised standards
Companies Act 2017
Statutory audit and financial reporting requirements for companies in Pakistan.
ICAP QCR rating
Partner firms hold a satisfactory Quality Control Review rating from ICAP.
ISAs as adopted by ICAP
Audits are planned and performed under International Standards on Auditing.
IFRS & local frameworks
Financial statements prepared under the applicable reporting framework for your entity.
Be audit-ready
Documents usually required
Our readiness checklist helps you prepare before fieldwork starts, which saves time and fees.
- Trial balance and general ledger for the year
- Draft financial statements (or we help prepare them)
- Bank statements and bank reconciliations
- Sales, purchase and expense invoices
- Fixed asset register and additions support
- Payroll records and employee contracts
- Tax returns, withholding statements and notices
- SECP filings, Form A / 29 and statutory registers
- Loan agreements and major contracts
- Board and member meeting minutes
FAQ
Frequently asked questions
Will The Business Explore sign my audit report?
No. The Business Explore Consultants does not issue statutory audit reports in its own name. Your independent auditor’s report is issued and signed by the engagement partner of an ICAP QCR-rated chartered accountant firm, on that firm’s official letterhead.
What is an ICAP QCR rating?
The Institute of Chartered Accountants of Pakistan (ICAP) runs a Quality Control Review (QCR) programme that reviews audit firms’ quality control systems. Firms that meet the required standard receive a satisfactory QCR rating. We only work with firms holding this rating.
Who is responsible for the audit opinion?
The partner audit firm is solely responsible for engagement acceptance, independence, the audit work and the opinion expressed in the auditor’s report. Our role is coordination, audit readiness and client support.
Can you prepare my accounts and also arrange the audit?
We can help you get your records audit-ready. Because auditors must remain independent, the partner firm decides what non-audit help is acceptable for the same client and will apply the required safeguards under the ICAP Code of Ethics.
How long does a statutory audit take?
Most small and mid-sized company audits take 3 to 6 weeks from the start of fieldwork, depending on how ready your records are. Starting early helps you meet SECP filing deadlines.
How are audit fees decided?
Fees depend on turnover, number of transactions, locations, complexity and the condition of your records. The indicative fees above are starting points; the final fee is confirmed in the partner firm’s engagement letter.
Get your statutory audit done right, on time
Book a free consultation to scope your audit and receive a quote from a trusted ICAP QCR-rated partner firm.
Compliance notice: The Business Explore Consultants is a business consulting firm and does not issue statutory audit reports in its own name. Statutory audits are conducted with ICAP QCR-rated chartered accountant firms, and the auditor’s report is issued and signed by the partner firm on its official letterhead. Engagement acceptance, independence and the audit opinion are the sole responsibility of that firm. Information on this page is general and does not constitute legal or professional advice.