Service 05
Audit & Assurance
Statutory and voluntary audits conducted to the international standards ICAP has adopted, scoped to what your company actually needs.
An audit should do more than satisfy a regulator — done well, it gives owners, lenders, and shareholders confidence that the numbers are real. We conduct statutory and voluntary audits to the standards ICAP has adopted from the International Auditing and Assurance Standards Board, for companies that are required to be audited and for those that choose to be.
When an audit is required in Pakistan
Under the Companies Act, 2017, companies above a paid-up capital threshold set by SECP must appoint a Chartered Accountant as statutory auditor and file audited financial statements; smaller private companies below that threshold are exempt from mandatory audit. Listed and public-interest companies face additional requirements — full IFRS reporting, a mandatory internal audit function, and periodic auditor rotation — that don't apply to most private SMEs.
Being below the mandatory threshold doesn't mean an audit has no value. Many owner-managed businesses commission a voluntary audit anyway, because banks weigh audited financials more heavily in SME financing decisions, investors expect them before due diligence, and shareholders in a growing business often want the independent assurance a formal opinion provides. We scope the engagement to what's actually required for your company size, and what's genuinely useful beyond that.
What's included
- Statutory audit under the Companies Act, 2017 for SECP filing
- Audits performed to International Standards on Auditing (ISA) as adopted by ICAP
- Voluntary audits for bank financing, investor due diligence, or shareholder disputes
- Internal audit and control-review engagements
- Audit readiness reviews before year-end
- Assurance reports for grant, donor, or regulatory requirements
Who this is for
Companies crossing SECP's mandatory audit threshold, businesses seeking bank financing or investment, and shareholders who want an independent opinion on the numbers.