Risk assurance of your business

Created on Wednesday, 20 July 2011 17:27 Written by Web Master

We Provide independent, objective and rigorous financial and risk assurance of your business and financial position that is fundamental to improving performance and good corporate governance. Our approach is based on developing an understanding of your business or organization and the financial, operational and governance risks that it faces.

We tailor our service to meet your unique circumstances and needs and, by agreeing expectations and responsibilities at the outset, we ensure that our performance and service meets your requirements. The following are the major assurance services we provide

Statutory and other audits

These include

• Statutory audits under the provisions of the Companies Ordinance, 1984.
• Cost audits.
• Donor/ recipient contracted audits
• Sales tax and.
• Income tax audits commissioned by the Federal Board of Revenue of Government of Pakistan.

Audit assignments are planned and performed in line with the International Standards on Auditing (ISAs) together with the requirements of applicable local legislation. With an aim to add value, the RBCO audit methodology concentrates on business areas significant to financial statements.

The main objective of an audit engagement is to express an opinion on whether the financial statements are prepared in all material aspects in accordance with the applicable financial reporting framework. Providing independent, objective and rigorous financial and risk assurance of your business and financial position is fundamental to improving performance and good corporate governance.

Our approach is based on developing an understanding of your business or organization and the financial, operational and governance risks that it faces. We tailor our service to meet your unique circumstances and needs and, by agreeing expectations and responsibilities at the outset, we ensure that our performance and service meets your requirements. Distinct features of RBCO audit methodology are:

• Overall audit approach focusing on standard documentation requirements, an updated knowledge-base and resources pool enable our professionals to provide quality services around the globe.
• Timely supervision of audit execution coupled with regular staff training and development.
• Commitment to quality control, whereby the Quality Assurance Partner ensures that the practices across the firm are compliant of International Standards on Quality Control ISQC, ethical requirements of IFAC, and further to obtain and retain satisfactory rating under the Quality Control Review QCR program of the Institute of Chartered Accountants of Pakistan ICAP.

Internal audit

We can provide you with advice and assistance on the development of your internal audit and risk management strategy and processes. In addition, we also function as outsourced internal audit department. Whether your need is for an outsourced partner to support your Head of Internal Audit and/or in-house team, or the provision of a full outsourced internal audit service we can provide you with a solution that will be tailored to your specific needs.

What will our internal audit services give you?

• The confidence that you have the full set of skills to determine best practice.
• Access to the right people, tools and techniques when and where you need them.
• A partner who understands the value of internal audit and brings expertise and experience from the public, private and not-for-profit sectors.
• Sales tax and.
• Income tax audits commissioned by the Federal Board of Revenue of Government of Pakistan.

Reviews and other related services

In this category, we provide the following services:

• Limited scope review engagements.
• Examination of prospective financial information.
• Engagements to perform agreed upon procedures.
• Engagements to provide assurance on management assertions or a subject matter, and.
• Engagements to compile financial information ranging from bookkeeping to preparation of financial statements in accordance with identifiable financial reporting framework (mostly IFRS) together with the presentation and disclosure requirements of local statute or donor requirements.