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Performance audit of FBR

In recent days, the Supreme Court of Pakistan ordered the audit of Pakistan Railways and Pakistan International Airlines to find out the causes of rampant corruption and inefficiency in these…

Appointment of PMDC auditors ordered

The newly-elected top decision-making body of the Pakistan Medical and Dental Council (PMDC) expressed displeasure at the organisation functioning without external or internal auditors and regretted that its financial matters…

Selection for tax audit – I

Selection for and conduct of audit is not ex facie detrimental to the interest of taxpayer, however to exercise such powers; the discretion needs to be structured by framing rules…

Selection for tax audit – II

It is important to highlight that in USA, UK, Euro zone, Scandinavia, Japan, Singapore and many other developed tax administrations, the main emphasis is on selecting cases for audit on…

Cost audit under the Companies Act, 2017

The Companies Act, 2017, after much fanfare, has now been enforced in Pakistan. The finance minister acknowledged and appreciated the good efforts of Securities and Exchange Commission of Pakistan (SECP)…

Prioritising tax audit

Voluntary compliance under the self assessment system is supervised through the process of audit. Hence audit is an objective exercise with the specific purpose to assess and supervise the universal…