Accounts & Audit
At Taxocrate, our accountants professionals team offer Accounts services for facilitating organizations. We make your business growth, while managing the bookkeeping and accounting for you to let you to concentrate on addressing the core business and strategic issues encountered by your organization. We goal is towards developing a system that will meet your company’s financial reporting requirements. Taxocrate offers a stream of accounting services under the supervision of accounts section to complete outsourcing of bookkeeping, payroll and functions. Our mission is to facilitate your company to stay up-to-date, accurate financial data on standby to serve your need of financial reporting.
We offer following accounting services to known companies as well as small/medium enterprises in the following areas:
- Provide opinions and advice on accounting issues.
- Preparation of financial statements and assistance in consolidation.
- Other international accounting standards and preparation of financial statements as per GAAP.
- Projected financial statement preparation.
- Valuation of goodwill, brand valuation, valuation of business etc.
- Assistance in selection of a suitable ready-made software or designing accounting software.
- Suggestions for improvement and study of the existing system of accounting.
- Guidance in devising of Manual: to act as a guideline on Procedures, Accounting Policies and Systems adopted by a Company, Designing Chart etc.
We also provide following Accounting / Bookkeeping Services in the following areas:
- General Ledger.
- Accounts Receivable Management.
- Accounts Payable Management.
- Bank/Cash Reconciliation.
- Fixed Assets.
- Preparation of Financial Statements.
At Taxocrate, our accountants professionals team work hard and we also offer Audit services, thereby, facilitating organizations in their financial reporting and operational.
What are Audits ?
Audit is an independent evaluation of the information of the financial entity. Organization presents numerous reports to users as third party, who produces major investments and other decisions based on what these reports reveal. Auditors conduct analysis of all the reports given by the organization to end users. The audit demands to be absolutely objective and thorough.
The Firm’s audit approach should be business oriented. It aims towards an understanding of the client’s business much in-depth than the knowledge of the records and accounting system in which auditors have conventionally concentrated. Our audit concerns on the substance of the underlying business instead of just the financial statements; we use our competency of the business and consider other services we provide in examining our audit procedures and appropriate sources of audit evidence; we utilize information we get from other services we might have performed during the year to offer constructive advice to management. Objectively our focus is, therefore, both client specific and industry specific.
The auditors have to make sure that the financial statements of a company comply to accounting principles & statutory requirements, if any. The auditors need to be certain of true and fair view of the operating results and the financial position shown to third party users. They can also review proposals that are certain to make an impact on future of entity’s financial position.
Every co-operative society or a company registered in Pakistan has to get its accounts audited from a chartered accountant each year. We conduct such statutory audit for the co-operative societies / companies.
Each assessee, who has a business turnover of exceeds Rs.4 million or total receipts by any profession exceeds Rs.1 million in any recent year, is obligated to get its accounts audited and report as per section 44AB of the income tax act, is to be documented with the Income tax department. We have a league of professionals who conduct such audits.
Internal Auditing / Concurrent auditing
For an in-depth checking of daily transactions and formulating boosting systems in place, large scale business entities require internal audit. The entities where the ownership and control is different in the internal auditing is essential. We have talented community to conduct such audits.
Physical verification of Inventory / Fixed Assets / Stock in trade
Usually, every company must physically verifies its stock and fixed assets in trade once in a year by an independent agency.