Annual Audit

Annual Audit

At Taxocrate, our accountants' professionals team work hard and we also offer Audit services, thereby, facilitating organizations in their financial reporting and operations.

What are Audit?

Audit is an independent evaluation of the information of the financial entity. Organization presents numerous reports to users as the third party, who produces major investments and other decisions based on what these reports reveal. Auditors conduct an 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.

annual audit report
  • The Aims
  • Statutory Auditing
  • Tax Auditing

The auditors have to make sure that the financial statements of a company comply with accounting principles & statutory requirements, if any. The auditors need to be certain of a 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 an 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 audits 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
  • Physical verification of Inventory / Fixed Assets / Stock in trade

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 a talented community to conduct such audits.

Usually, every company must physically verify its stock and fixed assets in trade once in a year by an independent agency.