Our Audit Approach
Our audit methodology is designed to focus the audit on the risks that might have material impact on the financial statements.
It is designed to exceed national and international standards and all our professionals throughout our member firms around the world are guided by the same approach to methodology, processes and documentation. All audit staff undergo frequent and regular training to help ensure that their knowledge is as current as possible.
The high quality of communication is a particular feature of PKF’s audit process. Underpinning our audit approach is a commitment to no surprises, with early advice on any potential issues. The amount of time we spent on site and the frequent and interactive exchange of views builds a stronger working relationship, brings fresh perspectives and the early identification of emerging issues.
PKF is confident in the technical abilities of our lead audit engagement partners, who have the extensive experience and authority to make accounting decisions that commit the firm. This empowerment of our partners, the collegiate nature of the firm and regular consultation with our clients means that our response to accounting issues that arise during the audit is prompt, decisive and consistent.
Technological Supports and Resources
The audit practice provides high quality service to a growing list of prestigious clients. Our technology tools and resources support us in creating the unmatched audit experience for our clients and for our people. Our technology tools allow our people to leverage resources from across the firm. Our proprietary software tools and knowledge-based applications bring the power of knowledge to our audit.
Our professionals are equipped with comprehensive information on industry trends and the business issues that are faced by any organization.
PKF in Pakistan offers the audit industry’s most technologically empowered audit. PKF’s existing audit electronic functionality namely Audit is being significantly enhanced with the global roll-out of additional technological developments the most significant amongst these is the area of Data & Analytics.
Fully customizable electronic workflows offer industry-leading audit design flexibility for our firms’ engagements whether it is a major international group audit (Financial Statements Audit Workflow -FSA) or a small scale audit for a small or medium enterprise (Small engagements workflow).
Using an intuitive advanced interface, PKF auditors now have leading industry knowledge and auditing standards guidance integrated into the audit process to enable the audit process to be optimized for each client.
This functionality builds on PKF firm’s existing reputation as market leading providers of tailored and efficient audits.
Audit brings the power of PKF’s collective wisdom, industry knowledge, and technical skills to our firm’s clients on every audit engagement using advanced and secure technology tools.
Quality, Integrity and Independence
PKF has its own quality procedures in place to which all member firms adhere, as well as being subject to external review by the Institute of Chartered Accountants of Pakistan. In addition, all our relationships are assessed by an independent Client Service Review, where we obtain direct feedback from the client on the overall quality of PKF’s services and relationships.
We take rigorous steps to help ensure that potential conflicts are carefully and effectively managed. Sentinel, unique to PKF, is a sophisticated and automated independent tracking system, helping engagement teams review, approve and verify PKF’s service relationships with business entities worldwide. The system is mandatory for the client service teams of all clients and is fully compliant with Sarbanes Oxley and other regulatory requirements.