Provision of quality services to clients at the compatible professional charges is the primary objective of ASC. So far, based on this principle, the firm has progressed and satisfied the needs of the clients on timely basis. ASC is also striving hard to promote professionalism with in the firm by recruiting young and energetic professionals. Requisite arrangements for the training of the staff and students of the ASC have been made in order to equip them with the knowledge required to meet the challenges of the day and business information needs of the clients.

The services, listed below, cover all the requirements of an organization. If you would like to discuss your own requirements, then get in touch and we will be pleased to assist.

AUDIT AND ASSURANCE
Audit & Assurance – NGOs Audit & Assurance – Companies
Audit & Assurance – Government Organizations Audit & Assurance – Other Businesses
Agreed Upon Procedures Engagements Internal Audit – Companies
ACCOUNTING AND FINANCIAL CONSULTANCY
Compilation Book Keeping (Computerized/Manual)
Computerised Accounting System Accounting Trainings
Outsourced Accounting Functions Preparation of Policy & Procedure Manuals
TAXATION
Salaries / Personal Taxation Partnership Firms Taxation
Corporate Taxation Withholding Tax Agent Taxation
CORPORATE AFFAIRS
Company / Firm Formation Other Corporate Services
OTHERS SERVICES
Cost Audit E-Filing Services
Feasibility Studies Preparation of Projected Financial Statements


AUDIT AND ASSURANCE

Audit & Assurance – NGOs

Audit of the Non-Governmental Organisations NGOs is one of the major areas of auditing of ASC. Most of the NGOs are obliged under their contractual requirements to have an independent audit of their financial statements by the firm of chartered accountants. ASC is offering audit services not only to international but also to local NGOs. The audits of such organizations are conducted as per International Standards of Auditing, the contractual requirements of the donor and pronouncements/guidelines of the ICAP.

Audit & Assurance – Companies

Audit of the limited liability companies is a legal requirement of the Companies Ordinance (CO) 1984. Every limited liability company whether private or public is obliged to have its financial statements audited annually by a firm of chartered accountants. The firm is offering services to both types of companies. The audits of such companies are conducted as per International Standards of Auditing, rules and regulations of the CO 1984, and the pronouncements/guidelines of the ICAP.

Audit & Assurance – Government Organizations

ASC also offers audit of the financial statements of Government Organizations. Certain Government departments are obliged under the government notifications/instructions to have independent audit of their financial statements by the firm of chartered accountants. The audits of such organizations are conducted as per International Standards of Auditing, the government requirements, and pronouncements/guidelines of the Institute of Chartered Accountants of Pakistan ICAP.

Audit & Assurance – Other Businesses

Audit of financial statements of the partnerships, sole proprietors and other businesses is also offered by ASC. Such audits though not mandatory under any law but are conducted for internal management and control purposes. The audits of such organizations are conducted as per International Standards of Auditing, and pronouncements/guidelines of the ICAP.

Agreed Upon Procedures Engagements

Related services like “Agreed upon procedures” are also offered by ASC for the clients require it. It is mostly done for NGOs whose requirements are as such that agreed upon procedures engagements should be done instead of an audit for a particular project or entity. Most of the NGOs are obliged under their contractual requirements to have an independent agreed upon procedures engagement of their financial statements by the firm of chartered accountants. A report on factual findings is issued at conclusion by ASC to the reporting authority. ASC is offering this related service not only to international but also to local NGOs. The agreed upon procedures engagements are conducted as per International Standards of Related Services, the contractual requirements of the donor and pronouncements/guidelines of the ICAP.

Internal Audit – Companies

ASC is also offering the internal audit services to implement effective control environment and to facilitate decision making process of the management. These audits are carried out to ensure the compliance of certain internal controls as well as internal rules & regulations. These are also designed to evaluate the management performance in achieving the economy, efficiency and effectiveness in the operations of organization.

ACCOUNTING AND FINANCIAL CONSULTANCY

Compilation

Most of ASC clients require compilation of their financial statements based on financial records, information and estimation provided by them. ASC offers this compilation services to all its clientele especially small entities which does not have arrangements for preparation of financial statements. It entails preparation of financial statements from their financial records/information/estimations and issuance of an “Accountant’s Report” as a result.

Book Keeping (Computerized/Manual)

ASC also offers services in the area of book keeping (computerized as well as manual). Some entities do have the base record of their transactions but they do not have the proper and authentic books of account for the same. Books of account are either prepared manually or using any accounting software depending on the circumstances and requirement of the clients.

Computerised Accounting System

ASC offers development of computerized accounting system using packaged programs keeping in mind the informational needs of the organization. The computerized accounting system has the capabilities of handling transactions of all kinds and offers both cash as well as accrual basis of accounting. Accounting documents such as vouchers, invoices, cash books, ledgers, trial balances, financial statements including balance sheet, income statement and cash flow statement are generated by the system. Project accounts as well as donor accounts are also generated and maintained with greater flexibility. ASC has developed systems for NGOs and other organizations using Quickbooks, Peachtree accounting, MYOB and SAGE Accounting packages. ASC also provided the hands on training of computerized accounting system to the staff and management of the organizations.

Accounting Trainings

Training courses for various cadres is also a very special area of operations of ASC. So far ASC has conducted various training courses/workshops. Such trainings are conducted for various managerial levels of the organization not only for finance staff but also for non-finance executives. The training course also forms part of the system development assignment where training of the concerned accounting staff is important for the implementation and maintenance of the new accounting system based on the latest principles of accounting.

Outsourced Accounting Functions

Outsourced accounting functions are also done by ASC. Through this arrangements ASC undertakes to depute its personnel as deputation staff to client which requires either filling the casual vacancy (e.g. maternity leave of female finance staff, other absences due to Hajj and Umra, Marriage etc.) or require a permanent staff for a temporary timeframe (e.g. for a short project etc.). ASC office does the supervisory role and keeps control over the deputed person in order to deliver quality services. Based on this premise ASC has served clients especially NGOs and the response was very appreciating as client availed good professional services at less than the cost which it might have spent on hiring an employee. Moreover, entities have also avoided the reputation loss due to redundancy of such an employee on completion of task.

Preparation of Policy & Procedure Manuals

Development of Standing Operating Procedure (SOPs) and policy and procedure manual are one of the financial consultancy areas which ASC has focused in recent times. With emerging need of documenting the business especially medium and small entities ASC has been able to help such clients who lacked the documentation of their policy and procedures. Policy and Procedure manuals help a lot in communicating the policy and procedures to those who are responsible for executing transactions/activities with in the entity.

TAXATION

Salaries / Personal Taxation

Taxation of salaried and other individuals are one of the specialized consultancy areas of ASC. ASC has handles hundreds of such cases over period of more than ten years now. It entails issuance of guidance on tax laws, guiding them for available tax benefits, collating financial information for tax purposes, preparation and filing of income tax return, complying with notices received from income tax department on their behalf. In short the main aim of this service is to relief such individual clients from any fatigue or botheration due to tax related problems.

Partnership Firms Taxation

Firm taxation is equally important in the business scenarios of today. ASC offers tax consultancy to the partnership firms which include preparation of financial statements, preparation and filing of income tax return, complying with notices received from income tax department on their behalf, contesting appeals in CIT and ITAT.

Corporate Taxation

Company taxation is very much complex and need proper attention. ASC offers tax consultancy to the Companies which include, preparing of all working schedule and income tax computations, preparation and filing of income tax return electronically, complying with notices received from income tax department on their behalf, contesting appeals in CIT and ITAT.

Withholding Tax Agent Taxation

With the increased focus of Pakistani taxation laws on withholding taxes, entities are facing much difficulty in handling and discharging the liabilities as withholding tax agents imposed on them by the tax authorities. NGOs as well as business entities are obliged to withhold tax while making payment under certain heads. This requires such entities to have comprehensive awareness and knowledge of ever-changing laws and other withholding and filing requirements. Most of NGOs have outsourced this function and ASC has served its NGOs clientele in this regard since the firm’s establishment. Other businesses mostly do it in-house and take advisory services only.

CORPORATE AFFAIRS

Company / Firm Formation

We at ASC provide corporate services for the formation and establishment of all types of business entities, including limited liability companies (LLCs), partnership firms and others. The services include Incorporation of LLCs, drafting of partnership agreements and other documents, registration of partnership firms, filing of documents, returns and other details with SECP/ROF, and dissolution/reconstitution/conversion of partnership firms.

Other Corporate Services

Other corporate services include filing of documents with SECP on behalf of ASC clients. Filing of AGMs documents and other documents such as charge registration, charge satisfaction, changes in directorship, increase in capital etc. All such documents are filed now electronically and electronic enrollment is also made for corporate clients.

OTHERS SERVICES

Cost Audit

ASC has conducted cost audit of specialized industries e.g. Ghee and cooking oil industries. ASC offers the cost audit services to its corporate clients who are obliged to undertake cost audit under the existing cost audit rules.

E-Filing Services

Due to recent development certain entities especially companies are obliged to enrolled themselves electronically for filing of various documents/statement/returns etc. ASC offers its clients the E-enrollments as well as E-filing services to its clients and developed expertise to handle such affairs as professionally as possible.

Feasibility Studies

At the set up stage of the business, feasibility studies are carried out to evaluate the risk and return of the project of clients. A detailed study is carried out and a feasibility report is prepared thereof. The feasibility report normally covers the nature of project, detail of project activities, nature of investment, projected financial results, sources of finance required, and finally the viability of the project.

Preparation of Projected Financial Statements

Banks always requires borrowers to provide projected financial statements. ASC offers its clients who are applying for a fresh loan or renewal of an existing one, the service to prepare projected financial statement on their behalf and on the basis of best estimates available.