At HNCO our primary objective is to provide a framework for the application of a uniform, effective and efficient audit approach for all audit engagements. We act as auditors to numerous prestigious organizations in Pakistan.

The Nature of our Audit Approach:

Our objective in an audit of the financial statements of an entity is to express our independent opinion on whether the statements as a whole have been properly prepared in accordance with International Financial Reporting Standards (IFRS) as applicable and relevant legislation to give a true and fair view of the financial position and results of the entity. In order to express such an opinion, we need to perform our audit in accordance with generally accepted auditing standards. To be effective, we need to obtain sufficient, reliable and relevant evidence to enable us to form our opinion. To be efficient, we need to obtain that evidence economically and in a way that is (and is perceived by our clients to be) highly professional. This involves making the best use of resources available to us – the expertise of our people, their time, and any assistance which can be provided to us by the client.

Given these objectives and the diversity of the clients we service, we have developed an audit approach that provides a high degree of flexibility with the emphasis on the exercise of professional judgment in tailoring the audit to meet the specific circumstances of each client

Our approach has four key factors:

  • Understanding the client – the business the risk, the needs
  • Developing a strategy for audit tailored to those risks and needs
  • Translating that strategy into an effective and efficient program of work for the audit

    Care and control in drawing together our finds and arriving at our audit opinion.

Internal Audit:

Internal audit involves assistance to the management in making strategic and business decisions, recruitment and training issues, designing of accounting and internal control procedures and most importantly to measure the efficiency and effectiveness of operation of the transaction flows as designed by the management. Unlike statutory audits, these audits are performed in more detailed and investigative manner. It is an effective mode of fulfilling responsibilities of the management by providing them with following reports on the diversified areas, which specifically require management consideration:

  • Analysis
  • Appraisals
  • Recommendations
  • Pertinent comments regarding findings of audit

Forensic Auditing and Investigation:

The firm specializes in providing services for forensic auditing and fraud investigation. The partners have been engaged in major financial investigations by the Superior courts, Securities and Exchange Commission Government of Pakistan. They have to their credit major investigations carried out in the history of the country in famous Taj Company case and the Cooperative Scandal.

Accounting Services include:

Statutory Auditing under the various statutes of Pakistan.

Management Auditing which includes:

  • Examination of the achievements of the organizational objectives in relation to the overall management system of planning, organizing, controlling and evaluating.
  • Auditing in pursuance of a Specific Contract.
  • Investigative Auditing with reference to appointment as Inspectors under The Companies Ordinance, 1984.
  • Internal Audit
  • Systems and Operational Audit
  • Due Diligence Audit
  • Sales Tax Audit