QAB

Annual Report 2013

Contents
Message from the Chairman

01

Quality Control Review (QCR) Program

02

Quality Assurance Board (QAB)

03

QCRs Conducted

04

The Review Process

05

Summary of QCR Observations

06

QAB Members

13

Quality Assurance Department (QAD)

15

List of Firms having Satisfactory QCR Ratings

16

Disclaimer

19

Glossary of Terms

20

Message from the Chairman

This is the second Annual Report of the Board. One of the core principle of the
International Forum of Independent Audit Regulators is that in order to be
transparent the regulator should publish annual work plans and activity reports,
including the outcome of inspections either in the aggregate or on a firm by firm
basis.
Within the financial reporting supply chain, the accountancy profession assumes
the role of a guardian overseeing the integrity of financial reports. This is achieved
through the performance of quality audits. The Quality Assurance Department
(QAD) under the aegis of Quality Assurance Board (QAB) conducts the QCRs as
per the defined Framework of the QCR Program.
The objective of the Program is to determine whether firms:
(a)

are conducting the audit engagements in accordance with the relevant

professional standards and applicable legal and regulatory requirements;
and

(b)

have established, documented and implemented adequate policies and

procedures for quality control within the firms in accordance with the
requirements of ISQC-1.

The report provides the overview of the QCR program, QAB activities and summary
of the significant or frequent observations noted during the period July 1, 2012 to
June 30, 2013. In the interests of transparency and confidentiality, only aggregated
data, trends and issues arising from the findings are being reported.
Though the quality of audit has improved since the QCR program commenced,
still there are areas of audit where firms require special attention. Like last year the
most important areas noted, during the period under review, where the firms
should be more vigilant are Documentation of Audit Evidence, Going Concern and
Auditors Reports.
I would like to thank QAD for going through all the observations and compiling
them meticulously. I am also indebted to QAB for their review and feedback.

Zafar Iqbal Sobani

Chairman QAB
January 15, 2014

QAB Annual Report 2013

Quality Control Review (QCR) Program

The QCR Program is integral to the Institutes regulatory framework, established
to develop and maintain compliance of professional standards amongst CA firms
engaged in the audits of financial statements. The program is governed by the
Framework of the QCR Program (the Framework) which describes the objectives
and scope of the Quality Control Review (QCR) program, composition,
responsibilities and functions of the Board and policies, procedures and process
in relation to QCR program.
Under QCR program both review of engagement and overall firm is carried out.
In Engagement Review the audit engagement(s) performed by the firm are reviewed
to determine whether the audit report(s) issued by the firm in respect of the reviewed
client(s) was supported by appropriate audit evidence. Whereas in Firm Review
overall system of quality within the firm is reviewed and monitored under ISQC
1.
Salient Features of the Framework
Framework is the governing document of the QCR program and its salient features
are as follows:
QCR is applicable to firms who carry out statutory audit engagements.
The QCR review cycle is two and a half years. In certain cases early review
may be required.
Coverage of all locations and at least 25% of audit partners of a firm is
mandatory.
Review of additional file(s) in case less than 75% working paper files reviewed
are concluded by the QAB as not satisfactory.
Complete confidentiality and anonymity of the reviewed firms, office
locations, audit engagements selected for review and engagement partners
reviewed is maintained by QAD while submitting QCR reports to the Board
for its consideration and approval.
All Board members and QAD staff members are required to sign statements
of confidentiality and independence annually.
Risk Based Selection of audit working paper files for QCR.
The Board may refer a member to the Investigation Committee in the
2

QAB Annual Report 2013

following circumstances:
a)

The Board finds that the member is prima facie grossly negligent in
issuing an audit report or performance of an audit; or

b)

The firm has conducted audit of a listed company without obtaining

a satisfactory QCR rating.

Quality Assurance Board (QAB)

The QAB performs its functions and discharges its responsibilities in accordance
with the Framework, independently of the Council. The QAB members are appointed
through a nomination process. The Chairman is a member of the Institute, who is
neither a practicing member nor from the sitting Council and is appointed by the
Council. The QAB has three SECP nominees and one SBP nominee to represent
regulators and to enhance the transparency of the Program.
Meetings of QAB
The Board held ten meetings during the period under review and conducted various
other matters besides considering the QCR Reports.
Seminars/ Workshops
During the period under review, the QAD in collaboration with the Southern and
Northern Regional Committees of the Institute held a workshop on ISA 320
Materiality in Planning and Performing an Audit in Karachi, Lahore and Islamabad.
QAB in coordination with regional committees of South and North is planning to
hold Seminars on important ISAs such as ISA on Going Concern and Auditors
Report.
Revision of the Framework
The extant Framework was approved by the Council in 2009. However in order to
remain compliant with the requirements of Statement of Membership Obligations1 on Quality Assurance, issued by the IFAC and to address certain issues discussed
in various meetings of the QAB from time to time or which came to notice during
performance of QCRs it became necessary to revise the extant Framework.
The draft Framework has been finalized by the QAB and recommended to the
Council for its approval.

QAB Annual Report 2013

QCRs conducted
During the period from July 1, 2012 to June 30, 2013, reviews of 117 audit engagements
of 61 firms at 83 office locations at Karachi, Lahore, Islamabad, Rawalpindi,
Faisalabad and Rahim Yar Khan were carried out as compared to 65 audit
engagements of 34 firms at 45 office locations during the last year.
Out of 61 audit firms reviewed during the period, conclusions of 38 audit firms
were supported by appropriate audit evidence while the conclusions of 12 firms
were not supported by appropriate audit evidence. QCR reports of 16 audit
engagements of 11 firms are in the process of approval by the QAB.
Audit Engagements Reviewed During the Period
120
100
80
60

2011-2012

40

2012-2013

20
0

Audit
Engagements
Reviewed

Firms Reviewed Office Locations

Reviewed

As mentioned above total 117 audit engagements /clients were selected for QCR
and out of which 51 were listed entities.
Type of Audit Engagements Reviewed

44%
Listed
56%

Unlisted

As on June 30, 2013, 99 firms (2012 97 firms) were listed on the Institute's website,
having satisfactory QCR rating.
During the year 16 new firms offered their audit working paper files for review
and the QCR conclusions of 08 firms were "supported by appropriate audit evidence.
During the period under review 05 firms were removed from the list of QCR Rated
Firms and early reviews of 08 firms were also decided by the QAB.

Legal Cases
During the period under review two writ petitions have been filed in the Lahore
High Court against the Institute/QAB challenging the decision of the QAB related
to QCR.
4

QAB Annual Report 2013

The Review Process

Step 1

Submission of list of audit clients on prescribed format

Step 2

Fixation of QCR date with mutual agreement

Step 3

Reviewer visits the firm for QCR

Step 4

Selection of client(s) to be reviewed (Firm is informed of the selected client(s)

at the time of QCR visit)

Step 5

In case of listed entities, firms system of quality control under ISQC-1 is also
carried out

Step 6

Reviewer notes the observation(s) on Review Findings Form (RFF) which is

signed by both the reviewer and the engagement partner

Step 7

Draft QCR report is prepared and sent to the firm for comments

Step 8

After incorporating comments of the firm, if any, the draft QCR report is
presented to QAB. To maintain confidentiality names of firm, engagement
partner, client and other information are not disclosed in the draft QCR report.

Step 9

After QAB approval, the final QCR report is issued to the firm in which the
firm is informed whether the audit report(s) issued by the firm in respect of
reviewed client(s), was supported or not supported by appropriate audit
evidence.

QAB Annual Report 2013

Summary of QCR Observations

This section of the report provides summary of frequent and significant
observations/findings noted during QCR of various firms during the year from
July 1, 2012 to June 30, 2013. These findings were either found in multiple audit
engagement files or were considered significant enough to be highlighted for the
guidance of practicing firms.
Significance of the observations should not be judged by the readers merely on the
basis of their frequency or order of appearance in the detail. Further, conclusions
about the overall quality of auditing in Pakistan should also not be drawn from
ensuing observations.
Areas where various observations were noted are summarized below:
1. AUDIT PLANNING
It was noted that audit strategy and audit planning were either missing in the
audit working paper files or were not adequately documented. This area is
usually taken for granted by some audit firms and mere filling out formats
given in Audit Practice Manual issued by ICAP was considered to be adequate.
Practicing firms are advised to pay special attention to this important area of
the audit without which an effective and efficient audit cannot be planned and
performed.
2. TERMS OF AUDIT ENGAGEMENT

The audit engagement letter was not acknowledged by any of the management
representative.

The name and designation of the person signing the engagement letter on
behalf of the client were not mentioned.

3. AUDIT EVIDENCE AND AUDIT DOCUMENTATION

Audit evidence is information used by the auditor in arriving at the conclusion
on which the audit opinion is based. Audit evidences are gathered from many
sources and assembled as audit documentation in the audit working paper files.
Audit documentation should allow the reader to easily understand the issues
and risks, the assertions tested, the audit procedures performed to gather
evidence, the findings, and the conclusion.
This is an area where special care and attention is needed as inadequate or
insufficient audit evidence may have an adverse impact on the QCR rating of
the firms. For further guidance, Audit Practice Manual issued by the Institute
may be referred to.

QAB Annual Report 2013

The observations in the above area are given below:

Neither provision was made for employees retirement benefits nor was any
reason for non-provisioning documented in the working paper files.

In some cases except for schedule and ledger sheets no evidence of application
of audit procedures to verify certain items of profit and loss account was
available in the working paper files.

The market value of the investments in listed associated companies was

significantly lower than the value carried at balance sheet under equity
method. But there was no evidence of application of audit procedures to
ensure that investments were not impaired. In some cases where value in
use of the investment was provided by the management, the auditor did
not appropriately verify such workings.

Investments in unquoted companies were not verified appropriately such

as reviewing financial statements of investee companies to ensure that
investments were not impaired.

Investments in various listed companies were recorded at cost.

there was no breakup of significant amounts in the audit working papers

hence audit documentation failed to demonstrate as to how the auditor
selected and applied appropriate audit procedures

It was observed that significant expenses were paid to legal advisors but
neither confirmations were requested from them nor any audit procedures
were applied to determine the nature of cases handled by them and their
current status.

Covering letter sent by the auditors to the management of the company

required approval of board of directors of various items of material amounts,
but the same was not obtained before issuance of audit report.

Rates of depreciation were significantly lower than the prevailing industry

practice for plant and machinery and there was no evidence of assessment
of the appropriateness of depreciation method and rate in view of the flow
of economic benefits and useful life of the assets.

No evidence of application of alternative audit procedures to verify closing

balances where direct confirmations from parties were not received by the
auditors.

No evidence of attending or observing physical stock count by auditors. In

QAB Annual Report 2013

some cases only ticks were placed on stock sheets provided by the client
and there was no evidence who observed the stock count and when.

In some cases evidence of verification of valuation of stock-in-trade was also

not available in the file and the valuation sheets provided by the client were
relied upon.

It was observed that there was no document to evidence application of risk

assessment procedures by the auditor.

No appropriate procedures were planned and applied to verify sales and

mere monthly sales tax returns available in the files were relied upon by the
auditor.

There was no document to evidence that impairment testing of assets was

carried out by management as at balance sheet date.

In many cases it was noted that loan from related parties especially from
directors were classified as long term in the financial statements but there
was no document in the audit files to support the long term classification.

Neither accounting policy for deferred taxation was disclosed nor any
deferred tax was recognized by the company. Further reason for nonrecognition was also not available in the file. This observation was mostly
noted during review of working papers of unlisted client.

4. AUDIT SAMPLING

No document was available in the files to demonstrate as to how audit

sampling and other means of testing were planned and applied by the
auditor as required under ISA 530.

In few cases it was noted that only two or three month sales were selected
for audit purposes and rest of the sales population was left out of audit
sampling. This approach is not appropriate as sample selected in the instant
case was not representative of the total sales population and all the sampling
units did not have chance of selection in order to provide the auditor with
a reasonable basis on which to draw conclusions about the entire population.

5. GOING CONCERN
The improvement in the area of going concern was not encouraging. The
understanding as well as the working of a number of audit firms regarding
evaluation of going concern assumption used by the management was not
satisfactory. Some of the observations noted in this area are summarized below:

The auditor has given emphasis matter paragraph in the audit report and
QAB Annual Report 2013

highlighted certain negative financial indicators but there was no disclosure

in the financial statement as required under ISA-570 Going Concern. In
case where adequate disclosure is not made in the financial statement, the
auditor should express either a qualified or an adverse opinion, as appropriate
in accordance with ISA 570.

Emphasis of matter paragraph was deficient and was not in compliance with
the requirement of ISA 570.

The financial statements were prepared on going concern basis but the use
of going concern assumption was concluded by the auditors as inappropriate
in the audit report. Despite this conclusion an adverse opinion was not
expressed.

In many cases it was noted that there was no evidence of reviewing

management plans and supporting projections.

A qualification paragraph was included in the audit report but the said
paragraph did not highlight deficiencies in the disclosures given in the
financial statements on going concern assumption.

The company was facing material uncertainties with respect to its ability to
continue as a going concern but no specific management representation was
obtained by the auditor upon the matter of going concern. Further there was
also no documentation about the assessment of going concern assumption
used by the management.

6. SUBSEQUENT EVENTS

There was no document to evidence that the auditor had applied audit
procedures specifically for the identification of subsequent events requiring
adjustment or disclosure in the financial statements.

It was noted that a management representation letter was issued much before
the date of audit report but no audit procedures were performed to obtain
sufficient appropriate audit evidence for events occurring between the date
of the representation letter and the date of auditors report.

7. MANAGEMENT REPRESENTATIONS

Management representation letter was issued after the issuance of audit

report. It may be noted that the written representations should be dated as
near as practicable to, but not after, the date of the auditors report on the
financial statements.

Management Representation Letter was not dated.

QAB Annual Report 2013

8. RELATED PARTIES

There was no evidence of application of audit procedures specifically for

the identification of related parties and transactions with the same.

The financial statements only disclosed closing balances of related parties.

Nature of related parties and amount of transactions made with them were
not disclosed. Further total payment made or received from related parties
on account of advance was also not disclosed in the separate note of the
related parties transactions.

There was no evidence of application of audit procedures to verify material

transactions of sales to and purchases from related parties.

Audit program for related party transactions was not available.

9. EXTERNAL CONFIRMATIONS

No evidence of circularization of external confirmation request was available.

In some cases it was observed that balances of directors/related parties were

confirmed by companys official on the companys letterhead instead of the
concerned directors or related parties.

10. PRESENTATION AND DISCLOSURES

10

Compliance Statements was not given in the financial statements of unlisted

companies due to which it could not be determined as to which financial
reporting framework was followed in the preparation of the financial
statements.

In some of the cases statement of compliance disclosed the incorrect financial

reporting framework used in the preparation of financial statements.

Retirement benefits policy was not disclosed.

Guarantees issued by banks were not disclosed as contingent liability in the

financial statements.

The disclosure of critical estimates and judgments used in preparation of

the financial statements of some of the unlisted companies was neither given
in summary of significant accounting policies nor in a separate note.

No accounting policy for investments was disclosed whereas investments

comprised significant portion of total assets of the company.

Accounting policy for charging depreciation was not in accordance with

QAB Annual Report 2013

IAS-16 as full years depreciation was charged on the additions and no

depreciation was charged on deletions during the year. IAS-16 requires that
depreciation of an asset begins when it is available for use and ceases at the
earlier of the date that the asset is classified as held for sale in accordance
with IFRS 5 and the date that the asset is derecognized.
11. AUDIT REPORT

Previous years audit report was qualified by the auditor on a matter which
remained unresolved but the auditor did not modify his opinion in the
current periods financial statements.

The auditor qualified its report on number of issues involving significant

amounts and in aggregate formed notable percentage of balance sheet footing.
Keeping in view the materiality of the total amount involved and the likely
pervasive effects on the financial statements there was no document available
in the working papers to evidence as to how possibility of issuance of adverse
or disclaimer of opinion was dispelled by the auditors.

Qualification paragraph was not placed before the opinion paragraphs.

Qualification paragraph neither provided quantification of the financial

effects of the misstatement nor was impracticability of such quantification
mentioned.

Qualification paragraphs noted in some of the audit reports were mere

statement or narration of facts which neither stated disagreement with
management nor stated a scope limitation.

Qualification given in the predecessor auditors report was not disclosed in

other matter paragraph by the incoming auditor.

Name of the engagement partner was not mentioned in the audit report.

12. GENERAL OBSERVATIONS

There was no documentation in the file to evidence that appropriate audit

procedures regarding the acceptance of client were followed.

Engagement Quality Control Reviewer was not appointed for the listed
audit engagement and accordingly no engagement quality control review
was performed for the engagement.

QAB Annual Report 2013

11

Overall Review of the Firm under ISQC-1

12

1.

The Policies and procedures manual although prepared but not yet
implemented and hence no documentation to show that the policies and
procedures were being followed at Firm level.

2.

Policies were defined for all the quality control elements but no procedures
were defined to ensure implementation of such policies.

3.

No policies and procedures were defined for the Monitoring element required
under ISQC 1.

QAB Annual Report 2013

QAB Members
1. Zafar Iqbal Sobani Chairman
Mr. Sobani is a fellow member of the Institute of Chartered Accountants of
Pakistan. He was the CEO of Hub Power Company Limited. Currently he is
associated with Thal Limited a company of House of Habib as Director.
He was President of the Institute of Chartered Accountants of Pakistan in 2004-05.
2. Rafaqat Ullah Babar Vice Chairman
Mr. Babar is a fellow member of the Institute of Chartered Accountants of
Pakistan and a Council member of the Institute. He is a partner of Rafaqat
Mansha Mohsin Dossani Masoom & Co.
3. Abbas Member
Mr. Abbas is a fellow member of the Institute of Chartered Accountants of
Pakistan. He is a practicing chartered accountant and principal of Abbas & Co.
4. Amir Jamil Abbasi Member
Mr. Abbasi is a fellow member of the Institute of Chartered Accountants of
Pakistan. He is a practicing chartered accountant and partner of KPMG Taseer
Hadi & Co.
5. Ali Azeem Ikram Member
Mr. Ikram is a fellow member of the Institute of Chartered Accountants of
Pakistan. He has been nominated by the SECP on the Board. He is Head of the
SECPs Enforcement Department.
6. Arslan Khalid Member
Mr. Khalid is a fellow member of the Institute of Chartered Accountants of
Pakistan. He is a practicing chartered accountant and partner of Ernst & Young
Ford Rhodes Sidat Hyder.
7. Fuad Azim Hashimi Member
Mr. Hashimi is a fellow member of the Institute of Chartered Accountants of
Pakistan. He has been nominated by the SECP on the Board. He is currently the
President & CEO of the Pakistan Institute of Corporate Governance.
8. Kamran Y. Mirza Member
Mr. Mirza is a fellow member of the Institute of Chartered Accountants of
Pakistan. He has been nominated by the SECP on the Board. He is the Chief
Executive of the Pakistan Business Council.
9. Mohammad Shuaib Member
Mr. Shuaib is a fellow member of the Institute of Chartered Accountants of
Pakistan. He is working with Fauji Fertilizer Company Limited as General
Manager Finance.
QAB Annual Report 2013

13

10. Muhammad Tufail Salariya Member

Mr. Salariya is a fellow member of the Institute of Chartered Accountants of
Pakistan. He is a practicing chartered accountant and partner of Salariya & Co.
11. Noman Ahmed Qureshi Member
Mr. Qureshi is a fellow member of the Institute of Chartered Accountants of
Pakistan. He has been nominated by the SBP on the Board. He is the Executive
Director, Finance Resource Management of the SBP.
12. Syed Ahmed Abid Member
Mr. Abid is a fellow member of the Institute of Chartered Accountants of
Pakistan. He is presently working with the Ministry of Petroleum and Natural
Resources as a Financial Advisor/Consultant.
13. Zafar Iqbal Member
Mr. Iqbal is a fellow member of the Institute of Chartered Accountants of
Pakistan. He is a practicing chartered accountant and partner of Azhar Zafar
& Co.
14. Zahid Iqbal Bhatti Member
Mr. Bhatti is a fellow member of the Institute of Chartered Accountants of
Pakistan and a Council member of the Institute. He is a practicing chartered
accountant and partner of A.F. Ferguson & Co.

14

QAB Annual Report 2013

Quality Assurance Department

Quality Control Reviews are performed by chartered accountants employed on a
full time basis by the Institute. As of June 30, 2013 the Quality Assurance Department
had the following staff strength:
1.

Shahid Hussain, FCA

Director

2.

Haroon Adeel, FCA

Deputy Director

3.

Zulfiqar Ali Sheikh, FCA

Senior Manager

4.

Mahmood Ahmad

Manager

5.

Ansar Ahmed

Assistant Manager

QAB Annual Report 2013

15

List of firms having Satisfactory QCR Ratings

(As on June 30, 2013)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
16

A. A. Baig & Co.

A. Aziz Chaudhury & Co.
A.D. Akhawala & Co.
A.F. Ferguson & Co.
A. M. Laliwala & Co.
Abdan & Co.
Ahmed Mushir & Co.
Akhter Mahmood Mian
Ale Imran & Co.
Amin & Co.
Amin Mudassar & Co.
Amir Alam Khan & Co.
Anjum Asim Shahid Rahman
Arshad Raheem & Co.
Aslam Malik & Co.
Avais Hyder Liaquat Nauman
Azhar Zafar & Co.
Baker Tilly Mehmood Idrees Qamar
BDO Ebrahim & Co.
Daudally Lalani & Co.
Ernst & Young Ford Rhodes Sidat Hyder
Faisal Iqbal Khawaja
Faruq Ali & Co.
Fazal Mahmood & Co.
Feroze Sharif Tariq & Co.
F.R.A.N.T.S & Co.
Ghalib & Co.
H.A.M.D. & Co.
Hafizullah & Co.
Haider Shamsi & Co.
Hameed Chaudhri & Co.
Hameed Zahid & Co.
Haroon Zakaria & Co.
Hashmi & Co.
Hassan Farooq & Co.
HLB Ijaz Tabussum & Co.
Horwath Hussain Chaudhury & Co.
Hyder Bhimji & Co.
Ibrahim, Shaikh & Co.
Ilyas Saeed & Co.
Imran Saeed & Co.
Izhar & Co.
Jalis Ahmad & Co.
Javaid Jalal Amjad & Co.
QAB Annual Report 2013

45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
*55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.
81.
82.
83.
84.
85.

Javed & Co.

Junaidy Shoaib Asad
Kabani & Co.
Kaleem & Co.
Kamran & Co.
Khalid Majid Rehman
KPMG Taseer Hadi & Co.
M. Almas & Co.
M. Aslam & Co.
M. Ather & Co.
M. Yousuf Adil Saleem & Co.
Mansoor Aslam Seraj Saleem Shahid
Manzoor Hussain Mir & Co.
Maqbool Haroon Shahid Safdar & Co.
MAZARS M.F. & Co.
Moochhala Gangat & Co.
Mudassar Ehtisham & Co.
Munaf Yusuf & Co.
Muniff Ziauddin & Co. (Formerly Muniff Ziauddin Junaidy & Co.)
Mushtaq & Co.
Nasir Javaid Maqsood Imran
Nauman Rafique & Co.
Naveed Zafar Ashfaq Jaffery & Co.
Nazir Chaudhri & Co.
Parker Randall-A.J.S. (Formerly Ahmad Junaid & Co.)
Qadeer & Co.
Qavi & Co.
Rafaqat Mansha Mohsin Dossani Masoom & Co.
Rafqat Hussain & Co.
Rahman Iqbal Umar Iftikhar & Co.
Rahman Sarfaraz Rahim Iqbal Rafiq
Riaz Ahmad & Co.
Riaz Ahmed Saqib Gohar & Co.
Rizwan & Co.
S. M. Masood & Co.
S. M. Rehan & Co.
S. M. Suhail & Co.
Saeed Methani Siraj Mohy-ud-din & Co. (Formerly Saeed Mohy-ud-din & Co.)
Salariya & Co.
Salman Arshad
Sarwar Awan & Co.

The updated QCR ratings of the firm due for renewal in August 2011 has
not been concluded on a firm-wide basis as the review of only two of its
offices has been completed consequent to legal implications arising from
the review of its other offices.
QAB Annual Report 2013

17

86.
87.
88.
89.
90.
91.
92.
93.
94.
95.
96.
97.
98.
99.

18

Sarwars
Sheikh & Chaudhri
Tahir Siddiqi & Co.
Tanwir Arif & Co.
Tanzeem & Co.
Tariq Abdul Ghani Maqbool & Co.
UHY Hassan Naeem & Co.
Uzair Hammad Faisal & Co.
Viqar A. Khan & Co.
Yaqub & Co.
Yusaf Saeed & Co.
Zaheer Babar & Co.
Zahid Jamil & Co.
Zakaria Loya & Co.

QAB Annual Report 2013

Disclaimer
This report has been prepared for general information only. The information in
this report does not constitute professional advice and should not be acted upon
without obtaining specific professional advice.
To the full extent permitted by law, the Institute, the Quality Assurance Board and
the Quality Assurance Department accepts no liability and disclaim all responsibility
for the consequences of anyone acting or refraining from acting in reliance on the
information contained in this report for any decision based on it.

QAB Annual Report 2013

19

Glossary of Terms

20

Abbreviation/acronym

Name

CA

Chartered Accountant(s)

CEO

Chief Executive Officer

FCA

Fellow Chartered Accountant

IAS

International Accounting Standard

ICAP/the Institute

The Institute of Chartered Accountants of Pakistan

IFAC

International Federation of Accountants

IFRS

International Financial Reporting Standards

ISA

International Standard on Auditing

ISQC

International Standard on Quality Control

MSEs

Medium-sized Entities

QAB/the Board

Quality Assurance Board

QAD

Quality Assurance Department

QCR

Quality Control Review

RFF

Review Finding Form

SBP

State Bank of Pakistan

SECP

Securities and Exchange Commission of Pakistan

QAB Annual Report 2013

Head Office

Islamabad Office

Multan Office

Chartered Accountants Avenue,

Clifton, Karachi-75600.
Phone: (92-21) 99251636-39
UAN: 111-000-422
Fax: (92-21) 99251626
Email: info@icap.org.pk

G-10/4, Mauve Area,

Islamabad.
Phone: (92-51) 9266196, 9106092-93
UAN: 111-000-422
Fax: (92-51) 9106095
Email: islamabad@icap.org.pk

3rd Floor, Park Lane Tower,

Officers Colony, Near Eid Gaah Chowk,
Khanewal Road, Multan.
Phone: (92-61) 6510511, 6510611
Fax: (92-61) 6510411
Email: multan@icap.org.pk

Lahore Office

Faisalabad Office

Peshawar Office

155-156, West Wood Colony,

Thokar Niaz Baig, Riawind Road, Lahore.
Phone: (92-42) 37515910-12
UAN: 111-000-422
Fax: (92-42) 35963411
Email: lahore@icap.org.pk

36-Z, Commercial Centre,

Madina Town,
Fiasalabad.
Phone: (92-41) 8531028
Fax: (92-41) 8503227
Email: faisalabad@icap.org.pk

House No. 30, Old Jamrud Road,

University Town,
Peshawar.
Phone: (92-21) 5851648
Fax: (92-21) 5851649
Email: peshawar@icap.org.pk