anr QAB 2013

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

QAB Annual Report 2013 1

This is the second Annual Report of the Board. One of the core principle of theInternational Forum of Independent Audit Regulators is that in order to betransparent the regulator should publish annual work plans and activity reports,including the outcome of inspections either in the aggregate or on a firm by firmbasis.

Within the financial reporting supply chain, the accountancy profession assumesthe role of a guardian overseeing the integrity of financial reports. This is achievedthrough the performance of quality audits. The Quality Assurance Department(QAD) under the aegis of Quality Assurance Board (QAB) conducts the QCRs asper 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 relevantprofessional standards and applicable legal and regulatory requirements;and

(b) have established, documented and implemented adequate policies andprocedures for quality control within the firms in accordance with therequirements of ISQC-1.

The report provides the overview of the QCR program, QAB activities and summaryof the significant or frequent observations noted during the period July 1, 2012 toJune 30, 2013. In the interests of transparency and confidentiality, only aggregateddata, 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 themost important areas noted, during the period under review, where the firmsshould be more vigilant are Documentation of Audit Evidence, Going Concern andAuditors Reports.

I would like to thank QAD for going through all the observations and compilingthem meticulously. I am also indebted to QAB for their review and feedback.

Zafar Iqbal SobaniChairman QAB

January 15, 2014

Message from the Chairman

QAB Annual Report 20132

The QCR Program is integral to the Institutes regulatory framework, establishedto develop and maintain compliance of professional standards amongst CA firmsengaged in the audits of financial statements. The program is governed by theFramework of the QCR Program (the Framework) which describes the objectivesand scope of the Quality Control Review (QCR) program, composition,responsibilities and functions of the Board and policies, procedures and processin 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 reviewedto determine whether the audit report(s) issued by the firm in respect of the reviewedclient(s) was supported by appropriate audit evidence. Whereas in Firm Reviewoverall system of quality within the firm is reviewed and monitored under ISQC1.

Salient Features of the Framework

Framework is the governing document of the QCR program and its salient featuresare 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 reviewmay be required.

Coverage of all locations and at least 25% of audit partners of a firm ismandatory.

Review of additional file(s) in case less than 75% working paper files reviewedare concluded by the QAB as not satisfactory.

Complete confidentiality and anonymity of the reviewed firms, officelocations, audit engagements selected for review and engagement partnersreviewed is maintained by QAD while submitting QCR reports to the Boardfor its consideration and approval.

All Board members and QAD staff members are required to sign statementsof 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

Quality Control Review (QCR) Program


following circumstances:

a) The Board finds that the member is prima facie grossly negligent inissuing an audit report or performance of an audit; or

b) The firm has conducted audit of a listed company without obtaininga satisfactory QCR rating.

The QAB performs its functions and discharges its responsibilities in accordancewith the Framework, independently of the Council. The QAB members are appointedthrough a nomination process. The Chairman is a member of the Institute, who isneither a practicing member nor from the sitting Council and is appointed by theCouncil. The QAB has three SECP nominees and one SBP nominee to representregulators and to enhance the transparency of the Program.

Meetings of QAB

The Board held ten meetings during the period under review and conducted variousother matters besides considering the QCR Reports.

Seminars/ Workshops

During the period under review, the QAD in collaboration with the Southern andNorthern 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 tohold Seminars on important ISAs such as ISA on Going Concern and AuditorsReport.

Revision of the Framework

The extant Framework was approved by the Council in 2009. However in order toremain compliant with the requirements of Statement of Membership Obligations-1 on Quality Assurance, issued by the IFAC and to address certain issues discussedin various meetings of the QAB from time to time or which came to notice duringperformance of QCRs it became necessary to revise the extant Framework.

The draft Framework has been finalized by the QAB and recommended to theCouncil for its approval.

Quality Assurance Board (QAB)


During the period from July 1, 2012 to June 30, 2013, reviews of 117 audit engagementsof 61 firms at 83 office locations at Karachi, Lahore, Islamabad, Rawalpindi,Faisalabad and Rahim Yar Khan were carried out as compared to 65 auditengagements of 34 firms at 45 office locations during the last year.

Out of 61 audit firms reviewed during the period, conclusions of 38 audit firmswere supported by appropriate audit evidence while the conclusions of 12 firmswere not supported by appropriate audit evidence. QCR reports of 16 auditengagements of 11 firms are in the process of approval by the QAB.

As mentioned above total 117 audit engagements /clients were selected for QCRand out of which 51 were listed entities.

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 reviewand 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 RatedFirms and early reviews of 08 firms were also decided by the QAB.

During the period under review two writ petitions have been filed in the LahoreHigh Court against the Institute/QAB challenging the decision of the QAB relatedto QCR.

QCRs conducted

Audit Engagements Reviewed During the Period

120

100

80

60

40

20

0Audit

EngagementsReviewed

Firms Reviewed Office LocationsReviewed

2011-2012

2012-2013

Type of Audit Engagements Reviewed

Listed

Unlisted

44%

56%

Legal Cases


The Review Process

Step 1

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

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

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

Reviewer notes the observation(s) on Review Findings Form (RFF) which issigned by both the reviewer and the engagement partner

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

Selection of client(s) to be reviewed (Firm is informed of the selected client(s)at the time of QCR visit)

Reviewer visits the firm for QCR

Fixation of QCR date with mutual agreement

Submission of list of audit clients on prescribed format

Step 2

Step 3

Step 4

Step 5

Step 6

Step 7

Step 8

Step 9


This section of the report provides summary of frequent and significantobservations/findings noted during QCR of various firms during the year fromJuly 1, 2012 to June 30, 2013. These findings were either found in multiple auditengagement files or were considered significant enough to be highlighted for theguidance of practicing firms.

Significance of the observations should not be judged by the readers merely on thebasis of their frequency or order of appearance in the detail. Further, conclusionsabout the overall quality of auditing in Pakistan should also not be drawn fromensuing 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 theaudit working paper files or were not adequately documented. This area isusually taken for granted by some audit firms and mere filling out formatsgiven in Audit Practice Manual issued by ICAP was considered to be adequate.Practicing firms are advised to pay special attention to this important area ofthe audit without which an effective and efficient audit cannot be planned andperformed.

2. TERMS OF AUDIT ENGAGEMENT

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

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

3. AUDIT EVIDENCE AND AUDIT DOCUMENTATION

Audit evidence is information used by the auditor in arriving at the conclusionon which the audit opinion is based. Audit evidences are gathered from manysources and assembled as audit documentation in the audit working paper files.

Audit documentation should allow the reader to easily understand the issuesand risks, the assertions tested, the audit procedures performed to gatherevidence, the findings, and the conclusion.

This is an area where special care and attention is needed as inadequate orinsufficient audit evidence may have an adverse impact on the QCR rating ofthe firms. For further guidance, Audit Practice Manual issued by the Institutemay be referred to.

Summary of QCR Observations


The observations in the above area are given below:

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

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

The market value of the investments in listed associated companies wassignificantly lower than the value carried at balance sheet under equitymethod. But there was no evidence of application of audit procedures toensure that investments were not impaired. In some cases where value inuse of the investment was provided by the management, the auditor didnot appropriately verify such workings.

Investments in unquoted companies were not verified appropriately suchas reviewing financial statements of investee companies to ensure thatinvestments were not impaired.

Investments in various listed companies were recorded at cost.

there was no breakup of significant amounts in the audit working papershence audit documentation failed to demonstrate as to how the auditorselected and applied appropriate audit procedures

It was observed that significant expenses were paid to legal advisors butneither confirmations were requested from them nor any audit procedureswere applied to determine the nature of cases handled by them and theircurrent status.

Covering letter sent by the auditors to the management of the companyrequired 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 industrypractice for plant and machinery and there was no evidence of assessmentof the appropriateness of depreciation method and rate in view of the flowof economic benefits and useful life of the assets.

No evidence of application of alternative audit procedures to verify closingbalances where direct confirmations from parties were not received by theauditors.

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


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

In some cases evidence of verification of valuation of stock-in-trade was alsonot available in the file and the valuation sheets provided by the client wererelied upon.

It was observed that there was no document to evidence application of riskassessment procedures by the auditor.

No appropriate procedures were planned and applied to verify sales andmere monthly sales tax returns available in the files were relied upon by theauditor.

There was no document to evidence that impairment testing of assets wascarried out by management as at balance sheet date.

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

Neither accounting policy for deferred taxation was disclosed nor anydeferred tax was recognized by the company. Further reason for non-recognition was also not available in the file. This observation was mostlynoted during review of working papers of unlisted client.

4. AUDIT SAMPLING

No document was available in the files to demonstrate as to how auditsampling and other means of testing were planned and applied by theauditor as required under ISA 530.

In few cases it was noted that only two or three month sales were selectedfor audit purposes and rest of the sales population was left out of auditsampling. This approach is not appropriate as sample selected in the instantcase was not representative of the total sales population and all the samplingunits did not have chance of selection in order to provide the auditor witha 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. Theunderstanding as well as the working of a number of audit firms regardingevaluation of going concern assumption used by the management was notsatisfactory. Some of the observations noted in this area are summarized below:

The auditor has given emphasis matter paragraph in the audit report and


highlighted certain negative financial indicators but there was no disclosurein the financial statement as required under ISA-570 Going Concern. Incase where adequate disclosure is not made in the financial statement, theauditor should express either a qualified or an adverse opinion, as appropriatein accordance with ISA 570.

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

The financial statements were prepared on going concern basis but the useof going concern assumption was concluded by the auditors as inappropriatein the audit report. Despite this conclusion an adverse opinion was notexpressed.

In many cases it was noted that there was no evidence of reviewingmanagement plans and supporting projections.

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

The company was facing material uncertainties with respect to its ability tocontinue as a going concern but no specific management representation wasobtained by the auditor upon the matter of going concern. Further there wasalso no documentation about the assessment of going concern assumptionused by the management.

6. SUBSEQUENT EVENTS

There was no document to evidence that the auditor had applied auditprocedures specifically for the identification of subsequent events requiringadjustment or disclosure in the financial statements.

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

7. MANAGEMENT REPRESENTATIONS

Management representation letter was issued after the issuance of auditreport. It may be noted that the written representations should be dated asnear as practicable to, but not after, the date of the auditors report on thefinancial statements.

Management Representation Letter was not dated.


8. RELATED PARTIES

There was no evidence of application of audit procedures specifically forthe 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 werenot disclosed. Further total payment made or received from related partieson account of advance was also not disclosed in the separate note of therelated parties transactions.

There was no evidence of application of audit procedures to verify materialtransactions 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 wereconfirmed by companys official on the companys letterhead instead of theconcerned directors or related parties.

10. PRESENTATION AND DISCLOSURES

Compliance Statements was not given in the financial statements of unlistedcompanies due to which it could not be determined as to which financialreporting framework was followed in the preparation of the financialstatements.

In some of the cases statement of compliance disclosed the incorrect financialreporting 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 thefinancial statements.

The disclosure of critical estimates and judgments used in preparation ofthe financial statements of some of the unlisted companies was neither givenin summary of significant accounting policies nor in a separate note.

No accounting policy for investments was disclosed whereas investmentscomprised significant portion of total assets of the company.

Accounting policy for charging depreciation was not in accordance with


IAS-16 as full years depreciation was charged on the additions and nodepreciation was charged on deletions during the year. IAS-16 requires thatdepreciation of an asset begins when it is available for use and ceases at theearlier of the date that the asset is classified as held for sale in accordancewith 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 whichremained unresolved but the auditor did not modify his opinion in thecurrent periods financial statements.

The auditor qualified its report on number of issues involving significantamounts and in aggregate formed notable percentage of balance sheet footing.Keeping in view the materiality of the total amount involved and the likelypervasive effects on the financial statements there was no document availablein the working papers to evidence as to how possibility of issuance of adverseor disclaimer of opinion was dispelled by the auditors.

Qualification paragraph was not placed before the opinion paragraphs.

Qualification paragraph neither provided quantification of the financialeffects of the misstatement nor was impracticability of such quantificationmentioned.

Qualification paragraphs noted in some of the audit reports were merestatement or narration of facts which neither stated disagreement withmanagement nor stated a scope limitation.

Qualification given in the predecessor auditors report was not disclosed inother 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 auditprocedures regarding the acceptance of client were followed.

Engagement Quality Control Reviewer was not appointed for the listedaudit engagement and accordingly no engagement quality control reviewwas performed for the engagement.


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

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

3. No policies and procedures were defined for the Monitoring element requiredunder ISQC 1.

Overall Review of the Firm under ISQC-1


1. Zafar Iqbal Sobani ChairmanMr. Sobani is a fellow member of the Institute of Chartered Accountants ofPakistan. He was the CEO of Hub Power Company Limited. Currently he isassociated 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 ChairmanMr. Babar is a fellow member of the Institute of Chartered Accountants ofPakistan and a Council member of the Institute. He is a partner of RafaqatMansha Mohsin Dossani Masoom & Co.

3. Abbas MemberMr. Abbas is a fellow member of the Institute of Chartered Accountants ofPakistan. He is a practicing chartered accountant and principal of Abbas & Co.

4. Amir Jamil Abbasi MemberMr. Abbasi is a fellow member of the Institute of Chartered Accountants ofPakistan. He is a practicing chartered accountant and partner of KPMG TaseerHadi & Co.

5. Ali Azeem Ikram MemberMr. Ikram is a fellow member of the Institute of Chartered Accountants ofPakistan. He has been nominated by the SECP on the Board. He is Head of theSECPs Enforcement Department.

6. Arslan Khalid MemberMr. Khalid is a fellow member of the Institute of Chartered Accountants ofPakistan. He is a practicing chartered accountant and partner of Ernst & YoungFord Rhodes Sidat Hyder.

7. Fuad Azim Hashimi MemberMr. Hashimi is a fellow member of the Institute of Chartered Accountants ofPakistan. He has been nominated by the SECP on the Board. He is currently thePresident & CEO of the Pakistan Institute of Corporate Governance.

8. Kamran Y. Mirza MemberMr. Mirza is a fellow member of the Institute of Chartered Accountants ofPakistan. He has been nominated by the SECP on the Board. He is the ChiefExecutive of the Pakistan Business Council.

9. Mohammad Shuaib MemberMr. Shuaib is a fellow member of the Institute of Chartered Accountants ofPakistan. He is working with Fauji Fertilizer Company Limited as GeneralManager Finance.

QAB Members


10. Muhammad Tufail Salariya MemberMr. Salariya is a fellow member of the Institute of Chartered Accountants ofPakistan. He is a practicing chartered accountant and partner of Salariya & Co.

11. Noman Ahmed Qureshi MemberMr. Qureshi is a fellow member of the Institute of Chartered Accountants ofPakistan. He has been nominated by the SBP on the Board. He is the ExecutiveDirector, Finance Resource Management of the SBP.

12. Syed Ahmed Abid MemberMr. Abid is a fellow member of the Institute of Chartered Accountants ofPakistan. He is presently working with the Ministry of Petroleum and NaturalResources as a Financial Advisor/Consultant.

13. Zafar Iqbal MemberMr. Iqbal is a fellow member of the Institute of Chartered Accountants ofPakistan. He is a practicing chartered accountant and partner of Azhar Zafar& Co.

14. Zahid Iqbal Bhatti MemberMr. Bhatti is a fellow member of the Institute of Chartered Accountants ofPakistan and a Council member of the Institute. He is a practicing charteredaccountant and partner of A.F. Ferguson & Co.


Quality Control Reviews are performed by chartered accountants employed on afull time basis by the Institute. As of June 30, 2013 the Quality Assurance Departmenthad 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

Quality Assurance Department


1. A. A. Baig & Co.2. A. Aziz Chaudhury & Co.3. A.D. Akhawala & Co.4. A.F. Ferguson & Co.5. A. M. Laliwala & Co.6. Abdan & Co.7. Ahmed Mushir & Co.8. Akhter Mahmood Mian9. Ale Imran & Co.10. Amin & Co.11. Amin Mudassar & Co.12. Amir Alam Khan & Co.13. Anjum Asim Shahid Rahman14. Arshad Raheem & Co.15. Aslam Malik & Co.16. Avais Hyder Liaquat Nauman17. Azhar Zafar & Co.18. Baker Tilly Mehmood Idrees Qamar19. BDO Ebrahim & Co.20. Daudally Lalani & Co.21. Ernst & Young Ford Rhodes Sidat Hyder22. Faisal Iqbal Khawaja23. Faruq Ali & Co.24. Fazal Mahmood & Co.25. Feroze Sharif Tariq & Co.26. F.R.A.N.T.S & Co.27. Ghalib & Co.28. H.A.M.D. & Co.29. Hafizullah & Co.30. Haider Shamsi & Co.31. Hameed Chaudhri & Co.32. Hameed Zahid & Co.33. Haroon Zakaria & Co.34. Hashmi & Co.35. Hassan Farooq & Co.36. HLB Ijaz Tabussum & Co.37. Horwath Hussain Chaudhury & Co.38. Hyder Bhimji & Co.39. Ibrahim, Shaikh & Co.40. Ilyas Saeed & Co.41. Imran Saeed & Co.42. Izhar & Co.43. Jalis Ahmad & Co.44. Javaid Jalal Amjad & Co.

List of firms having Satisfactory QCR Ratings(As on June 30, 2013)


45. Javed & Co.46. Junaidy Shoaib Asad47. Kabani & Co.48. Kaleem & Co.49. Kamran & Co.50. Khalid Majid Rehman51. KPMG Taseer Hadi & Co.52. M. Almas & Co.53. M. Aslam & Co.54. M. Ather & Co.*55. M. Yousuf Adil Saleem & Co.56. Mansoor Aslam Seraj Saleem Shahid57. Manzoor Hussain Mir & Co.58. Maqbool Haroon Shahid Safdar & Co.59. MAZARS M.F. & Co.60. Moochhala Gangat & Co.61. Mudassar Ehtisham & Co.62. Munaf Yusuf & Co.63. Muniff Ziauddin & Co. (Formerly Muniff Ziauddin Junaidy & Co.)64. Mushtaq & Co.65. Nasir Javaid Maqsood Imran66. Nauman Rafique & Co.67. Naveed Zafar Ashfaq Jaffery & Co.68. Nazir Chaudhri & Co.69. Parker Randall-A.J.S. (Formerly Ahmad Junaid & Co.)70. Qadeer & Co.71. Qavi & Co.72. Rafaqat Mansha Mohsin Dossani Masoom & Co.73. Rafqat Hussain & Co.74. Rahman Iqbal Umar Iftikhar & Co.75. Rahman Sarfaraz Rahim Iqbal Rafiq76. Riaz Ahmad & Co.77. Riaz Ahmed Saqib Gohar & Co.78. Rizwan & Co.79. S. M. Masood & Co.80. S. M. Rehan & Co.81. S. M. Suhail & Co.82. Saeed Methani Siraj Mohy-ud-din & Co. (Formerly Saeed Mohy-ud-din & Co.)83. Salariya & Co.84. Salman Arshad85. Sarwar Awan & Co.

* The updated QCR ratings of the firm due for renewal in August 2011 hasnot been concluded on a firm-wide basis as the review of only two of itsoffices has been completed consequent to legal implications arising fromthe review of its other offices.


86. Sarwars87. Sheikh & Chaudhri88. Tahir Siddiqi & Co.89. Tanwir Arif & Co.90. Tanzeem & Co.91. Tariq Abdul Ghani Maqbool & Co.92. UHY Hassan Naeem & Co.93. Uzair Hammad Faisal & Co.94. Viqar A. Khan & Co.95. Yaqub & Co.96. Yusaf Saeed & Co.97. Zaheer Babar & Co.98. Zahid Jamil & Co.99. Zakaria Loya & Co.


Disclaimer

This report has been prepared for general information only. The information inthis report does not constitute professional advice and should not be acted uponwithout obtaining specific professional advice.

To the full extent permitted by law, the Institute, the Quality Assurance Board andthe Quality Assurance Department accepts no liability and disclaim all responsibilityfor the consequences of anyone acting or refraining from acting in reliance on theinformation contained in this report for any decision based on it.


Glossary of Terms

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

Abbreviation/acronym Name

Head OfficeChartered Accountants Avenue,Clifton, Karachi-75600.Phone: (92-21) 99251636-39UAN: 111-000-422Fax: (92-21) 99251626Email: [email protected]

Islamabad OfficeG-10/4, Mauve Area,Islamabad.Phone: (92-51) 9266196, 9106092-93UAN: 111-000-422Fax: (92-51) 9106095Email: [email protected]

Multan Office3rd Floor, Park Lane Tower,Officers Colony, Near Eid Gaah Chowk,Khanewal Road, Multan.Phone: (92-61) 6510511, 6510611Fax: (92-61) 6510411Email: [email protected]

Lahore Office155-156, West Wood Colony,Thokar Niaz Baig, Riawind Road, Lahore.Phone: (92-42) 37515910-12UAN: 111-000-422Fax: (92-42) 35963411Email: [email protected]

Faisalabad Office36-Z, Commercial Centre,Madina Town,Fiasalabad.Phone: (92-41) 8531028Fax: (92-41) 8503227Email: [email protected]

Peshawar OfficeHouse No. 30, Old Jamrud Road,University Town,Peshawar.Phone: (92-21) 5851648Fax: (92-21) 5851649Email: [email protected]

Documents

anr QAB 2013