Services

Assurance

STATUTORY AUDITS

SPECIAL PURPOSE AUDITS

INTERNAL/COMPLIANCE AUDITS

AGREED UPON PROCEDURES

The firm is conducting mandatory audit of Companies (both Public and Private) as required by the Companies Ordinance 2016. These audits are conducted in accordance with International Standards on auditing (ISAs).

The firm's audit philosophy is based on focusing to those areas that have the most potential for causing material misstatements i.e. Risk Based Audit Approach. We make sure that our audit is effective and efficient with proper planning of nature, timing and extent of audit procedures. For this purpose we use modern audit techniques and adequate professional compliance with quality control standards to carry out our audit.

Our approach for conducting internal audit is based on the most widely accepted Internal Control Integrated Framework referred to as COSO introduced by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. COSO provides a sound basis for establishing internal control systems and determining their effectiveness.

Accounting

Financial Statements preparation in accordance with IFRSs, Companies Ordinance 2016, AFRS of ICAP etc.
Bookkeeping (transaction processing, maintenance of general ledger, accounts receivable, accounts payable, fixed assets accounting, inventory management, invoicing, collection, reconciliation statements, payroll processing)
MIS Reports - we create easy-to-understand, concise financial and analytical reports compiled by the most popular accounting software in the industry and tailor the created reports to your specific needs.

Income/Sales Tax

DIRECT TAX

INDIRECT TAX

This service covers all aspects of taxes and include:

Tax registration;
Tax planning and strategy development;
Implementing the sales tax system (sales tax invoices, sales tax register and records etc.);
Preparation and filing of tax returns;
Handling tax audits and refunds;
Finalization of tax assessments and undertaking representations, objections, and appeals;
Employees income tax including designing efficient compensation structure for employees; and
Filing of withholding tax statements on monthly basis.

Payroll Processing

Maintaining payroll happens to be one of the most time consuming and costly tasks of any business operation. Outsourcing payroll processing services to us will enable you to minimize your routine tasks at an affordable cost. Our payroll processing services are efficient and cost-effective.

Under our professional payroll services you will receive following from us:

Preparation of Monthly Payroll sheets;
Appropriate calculation and withholding of taxes;
Depositing of withheld amounts with tax authorities;
Printing and filing of year-end employee tax documents with tax authorities such as Income Tax Return; and
Maintenance of Individual employee’s control account (historical record of advances against payroll, deductions, liabilities, benefits, bonuses etc.)

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Corporate Advisory

COMPANY INCORPORATION

WINDING UP

SECRETARIAL PRACTICES

The Corporate Services division is responsible for compliance of corporate formalities of all of its clients and incorporation and registration of new local and multinational companies and Branch offices. Our services are not limited to incorporation of companies under the Companies Ordinance 2016, but also include formation of Trust, NGOs/NPOs, AOPs, cooperative societies and registered partnerships.

Before commencing incorporation we advice on best corporate legal structure based on your requirements of business and its geographical location.

Secretarial practices include filing of the following documents with registrar/SECP:

• Form-A Annual Return;

• Annual Accounts;

• Form-29 ;

• Form-26 for special resolutions if any; and

• Other forms as and when required.

QuickBooks

QuickBooks Accounting Software is the most user friendly and economical accounting system in the market today. This software is useful for small and medium businesses. We as FinanTax is the only authorized premier reseller for Intuit QuickBooks in Pakistan which is providing installation, customization and comprehensive training services in this regard.

SOPs

We write manuals for all types of organizations. Through our years of experience we have developed expertise in development of system manuals that include accounting, operational, credit, human resource, internal audit and risk management manuals.