Audit Form Template for Pakistan

An Audit Form helps organizations track and document their inspection processes under Pakistani company laws. It's a structured checklist that auditors use to evaluate financial records, internal controls, and compliance with regulations set by the Securities and Exchange Commission of Pakistan (SECP).

During annual audits, these forms guide professionals through key verification steps, from examining balance sheets to assessing risk management practices. They're especially crucial for listed companies and serve as evidence that proper audit procedures were followed, protecting both the auditor and the business in case of future inquiries or regulatory reviews.

Use an Audit Form when conducting any formal financial review or compliance check in your Pakistani organization. This becomes essential during annual statutory audits, quarterly internal reviews, or when preparing reports for the SECP. It's particularly important for publicly listed companies, banks, and organizations with annual turnover exceeding Rs. 3 million.

The form proves invaluable during management transitions, merger discussions, or when investigating financial irregularities. Pakistani tax authorities often request completed audit forms during assessments, making them crucial for maintaining clear documentation of your review processes and demonstrating regulatory compliance.

• Financial Audit Forms track company accounts, balance sheets, and financial statements as required by SECP guidelines
• Internal Control Forms evaluate operational processes, risk management, and compliance with company policies
• Tax Audit Forms focus on income tax compliance, sales tax records, and other FBR requirements
• Systems Audit Forms assess IT infrastructure, data security, and digital record-keeping practices
• HR Audit Forms review employee records, payroll systems, and labor law compliance

• External Auditors: Independent professionals from registered firms who complete and certify Audit Forms during statutory audits
• Internal Audit Teams: Company employees who use these forms for regular operational reviews and compliance checks
• Company Directors: Review and sign off on completed audit forms as part of their fiduciary duties
• SECP Officials: Monitor and verify audit documentation during regulatory inspections
• Financial Managers: Prepare supporting documents and respond to queries raised in audit forms
• Compliance Officers: Ensure audit forms meet regulatory requirements and maintain proper documentation

• Company Details: Gather complete business registration information, NTN number, and SECP registration details
• Financial Records: Collect balance sheets, income statements, and bank statements for the audit period
• Internal Controls: Document existing control mechanisms, reporting structures, and risk management processes
• Compliance History: Compile previous audit reports, tax returns, and regulatory correspondence
• Department Scope: Define which business areas need reviewing and their specific audit requirements
• Timeline Planning: Set realistic deadlines for each audit phase and document review cycles
• Authorization: Obtain necessary signatures from company directors and department heads

• Company Information: Full legal name, registration number, and business address as registered with SECP
• Audit Scope: Clear definition of review period, departments covered, and specific objectives
• Methodology Section: Detailed description of audit procedures and standards followed
• Risk Assessment: Identified risks and control measures in place
• Findings Format: Structured sections for observations, recommendations, and management responses
• Authentication Block: Spaces for auditor's signature, license number, and company seal
• Compliance Statement: Declaration of adherence to Pakistani Companies Act and SECP regulations
• Review Timeline: Dates for audit completion, management response, and follow-up review

While both documents relate to organizational review processes, an Audit Form differs significantly from an Audit Procedure. Understanding these differences helps ensure proper documentation and compliance with Pakistani regulatory requirements.

• Purpose and Scope: Audit Forms capture specific findings and observations during a single review, while Audit Procedures outline the standard methodology and steps for conducting any audit
• Timeline: Forms are time-specific documents completed during each audit, whereas Procedures serve as ongoing reference documents that may remain unchanged for years
• Content Structure: Audit Forms contain spaces for actual data, observations, and signatures, while Procedures detail the systematic approach, roles, and responsibilities
• Legal Standing: Forms serve as evidence of completed audits and can be requested by SECP or tax authorities, while Procedures demonstrate compliance with established standards but aren't typically submitted to regulators