Top 10 Audit Firms in Pakistan
Auditing is reputable and one of the significant professions all over the world. It brings great name and fame for an auditor if (s)he is working for and on behalf of one of the top ten globally renowned audit firms. The cities of Pakistan such as Karachi, Lahore, and Islamabad is supposed to be the hub of commercial and business activities. Therefore, the scope of this profession is comparatively higher in these cities than in others.
According to Section-223 of the Companies Act 2017 if the paid-up or the issued capital of a private company is less than Rs 1 million, it is not required to appoint an auditor. Whereas, all the other companies including non-profit making organizations are required to appoint auditors. But this condition is only for private companies. Under section 247, Listed, Public, A non-profit making, and private companies (subsidiary of a plc and one having capital of more than 3 million) are required to appoint a Chartered Accountant with a valid practicing certificate.
The top audit firms conceding their services in Pakistan are listed below:
3. KPMG (Klynveld Peat Marwick Goerdeler)
4. EY (Ernst & Young)
5. PUSH Digits Chartered accountants
6. BDO (Binder Dijker Otte)
7. Grant Thornton
8. Crowe Horwath Chartered Accountants
9. RSM Chartered Accountants; and finally,
10. Baker Tilly
1. PricewaterhouseCoopers has been providing taxation, assurance, and advisory services in Pakistan. The firm has been operating since 1998 in more than 100 countries across the world. In the year 2000, the firm earned revenue of Rs. 3 billion in Pakistan and stands 1st in ranking. Whereas, the global revenue of the firm is US$43 billion.
2. Deloitte is one of the big four audit firms which provide financial advisory, audit, taxation, and risk management services but according to the statistics, its revenue remains smallest in Pakistan with a figure of Rs. 900 million. From its operations in more than 100 countries globally it generates US$50 billion annually.
3. KPMG, being a trusted audit firm, provides diversified services including consultancy, advisory, assurance, taxation, and advisory. It earns $30 billion revenue globally and from Pakistan, it makes a revenue of Rs. 2 billion.
4. Earnest & Young holds an esteemed position of professionalism, respect for the client, and integrity. The interesting fact about this firm is that the professionals of this firm come from multi-cultures. The annual revenue of the firm exceeds the number US$35 billion and from Pakistan, it derives Rs.3 billion.
5. Push Digit Global, an ISO-certified audit firm, is a reliable, undisputed, and well-reputed financial and audit service provider all over the world. Push Digit Chartered Accountants is being featured by many commercial and media platforms including USA TODAY, FORBES, and ENTREPRENEUR as being the top accountancy and audit firm of the world. One of the features of this firm is that it deals with all the in the same way irrespective of the size of the client and the revenue from it. The firm believes in maintaining a long-lasting professional relationship with its clients. The services offered by Push Digits in Pakistan include internal audit, external audit, CFO services, tax servies, ERP consultancy, part-time or full-time accounting and bookkeeping services, feasibility studies, due diligence for takeovers, and company valuations for sales or purchases. The Accounting services include ERP and Accounting Software implementation, including SAP, Microsoft Dynamics, Odoo ERP, Xero, Zoho, Quickbooks etc. Push Digits Global provides the big 4 level of services at a cost which is up to 20 times lesser than most of the firms in the top 10 list. This firm is enormously cost-effective while it simultaneously provides the services of the same level as provided by Big 4 firms and holds a thorough acknowledgment, recognition, and trust of International banks.
6. BDO earns $ 10 billion from their clients and at the same time, it helps them to overcome the impediments of their business operations by using flexible and practical, and hands-on approaches. BDO is running its business in more than 165 countries covering almost all the continents. BDO is committed to delivering global quality Finance and Accounting services with utmost precision and punctuality. With every engagement they undertake:
• Their starting point is taking a complete understanding of clients’ business and an analysis of their existing accounting workflows and processes.
• The second step is designing an outsourcing solution that answers their needs and achieves their objectives.
• The third step is ensuring a smooth transition phase.
• The last and the ongoing step is running a steady-state operation that takes their Finance & Accounting function a step forward and aims for continuous performance improvement.
7. Grant Thornton provides customized services to different types of industries ranging from professional accounting, auditing, and taxation. It generates annual revenue of $ 2.7 billion per annum. There are around 56000 people serving this firm globally in over 140 countries. In Pakistan, this firm is known as GTAR (Grant Thornton Anjum Rahman) which provides the following core services:
• Relieving off the client from maintaining the books of accounts so that they could focus on their other business matters,
• Audit & Assurance,
GTAR is the Pakistan member firm of GT International. Through this membership, the GTAR has gained an access to the network of professionals worldwide thereby combining extensive knowledge and experience with global reach.
8. Crowe Horwath is the 7th largest accountancy firm having its 220 operating offices in more than 130 countries. They go miles ahead of the ordinary level of services to gain customer satisfaction. The annual revenue of the firm is $4.5 billion. In Pakistan, the firm is known as Crowe Hussain Chaudhury and Co. and it provides the services of audit, tax, advisory, technology, risk, outsourcing, governance, and strategy.
9. RSM provides the services of taxation, consultancy, and auditing in more than 120 countries which is evidence of the fact that this firm is well conversant with the cross-continental GAAP’s, local statutes, and pertinent regulations. This is largely enjoying its gigantic global business with more than 800 offices all over the world which generates revenue of $6.7 billion.
RSM Avais Hyder Liaquat Nauman is serving as a member firm of the RSM network since 2012. It has been operating since 1977 offering a variety of services nationally and internationally. The Firm has been steadily growing over the years to emerge as amongst the top ten firms in the country. RSM AHLN is led by ten (10) partners operating in six (6) main cities of Pakistan; Lahore, Islamabad, Karachi, Faisalabad, Peshawar and Quetta and is the only firm to have a nationwide presence. The Firm operates internationally with a presence in Kabul, Afghanistan. The overall strength of the firm is in excess of three hundred (300) staff members.
10. Baker Tilly has been providing business advisory and accountancy services with a good international reputation. With a diverse clientele, it offers personalized services ranging from limited assurance to maximum assurance and taxation. It exhibits its skills by advising the client on how to effectively anticipate the future and handle the present. With 148 locations all over the world, its revenue exceeds a figure of $3.4 billion per annum.
In Pakistan, the head office of the firm is in Karachi and strategically its offices are located in Lahore, Islamabad, and Peshawar. With the full name, Baker Tilly Mehmood Idrees Qamar in Pakistan is assumed to be the eighth largest accountancy and business network globally.