Abu Bakar Ashfaq

Senior Audit Associate at PwC Pakistan

• Pakistan - Lahore
• December 2011 to May 2015

PwC Pakistan is a leading firm of professional accountants offering professional services in the fields of Accounting, Audit & Assurance, Consulting and Taxation.

Main Responsibilities

External Audits and Half Year Reviews

•Carry out audit planning, evaluation of control activities and audit of the financial statements in accordance with the International Standards on Auditing (ISAs) and audit guidelines of PwC.
•Review, preparation and compilation of financial statements in accordance with the reporting framework comprising of International Financial Reporting Standards (IFRS) and applicable local laws.
•Preparing formal audit reports to assist the partners in expressing an opinion on financial statements.
•Review of compliance with applicable laws and regulations which mainly includes Companies Ordinance, 1984, Income Tax Ordinance 2001 and Code of Corporate Governance.
•Interpretation of the financial statements, determining adequacy and reasonableness of the assumptions used in the preparation of the forecasts provided by the audit clients to obtain evidence about the going concern assumption.

Agreed Upon Procedures

•Conducted a third party validation (TPV) for monitoring, evaluation, and analysis of the different components implemented by Punjab Education Sector Reform Program (PESRP).
•Carry out feasibility study for need assessment of Islamic micro-financing in urban and rural areas of Punjab.
•Assistance is development and compilation of policies & procedures of Lahore University of Management Sciences.

Taxation and Legal Services (TLS)

•Preparation of annual return of income tax and filing the same with the tax authorities.
•Drafting replies of various appellate orders and notices issued by the taxation authorities to the clients.
•Reconciling the tax deductions as per annual statements of deduction of income tax with those calculated on the basis of various payments reflected in the financial statements and submission thereof with the income tax authorities.