From the desk of
I am glad to update a fact that IECnet Pakistan (the ‘firm’, ‘IECnet S.K.S.S.S’) as of today is much better and resourceful in terms of quality and the overall strength of its HR- the biggest capital, compared to a decade’s back when it was restructured and renamed after seeking prior written approval from IECnet Global and that of ICAP. The majority of partners today have decades’ long experience in the profession and are invariably cautious about the quality of the main product of the firm, i.e., ‘Audit’ by focusing and maintaining excellence in services even in other products, may it be the corporate or taxation advisory, or businesses planning, formation, restructuring and/or transaction advisory pertaining to public and private sectors entities.
The partners of the firm concedes that International Auditing and Assurance Standards Board (IAASB) has issued two documents relating to Quality Control; namely ISQC-1 and ISA-220 which prevails over the profession and so does in the firm in letter & spirits. ISQC-1 that applies to all the firms of professional accountants in Pakistan in respect of audits and reviews of financial statements & assurance and related services engagements. It should therefore be applied to non-audit engagements such as reviews of prospective financial information and engagements to perform agreed upon procedures. ISA 220 is specific to audit engagements and contains specific requirements that should be adhered to in the performance of any audit. We, as partners of the firm, believes in quality control that focuses on developing and maintaining a service or product that is economical, useful and satisfactory to the clients considering that the ‘quality aspect’ involves the entire business process and every employee. Since the accounting functions of an entity are integrally linked to every aspect of business activity the quality control in every part of the business supports by the corresponding level of quality control in accounting and thereafter, in auditing thereof. In order to target, secure or maintain uppermost quality checks and controls of all suggested types, the firm has developed a formal Manual for Quality Controls (ISQC-1) for implementation within the offices network operating at present across the country.
In a recently held partners’ meeting it was resolved that primary focus of the firm should remain achieving ‘Quality’ considering the ‘quality’ leads ‘quantity’ because what good would the client be without the ability to retain them. Consequently, the partners opted to spend quality time in satisfying client’s needs based on regulators’ expectations and/or building new relationships with more likely to retain the relationships and be able to move forward with the next ones.
I wish the firm achieves highest quality grading across the country to the uppermost satisfaction of ICAP, and other regulating bodies such as SECP, AOB & SBP.
M. A. SHAHID
FPFA., FAIA., FCA