Auditing committees

Auditing is more than just the regular checks on the maintenance of financial statements and their records. In today’s world there are far more compliance requirements, and the burden of these requirements fall over the audit committee of the business. What are these duties other than the maintained of financial statements that are to fulfilled by the audit committee?

There is always a clash or conflict in interest between the different stake holder groups of the company. The shareholder wanting more return on their investments, the managers wanting more power, and the consumers wanting more value. The list of these conflicts can on and on. But the effect of these interest can on business action can be severely alarming.  Managers may end up taking more risk than the business should to earn returns, increasing the business risk. These risks taken by managers could involve unethical and illegal steps. Crossing over the risk appetite of the business. Ignoring laws and regulatory requirements to cut on costs, so that profits could increase. The audit committee of the business is there to manage these risks and look out for these steps. As, within large organization there is a gap between management, in the sense that it takes time for information to reach from one level to another level of management. This increases the risk exposure of the business. The audit committee is then responsible to look after compliance and governance. This is why it is important to have a competent audit committee within the organization.  

For those business who cannot afford the required expertise needed for a proper audit committee can always use the help of auditing firms. Such an auditing firm in Karachi is Sayub and co., which is equipped with the right skill and expertise to do the job of audit committee for your business, looking after the compliance of your business. Moreover, if your business already has an audit committee, our services can still prove to be of certain help to your business. With consultation, that will help you strategize for your compliance. Sayub & co. is one of the many renowned audit firms in Pakistan, that has been in the service for 25 years. Contact today for more help.