Audit & Assurance Services

Whether you’re grappling with global market risks, starting a local business or need assurance that your financial information is true, fair and accurate, our specialist audit and assurance team has the expertise, experience and resources to provide efficient and effective audit and assurance services.

The success of the business is heavily reliant on reliable financial information which promotes confidence and mitigates uncertainties. Credible information needs to be corroborated by the desired level and kind of professional assurance ranging from statutory audit of financial statements to a variety of other forms of assurances and attestations consistent with the varying needs of the users of such information.

We provide a wide range of assurance services, with the primary focus on the objective of assurance on the reliability and relevance of financial information and a host of non-financial aspects, data, processes, operations and procedures and on the effectiveness and efficiency of controls.


Audit Methodology:

MHSS’s Audit Methodology enables us to provide effective and efficient delivery of quality assurance services. The significant features of our audit methodology are a sharp focus on business risks specific to a client, a higher degree of emphasis on reliability and tests of controls, analytical review, building and sharing knowledge, skeptical approach, teamwork involvement through all significant phases of an audit.

MHSS is committed to delivering independent, efficient, effective and comprehensive audit and quality assurance services. By gaining a thorough understanding of client’s businesses and by providing a risk-focused service integrating rigorous risk assessment with diagnostic processes and audit testing procedures tailored to the specific audit, our firm maintains excellent relationships with their clients by building and sharing knowledge and involvement through all significant phases of an audit. This quality-led approach means members provide a constructive and challenging audit to every one of their clients.

Through robust auditing tools, techniques, resources and audit procedures, MHSS delivers excellent quality audit services while adhering to the highest standards of fundamental ethical principles including independence, due care and professional objectivity. As part of our strategy, continuous audit quality improvement, service performance and delivery to clients is continuously assessed. The partner in charge of each audit along with the senior manager personally oversees the engagement by meeting with clients’ management, members of audit committee and Board of Directors to assure needs are met and issues are resolved in a timely manner.

In Pakistan considering the local requirements, we are offiering services in following areas:

Audit & Assurance Services

Directors find an auditor they can belief to help them manage business and financial risk as well as ensure all types of regulatory compliances. MHSS knows what businesses want from an auditor who not only focuses on what’s important and but also disclose useful insights including internal controls issues of the business after the finalization of the audit procedures. With MHSS, that is what business entities will receive.

During the course of day-to-day operations of a business, times of change or increased governance responsibilities, any type of risks can arise which need to be managed timely.   An internal audit function is essential in an organization’s system for checks and balances and is a valuable tool for boards and audit committees. It helps to identify how risks are managed as well as whether the right processes are in place and agreed procedures are being followed.

As a potential purchaser, it is very important to know that the business you want to buy is the business which you think it is. Most of the time business owners does not depict the real situation and position of business which is most important to know.   As an investor, if you are considering to buy a business or acquiring shares in a business, then due diligence is vital.

The growing complexities of businesses and increase in the usage of electronic commerce has led business entities prone to electronic fraud. In turn, this has escalated the risk of misappropriation, misrepresentation, unethical behavior and privacy abuse.   Forensic accounting is the use of accounting skills to investigate embezzlement, fraud and to analyze financial information for use in legal proceedings (if any possible).

Sometimes business entities may not require a full audit to assess specific performance issues. An agreed-upon procedures engagement can provide business entities with the targeted information they need to understand the current conditions and forecast what’s coming. The engagement tailored to your specific needs.

Prospective financial information relates to events and actions that have not yet occurred and may not occur. Although evidence might be available to support the assumptions underlying the prospective financial information, such evidence is usually set to the future and, therefore, of a speculative nature, very distinct from the evidence usually available in the audit of historical financial information.

Both for direct and indirect taxes, tax authorities occasionally engage external professional assistance to provide assurance on compliance with various aspects of the Income Tax, Sales Tax and other tax statutes. From a comprehensive assurance on the declared operating results of a tax payer to any specific aspect of tax compliance, the scope of engagement varies from case to case depending upon the degree of assurance sought by the tax authority on the reliability of such declarations, taxe…

In a challenging and dynamic market, reporting of financial performance of business entities in a complaint manner is key. It is possible to reduce capital costs if information of relevant stakeholder is available. Our experienced team will help you to get benefit in your future decision making from efficient compliance efforts and depth of knowledge.

Presenting accurate and timely financial information in compliance with rules and regulations of regulatory bodies is a basic criterion for investors, donors and for corporate governance. The focus of our team is always on the business behind the numbers and we use financial data as a tool to provide value addition. We take our clients as a part of our team and identify opportunities for increasing operational efficiency.

Management audit of business entities is important especially where business is comparatively small one. Management audit become important to identify those mistakes which could have landed the organization into a shutdown situation.   Internal controls of business entities are assessed through management audit and their effectiveness and relation with existing manner of work is observed. It is a method of evaluation within the business entity and can result in bringing required ch…

He is a Fellow Member of the Institute of Chartered Accountants of Pakistan with over 25 years of professional experience as a trusted adviser and proven leader assisting Companies, Partnership Concerns, Sole Establishment Businesses and other business entities with Audit, Assurance, Taxation Compliance & Advisory Services, Accounting & Book Keeping Services, Management Consultancies, Feasibility Studies, Corporate Compliances, Computerized Implementation & Training of Accounting Software, HR Consultancies, Internal Control Policies & Procedures and Strategic Planning.

He graduated as Bachelor of Commerce from University of Punjab in 1994. He worked in the capacity of Senior Manager Taxation in Ford Rhodes Sidat Hyder & Company, Chartered Accountants, a member firm of Ernst & Young International, one of the big accountancy firms in the world. He is also Life time member of Lahore Tax Bar Association. He also worked as member of the Executive committee of the Lahore Tax Bar Association during the year 2007-2008. He also remained a member of Continuing Professional Development [CPD] Committee, Northern Region, of the Institute of Chartered Accountants of Pakistan. From October 2009 till date, he is working as a Partner with Malik Haroon Shahid Safder and Co., Chartered Accountants.

He has a vast experience of Corporate Taxation Matters including tax compliance, corporate tax planning, counseling, benefit optimization, annual and periodical tax returns, withholding tax management, managing post-return correspondence, preparation and filing of appeals and representation before tax authorities and Income Tax Appellate Tribunal. He also deals the Tax cases of regular multinational clients of countries especially United States of America, United Kingdom, Turkey, Norway, Japan, Mauritius, Italy, Holland, United Arab Emirates, Germany etc. and also conduct Exit and Entrance interviews of the assignees of various multinationals Giants such as Microsoft, Nortel Network etc. in order to help and advice such Assignees regarding tax issues arising from their relocation from Pakistan.

He holds a massive experience of Personal Taxation including tax planning and compliance services for individuals, trusts and partnerships in respect of income and wealth taxation, tax planning for executive compensation package and fringe benefits, employee retirement benefit schemes for tax optimization, Managing post-return correspondence and representation before/during audit, assessment and appellate authorities, tax-efficient personal planning and investment opportunities. He also has a huge experience of Individual taxation services especially from the sectors of Banking, Retired Army Officers, Government Officials, Pensioners, and Salaried Staff of various Pakistani and Multinational Companies and tax planning and post return presentation of cases of expatriate staff of multinational companies.

He has an enormous experience of Sales Tax and other related Laws including post return presentation before Sales Tax department, handling of Sales Tax Refund cases, preparation and filing of reply to show cause notices of auditors and adjudicating authorities, preparation and filing of appeals and presentation before Collector of Sales Tax (Appeals) and Customs, Excise and Sales Tax Appellate Tribunal, preparation of tax advices on the Sales Tax issues, tax counseling to clients on the preparation of Sales Tax record and tax returns and handling matters relating to Capital Value tax, Provincial Professional Tax, Corporate Asset Tax, etc. Furthermore, being a part of Sales Tax Task force established by the Central Board of Revenue, he was assigned to submit final report on the specified area to the team of task force members. He, therefore, analyzed, interviewed, drawn flow charts of different sub systems of the Sales Tax department and finally submitted this information along with recommendation with regard to changes in law and procedures to the team of Sales Tax members.

He holds enormous experience to prepare opinions on different aspects of corporate laws and foreign currency exchange control regulations and representing before corporate and regulatory agencies including Corporate Law Authority, Registrar of Companies, Registrar of Firms and Registrar of Trusts. He also deals with Secretarial and Corporate Compliance Services under Companies Ordinance and also advising on preparation of documentation for partnerships and preparation of minutes of the meeting.

As an engagement partner, he possesses ample experience of conducting various assignments of statutory external audits, Internal audits, Income tax audits, sales tax audits, management audits and forensic audits specially relating to Textile processing units, Textile spinning and weaving units, Construction companies, Engineering, Manufacturing and Domestic Appliances, NGO’s and Associations, and Trading companies etc.

He is a Writer of different books published by the Professional Business Publications [PBP], a world-renowned name of business publications of professional examinations and was solely responsible to annually updating the books to give effect the changes introduced by the Annual Budget, SROs, Circulars etc. issued from time to time.

He remained a visiting faculty member of Lahore School of Accountancy, Lahore since 2002 (A college affiliated with University of Lahore and approved training institute of Chartered Accountants of Pakistan.

He has also Participated as Tax Expert member on different episodes of “Tax Aur Awam” at Koh-e- Noor TV on taxation issues.