Significant changes in audit reporting practice be made in light of the global change: Arslan Khalid

Karachi, December 09, 2015 (PPI-OT): The Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) has conducted a seminar on “Changes in the Auditor’s Report – A Fundamental Shift” recently herein a local hotel in Karachi.

The perspective of the Seminar was that the auditor’s report is the key deliverable of the independent audit of the financial statements. The International Auditing and Assurance Standards Board (IAASB) believes that the enhancement in auditor’s reporting is critical to the perceived value of the audit of the financial statements resultantly increases the confidence upon the reporting financial statements which is in the public interest.

Arslan Khalid, a member of the Southern Regional Committee of ICAP, was the keynote speaker. He emphasized that with the help of public consultation and stakeholder outreach, significant changes in the audit reporting practice be made in the light of the global change in the financial reporting requirements of the regulators as the auditor will be required to communicate the key audit matters through the auditor’s report.

The seminar was followed by a panel discussion in which Amir Jamil Abbasi, Partner Audit, KPMG Taseer Hadi and Co., Ayaz Ahmed, Head – Acquisitions and Investments, HBL, Kamran Y. Mirza, CEO, Pakistan Business Council and Zaffar A. Khan, Adjunct Faculty, Institute of Business Administration, Karachi acted as the panellists. Shoaib Ghazi, Executive Director, Audit and Assurance, Deloitte Yousuf Adil was also speaker and presented his views on the issue.

The panel discussion was moderated by Farrukh Rehman, Partner, A.F. Ferguson and Co. while President ICAP Hafiz Mohammad Yousaf Chaired the Session. The seminar was attended by number of people from the profession of accounting and auditing.

For more information, contact:
Muhammad Rafiq
Media Coordinator
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Tel: +92-21-111-000-422
Fax: +92-21-99251626
Cell: +92-300-2128185