The firm is uniquely qualified to serve the statutory needs of both national and international clients, and reports on the financial statements of public and private corporations in accordance with the laws of the country and in accordance with the International Standards on Auditing. Our all offices equally qualify to handle examinations of financial statements in response to international requirements, for such purposes as worldwide consolidation, quotations of securities on world's major stock exchanges and purchase / merger investigations. The firm can call upon a wide range of experience in the audit of organizations using the most advanced integrated enterprise resource planning systems. RACO requires that all international audit work conform to defined internationally accepted professional standards, which will be exceeded where national best practices so requires, or when additional client or group auditor requirements apply.
We staff each engagement team with professionals who possess the knowledge, skills, time and experience to perform the engagement. Our ability to deliver a quality audit depends on our team's strong understanding of the business processes, accounting policies, internal controls, and financial reporting issues specific to your industry and your organization. Our engagement teams include industry-experienced audit professionals and subject matter professionals who can actively participate in areas requiring special knowledge, skills, or tools.
Audit quality is our top priority. Fulfilling this commitment to maintain the highest audit quality requires vigilance in making sure our audit complies with changing regulations and professional standards.
RACO's Audit Manual sets out the principles by which we are required to carry out our audit work. The manual is compliant both with International Standards on Auditing and the ethical requirements of the International Federation of Accountants as adopted and changed by the Institute of Chartered Accountants of Pakistan.
The approach focuses on the following areas:
- Gaining a thorough understanding of the client's business
- Assessing where there is a risk of material mis-statement in the financial statements subject to audit and considering the client's controls to address those risks
- Planning and performing audit tests designed to obtain evidence of the key financial statement assertions
- Review and quality control procedures that ensure the planned work has been carried out and that appropriate conclusions have been reached
- Forming an opinion and reporting that opinion.