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FBR launches forensic audit of WeBOC

ISLAMABAD: The Federal Board of Revenue (FBR) has launched forensic audit of Web Based One Customs (WeBOC) to determine the accuracy and correct application of duty and taxes.

In order to conduct forensic audit, the FBR invited firms for the assignment to conduct audit of the internal controls of WeBOC system for quality assurance for the year 2020/2021, 2019/2020 and 2018/2019.

READ MORE: Peshawar Customs seizes narcotics worth Rs80 million

The forensic audit is aimed at assuring that the mechanism of internal controls, business decisions, rules, policies, and procedures are well defined, correctly calculated, and if not then recommend possible solution/ way forward.

It is meant to analyze that the systems in place are capable – fully automated with seamless integration of all Customs’ business processes.

The applicant firm is expected to analyze the WeBOC’s capability in carrying out the day-to-day functions, its governance model, business rules, duty calculation across all regimes, correctness of information as an output, and security structures etc.

READ MORE: No promotion of IRS officers without asset declaration

The Internal Control Audit will identify the strengths and weaknesses as follows and recommend appropriate actions to FBR, namely:

i. Whether the rates of Customs Duties, Additional Customs Duties and Regulatory Duties are properly and correctly fed vis-à-vis updated from time to time as applicable in the System?

ii. Whether the WeBOC System correctly calculates and collect the duties as per statutory rates?

iii. Review the feeding, calculation, and collection of domestic taxes i.e., Sales Tax, Withholding Tax and Federal Excise Duty at import stage.

iv. Examine the correctness of feeding of Fifth Schedule in the WeBOC along with its conditions, when and where applicable.

v. Whether rates of duties and taxes were updated in the WeBOC as and when legally changed since January 01, 2018?

READ MORE: FBR announces sharp cut in sales tax on POL products

vi. The firm will also examine and audit whether different SROs have been correctly fed/ updated in the System along with respective conditions. Any difference or deviation in the SROs feeding/ updating and application in the System will be reported accordingly.

vii. Whether changes were made in the System with corresponding changes in the SROs from time to time in a correct and timely manner?

viii. Whether Valuation Rulings (VRs) issued by the Directorate General of Customs Valuation have been properly entered into the System?

ix. Whether the System correctly applies the VRs on the respective goods or not? The required audited period will be for a period of three years.

Based on the indicated activities, the audit should: (i) map the involved internal control mechanisms; (ii) point out the main weaknesses of the involved internal controls; (iii) identify the main causes; and (iv) propose mitigation measures. The audit and subsequent recommendations should be both quantitative and qualitative considering efficiency and effectiveness of the system, its performance, and corresponding data (input)/ information (output) correctness – real-time and secured operations.

READ MORE: IR offices to work on Saturdays for revenue target

The FBR under the Component-II (Technical Assistance) of the Pakistan Raises Revenue (PRR) project requests the services of a reputable consulting firm to conduct a forensic audit of the WeBOC System of FBR for quality assurance through methodological testing.

The WeBOC system was rolled out in 2012 and has been designed and developed as per the business requirements and vision of Customs i.e., paperless, end-to-end integration, minimum dwell time, 24/7 service, transparency, automated and simplified procedures, improved risk management system including automated feedback mechanisms, better controls, electronic filing, minimum interaction with trader and Customs authorities, efficient information management system, e-gates, online payment, and single window operations.

The underlying idea was/ is to have compliance of international trade facilitation agreements and to develop Customs system in line with international good practices. It provides real time integration of clearing agents, traders, brokers, terminal operators, cargo handlers, shipping agents, bonded carriers, warehouses, airlines, and customs officials for the clearance of trade consignments.

February 13, 2022
PTBA criticizes third-party audit of taxpayers

Pakistan Tax Bar Association (PTBA) has expressed concerns over decisions of the authorities to conduct audit of taxpayers through external auditors.

In a statement, the apex tax bar of the country, expressed concerns over the decision taken by the Federal Board of Revenue (FBR) regarding the assignment of cases of Income Tax, Sales Tax and Federal Excise Duty to the third-party auditors for conducting audit of the taxpayers’ affairs.

READ MORE: PTBA highlights taxation problem of NPOs, Trust

The PTBA said that the cases of those taxpayers were selected for audit, who had filed the returns of income tax and sales tax voluntarily. “Conducting third party audit of such taxpayers will result to open doors of corruption.”

Additional cost of which will have to be borne by the taxpayers, who are already on tax role and paying their taxes voluntarily.

READ MORE: PTBA declares implementing digital payment not practical

PTBA President Rana Munir Hussain in the statement said: “It will also increase the cost of doing business, which will lead to increase in inflation.”

The FBR decision will also give a negative message to the general public that either the field formation of the FBR is not trustworthy or incompetent. “The FBR should also take lesson from its past decision/experience when the same idea was failed badly.”

The decision for referring the audit to third parties will also be conflict of interest as most of the audit firms appearing on the panel of the FBR are also engaged in tax practice.

READ MORE: Extend date for return filing till Dec 31, PTBA asks FBR

“The FBR instead squeezing the taxpayers, who are already on the tax role, should focus on the recovery of due tax from 25 million persons who admittedly are earning millions of rupees but contributing nothing to national exchequer.”

Further, the PTBA said that there was not need to promulgate the Finance Supplementary Act, 2022. “It will adversely affect the financial position of general public and increase the cost of living of common men, those are already suffering due to the pandemic and will further increase the inflation in the country.”

READ MORE: FBR authorized to appoint special panels for tax audit

January 28, 2022
Self assessment scheme to facilitate taxpayers: Tarin

KARACHI: Finance Minister Shaukat Tarin on Friday said that the Universal Self Assessment Scheme (USAS) has been reintroduced. This scheme will facilitate taxpayers in declaring income and assets.
(more…)

August 20, 2021
Third-party to conduct audit of 15 million potential taxpayers: Shaukat Tarin

Finance Minister Shaukat Tarin announced on Tuesday that the government is set to launch Universal Self-Assessment, a third-party approach, for auditing 15 million potential taxpayers.
(more…)

June 29, 2021
Procedure issued for income tax e-audit

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued procedure for selection and conducting electronic audit of income tax cases.

In this regard, the FBR issued SRO 835(I)/2021 dated June 29, 2021 to make amendments in the Income Tax Rules, 2002.

A new rule 231FA has been inserted into the Income Tax Rules, 2002 to make the e-audit part of the tax laws.

Following is the text of newly inserted rule:

“ 231FA. Procedure for E-Audit. – (1) The provisions of this rule shall apply for the conduct of audit proceedings electronically under sub-section (2A) of section 177 of Income tax Ordinance, 2001 (XLIX of 2001).

(2) Definitions.- in this rule, unless there is anything repugnant in subject or context,

(a) “Adjudication Officer” means an officer of Inland Revenue to whom a case is assigned for assessment on the basis of audit report under these rules;

(b) :Audit Officer” means an officer of Inland Revenue to whom a case is assigned for conducting e-audit under these rules;

(c) “Automated Case Selection System” means an algorithm for randomized allocation of cases by using suitable technological modes;

(d) “Competent Authority” means the Board in case of selection of audit under section 214C and Commissioner Inland Revenue having jurisdictions in case of selection under section 177 of the Ordinance;

(e) “e-audit” means the audit proceedings of registered person conducted through electronic means including video links, or any other facility as may be specified by the Board from time to time; and

(f) “Iris” means a web based computer programme for operation and management of Inland Revenue taxes and laws administered by the Board.

(3) Where a case has been selected under section 177 or section 214C of the Ordinance, as the case may be, and the competent authority may issue direction to conduct e-audit, the following procedure shall be adopted, namely:

(a) the cases selected for e-audit under sub-rule (1) shall be processed through Automated Case Selection System which will create an assignment for issuing notice through Iris to the taxpayer against selection of cases for audit;

(b) for issuance of notices, Automated Case Selection System will configure the:-

List of officers of Inland Revenue to whom the case can be assigned; and

List of the cases to be marked across the jurisdiction; and thereafter, intimate to the concerned Commissioner IR where the case has been assigned by the Automated Case Selection System;

(c) The concerned Commissioner Inland Revenue to whom the case has been assigned by the Automated Case Selection System shall serve a notice under sub-section (1) of section 177 of Income Tax Ordinance 2001,

(d) a taxpayer shall produce the record or documents including books of accounts maintained under Income Tax Ordinance, 2001 through Iris or electronic data carrier notified by the Board;

(e) a taxpayer shall not be required to appear either personally or through authorized representative in connection with any proceedings under e-audit before the officer of Inland Revenue. In case of any explanation required by the taxpayer or officer of Inland revenue, request for personal hearing, shall be made through iris and may be allowed to do so in assigned Jurisdiction and such hearings shall be conducted exclusively through video links from personal computer system or any of the nearest Tax Facilitation Centre situated at the premises of the different Tax Offices , as the case may be;

(f) an Audit Officer to whom the case is assigned, after considering all the information, documents or evidence, if finds no discrepancy and have no conclusive proof against taxpayer may close the audit and send it to the Automated Case Selection System:

(g) after examination of record and after obtaining taxpayers’ explanation on all the issues raised, if the Audit Officer to whom the case is assigned, does not agree with the declared version and proposes order for assessment of tax, shall prepare an audit report, containing audit observations/ findings and forward the report to taxpayer through Iris and Automated Case Selection System simultaneously;

(h) the Automated Case Selection System will once again configure and assign the case to any Adjudication Officer across the jurisdiction to make an order for assessment of tax under section 122, including imposition of penalty and default surcharge in accordance with sections 182 and 205 of the Ordinance, if required, as pointed out in the audit report;

(i) notwithstanding anything contained in the Income Tax rules, 2002, the Jurisdiction assigned under sub-clause

(ii) of clause (b) of sub-rule (3) above , by the Automated Case Selection System shall be deemed to have been made under the powers conferred by section 209 of the Income Tax Ordinance, 2001 till such time proceedings under clause (k) are finalized for the purpose of section 122 and section 177 of Income Tax Ordinance ,

(j) the adjudication officer to whom the case is assigned under clause (h) of sub-rule (3) above, shall after a notice under section 122(9) of the ordinance through Iris to show cause to such person, make an order for assessment of tax as pointed out in the audit report and issue Assessment Order accordingly under section 122 of the Inc ome Tax Ordinace, 2001 and send it to the Automated Case Selection System:

Provided that in case the taxpayer applies electronically for agreed assessment under section 122D in the prescribed form to the committee constituuted under section 122D (5), and the committee may,-

Accept or modify the offer, and the taxpayer agrees to that offer, the Adjudication Officer shall pass the amended assessment order accordingly; or

Rejects or unable to reach on consensus, the case will be referred back to Adjudication Officer for passing amended order under section 122 on the basis of available record and reply of the taxpayer; and

(k) the Automated Case Selection System, shall forward the assessment order passed under section 122 of the Ordinance for initiating recovery proceedings, if any under section 137 of the Income Tax Ordinance, 2001 to the jurisdiction where such person is originally registered.”

June 29, 2021
KTBA welcomes withdrawal of audit notices

KARACHI: Karachi Tax Bar Association (KTBA) on Friday said that after intervention of the Federal Board of Revenue (FBR) many audit cases have been withdrawn from IRIS Portal, which were initiated under Section 122(5) of the Income Tax Ordinance, 2001.

KTBA President Muhammad Zeeshan Merchant in a letter to Chief Commissioners of tax offices located in Karachi welcomed the steps taken for deletion of audit cases that were initiated without definite information.

The KTBA on May 21, 2021 sent communication to all the chief commissioners of tax offices in Karachi informing them that Inland Revenue offices were issuing incorrect audit notices in order to avoid restriction of time limit as defined in the Income Tax Ordinance, 2001.

The tax bar strongly criticized the issuance of faulty audit notices for tax year 2015 in order to avoid time restrictions.

The KTBA said that notices had wrongly been issued by the field formation without properly appreciating returns of income tax as well as statements of wealth and also without proper application of mind as host of such cases pertains to income from property, salary, dividend etc. and also because the grounds advanced in the notices do not constitute ‘definite information’ within the meaning of Section of 122(8) of Income Tax Ordinance, 2001.

“As the time limitation prescribed for initiating proceedings for the tax year 2015 draws closer, bar members are afraid of encountering more such weird notices in days to come, which in no way tend to serve the purpose of the Ordinance and are likely to create chaotic situation,” the tax bar said.

In response to the KTBA letter, the FBR took notice and directed the IR officials to avoid opening audit cases merely on surmises and assumptions.

The FBR said that it had received representations suggesting that the field offices were recklessly issuing notices under section 122(5) read with section 122(9) of Income Tax Ordinance, 2001 where purportedly the threshold of ‘definite information’ as defined under section 122(8) was not met.

“It goes without saying that amendment proceedings under section 122(5) of the Ordinance, merely on basis of audit suspicion picked from within the declarations lodged by the taxpayers themselves, is an enforcement travesty and need to abate,” the FBR said.

The scheme of law warrants that a taxpayer must be dealt with precisely as per principle of justice and fair play, it added.

The FBR directed the field formation to adhere with law and due diligence must be ensured in respect of each taxpayer and no case should be opened merely on surmises and assumptions. “All taxpayers must be provided adequate opportunity of being heard, too,” the FBR added.

In the instant letter, the KTBA said that most of cases notices with provoked and resentful reasons had been deleted/withdrawn from IRIS portal; whereas in some cases where online deleted/withdrawn communication was made the deletion/withdrawal was still awaited.

June 4, 2021
Third party to conduct tax audits: Shaukat Tarin

KARACHI: Finance Minister Shaukat Tarin has announced that tax audits to be done by third party. Further it has been decided to launch universal self assessment scheme (USAS).

“I want to remove harassment by FBR. Although there are good people at FBR but there are also some troublemakers. Hence, we have agreed upon Universal Tax Self-Assessment and the audits by third party only,” he added while speaking at an online meeting with BMG Leadership and KCCI Office Bearers on Thursday.

A statement issued by the Karachi Chamber of commerce and Industry (KCCI) on Thursday quoted Shaukat Tarin that if any wrongdoing was found after the audit by third party, it will result in initiation of investigation and punitive action.

“In this regard, we have created a section to review all the bills, number of deposits and travel history etc. of individuals and if any person is found liable to pay taxes but is a defaulter, such cases will be sent to third-party auditors to prove tax default and if proven, these defaulters will be put behind bars,” Tarin said, adding that laws will be devised to put such persons behind bars responsible for willful default.

He stated that the government was focused on rationalizing the turnover tax in order to make some sense as it varies in numerous cases.

The minister also agreed that when three percent penalty was being charged in case of unregistered persons, the CNIC condition should not be there. Hence, the minister directed FBR to look into this matter and stop demanding CNIC.

“A call center will also be established at FBR in which complaints can be lodged which I will personally review on daily basis to ensure accountability at the FBR,” he added.

In response to concerns expressed over dilapidated infrastructure of Karachi, Shaukat Tarin informed that a three years package of Rs900 billion has been allocated under PSDP for Karachi which will be finalized by the PM.

“During discussions on this allocation at a meeting which will be presided over by the Prime Minister, I will definitely raise business community’s concerns and I will be your promoter.”

He said that the government was trying its best to facilitate the SMEs and, in this regard, the SMEs falling under the bracket of Rs2 million will be provided ‘clean credit’ facility with no security. For this purpose, the government will be providing huge amount of funds to banks at 8 percent which will be given to SMEs at 9 percent while credit insurance will be provided by the government. “It is a matter of grave concerns that out of a total of 6 to 8 million SMEs, only 180,000 SMEs have access to credit, hence efforts will be made to extend credit facility to at least 1 million SMEs in the next two years.”

He said that FBR will also be directed not to stop refunds of SMEs and small businesses. “We will clear all the backlog of refunds within a few months by issuing Tradeable Bonds so that the businesses could have sufficient amount of liquidity available with them and a smarter mechanism will be introduced to clear refunds within 60 to 90 days.”

Referring to concerns expressed over Rs58 billion refunds pending under DLTL scheme, Shaukat Tarin termed it as ‘a very good point” and directed FBR expedite the refunds while DLTL should not be collected this year as the FBR already owes huge amount.

Commenting on a suggestion to treat indenters commission as export proceeds, the Finance Minister said that it was a very good idea to consider indenters’ commission as export proceeds as it has been observed that many indenters prefer to keeping their earnings outside the country but if these earnings were treated as export proceeds, it would encourage them to bring funds to Pakistan.

He said that reforms were being introduced at the revenue side which will ensure that no harassment takes place and there will be no double taxation. “The IMF has been pushing us to stop all exemptions and impose additional tax of Rs140 billion on existing taxpayers which I denied”, Shaukat Tarin said, “Only blatant exemptions will be dealt otherwise the rest will continue. We are broadening the tax base by making good use of technology and innovation which will neither be coercive nor regressive but will be devised in consultation with the business community.”

Finance Minister also assured to regularly hold meetings with KCCI at least once in three months so that dialogue on an ongoing basis continues to promptly resolve business community issues while the FBR will be directed to consider and resolve all the technical issues being raised by KCCI.

Speaking on the occasion, Chairman BMG Zubair Motiwala pointed out that despite the outbreak of COVID-19, Karachi has given 18 percent growth in exports and it overall exports stood at 58 percent therefore, the Federal Government must take Karachi’s robustness into consideration and accordingly give its due share which has unfortunately not been given so far.

He said that although a subsidy was earmarked for Karachi’s energy needs but as per Ministry of Energy, the earmarked amount exhausts by paying for uniform tariff across the country and no amount is left to give subsidy for gas at 6.5 dollars per MMBtu to the five export-oriented sectors. The subsidy does not account for the Hydel electricity portion which is given to KE as a right of Karachi over Hydel Power. If the same is calculated at the cost of hydel electricity, then this subsidy can automatically be saved and given for the sale of gas at 6.45 per MMBtu to the five export-oriented sectors.

June 3, 2021
FBR notifies rules for implementing e-audit

The Federal Board of Revenue (FBR) has issued draft rules to streamline the process of online audit (e-audit) proceedings, enabling taxpayers to attend hearings virtually without the need to visit tax offices.
(more…)

June 1, 2021
IR offices issuing incorrect audit notices to avoid time limitation: KTBA

KARACHI: The offices of Inland Revenue are issuing incorrect audit notices in order to avoid restriction of time limit as defined in the Income Tax Ordinance, 2001, tax practitioners alleged the tax authorities on Friday.

The Karachi Tax Bar Association (KTBA) in a letter sent to Inland Revenue offices of Federal Board of Revenue (FBR) located in the metropolis strongly criticized the issuance of faulty audit notices for tax year 2015 in order to avoid time restrictions.

The KTBA wrote letters to chief commissioners highlighting the haste of tax offices in issuing notices under section 122(5) of Income Tax Ordinance, 2001 during past two weeks just to comply with the time limit of initiating audit for tax year 2015.

The tax bar shared following ‘reasons and grounds’ advanced by the field formation officers to assume resource of ‘definite information’.

— Not declared any capital hence income declared under Normal Tax Regime (NTR) and Final Tax Regime (FTR) is out of undisclosed sources of capital whereby closing stock is likely to be added as unexplained income.

— Accretion in wealth is more than income declared/claimed under NTR/FTR and cash available in last year is insufficient either; hence difference is likely to be added as unexplained income.

— Personal expenditure bears a difference between income claimed under FTR and NTR and cash available in last year is insufficient either; hence difference is likely to be added as unexplained income.

— Bank deposits and debit entries are huge which do not commensurate to be declared income version and difference is likely to be added as income from other source.

— Foreign remittance claimed in the return needs to be probed for the purpose of compliance of Section 111(4) of the Income Tax Ordinance, 2001.

— Capital gain on sale of securities and immovable properties claimed in the returns needs to be probed in line with Section 37(3A) and 37A of Income Tax Ordinance, 2001.

— Gift (cash or kind) claimed needs to be probed for the purpose of Section 39 (3) of the Income Tax Ordinance, 2001.

— Total liability in wealth has decreased from previous year which since a liability was definitely paid-off from unexplained source of income and liable to be treated as unexplained expenditure in line with Section 111 of Income Tax Ordinance, 2001.

— Interestingly a number of such notices have also been issued where audits for the tax year 2015 have already been concluded.

The KTBA said that notices had wrongly been issued by the field formation without properly appreciating returns of income tax as well as statements of wealth and also without proper application of mind as host of such cases pertains to income from property, salary, dividend etc. and also because the grounds advanced in the notices do not constitute ‘definite information’ within the meaning of Section of 122(8) of Income Tax Ordinance, 2001.

“As the time limitation prescribed for initiating proceedings for the tax year 2015 draws closer, bar members are afraid of encountering more such weird notices in days to come, which in no way tend to serve the purpose of the Ordinance and are likely to create chaotic situation,” the tax bar said.

May 21, 2021
SBP updates panel of chartered accountancy firms for audit of banks

KARACHI: State Bank of Pakistan (SBP) has updated the list of panel of chartered accountancy firms for conducting audit of banking companies.

The SBP through a circular issued on Friday informed that “RSM Avais Hyder Liaquat Nauman, Chartered Accountants’, listed in the Category ‘B’ of SBP’s Panel of Auditors is being upgraded to the Category ‘A’ of the panel.

The central bank also enlisted two chartered accountancy firms in the category ‘C’ of the SBP’s Panel of auditors with an immediate effect:

J.A.S.B & Associates, Chartered Accountants 1104, Uni Tower, I.I. Chundrigar Road, Karachi. Phone: 021-32468154-55 Web: www.jasb-associates.com

Mazars M.F. & Co., Chartered Accountants 3rd Floor, 44-C, Badar Commercial, Street 10, DHA Phase V, Karachi. Phone: 021-35342801-06, Web: www.mazars.pk

The SBP issued the updated list of chartered accountancy firms:

Category ‘A”

Audit Firms in Category “A” are eligible to conduct audit of all Banks and DFIs

A1. A.F. Ferguson & Co. State Life Building No. 1/C, I.I. Chundrigar Road, Karachi. Tel: +92 (021) 32426711-15, Fax: +92 (021) 32415007, Web: www.affco.com.pk

A2. Baker Tilly Mehmood Idrees Qamar, 4th Floor, Central Hotel Building, Civil Lines, Mereweather Road, Karachi. Tel: +92 (021) 35644872-77, Fax: +92 (021) 35694573 Email: [email protected], Web: www.bakertillymiq.com.

A3. BDO Ebrahim & Co. 2nd Floor, Block ‘C’ Lakson Square, Building No. 1, Sarwar Shaheed Road, Karachi. Tel: +92 (021) 35683030 Fax: +92 (021) 35684239 Email: [email protected] Web: www.bdo.com.pk

A4. Crowe Hussain Chaudhury & Co. 25-E, Main Market, Gulberg II, Lahore. Tel: +92 (042) 37759223-5 Fax: +92 (042) 35759226 Email: [email protected] Web: www.crowe.pk

A5. EY Ford Rhodes, 6th Floor, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 111-113-937 Fax: +92 (021) 35681965 E. mail: [email protected] Web: www.ey.com

A6. Grant Thornton Anjum Rahman, 1st & 3rd Floor, Modern Motors House, Beaumont Road, Karachi. Tel: +92 (021) 35672951-56 Fax: +92 (021) 35688834 Email: [email protected] Web: www.gtpak.com

A7. Ilyas Saeed & Co. A-4, Sea Breeze Homes, Shershah Block, New Garden Town, Lahore. Tel: +92 (042) 35861852, 35868849 Fax: +92 (042) 35856145 Email: [email protected] Web: www.ilyassaeed.com

A8. KPMG Taseer Hadi & Co. 1st Floor, Sheikh Sultan Trust Building No. 2, Beaumount Road, Karachi. Tel: +92 (021) 35685847 Fax: +92 (021) 35685095 Email: [email protected] Web: www.kpmg.com.pk

A9. Kreston Hyder Bhimji & Co. Suite No. 1601, 16th Floor, Kashif Centre, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 35640050-52 Fax: +92 (021) 35640053 Email: [email protected] Web: www.krestonhb.com

A10. Muniff Ziauddin & Co. F/17/3, Business Executive Centre, Block No. 8, Clifton, Karachi. Tel: +92 (021) 35375127-28, 35872283 Fax: +92 (021) 35820325 Email: [email protected] Web: www.mzco.com.pk

A11. Naveed Zafar Ashfaq Jaffery & Co. 1st Floor, Modern Motors House, Beaumount Road, Karachi. Tel: +92 (021) 111-774-422, 35671909 Fax: (021) 5210626 Email: [email protected] Web: www.nzaj.com.pk

A12. Rahman Sarfaraz Rahim Iqbal Rafiq, Rahman Sarfaraz House, 54-P, Gulberg II, Lahore. Tel: +92 (042) 35875965-67 Fax: +92 (042) 35758621 Email: [email protected] Web: www.rsrir.com

A13. Riaz Ahmad & Co. 10-B, Saint Mary Park, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35718137-39 Fax: +92 (042) 35718136 Email: [email protected] Web: www.racopk.com

A14. RSM Avais Hyder Liaquat Nauman, Suite No. 407, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35655975-76 Fax: +92 (021) 35655977 Email: [email protected] Web: www.rsm.global/pakistan

A15. Yousuf Adil, Cavish Court, A-35, Block 7 & 8, K.C.H.S.U. Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34546494-97 Fax: +92(021) 34541314 Email: [email protected] Web: www.yousufadil.com

Category ‘B’

Audit Firms in Category “B” are eligible to conduct audit of Banks and DFIs having assets up to Rupees 100 billion or branches up to 160.

B1. Amin Mudassar & Co. 4th Floor, IEP Building, 97-B/D-1, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35717261-62 Fax: +92 (042) 35717263 Email: [email protected]

B2. Reanda Haroon Zakaria & Co. M1-M4, Mezzanine Floor, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35674741-44 Fax: +92 (021) 35674745 Email: [email protected] Web: www.hzco.com.pk

B3. HLB Ijaz Tabussum & Co. 303, Sawan Road, G-10/1, Islamabad. Tel: +92 (051) 32354801-03 Fax: +92 (051) 32354800 Email: [email protected]; [email protected]; Web: www.hlbitc.com

B4. IECnet S.K.S.S.S. Suite No. 209, Parsa Tower, PECHS Block 6, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34150811-13 Fax: +92 (021) 34150814 Email: [email protected] Web: www.iecnet.com.pk

B5. Mudassar Ehtisham & Co. 50/2, Lawrence Road, Lahore. Tel: +92 (042) 36370215, 35466618 Fax: +92 (042) 36363614 Email: [email protected] Web: www.mudassarehtisham.com

B6. Mushtaq & Co. 407, Commerce Centre, Maulana Hasrat Mohani Road, Karachi. Tel: +92 (021) 32638521-24 Email: [email protected]

B7. Nasir Javaid Maqsood Imran, Office No. 807, 8th Floor, Plot No. 11/2, Q.M. House, Ellander Road, Opp. Shaheen Complex, Off. I.I. Chundrigar Road, Karachi Tel: +92 (021) 32212382-83, 32211515-16 Fax: +92 (021) 32211515 Email: [email protected] Website: www.njmi.net

B8 Parker Randall – A.J.S. 6-C, 2nd Floor, ST Plaza, Kohinoor Town, College Road, Faisalabad. Tel: +92 (021) 32621703-04 Fax: +92 (021) 32621701 Email: [email protected] Web: www.parkerrandallajs.pk

B9. PKF F.R.A.N.T.S. 16/II, ‘N’ Lane, Commercial Avenue, Phase IV, D.H.A, Karachi. Tel: +92 (021) 35315275 Fax: +92 (021) 35315276 Email: [email protected] Website: www.pkf.com.pk

B10 Riaz Ahmad Saqib Gohar & Co. 5-Nasim, C.H.S. Major Nazir Bhatti Road, Off Shaheed-e-Millat Road, Karachi. Tel: +92 (021) 34945427, 34946112 Fax: +92 (021) 34932629 Email: [email protected] Web: www.rasgco.com

B11. ShineWing Hameed Chaudhri & Co. H.M. House No. 07, Bank Square, Off Shahrah-e-Quaid-e-Azam, Lahore. Tel: +92 (042) 37235084-87 Fax: +92 (042) 37235083 Email: [email protected] Website: www.hccpk.com

B12. Suriya Nauman Rehan & Co. House No. 02, Street No. 02, F-7/3, Islamabad. Tel: +92 (051) 32610931-32 Fax: +92 (051) 32610954 Email: [email protected] Web: www.nrcca.pk

B13. Tariq Abdul Ghani Maqbool & Co. 173-W, Block-2, P.E.C.H.S, Karachi Phone: +92 (021) 34322582-83, (021) 34322606-07 Fax: +92 (021) 34522492 Email: [email protected] Website: www.tagm.co

B14. UHY Hassan Naeem & Co. 193-A, Shah Jamal, Lahore. Tel: +92 (042) 35403550-51, 35403588 Fax: +92 (042) 35403599 Email: [email protected] Web: www.uhy-hnco.com

B15. Zahid Jamil & Co. 1st Floor, Al-Jamil, 7-Madina Town Ext, Kohinoor Chowk, Off. Jaranwala Road, Faisalabad. Tel: +92 (041) 38725065-68 Fax: +92 (041) 38725070 Email: [email protected] Web: www.zahidjamilco.com

Category ‘C’

Audit Firms in Category “C” are eligible to conduct audit of banks and DFIs having assets up to Rupees 15 billion or branches up to 30.

C1. Fazal Mahmood & Co. 147 – Shadman I, Lahore. Tel: +92 (042) 37426771-73 Fax: +92 (042) 37426774 Email: [email protected] Web: www.fmc.com.pk

C2. Feroze Sharif Tariq & Co. 4-N/4, Block No. 06, P.E.C.H.S. Karachi. Tel: +92 (021) 34540891, 34542607 Fax: +92 (021) 34540891 Email: [email protected]

C3. H.A.M.D & Co. 302, Land Mark Plaza, Mohammed Bin Qasim Road, Off I.I Chundrigar Road, Karachi. Tel: +92 (021) 32630651 Fax: +92 (021) 35872521 Email: [email protected]; [email protected]

C4. Ibrahim Shaikh & Co. 259-260 Panorama Centre, Fatima Jinnah Road, Saddar, Karachi. Tel: +92 (021) 35210577, 35671853 Fax: +92 (021) 35676591 Email: [email protected]

C5. J.A.S.B & Associates 1104, Uni Tower, I.I. Chundrigar Road, Karachi. Tel: +92 (021) 32468154-55 Fax: +92 (021) 32468157 Email: [email protected] Web: www.jasb-associates.com

C6. Junaidy Shoaib Asad 1/6-P, Block No. 06, P.E.C.H.S, Mohtarma Laeeq Begum Road, Off Shahra-e-Faisal. Karachi. Tel: +92 (021) 34371910-13 Fax: +92 (021) 34371916 Email: [email protected] Web: www.jsa.com.pk

C7. H.Y.K & Co. SKP House, 321 Upper Mall, Lahore. Tel: +92 (042) 111-772-000, 35789330-1 Fax: +92 (042) 35789182 Email: [email protected] Web: www.hyk.com.pk

C8. Khalid Majid Rehman & Co. 7-A, Street No. 65, F-8/3, Islamabad. Tel: +92 (051) 32287713-17 Fax: +92 (051) 32287710 Email: [email protected] Web: www.kmr.com.pk

C9. Mazars M.F. & Co. 44-C, 3rd Floor, Badar Commercial, Street 10, Phase V, DHA, Karachi. Tel: +92 (021) 35342801-06 Web: www.mazars.pk

C10. Qavi & Co. Suites No. 717 & 718, Caesars Tower, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 32791966-68Fax: +92 (021) 32791969 Email: [email protected] Web: www.qaviandco.com

C11. Rafaqat Mansha Mohsin Dossani Masoom & Co. Suite No. 113, 3rd Floor, Hafeez Centre, A/34, K.C.H.S, Block No. 07 & 08, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34392361-62 Fax: +92 (021) 34320693 Email: [email protected] Web: www.mmdk.com.pk

C12. Sarwars, Office No. 12 & 14, 2nd Floor, Lahore Centre, 77-D, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35782920-22 Fax: +92 (042) 35773825 Email: [email protected] Web: www.saewarsca.com

C13. S. M. Suhail & Co. Suite No. 1001-1014, 10th Floor, Uni Centre, I.I. Chundrigar Road, Karachi Tel: +92 (021) 32414057, 32414163 Fax: +92 (021) 32416288 Email: [email protected], Web: www.smsco.pk

C14. Uzair Hammad Faisal & Co. 37- Main Gulberg, Lahore. Tel: +92 (042) 35877470, 35879310 Email: [email protected] Web: www.uhf.com.pk

February 26, 2021