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A statutory audit in Pakistan can only be performed by ICAP-certified chartered accountants or SECP-registered audit firms. These professionals are legally authorized to examine company financial statements and ensure compliance with Pakistani corporate laws, IFRS standards, and SECP regulations.
Introduction
If you are a business owner asking who can perform a statutory audit in Pakistan, the answer is strictly regulated by law. Not every accountant is eligible. Only qualified, licensed professionals are allowed to issue statutory audit reports for companies registered in Pakistan.
This ensures financial transparency, legal compliance, and investor confidence.
Who Can Perform a Statutory Audit in Pakistan?
Only the following professionals are legally authorized:
1. Chartered Accountants (ICAP Members)
Chartered Accountants registered with the Institute of Chartered Accountants of Pakistan (ICAP) are fully authorized to conduct statutory audits.
2. SECP-Registered Audit Firms
Audit firms registered with the Securities and Exchange Commission of Pakistan (SECP) can legally perform audits for companies under corporate regulations.
3. Qualified Audit Professionals (Under Lawful Engagement)
In certain regulated cases, licensed professionals working under approved firms may assist in audit execution.
Who Cannot Perform a Statutory Audit?
The following are NOT allowed:
- Bookkeepers
- Tax consultants (without CA qualification)
- Unregistered accountants
- Freelance financial advisors
Their reports are not legally valid for statutory compliance.
Why the Law Restricts Statutory Audits
Pakistan restricts statutory audits to qualified professionals to ensure:
- Compliance with IFRS & ISA standards
- Independent financial verification
- Fraud prevention and risk control
- Reliable financial reporting for stakeholders
- Legal validity for SECP and tax authorities
Importance for Businesses in Pakistan
A statutory audit is not just a legal requirement, it is a trust mechanism for:
- Banks and lenders
- Investors and shareholders
- Government regulators
- Internal business governance
Professional Audit Support in Pakistan
For businesses looking for trusted compliance support:
SRCA Chartered Accountants provides expert Audit & Assurance services in Pakistan, including statutory audit, internal audit, and compliance reporting.
👉 Website: SRCA Chartered Accountants
People Also Ask
What qualification is required for statutory audit in Pakistan?
Only ICAP-certified Chartered Accountants or SECP-registered audit firms are qualified to perform statutory audits.
Is statutory audit mandatory for all companies in Pakistan?
Yes, most registered companies are required to conduct annual statutory audits under SECP regulations.
Can a tax advisor perform a statutory audit?
No, tax advisors without Chartered Accountant qualification cannot legally perform statutory audits.
What is the purpose of a statutory audit?
It ensures financial accuracy, legal compliance, and transparency in company reporting.
Local SEO Insight
In Pakistan, statutory audits are governed by:
- SECP (Securities and Exchange Commission of Pakistan)
- ICAP (Institute of Chartered Accountants of Pakistan)
- IFRS reporting standards
This makes it essential to hire only certified audit firms operating within regulatory frameworks.
Conclusion
A statutory audit in Pakistan can only be performed by qualified Chartered Accountants or SECP-registered audit firms. Choosing the right audit partner ensures compliance, financial integrity, and long-term business credibility.
