Collect records consistently
Agree a document cutoff for bank statements, invoices, receipts, payroll, stock, assets, loans and owner transactions. Keep source documents linked to entries and track missing evidence.
Reconcile before reporting
- Match bank and payment accounts to statements.
- Reconcile customer and supplier balances.
- Check payroll, tax, inventory, fixed assets and financing schedules.
- Review accruals, prepayments, cutoff and unusual journals.
- Investigate differences and obtain approval for adjustments.
Get a useful monthly pack
Ask for profit and loss, balance sheet, bank reconciliations and the agreed cash-flow/ageing reports. Unresolved balances and missing records should appear in an action list.
Use the correct reporting framework
Pakistan’s applicable reporting framework depends on entity classification, law and notifications. ICAP’s technical guidance helps explain the framework choices. Selecting software does not replace that assessment.
Keep audit arrangements clear
Bookkeeping and audit preparation organise the accounts. A separately appointed eligible independent auditor decides the audit work and issues its report.
Official reading
Reviewed 13 October 2026. General preparation guidance. Current law, portal requirements and your circumstances determine the final documents, fees and obligations.