Executive Overview & Strategic Scope
Javid Law Associates delivers specialized legal counsel and professional representation for corporate audits, statutory audits, and financial statement certifications. Operating from our F-10 Markaz head office in Islamabad, our senior corporate legal counsel and high court tax advocates manage complex scrutiny proceedings initiated by the Federal Board of Revenue (FBR) under the Income Tax Ordinance, 2001, and the Sales Tax Act, 1990, alongside annual filing compliances mandated by the Securities and Exchange Commission of Pakistan (SECP) under the Companies Act, 2017. We mitigate corporate liability by ensuring rigorous reconciliation of financial books with electronic tax portals (Iris 2.0 and SECP eZfile).
Statutory & Regulatory Framework
Our audit representation practice is anchored in Sections 177, 214C, and 214D of the Income Tax Ordinance, 2001, governing tax audits and selection criteria, as well as Section 38 of the Sales Tax Act, 1990, for business premises and record audits. For corporate entities, financial reporting adheres strictly to the Fourth and Fifth Schedules of the Companies Act, 2017, and International Financial Reporting Standards (IFRS) as adopted in Pakistan. Provincial tax authorities including PRA, SRB, and KPRA audits are handled under their respective provincial sales tax enactments.
Procedural Roadmap & Execution Phases
Chronological breakdown tailored specifically to Audit Representation & Financial Statement Certification:
- Phase 1: [Bespoke Intake & Document Review]: Comprehensive forensic review of general ledgers, bank statements, sales/purchase registers, and withholding tax statements against FBR Iris and SECP records.
- Phase 2: [Legal Drafting & Statutory Reconciliations]: Preparation of comprehensive reconciliation statements between financial statements and tax returns, ensuring alignment with statutory thresholds.
- Phase 3: [Authority Portal Lodgment & Electronic Filing]: Submission of audited accounts via SECP eZfile and formal digital responses to audit notices through FBR Iris 2.0.
- Phase 4: [Scrutiny, Compliance Response & Representation]: Direct physical and virtual representation before Additional/Deputy Commissioners of Inland Revenue and SECP adjudication officers.
- Phase 5: [Final Regulatory Issuance & Post-Filing Advisory]: Securing formal audit conclusion orders, compliance certificates, and advisory on risk mitigation for subsequent tax years.
| Procedural Stage | Statutory Forum / Regulator | Statutory Timeline / Limitation | Key Deliverable / Milestone |
|---|---|---|---|
| Audit Notice Vetting & Preliminary Brief | FBR (Inland Revenue) / SECP | Within 14 Days of Notice Service | Initial Written Reply & Record Inventory |
| Financial Statement Audit & Certification | SECP eZfile Portal | As per Statutory AGM Timeline | Auditor's Report & Certified Balance Sheet |
| Detailed Scrutiny & Tax Reconciliations | Commissioner Inland Revenue (Audit) | 30 to 60 Days per Statutory Notice | Comprehensive Audit Defense Submission |
| Adjudication & Assessment Proceedings | ATIR / High Court (if escalated) | Statutory Limitation under ITO 2001 | Favorable Assessment Order / Stay Order |
Why Choose Javid Law Associates
Javid Law Associates combines deep corporate law expertise with rigorous high-court advocacy. Our seasoned tax consultants and legal practitioners provide end-to-end protection against arbitrary tax assessments and compliance penalties. We maintain a rigorous standard of professional diligence, ensuring that every financial statement and tax audit defense is structured to withstand the highest judicial scrutiny in Pakistan.
Service heading
Comprehensive Audit Representation & Certified Financial Reporting under FBR & SECP Regimes
Estimated duration
15-25 Working Days
Documentation & Requirements
Clear breakdown of client-provided records and deliverables prepared by our advocates
- Complete general ledgers, trial balances, and bank statements for the relevant tax/financial year
- Sales and purchase invoices, goods declarations (GDs), and utility bills
- Filed copies of annual income tax returns, withholding statements (Sec 165), and sales tax returns
- Minutes of Board of Directors meetings and AGM records
- Previous audit reports and assessment orders (if any)
- Statutory audit representation vakalatnama and authorization letters
- Comprehensive tax and financial reconciliation working papers
- Drafted replies to FBR Section 177/214C audit notices
- SECP certified financial statements and annual return filings
- Formal audit conclusion report and compliance advisory brief
Key features
- Expert defense in FBR Income Tax & Sales Tax audit proceedings under ITO 2001 and STA 1990
- SECP compliant financial statement preparation and digital filing via eZfile
- Comprehensive bank statement, ledger, and withholding tax reconciliations
- Representation before Commissioner Inland Revenue (Appeals) and Appellate Tribunal Inland Revenue (ATIR)
- Provincial sales tax audit representation (PRA, SRB, KPRA)
- Due diligence and forensic auditing for corporate restructuring and mergers
- Issuance of certified financial reporting and statutory audit certificates
- High Court writ petition and tax reference litigation support
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.