Standards
Audit and Assurance
Audit and Assurance is a core area of the profession. With the global dynamics constantly changing, to meet the challenges of today the audit professionals to fulfill their role have to keep their knowledge and expertise updated at all times. This section has the latest international and local updates on auditing and assurance.
Auditing Standards
- Objectives and General Principles governing an audit (ISA 200)
- Auditor's responsibility to consider fraud (ISA 240)
- Appointment and removal of auditors (sections 252 to 260 of the Companies Ordinance, 1984)
- Terms of audit engagements (ISA 210)
- Performance of audit and reporting
- Assessment of audit risks (ISA 315 and 330)
- Audit materiality (ISA 320)
- Audit evidence (ISA 500)
- Audit sampling (ISA 530)
- Tests of controls and Substantive procedures (ISA 330)
- Analytical procedures (ISA 520)
- Documentation (ISA 230)
- External Confirmations (ISA 505)
- Subsequent events (ISA 560)
- Written representation (ISA 580)
- Using the work of internal auditor (ISA 610)
- Using the work of auditor's expert (ISA 620)
- Difference between annual audit and review of interim financial statements
- Fundamental principles (Section 100 to 150 of the Code of Ethics)
- Client and engagement acceptance (Section 210 of the Code of Ethics)
Financial Reporting Standards
- Statement of financial position under (IAS 1)
- Statement of comprehensive income (IAS 1)
- Statement of cash flows (IAS 7) using direct and indirect method
- Accounting for Inventories (IAS 2)
- Accounting for Property, Plant and Equipment (IAS 16)
- Revenue recognition (IAS 18)
- Accounting for tangible and intangible assets (IAS 38)
- Leases (IAS 17)
- Borrowing costs (IAS 23)
- Impairment of individual assets (IAS 36)
- Accounting for taxation (IAS 12)
- Construction contracts (IAS 11)
- Related party transactions and segment reporting (IAS 24)
- Contingencies and commitments (IAS 37)
- Segment reporting (IFRS 8)
- IFRS-9 Financial Instruments
- IFRS-15 Revenue from Contracts with Customers
Accounting Standards
Economic forces constantly reshape financial reporting standard. The Board of Governors of the Institute on recommendation of the Institute of Chartered Accountants of Pakistan (ICAP) recommends adoption of IFRS and IAS as ICAP (one of the sponsoring body of PIPFA) is responsible for adopting international auditing standards in Pakistan.
Testimonials and Feedback
What People Say About Us
Yawer Zakaria, APFA
CFO at Salsoft Technologies (Pvt) Ltd
Membership with PIPFA has been instrumental in enhancing my expertise in public finance and accounting, ensuring adherence to the highest professional standards. It has provided access to a robust network of professionals and opportunities for continuous development, significantly contributing to my leadership journey and organizational impact.
Syed Naqi Raza
Director Finance & Accounting, KPMG Taseer Hadi & Co.
PIPFA is a well-recognized brand in the world of professional qualifications and a standard of excellence for public finance accountants. The PIPFA qualification significantly enhances an individual's experience and increases their value in the market. Sharing creates more value than competition, and PIPFA has joined hands with many international organizations, providing excellent opportunities for those working in the international market. The PIPFA professional qualification equips professionals with the knowledge and understanding of financial management in the public sector, making PIPFA a definitive choice as a platform to develop future financial managers.
Mr. Nazar Mohammad Ranjha - FPFA
Director General Audit (Sindh), Pakistan
If you are trying to find an institution that is providing the best training in Public Financial Management then go to PIPFA without any hesitation. This is the most authentic, reliable and genuine organization equipping the graduates with applied accounting and auditing techniques. The best part of PIPFA is that it adds in one’s skillset as well as helps in career progression. Pakistan’s most professional financial management organizations like Auditor General of Pakistan, Controller General of Accounts and Military Accountant General are on its partners’ list. PIPFA has broadened its horizon by expanding its services to different provincial governments, federal government and international partners like CIPFA. I hope that PIPFA will continue in its excellent job of producing public financial managers that are serving the nation by providing their product in the form of financial and audit reports to national and provincial legislatures
Mr. Usman Ahsan FPFA, FCA
CFO, Anjum Textiles, Pakistan
PIPFA is a qualification that has not only inferred on me a professional identity, but also provided with a wonderful opportunity to excel my career. The in-depth technical knowledge being imparted by this accounting body is nothing short of global standard. I feel privileged to be part of this auspecious Institute which has a value driven CPD program for its members.
Mr. Adnan Abdul Ghaffar – FPFA
Company Secretary & Tax Head, Amreli Steels Limited
PIPFA education has enriched me professionally and enhanced qualities needed to deal with a variety of challenges in today’s corporate life. This qualification opens new horizon of opportunities with high standards amidst strong core values. Strongly recommended for better career growth and professional development.
Mr. Muhammad Hamza APFA
Assistant Manager Large & Complex Audits - Deloitte UK
PIPFA is a great stepping stone for those who are considering a serious career in public finance. Multiple MOUs with international and local bodies also do open multiple avenues into the other fields of finance as well.