Quotation Estimate Auditor in Pakistan Karachi –Free Word Template Download with AI
Professional Auditor Services — Pakistan Karachi
Chartered Accountants & Statutory Audit Firm
| Quotation Estimate No. | QE/KHI/2025/0472 |
| Date of Issue | 15 June 2025 |
| Valid Until | 15 July 2025 (30 calendar days) |
| Prepared By | Al-Haramain & Associates, Chartered Accountants, Clifton Block 5, Karachi, Sindh, Pakistan |
| Prepared For | M/s. Karachi Textile Industries (Pvt.) Ltd., Industrial Area, Korangi, Karachi, Pakistan |
| Engagement Type | Statutory & Internal Audit — Financial Year 2024-2025 |
| Currency | Pakistani Rupees (PKR) |
This Quotation Estimate is issued by Al-Haramain & Associates, a registered firm of Chartered Accountants operating in Pakistan Karachi, in response to the formal request for proposal received from M/s. Karachi Textile Industries (Pvt.) Ltd. The purpose of this document is to provide a comprehensive, itemized cost breakdown for the engagement of a qualified Auditor to perform statutory, internal, and tax-related audit services for the financial year ending 30 June 2025. All fees quoted herein are exclusive of applicable Sales Tax and Withholding Tax as prescribed by the Federal Board of Revenue (FBR), Pakistan.
The Auditor engagement, as outlined in this Quotation Estimate, encompasses the following professional services to be delivered in Pakistan Karachi:
- Statutory Audit: Full examination of the financial statements in accordance with the Companies Act 2017, International Financial Reporting Standards (IFRS), and the standards of the Institute of Chartered Accountants of Pakistan (ICAP). The Auditor shall issue an independent audit opinion on the truth and fairness of the financial statements.
- Internal Audit: Quarterly reviews of internal controls, risk management frameworks, and operational efficiency across all production units located in the Korangi Industrial Area, Karachi. The Auditor will submit detailed internal audit reports to the Board of Directors.
- Tax Audit (Section 114 Audit): Compliance audit under Section 114 of the Income Tax Ordinance 2001, ensuring that the taxable income declared by the entity is in full compliance with the tax laws of Pakistan.
- Bank Reconciliation & Cash Verification: Monthly verification of bank balances, cash-in-hand, and reconciliation of all current accounts maintained with commercial banks in Karachi.
- Inventory & Fixed Asset Verification: Physical count and valuation of raw cotton, semi-finished goods, finished textiles, and fixed assets including machinery, buildings, and vehicles situated in Pakistan Karachi.
- Compliance Review: Verification of compliance with SECP (Securities and Exchange Commission of Pakistan) filing requirements, Sindh Sales Tax regulations, and local municipal by-laws applicable in Karachi.
- Management Letter: A comprehensive management letter highlighting observations, recommendations, and corrective actions identified during the Auditor's fieldwork.
| Sr. No. | Description of Service | Duration / Frequency | Fee (PKR) |
|---|---|---|---|
| 1 | Statutory Audit — Annual Financial Statements (IFRS compliant) | One-time (FY 2024-25) | 4,500,000 |
| 2 | Internal Audit — Quarterly Reviews & Reporting | 4 quarters | 2,800,000 |
| 3 | Tax Audit under Section 114, Income Tax Ordinance 2001 | One-time | 1,200,000 |
| 4 | Bank Reconciliation & Cash Verification | 12 months | 960,000 |
| 5 | Inventory & Fixed Asset Physical Verification | Two visits (mid-year & year-end) | 750,000 |
| 6 | SECP & Regulatory Compliance Filing Support | Annual | 450,000 |
| 7 | Management Letter & Advisory Consultation | Annual | 350,000 |
| 8 | Travel, Accommodation & Local Transportation within Karachi | As incurred | 200,000 |
| Sub-Total (Professional Fees) | 11,210,000 | ||
| Sales Tax @ 18% (Sindh Province, Pakistan Karachi) | 2,017,800 | ||
| Grand Total (Quotation Estimate Amount) | 13,227,800 | ||
* Withholding Tax @ 10% (as per FBR regulations for professional services in Pakistan) shall be deducted at source by the client and remitted to the FBR. The above Quotation Estimate amounts are net of withholding tax.
- This Quotation Estimate is valid for a period of thirty (30) calendar days from the date of issue. Beyond this period, the Auditor reserves the right to revise the fee structure based on prevailing market conditions in Pakistan Karachi.
- Payment Terms: 40% advance upon signing of the engagement letter, 40% upon completion of fieldwork, and 20% upon issuance of the final audit report. All payments shall be made via bank transfer to the firm's designated account in Karachi.
- The Auditor shall maintain strict confidentiality of all financial records, trade secrets, and proprietary information of the client in accordance with the ICAP Code of Ethics and the Pakistan Data Protection framework.
- The engagement shall be governed by the laws of the Islamic Republic of Pakistan, and any disputes arising from this Quotation Estimate shall be subject to the exclusive jurisdiction of the courts in Karachi, Sindh.
- The Auditor shall be provided with timely access to all books of accounts, ledgers, bank statements, inventory records, and supporting documentation necessary to complete the audit in a timely manner.
- Any additional services beyond the scope defined in this Quotation Estimate shall be billed separately at the firm's standard hourly rate of PKR 15,000 per hour for senior staff and PKR 8,000 per hour for junior staff.
- The Auditor shall complete the statutory audit and submit the final report within ninety (90) days of the financial year-end, in compliance with the Companies Act 2017 and SECP regulations applicable in Pakistan Karachi.
By signing below, the client acknowledges and accepts the terms, conditions, and fee structure outlined in this Quotation Estimate for the engagement of the Auditor. This document, once countersigned by both parties, shall constitute a binding engagement agreement for the audit services described herein.
For: Al-Haramain & Associates
(Auditor / Chartered Accountants)
Karachi, Pakistan
Date: _______________
For: M/s. Karachi Textile Industries (Pvt.) Ltd.
(Authorized Signatory / Client)
Karachi, Pakistan
Date: _______________
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