Company Profile
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Company Profile Audit | Tax | Advisory | Risk | Corporate Secretarial Page 1 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile Table of Contents HORWATH HUSSAIN CHAUDHURY & CO. 4 HISTORY 5 OUR MISSION 7 WHAT WE VALUE 8 OUR ACCREDITATIONS 9 CROWE HORWATH INTERNATIONAL 11 QUALITY ASSURANCE 13 AUDIT 14 TAXATION 15 ADVISORY 18 RISK CONSULTING 21 CORPORATE SECRETARIAL SERVICES 22 FOREIGN COMPANY FACILITATION 23 » CHINESE COMPANIES FACILITATION DESK 24 OUR PEOPLE 25 SERVICE SECTOR 35 » GOVERNMENT AND SEMI-GOVERNMENT ORGANIZATIONS 35 » TRUSTS AND NON PROFIT ORGANIZATIONS 35 » PROFIT MAKING ORGANIZATIONS 39 Audit | Tax | Advisory | Risk | Corporate Secretarial Page 2 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile --------------------------------------------This page is intentionally left blank-------------------------------------------- Audit | Tax | Advisory | Risk | Corporate Secretarial Page 3 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile HORWATH HUSSAIN CHAUDHURY & CO. (CHARTERED ACCOUNTANTS) Horwath Hussain Chaudhury & Co. (Chartered Accountants) is one of Pakistan’s oldest and highest ranking firms of Chartered Accountants and Management Consultants. Horwath Hussain Chaudhury & Co was established in 1947, the year of Pakistan’s independence by Mr. M Hussain Chaudhury. Today, the Firm renders its services to a vast range of clients from public, private, government, semi-go vernment sectors and multinational corporations through its offices in Rawalpindi, Islamabad, Lahore and Karachi. In addition to our local and national services, as a member of the Crowe Horwath International network, we can draw on a worldwide network of independent professionals and their know-how. The Crowe Horwath network consists of more than 200 independent accounting and advisory services firms and 726 offices in more than 120 countries around the world. As a member firm of Crowe Horwath International we offer comprehensive, international expertise in a broad range of business consulting practices, including assurance, benefit plan services, corporate finance, risk consulting, forensic services, performance services, tax consulting, and technology. This unique combination of our local and regional talent coupled with the global reach of our network provides us with the local expertise and global worldwide capabilities our clients expect and deserve. Audit | Tax | Advisory | Risk | Corporate Secretarial Page 4 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile HISTORY Horwath Hussain Chaudhury and Company is the oldest and one of the highest ranking firms of Chartered Accountants and Management Consultants established in Pakistan by Muhammad Hussain Chaudhury in 1947. It is one of the leading national firms providing impeccable audit, taxation, advisory, risk consulting and corporate secretarial services among various others. The firm is rated Category “A” in State Bank of Pakistan Panel of Auditors and is rated “Good” in the latest ICAP QCR rating. In a very short span of time, the firm grew to a national presence with offices in Karachi and Rawalpindi, the two other major cities of Pakistan and is in its third generation currently 1947 is the year of Pakistan’s creation. In the same year, our founding partner, Mr. M. Hussain Chaudhury founded M. Hussain Chaudhury & Company. It ranks as the oldest local firm of Chartered Accountants in Pakistan. In 1950, branch offices of the Firm were established in Rawalpindi and Karachi. In the same year, Mr. M. Hussain Chaudhury also established “Hussain Institute of Accountancy” which was recognized by the then Government to oversee and regulate the training needs of Chartered Accountants in Pakistan. In 1961, Mr. Hussain Chaudhury played a pivotal role in the establishment of the existing Institute of Chartered Accountants of Pakistan (ICAP). In recognition of his services to the accounting profession he was honoured of being recorded as the first member in the register of members maintained by the ICAP since 1961. In 1997, keeping in view the increasing globalization of businesses and in response to the growing demands of local businesses, the Firm entered into an affiliation with Crowe Horwath International. Crowe Horwath International is one of the world’s largest groupings of independent accounting Firms with 726 offices in over 120 countries. The Firm in 2004 became a full member of Crowe Horwath International and adopted the “Horwath” brand in its legal name. In 2001, the Firm set-up a fully functional back office using state of the art technology to undertake outsourcing functions relating to accounting, payroll and finance for businesses based locally and offshore. Our back office can provide both online as well as offline services using the latest accounting software. Photographed on 19th February 1951 at an office tea party Audit | Tax | Advisory | Risk | Corporate Secretarial Page 5 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile In 2004, the Firm was inducted on the panel of Public Company Accounting Oversight Board (PCAOB). Only 5 Pakistani Firms of Chartered Accountants (as of August 1, 2015) are enlisted on PCAOB. By virtue of this, the Firm is capable of handling audits of companies listed on the US Stock Exchanges. In 2009, the Firm was included in Panel A maintained by the State Bank of Pakistan and the Panel of Auditors of Modarabas. In the same year, the Firm signed up as business partner of SAP. The same year witnessed other landmarks for the Firm as the Firm was entrusted by the Institute of Chartered Accountants in England & Wales (ICAEW) to train students across Pakistan, the first of its type of an arrangement by ICAEW. Further, the Association of Chartered Certified Accountants (ACCA) registered the Firm as its Gold Level Partner to train students in the same year. In 2010, the Chartered Institute of management Accountants (CIMA) entrusted the Firm by registering it to train students across Pakistan. In 2012, the Firm was included in the recently formed Panel of Auditors for Insurance Companies maintained by the Securities & Exchange Commission of Pakistan. In 2013, the Firm was included in the recently formed Panel of Auditors for commodities exchange companies as maintained by the Pakistan Mercantile Exchange Limited. In 2014, According to 2014 IAB report Crowe Horwath is ranked 3rd in China, 6th in Asia and 9th globally. IAB 2015 World Survey Today, The IAB report published in April 2015, Crowe Horwath ranks number 3 in Mainland China above the 2 Big Four firms in the world, generating the 3rd highest fee income in the region. The Firm renders its services to a vast range of clients from public, private, government, semi-government sectors including MNCs and FOMBs through its offices in Lahore, Rawalpindi, Islamabad and Karachi and is capable of providing global coverage to its clients through the extensive network of Crowe Horwath International. Audit | Tax | Advisory | Risk | Corporate Secretarial Page 6 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile OUR MISSION We have a passion for what we do – and we believe you will see this in our services and our team. We as a firm of Chartered Accountants have always followed the principles laid down by our founder; integrity, honesty and a strict code of confidentiality of our clients work, yet never compromising on the impeccable quality of service rendered to our clients by us. We are a firm of Chartered Accountants whose concept of service is to solve problems, give due consideration to new opportunities and turn advice into action. We continually strive to create value for our clients. We are committed to working in partnership with experts – knowing what our core skills are as a part of Horwath Hussain Chaudhury & Co., and refining these – knowing what expertise others have and working with them. OUR VISION Our vision is to be the Standard of Excellence for the industry. It is obtained through being highly rated by our broad community of stakeholders and by being: • The unmatchable choice of world’s most impressive talent drawn by our culture, diversity and scope. • The unmatchable choice of the most sought-after industry giants, attracted by the quality, and uniqueness of our globally high-rated service in each market segment. Audit | Tax | Advisory | Risk | Corporate Secretarial Page 7 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile WHAT WE VALUE We follow the philosophy of a personal service and are committed to develop a close relationship with our clients, which enable us to understand the challenges and issues faced by them in financial and corporate matters; an area in which we have vast experience and expertise. Our track record speaks for itself. But this doesn’t mean that we are complacent. We promote a passion for clients across the organization and we strive not only to provide the service expected by our clients but also to offer value, to get our work right first time, and to continuously seek improvement. MEET CLIENT’S SERVICE NEEDS We understand our clients and provide them with services that meet their needs, and ensure the service is in accordance with the contract and promotional material we have issued them. PROVIDE APPROPRIATE PRODUCT INFORMATION We ensure clients are given appropriate, and balanced, information on their products to enable them (with advice if necessary): to plan adequately for the future; to consider taking up any options within