To fulfil our responsibility to act in the public interest, BDO is dedicated to creating an ‘ethics & independence first’ culture. We strive to uphold the highest ethical standards by complying with the International Ethics Standards Board (IESBA) Code for Professional Accountants (the IESBA Code), including the five fundamental principles of ethics, International Independence and Quality Standards. The firm’s Quality Control & Risk Management (QCRM) department is an independent function headed by a Partner and supported by suitably qualified and experienced resources. The QCRM department, which reports directly to the QCRM Committee, consist of the top leadership of the firm. BDO Pakistan has comprehensive and well-established internal quality and compliance procedures, as well as support teams to address the risks of audit quality failure, including:
- Rigorous client engagement and acceptance processes.
- Performing rigorous internal engagement quality reviews.
- Monitoring and reviewing KPIs as set by the QCRM Committee.
- Compliance with the requirements of BDO Global and Regulatory bodies.
Independence is the key element driving continued trust and confidence in the quality and reliability of the assurance work performed. Comprehensive due diligence is performed prior to accepting any new client or new engagement for an existing BDO client. In order to comply with relevant ethical standards, we have policies in place that prohibit the firm, its partners and persons closely associated with them and its employees and their immediate family members from holding a financial interest in an audited entity or a significant affiliate of an audited entity.
BDO Global Review:
Every BDO member firm is subject to a QAR at least every 3 years; the selection of firms subject to review is based on a risk based approach also taking into account the results of the most recent QAR. The primary objective of the QARs is to evaluate the quality of the policies and procedures of member firms as well as the quality of the local and referred professional work carried out by them so that:
- Other member firms can be confident that work they refer to that other member firm will be carried out to a standard that meets the requirements of the referrer and that complies as a minimum with IFAC standards; and
- The quality of work of all member firms is continually assessed and improved to increase the quality threshold across the network.