PEF Annual Report 2012 - Punjab Education Foundation

Punjab Education Foundation
Audit and Advisory
Internal Audit
The Board of Directors had appointed the M/s. Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accounts as
Internal Auditor of PEF.
Ernst & Young (EY) is one of the largest professional service firms in the world and one of the "Big Four" accounting
firms. Ernst & Young is a global organization of member firms with 167,000 employees in more than 140 countries,
headquartered in London. EY has invested globally over 240 million pounds on its internal audit methodologies
and tools, technology solutions, knowledge resources and development of experienced internal audit personnel in
the last decade. EY has also 48% share of internal audit services globally.
Quarterly Internal Audit Reports are presented to the Finance Committee and are then forwarded to the Board of
Directors.
External Audit
For the Year Ended
Duration of Audit
External Auditors
External Auditors
Ranking
June 30, 2012
One year (July 1, 2011 to June 30, 2012)
M/s. Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants
One of the leading firms in Pakistan
Member firm of Russell Bedford International
Category ‘A’ firm on State Bank of Pakistan panel of
approved auditors
Satisfactory quality control review (QCR) rating issued by
the Institute of Chartered Accountant of Pakistan (ICAP)
Auditors’ Report
Unqualified (clean report)
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