Chartered Accountant Firms Pakistan 2010 - PDF by rez14598


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									A.F. Ferguson & Co.
Chartered Accountants
a member firm of

                                   Resume of the Firm


                                  refer to the network of member firms of PricewaterhouseCoopers
                    International Limited, each of which is a separate and independent - 1 - entity.
A.F. Ferguson & Co.

  1.   Mission statement
  2.   History of the firm
  3.   Profile of the firm
  4.   Client Philosophy
  5.   Code of Conduct and Independence
  6.   Industries
  7.   Services
  8.   Key Personnel

Mission Statement

 A. F. Ferguson & Co. is one of the leading     We recruit, train, develop and retain
 public accounting, business advisory and       committed professionals with high
 corporate services firms in Pakistan.          integrity,     intelligence,     education,
                                                knowledge and experience. We require
 We strive to provide a broad and               them to conduct themselves in a diligent
 coordinated range of excellent, timely,        and       professional      manner,    and
 value-for-money services that help our         communicate their knowledge to our
 clients make the best business decisions.      clients clearly and proactively. We
 We are committed to meeting the                provide them with challenging and
 expectations of our clients by maintaining     rewarding careers with opportunities for
 international standards and fully exploiting   development        in     a    professional
 the advantages of technology.                  environment.

 We wish to be accessible to our clients,       We work together with international
 and work with them as a team and               professional firms in servicing their client
 understand their corporate cultures. We        needs.
 work in all major business centres in
 Pakistan and in other countries where that     As a business we will provide our
 is appropriate.                                partners with a remuneration and social
                                                status comparable to that of the directors
 Our clients are those blue chip companies,     of our clients.
 financial institutions, multinationals and
 others who demand a firm with the highest
 reputation for integrity and quality.

                               History of the Firm

The Pakistan firm of A.F. Ferguson & Co.      The firm operated in the Persian Gulf between
came into existence on November 1,            1910 and 1924 and for some years a branch
1952 when the old firm of the same name       office was also maintained there.
was split into two independent entities.
The origin of the firm however goes back      The Lahore office was opened in 1926 when
to 1893.                                      the firm of Niessen Dignasse & Co., was
                                              acquired. Later, a small office was established
Mr. A. F. Ferguson, a Chartered               in Rawalpindi, which at that time was known as
Accountant of Scotland, came to Bombay        a sub-branch of the Lahore office.
in 1889 as chief accountant in the
merchant firm of Ritchie Stewart & Co.,       In August 1947 the Indian sub-continent was
[later to become Forbes Campbell & Co.        partitioned and Pakistan was founded.
(Private) Limited]. In 1893 he started to
practice and was the first British            The Pakistan firm was formed on November 1,
Chartered Accountant to do so in this         1952 by a deed, signed and stamped in
part of the world. Mr. P. G. Irvine,          Pakistan at Karachi, and took over the practice
previously an assistant became a partner      previously carried on by the Karachi and Lahore
in 1898 and the name of the firm was          branches of the Indian firm whose head office
changed to ‘Ferguson & Irvine’. In 1902,      was in Bombay. There was a complete
owing to the ill-health of Mr. Irvine, this   severance from the old Indian firm which
partnership was dissolved and the firm        continued to practice in India under the same
became ‘A.F. Ferguson & Co.’, with            name.
Mr. A.F. Ferguson and Mr. W. Turner
Green as partners. The firm prospered in      The Rawalpindi branch was upgraded to an
Bombay and in 1908 an office was              independent office in November 1952 and an
opened in Karachi. Mr. A.F. Ferguson          office was also opened at Islamabad in late
returned to the United Kingdom in 1912        1992. The Rawalpindi office was transferred to
and commenced practice in London.             Islamabad in early 1993.

The Karachi office was opened on              Driven by the demand for the firm’s services in
March 20, 1908. The office was in a           Afghanistan an office was opened in Kabul in
small room, part of the Latham & Co.’s        the year 2006.
office on Bunder Road (now M.A. Jinnah
Road), near the Merewether Tower.

Profile of the Firm

  At present the firm has 37 partners based         A.F. Ferguson & Co. is a member firm of
  in four offices i.e. Karachi, Lahore,             PricewaterhouseCoopers,       the    world’s
  Islamabad and Kabul. Following is the list        largest professional services organization.
  of partners:                                      The firm has ready access to the technical
  •   Mr. Sohail Hasan, FCA, FCA                    expertise        present        in       the
        (England & Wales) - Senior Partner          PricewaterhouseCoopers firms worldwide
  •   Mr. Abdul Mateen, FCA                         and also participates in their training
  •   Mr. Soli Rustomji Parakh, FCA                 programmes. Selected members of staff
  •   Mr. Zeeshan Ahmad Qureshi, FCA, FCA           are        also         seconded           to
        (England & Wales)
  •   Mr. Muhammad S. Sadiq, FCA, FCA
                                                    PricewaterhouseCoopers offices abroad to
        (England & Wales)                           gain international exposure. The firm’s
  •   Mr. Shahzad Hussain, FCA, ACA                 work standards are subject to extensive
        (England & Wales)                           reviews    on     a   regular    basis    by
  •   Mr. Ali Muhammad Mesia, FCA                   PricewaterhouseCoopers and also by the
  •   Mr. Zahid. I. Bhatti, FCA, ACA
        (England & Wales)
                                                    Quality Control Review Committee of The
  •   Mr. Imtiaz A. H. Laliwala, FCA, CA (Canada)   Institute of Chartered Accountants of
  •   Syed Muhammad Shabbar Zaidi Esq., FCA         Pakistan.
  •   Mr. Rashid A. Jafer, FCA
  •   Mr. Imran F. Mian, FCA, ACA                   Drawing on the knowledge and skills of
        (England & Wales)                           more than 146,000 people in 150
  •   Mr. Sohail M. Khan, FCA, CPA                  countries,         PricewaterhouseCoopers
        (California, USA)                           provides a full range of business services
  •   Syed Haider Abbas Esq., FCA
  •   Mr. Naeem Akhtar, FCA
                                                    to leading global, national and local
  •   Mr. Rashid Ibrahim, FCA                       companies and to public institutions. These
  •   Mr. Irfan U. Faruqui, FCA                     services include audit, accounting and tax
  •   Mr. Salman Hussain, FCA                       advice;      management,         information
  •   Mr. Farrukh Rehman, FCA                       technology     and      human      resources
  •   Mr. Khurshid H. Sabzwari, FCA                 consulting; financial advisory services
  •   Mr. Muhammad Masood, FCA
                                                    including mergers and acquisitions,
  •   Syed Fahim ul Hasan Esq., FCA
  •   Mr. Saad Kaliya, FCA                          business recovery, project finance, and
  •   Mr. Saqib Ali, FCA                            litigation support; and business process
  •   Mr. Asim Zulfiqar Ali, FCA, LL.B              outsourcing.
  •   Mr. Qadeer Ahmad, FCA
  •   Mr. Amin A. Malik, FCA                        The firm uses Lotus Notes to share
  •   Mr. Khalid Mahmood, FCA
                                                    information    with   other    offices of
  •   Mr. Amer Raza Mir, ACA
  •   Mr. Muhammad Imtiaz Aslam, FCA
                                                    PricewaterhouseCoopers throughout the
  •   Mr. Aazar Abdul Hameed, ACA, CPA              world. Apart from its use for sending mail
  •   Mr. Asif Haroon, FCA                          across the globe, access to various
  •   Syed Faraz Anwer, Esq., ACA                   databases is available with up-to-date
  •   Mr. Hassan Nazir, FCA                         information on assignments being handled
  •   Mr. Waqas Aftab Sheikh, FCA                   and best practices prevalent throughout
  •   Mr. Kalimuddin Ghauri, ACA
  •   Ms. Asra Rauf, ACA
                                                    the PricewaterhouseCoopers world.

                                 Client Philosophy

Our philosophy is to regard client service       To be part of a strong worldwide
as all important. Our commitment to the          organization serving clients on an
service of our clients involves responding       international basis.
quickly to their needs, understanding the
business of each client and providing value      To contribute to the development of our
for money.                                       profession and to play a part in the
                                                 wider community.
Our approach to client service can
be summarized as follows:
                                              On the basis of the above-described
   To display total commitment to             approach to client service, we have
   the service of our clients, to react       formulated the following statements as our
   quickly to their needs and to              guidelines.
   provide value for money.
   To adopt a comprehensive and
                                              Irrespective of ownership, line of trade and
   integrated       multidisciplinary
                                              size, it serves our clients best to have
   approach to the provision of
                                              credible auditing and business advice. The
   services,   based       on      an
                                              firm inspires credibility because we insist
   understanding       of         the
                                              on a high level of independence and
   requirements of each client.
                                              professionalism in our work.
   To understand the business of
   each client, with an emphasis on
   outstanding skills in the more
                                              Thorough knowledge of our clients’
   important industries.
                                              businesses is the foundation of the value
                                              and quality of our work and our service.
   To be positive, imaginative and
                                              We work with commitment and diligence
   constructive in our approach
                                              with each individual client’s activities,
   while maintaining our integrity.
                                              trade, market, organization, and culture.
   To serve prestigious clients and
                                              A progressive service concept
   to sustain a vigorous growth.
                                              Our work is based on a service concept,
   To    engage    the      skills   of
                                              which is an integral part of our quality
   outstanding people.
                                              assurance. We focus on our clients’
                                              expectations of our work and always make
                                              every effort to go beyond these
                                              expectations. That is why we seek open-
                                              minded communication and continuous
                                              evaluation of our service.

Client Philosophy

Innovative thinking
Far-sighted planning is a precondition that
                                               Our thorough knowledge of national and
decisions made today are of any value
                                               regional matters is put in a special
tomorrow. Therefore, we give high priority
                                               perspective by our outstanding global
to innovative thinking and continuously
                                               organization. This fact provides exceptional
develop our working methods to the benefit
                                               benefits to our internationally oriented
of our clients.
                                               Our clients’ close contact to key persons in
                                               the firm ensures uncomplicated access to
We demand a high degree of efficiency in
                                               the expertise offered by our entire national
our work, and we work on the basis of
                                               and global organization. We want trusting,
concepts, which ensure a continuous
                                               personal and direct cooperation, which
improvement of our efficiency. Efficiency is
                                               produces results.
secured through the composition of teams,
planning and choice of tool.

 Code of Conduct
and Independence
At A.F. Ferguson & Co. we adhere to all         Our Complaints and Allegations Policy
local SECP and IFAC independence rules          encourages an open forum in which one
as well as our own strict internal PwC          can ask questions and report behaviour in
Global Policy, maintaining the highest          confidence that seems questionable via an
levels of compliance. We also have an           email address.
established disciplinary policy for non-
compliance violations.

We conduct our business within the
framework of applicable professional
standards, laws, and regulations together
with PwC policies and standards. However,
we also acknowledge that these standards,
laws, regulations and policies do not
govern all types of behaviour. As a result,
we also have a global Code of Conduct.
This Code is based on our values of
excellence, Teamwork and Leadership,
and it takes them to the next level –
demonstrating our values in action. Acting
professionally.    Doing    business     with
integrity. Upholding our clients’ reputations
as well as our own. Considering the
ethical dimensions of our actions. This is
connected thinking, expressed in our Code
of Conduct.

 Code of Conduct
and Independence
 Acting professionally. Doing business with
                                                 Develop Teamwork
 integrity. Upholding our clients’ reputations
 as well as our own. Treating people and
                                                 The best solutions come from working
 the environment with respect. Acting in a
                                                 together with colleagues and clients.
 socially responsible manner. Working
                                                 Effective teamwork requires relationships,
 together and thinking about the way we
                                                 respect and sharing.
 work. Considering the ethical dimensions
 of our actions. This is connected thinking,
                                                 Inspire Leadership
 expressed in our Code of Conduct.
                                                 Leading with clients, leading with people
                                                 and thought leadership. Leadership
 Putting our values in action
                                                 demands courage, vision and integrity.
 Our Values – Excellence, Teamwork and

 Achieve Excellence

 Delivering what we promise and adding
 value beyond what is expected. We
 achieve excellence through innovation,
 learning and agility.

 Code of Conduct
and Independence
 As auditors we play a significant role in the   Each of us at PwC has an obligation to
 operation of the world’s capital markets.       know and understand not only the
 We take pride in the fact that our services     guidelines contained in the Code, but also
 add value by helping to improve                 the values on which they are based.
 transparency, trust and consistency of          Knowing and understanding are not
 business processes. In order to succeed,        enough. We also have an obligation to
 we must grow and develop, both as               comply with the letter and spirit of this
 individuals and as a business. Our core         Code and to help others do the same. As
 values of Excellence, Teamwork and              individuals we are encouraged to raise any
 Leadership help us to achieve this growth.      issues and concerns through appropriate
 We conduct our business within the
 framework of applicable professional            While the Code provides a broad range of
 standards, laws, and regulations together       guidance about the standards of integrity
 with PwC policies and standards. However,       and business conduct, no code can
 we also acknowledge that these standards,       address every situation that individuals are
 laws, regulations and policies do not           likely to encounter. As a result, this Code is
 govern all types of behaviour. As a result,     not a substitute for our responsibility and
 we also have a Code of Conduct for all          accountability to exercise good judgment
 PwC people and firms. This Code is based        and obtain guidance on proper business
 on our values and it takes them to the next     conduct. We are encouraged to seek
 level–demonstrating our values in action        additional guidance and support from those
 and contributing to the PwC Experience.         designated as responsible for business
 The Code also provides a frame of               conduct matters. The strength in our
 reference for PwC firms to establish more       organisation is the strength in our collective
 specific supplements to address territorial     knowledge and the sharing of that
 issues.                                         knowledge and experience.

                                                                                         - 10 -
 Code of Conduct
and Independence
 Upholding the
 PricewaterhouseCoopers name                   •   We       meet     our     contractual
  •    Our clients and colleagues trust            obligations, and report and charge
       PwC based on our professional               honestly for our services.
       competence and integrity–qualities
       that underpin our reputation. We        •   We respect the confidentiality and
       uphold that reputation.                     privacy of our clients, our people
                                                   and others with whom we do
  •    We seek to serve only those clients         business.      We     comply   with
       whom we are competent to serve,             applicable laws, regulations and
       who value our service and who               professional standards in order to
       meet appropriate standards of               maintain the appropriate degree of
       legitimacy and integrity.                   confidentiality and privacy.

  •    When speaking in a forum in which       •   We aim to avoid conflicts of
       audiences would reasonably expect           interest. Where potential conflicts
       that we are speaking as a                   are identified and we believe that
       representative     of  PwC,      we         the respective parties’ interests can
       generally state only PwC’s view and         be properly safeguarded by the
       not our own.                                implementation     of     appropriate
                                                   procedures, we will implement such
  •    We use all assets belonging to PwC          procedures.
       and to our clients, including
       tangible, intellectual and electronic   •   We treasure our independence of
       assets,    in    a    manner     both       mind. We protect our clients’ and
       responsible and appropriate to the          other    stakeholders’   trust    by
       business and only for legal and             adhering to our regulatory and
       authorised purposes.                        professional standards, which are
                                                   designed to enable us to achieve
 Behaving professionally                           the objectivity necessary in our
  •    We deliver professional services in         work. In doing so, we strive to
       accordance with PwC policies and            ensure our independence is not
       relevant technical and professional         compromised or perceived to be
       standards.                                  compromised.       We        address
                                                   circumstances that impair or could
  •    We offer only those services we             appear to impair our objectivity.
       can deliver and strive to deliver no
       less than our commitments.              •   When faced with difficult issues or
                                                   issues that place PwC at risk, we
  •    We compete vigorously, engaging             consult appropriate PwC individuals
       only in practices that are legal and        before taking action. We follow our
       ethical.                                    applicable      technical      and
                                                   administrative         consultation

                                                                                  - 11 -
 Code of Conduct
and Independence
  •    It is unacceptable for us to solicit,    Corporate Citizenship
       accept, offer, promise or pay bribes.     •    We        express     support     for
       This prohibition includes facilitation         fundamental human rights and
       payments unless express pre-                   avoid participating in business
       approval is obtained.                          activities that abuse human rights.

                                                 •     We act in a socially responsible
 Respecting others                                     manner, within the laws, customs
  •   We treat our colleagues, clients and             and traditions of the countries in
      others with whom we do business                  which we operate, and contribute in
      with respect, dignity, fairness and              a responsible manner to the
      courtesy.                                        development of communities.

  •    We take pride in the diversity of our     •     We aspire to act in a manner that
       workforce and view it as a                      minimises      the     detrimental
       competitive advantage to be                     environmental impacts of our
       nurtured and expanded.                          business operations.

  •    We are committed to maintaining a         •     We encourage the support of
       work environment that is free from              charitable,   educational     and
       discrimination, harassment and                  community service activities.
                                                 •     We are committed to supporting
  •    We try to balance work and private              international and local efforts to
       life, and help others to do the same.           eliminate corruption and financial
  •    We      invest in the ongoing
       enhancement of our skills and

  •    We provide a safe working
       environment for our people.

                                                                                     - 12 -
 Code of Conduct
and Independence
 Our responsibilities
 The PwC Code of Conduct defines how we           We are committed to the spirit of
 should behave and conduct business in a wide     cooperation among PwC firms and the
 range of settings and situations. The attached   pursuit of common business objectives.
 Framework for Ethical Decision Making            When faced with business conduct
 supplements the Code and will help us resolve
                                                  questions or concerns on international
                                                  assignments, the established policies of
                                                  the host country should always be
 It is the responsibility of each of us to
                                                  followed. If we are not satisfied with the
 follow the Code of Conduct and PwC
                                                  resolution after following the prescribed
 policies consistently and appropriately and
                                                  process within the host firm, we should
 help others to do so. When non-
                                                  seek resolution in our home country. The
 compliance with our Code of Conduct is
                                                  issue will then be addressed amongst the
 reported or otherwise suspected, steps will
                                                  respective leaderships within the countries
 be taken to investigate and, if appropriate,
 remedy the situation.
                                                  Framework for
 We are encouraged to report and express
                                                  Ethical Decision Making
 our concerns and must do so fairly,
                                                  As a guide in deciding on a course of
 honestly and respectfully. PwC is
                                                  action, follow these steps and ask yourself
 committed to protecting individuals against
                                                  these questions:
 retaliation. People in the reporting line are
 responsible for addressing issues that are
                                                  Recognise the Event, Decision or Issue.
 brought to their attention.
                                                  Are you being asked to do something that
                                                  you think might be wrong? Are you aware
 Those who violate the Code or PwC
                                                  of potentially illegal or unethical conduct on
 policies and procedures will be subject to
                                                  the part of others at PwC or a client? Are
 disciplinary action, up to and including
                                                  you trying to make a decision and are you
 dismissal. Disciplinary measures will also
                                                  unsure about the ethical course of action?
 apply to anyone who directs or approves
 infractions or has knowledge of them and
                                                  Think Before You Act. Summarise          and
 does not promptly move to correct them.
                                                  clarify your issue. Ask yourself, why    the
                                                  dilemma? Consider the options            and
                                                  consequences. Consider who may            be
                                                  affected. Consult others.

                                                  Decide on a Course of Action. Determine
                                                  your responsibility. Review all relevant
                                                  facts and information. Refer to applicable
                                                  PwC policies or professional standards.
                                                  Assess the risks and how you could reduce
                                                  them. Contemplate the best course of
                                                  action. Consult others.

                                                                                          - 13 -
 Code of Conduct
and Independence
 Test Your Decision. Review the “Ethics         Summary       of   Ethics     questions   to
 Questions to Consider.” Apply PwC’s            consider
 values to your decision. Make sure you
 have considered PwC policies, laws and         1. Is it against PwC or professional
 professional standards. Consult others–           standards?
 enlist their opinion of your planned action.   2. Does it feel right?
 Proceed With Confidence. Communicate           3. Is it legal?
 decision and rationale to stakeholders.        4. Will it reflect negatively on you or PwC?
 Reflect upon what was learned. Share your      5. Who else could be affected by this
 success stories with others.                      (others in PwC, clients, you, etc.)?
                                                6. Would you be embarrassed if others
                                                   knew you took this course of action?
                                                7. Is there an alternative action that does
                                                   not pose an ethical conflict?
                                                8. How would it look in the newspapers?
                                                9. What would a reasonable person think?
                                                10. Can you sleep at night?

                                                                                      - 14 -

     ˚ Banking                      ˚ Government
     ˚ Chemicals                    ˚ Healthcare
     ˚ Consumer & Industrial        ˚ Insurance
       Products and Services        ˚ Not for Profit
     ˚ Energy, Utility & Mining     ˚ Oil & Gas
     ˚ Engineering & Construction   ˚ Telecommunication

                                                          - 15 -

As financial services organizations strive to   help these organizations turn challenges
become        more       innovative      and    into opportunities in key areas, such as
entrepreneurial, risks are mounting, as         governance, risk and compliance, process
products become more complex, and               improvement,        financial   reporting,
regulations are tightening in the wake of       sustainability, mergers and acquisitions,
public and government pressure. A.F.            business development strategies and tax
Ferguson & Co. with a global network of         optimization.
PricewaterhouseCoopers specialists, can

                                                                                    - 16 -

The chemical industry has fundamentally        profitable growth, chemical companies are
changed the way we live — from the cars        pursuing emerging markets, seeking new
we drive, to the houses in which we live, to   partners, and shedding non-core product
the everyday conveniences that we take         lines. At A.F. Ferguson & Co. we can help
for granted. As costs rise, management is      you deal with these challenges. Our
constantly trying to figure out how to get     worldwide network of chemical industry
the most out of their IT and people            experts work with leading industry players
investments. At the same time, in search of    to address their important issues.

                                                                                   - 17 -
                            Consumer & Industrial
                            Products and Services

We are well equipped to provide our clients    wide range of activities including the retail
and investors with an extensive global         market, consumer packaged goods,
network of specialist services. This enables   pharmaceuticals      and      biotechnology,
our highly qualified and experienced           industrial   products,    automotive    and
professionals to provide you with the          transport. In this evolving landscape we
support you require to meet the                can offer a number of services beyond
challenging and changing demands you           audit, such as independent valuation
face both globally and specifically in         opinions, including tax advice, impairment
Pakistan. The consumer and industrial          reviews, as well as regulatory and
products & services (CIPS) sector covers a     competitor analysis.

                                                                                      - 18 -
Energy, Utilities &

The growing economy has enhanced               In addition to our core services we can also
pressure on the energy needs of Pakistan.      assist companies to confront the industry's
Sustainable economic development is            most challenging changes and issues in
dependent on sufficient sources of energy -    the following manner:
oil, gas, electricity, coal, and others. The
availability and security of these resources   •   Complying with Regulatory & Reporting
are on the minds of many, from                     Requirements
consumers, to political leaders to company     •   Improving Performance & Operational
executives.                                        Effectiveness
                                               •   Managing Industry Regulatory Change
                                               •   Industry Transactions & Consolidation
                                               •   Managing Financial Risk
                                               •   Recruiting & Retaining a Skilled

                                                                                     - 19 -
                                        Engineering &

The demand for infrastructure development      resource    and    professional   advisory
and substantial increase in public sector      services.
development funding has given the
momentum to the engineering and                PricewaterhouseCoopers is recognized for
construction industry in Pakistan. The         its engineering and construction expertise
growth is evident in almost all types of       and extensive experience with public and
projects such as large power and irrigation    private companies, governments and
projects, roads, airports, seaport and         industry. As a leading professional service
housing schemes. The potential growth          provider we are geared to providing all
has attracted significant foreign investment   core services to this industry.
leading to the need for quality human

                                                                                    - 20 -

At A. F. Ferguson & Co. we believe that       In    Pakistan     major     sector   reform
there are several ways governments can        programmes are in progress at various
improve their efficiency and effectiveness    levels of the government ministries and
in the way they evaluate, implement and       departments. In addition to our core
monitor policy to deliver modern customer     services our efforts in this regard could be
and citizen-centric services. At the same     clustered in the following key areas:
time, governments must also strive to
deliver these services more economically,     •   Reorganization of public and semi
providing the public with greater levels of       public organizations
accountability and transparency, and          •   Privatization of public enterprises
ensuring sustainable activities.
                                              •   Capacity building activities
                                              •   Monitoring and evaluation
                                              •   Deployment of technological tools

                                                                                    - 21 -

Rising costs, expanding market demand           engineering,   disease   surveillance    and
and increasing customer dissatisfaction will    monitoring.
characterize healthcare in this decade and
help redefine the roles of patients,            In addition to our core services, we can
providers and payers. Simply put, the           help organizations involved in the
healthcare organizations face a growing         implementation of healthcare facilities
imbalance of supply and demand. In              through a range of services, including:
Pakistan, in particular, the healthcare
sector will need to balance the divergent       •   Monitoring and evaluation
needs of demographic segments, some of          •   Capacity building
which will need to cope with all the            •   Development of Health Management
diseases of the "modern, western" world             Systems
and others with issues, such as basic           •   Conduct of surveys
access to primary healthcare, public health     •   Business process outsourcing

                                                                                        - 22 -

Insurance companies are looking to      A. F. Ferguson & Co. specialists help
sharpen underwriting, cut overheads,    insurers turn these challenges into
reduce claim-leakage and improve risk   opportunities in key areas of their
management in the wake of solvency      business, including governance, risk and
pressures and governance issues.        compliance,      process    improvement,
                                        financial    reporting   and    business
                                        development strategies.

                                                                           - 23 -
                                          Not for Profit

In times of change like today, great            advice to help our clients deal with
opportunities as well as great challenges       challenges like these. We raise the bar of
present      themselves.     Not-for-profit     service excellence to deliver the kind of
organisations must be properly poised to        value our clients have come to expect. In
take advantage of the opportunities and         addition to our core services, we can help
adequately     protected  against these         through a range of services, including:
                                                •   Monitoring and evaluation
A.F. Ferguson & Co. is intimately familiar      •   Capacity building
with these challenges. Our people have          •   Development of Health Management
deep skills and provide objective, insightful       Systems
                                                •   Conduct of surveys
                                                •   Business process outsourcing

                                                                                    - 24 -

Telecom companies are experiencing,        potential, declining tariffs, margin pressure,
what insiders would term as increasingly   heavy investment requirement, newer
challenging yet interesting times, a       revenue streams, and necessity to
booming      economy,    unprecedented     recognize and harness the converging
subscriber growth, huge untapped rural     market place.

                                                                                   - 25 -
Range of Services

Quality in services
          ˚ Assurance
          ˚ Internal Audit
          ˚ Advisory
          ˚ Information Technology
          ˚ Taxation
          ˚ Human Resource

                                     - 26 -

A.F. Ferguson & Co. (a member firm of           Our Assurance & regulatory reporting
PricewaterhouseCoopers)         has       the   services
knowledge and experience necessary to
help you with complex financial accounting      We provide innovative high-quality, and
issues. We audit many of the best-known         cost-effective    services    relating    to
companies and other organisations both          organizations’ financial control, regulatory
large and small. Our audit approach, at the     reporting,     shareholder    value,    and
leading edge of best practice, is tailored to   technology needs.
suit the size and nature of your
organisation and draws upon our extensive       •   Financial statements audit
industry knowledge.                             •   IFRS reporting
                                                •   Regulatory compliance and reporting
                                                •   Sarbanes-Oxley compliance
                                                •   Corporate reporting improvement
                                                •   Financial accounting
                                                •   Independent controls & systems
                                                    process assurance

                                                                                      - 27 -
                                              Internal Audit

Maximising the value and effectiveness of         •   Your organization considers internal
the internal audit function requires an               audit to be a non-core activity so you
understanding       of   an   organisation's          want to find an external provider.
objectives,     risks,  risk   management         •   You need to assess the effectiveness
priorities, regulatory environment, and the           of your risk management, internal audit,
diverse needs of critical stakeholders                and corporate governance procedures.
including executive management, the
board, audit committees, employees, and
shareholders. Ultimately, these needs             As companies comply with the reporting
determine the risk profile of the                 requirements of Sections 302 and 404 of
organisation and the strategic focus of the       the US Sarbanes-Oxley Act, internal
organisation, resources and practices             auditors are coming to grips with their role
required of its internal audit department.        and involvement in these initiatives. These
                                                  questions include both short-term issues
We can help you in the following situations:      during the implementation phase, as well
                                                  as longer-term questions on the role and
•   You’re concerned that your internal           responsibilities of internal audit in the
    audit function can’t keep up with the         process. Although the Sarbanes-Oxley Act
    changing risks facing your business.          spells   out      the   various   roles   of
•   You find it difficult to recruit and retain   management, the audit committee, and the
    internal audit professionals in all of your   external auditors, it does not specifically
    key skill areas.                              address the role of internal auditors. In a
•   You need to supplement your in-house          post Sarbanes-Oxley world, the internal
    internal audit function with specialist       audit function needs to walk a fine line
    skills.                                       between       providing    assurance    and
•   Your internal audit function has              consulting     to     management     without
    insufficient resources to cover the           impairing its objectivity and independence
    geographic scope of your organisation.

                                                                                        - 28 -

Considering the quantum of development        Development Advisory
currently going on in Pakistan, both in
public and private sectors, we are offering   •   Fund Management
a wide range of advisory services utilizing   •   Financial Monitoring
PwC’s experience and global best              •   Pre-award Assessment
practices for effective optimization of the   •   Programme Assessment
whole development effort. Our clients         •   Monitoring and Evaluation
mainly count on us in providing the           •   Grants Advisory Services
following advisory services:                  •   Organizational Capacity Assessment
                                              •   Value for Money Analysis
Business Advisory

•   Mergers and acquisition advisory
•   Privatisation advice
•   Financial due diligence
•   Bid support and bid defence services
•   Structuring services
•   Valuations
•   Independent opinions
•   Global Capital Markets Group (GCMG)
•   Corporate Advisory Services and
    Strategic Solutions

                                                                                 - 29 -
                                  Mergers & Acquisitions

                                                •   Your industry is consolidating due to
The consolidation of entities by way of
merger     or   acquisition   enable    an          globalization and competition, and you
organization to avail the benefits of               are looking for businesses that can
synergy, but making sure that each stage            offer you good strategic fit
of the transaction process — from
valuation to negotiation and completion —       How A.F. Ferguson & Co. can help
is successful, demands considerable
experience and knowledge.                       •   Our global network in combination with
                                                    our deep industry knowledge means
•   Our services are designed to help our           that we are in constant touch with the
    clients reach their strategic goals by          markets and can spot opportunities and
    identifying and then implementing               assemble teams to execute a deal as
    opportunities to merge with or acquire          the need arises.
    other businesses.                           •   We identify appropriate buyers and will
•   The global economy means that these             implement a sale to generate the best
    opportunities can arise anywhere in the         price for our client.
    world. Our global reach means that we       •   We      have      vast   experience   of
    can provide services on the ground              privatisation of public sector entities
    wherever they are needed.                       and have dedicated specialists to
•   Many drivers can affect a deal; from            advise clients on taking advantage of
    regulatory restrictions to tax issues. As       privatisation opportunities.
    the     world’s   largest    professional   •   Our deep industry knowledge means
    services organisation, we can call upon         that we can help companies identify
    dedicated specialists to address any            other businesses that offer a good
    specific challenges that may arise.             strategic fit and assist them with
                                                    acquisitions, mergers and alliances that
                                                    allow them to maintain and build their
If this is your situation
                                                    competitive advantage.
•   You are looking for opportunities to
    generate value by acquiring or merging
    with a business that offers a good fit.
•   You need to dispose of an asset or
    division as part of a restructuring or a
    change in strategic direction.
•   You are looking for advice on
    privatisation. The increased focus of
    the government over de-nationalization
    of huge public sector entities increased
    demand for advisory services.

                                                                                      - 30 -

Privatization has become a truly global        •   You are a corporation looking to enter a
process which varies significantly from            new market with the right proposal and
country to country. The real test for the          at the lowest risk for the business.
privatisation professionals is to take
account of both international best practices
and local cultural and economic conditions.    How A.F. Ferguson & Co. can help

If this is your situation                      •   We help our clients from strategy to
                                                   transactions and beyond.
•   You are a government body aiming to        •   We bring an in-depth professional
    achieve high credibility on the outcome        experience and an impeccable track
    of transactions and restructuring.             record of achievements.
                                               •   We are experienced and worked in
                                                   many privatization transactions relating
                                                   to all major industrial sectors.

                                                                                     - 31 -
                         Financial Due Diligence

All businesses involved in an acquisition,        •   You want to purchase a company to
as buyers or sellers, need to ensure that             gain access to its existing products in
the financial information they hold is as             new markets, or to increase your
accurate as possible, not only to prevent             customer base.
paying too much (or in a seller’s case            •   Your company is in the process of
receiving too little) but also to ensure that         restructuring/re-focusing its activities.
their governance and risk management              •   You have started to feel pressure from
objectives are met.                                   financiers as a result of deteriorating
                                                      financial ratios.
•   From the buyer’s perspective the
    quality of information available about a
    potential acquisition determines the          How A.F. Ferguson & Co. can help
    ultimate success of a transaction.
    Without ensuring that the financial           •   By       enhancing        the     buyer's
    statements about a business reflect the           understanding of the target business
    reality, a deal may deliver less than first       and therefore increasing the likelihood
    impressions suggest.                              of the deal achieving its objectives.
•   To ensure an efficient sales process,         •   By helping buyers to identify and
    vendors need to present their financial           understand critical success factors so
    information to potential buyers as                that informed acquisition decisions can
    transparently        as    possible.    An        be made.
    independent assessment provides               •   By providing purchasers with greater
    potential buyers with certainty about             certainty over the nature of the
    the business and the nature of its                business and the characteristics of its
    cashflow.                                         cash flow. This helps pricing decisions
•   Financial due-diligence can help to               and the level of gearing the structure
    identify and focus attention on the               will support.
    factors in the business that will be          •   By providing vendors with greater
    critical to its future success.                   control over the sale process and the
                                                      timing of sale, this in result can help
                                                      secure a higher price for the business.
If this is your situation                         •   By helping you to reduce disruption to
                                                      the business as the sale process is
•   You want to strengthen your company's             more controlled.
    core business by acquiring rival or           •   Our vendor assistance specialists can
    complementary products.                           ensure that the vendor retains pace
                                                      and initiative throughout the sale

                                                                                         - 32 -
    Bid Support and Bid

Life in the public markets can be tough,         How A.F. Ferguson & Co. can help
sometimes requiring robust tactics to either
make or defend a hostile bid.                    •   We can help companies to examine the
                                                     substance behind their fears by
•   For both bidders and defenders a                 carrying out a "dummy" defense bid
    hostile bid requires a thorough review           that will identify issues that from an
    of the vulnerabilities of a particular           external point of view may give rise to a
    business. The bidder as well as the              bid.
    defender will come under intense             •   For companies making hostile public
    scrutiny during the bidding process.             bids, we prepare reviews on the
•   The scrutiny will focus particular               bidder’s own business and analysis of
    attention on the management teams on             the vulnerability of the target.
    both sides. They have to ensure that         •   For companies defending a hostile
    they position themselves well in the             public bid, our review helps the
    eyes of the market during the bid.               company’s management team to
•   Experience of previous hostile bids is           position itself well in the eyes of the
    invaluable in mounting a robust                  markets during the bid.
    defense and ensuring that the optimal        •   We provide financial due diligence
    outcome is achieved for shareholders.            analysis to validate the financial,
                                                     commercial, operational and strategic
                                                     assumptions underpinning the deal.
If this is your situation

•   You are concerned about vulnerability
    to a hostile bid. There may be a
    number of reasons for a business to
    feel that it is open to a hostile takeover
    attempt.      The     sector    may     be
    experiencing a periodic downturn, there
    may be a problem with management
    succession or there may be criticism of
    performance from the market.
•   You are looking to acquire a public
    target in the coming months.

                                                                                        - 33 -
                              Structuring Services

A number of different considerations can     How A.F. Ferguson & Co. can help
influence the optimal structure for a deal
requiring a balance between the objectives      •   We help clients to identify the
behind the deal and accounting, tax,                principal    concerns   that    will
regulatory and commercial considerations.           determine the right structure for a
•   No two deals are exactly alike and all      •   We can assist with marshalling the
    are      developed     under    unique          complex range of factors including
    circumstances. Other factors, such as           tax,    legal,   accounting     and
    cross-border elements of a transaction          regulatory issues that will need to
    add further complexity.                         be considered together.
•   We advise on a comprehensive range          •   We create a feasibility plan to
    of transactions types including: IPOs,          assess the chosen structure and
    mergers and demergers, refinancing,             once this is confirmed as the right
    securitization and group reorganiza-            choice we will provide continuous
    tions.                                          support throughout implementation.

                                                                                  - 34 -

   •   Value is high on every corporate           •   You need to value your intangible
       agenda. It could be in a business, a           assets, e.g. brands, goodwill,
       brand or a bonus plan; about                   intellectual property, for tax
       investment,       impairment       or      •   purposes or financial reporting
       intangibles; needed for a takeover,            requirements e.g. International
       transfer pricing or tax assessment.            Financial     Reporting      Standards
       Valuation can be controversial and             (IFRS)
       subjective so you need an                  •   You want to transfer assets within
       independent opinion which will                 the organisation and need to
       stand up to scrutiny.                          understand the value
   •   Every valuation includes a figure.         •   You have insufficient in-house
       But a figure on its own may not tell           valuation expertise or resources
       the whole story or take the decision
       for you. Valuation isn't valuation      How A.F. Ferguson & Co. can help
       without    expert     analysis   and
       understanding of the facts behind          •   Evaluating       major     investment
       the figures.                                   decisions to improve business
   •   Every day, businesses turn to                  value
       A.F. Ferguson & Co. for robust             •   Maximising tax benefits
       business valuation advice covering         •   Delivering      rigorous     financial,
       all the angles. As you would expect            economic and strategic advice to
       from A.F. Ferguson & Co., what we              improve     the     value    of     the
       provide is an informed, expert                 organisation
       judgment backed by deep industry           •   Providing expert valuation opinion
       knowledge.                                     and      reports     from      industry
   •   Are you weighing up an investment              specialists    for    disputes     and
       opportunity? Looking to agree a                arbitration
       valuation with tax authorities? Or
       seeking a valuation for accounting      The valuations services provided by
       purposes? Whatever the issue,           A.F. Ferguson & Co. include
       we'll add our judgment to yours, to
       help you take the right decisions.         •   Valuations of unlisted companies,
                                                      businesses,           shareholdings,
Potential issues                                      goodwill, know-how, brands and
                                                      other intangible assets
   •   You are planning on conducting a           •   Independent      Expert    Valuation
       merger, an acquisition or re-                  opinion - evidence and reports
       structuring the organisation               •   Fairness opinions
                                                  •   Purchase Price Allocation for IFRS
                                                  •   Impairment review of assets for
                                                  •   Investment decision analysis

                                                                                       - 35 -
                             Independent Opinion

There are a wide range of circumstances in     •   The       services      provided     by
which an independent opinion of value is           A.F. Ferguson & Co. ensure adherence
required, and each different scenario              to    the     appropriate     level   of
requires specialist knowledge and the              independence in all circumstances. We
application of specific skills.                    are appointed by the courts and the
                                                   regulatory authorities around the globe
•   Courts, regulators, shareholders and           to provide independent, knowledgeable
    business will, at different times, all         opinions relating to value. We draw on
    need an objective specialist to provide        considerable economic and commercial
    a valuation of an asset or business.           specialisation to ensure that our
    The context and purpose of the                 opinions are delivered to the most
    valuation determines the approach that         robust standards of objectivity and
    needs to be taken to provide an                independence.
    appropriate opinion.
•   In the instance of a commercial            If this is your situation
    dispute, courts require a completely
    independent and objective analysis of      •   Fulfilling    corporate       governance
    disputed        assets.     In    these        obligations for non-executive directors
    circumstances the opinion is given             and audit committees. Increasingly,
    solely at the behest of the court and          non-executive directors and audit
    total objectivity is vital.                    committees       bear     a    significant
•   In the instance of shareholder disputes,       responsibility for corporate governance.
    an opinion is often required by                This responsibility extends to ensuring
    shareholders to verify valuations in the       that assets are appropriately valued
    event of an issue of share options             and that the accounts reflect the
    which dilute existing holdings.                underlying reality of the business.
•   In the event of a merger or acquisition
    an objective verification of the values    How A.F. Ferguson & Co. can help
    inherent in a transaction using an
    exchange of shares is required to          •   We are able to assist non-executives
    confirm that the mechanism in use              directors and audit committees to
    offers appropriate value. Similarly,           address their governance obligations
    where an asset is exchange for an              by providing independent support of the
    equity share in a business, an                 valuations inherent in their verification
    independent valuation is required to           of accounts and report.
    demonstrate the appropriate value of
    the contribution in kind.

                                                                                       - 36 -
Global Capital Markets

Due to its size, perceived credibility and     high-value advisory services to non-US
eagerness of its participants to invest, the   companies keen to enter the US and other
US securities markets represent the richest    international capital markets.
source of capital in the world. There are
other international markets that attract       Within PricewaterhouseCoopers, GCMG is
investors for varied reasons. While the        supported at the national level by
rewards can be great, the challenges are       professionals specialised in US accounting
many for foreign companies which are           and reporting guidelines. The SEC-FPI
unfamiliar with the stringent demands of       Services, which forms part of PwC's
the US and other international markets.        Assurance      and    Business      Advisory
                                               Services (ABAS) is staffed by renowned
If this is your situation                      cross border filing experts some of whom
                                               have worked with the SEC in this space.
For a Pakistani company to successfully        The SEC-FPI Services provides technical
enter and prosper in the US or other           support to the GCMG regarding US GAAP,
international markets, whether for the         SEC reporting and other related matters.
purpose of raising capital or listing their    The GCMG is also supported by the PwC's
securities, a well thought out plan and        Global Corporate Reporting Group, based
deep knowledge of the regulatory and           in London, for consultative support on
other requirements are essential. There is     IFRS and other pronouncements, and
a need to speak in a global financial          where applicable, accounting standards
language. IFRS         have    been    most    and pronouncements of other countries.
acceptable and trusted languages in the        Our intimate knowledge of the SEC,
financial arena for the foreign investors as   international accounting rules and complex
nearly 100 countries currently require or      multi-national     project       management
permit the use of, or have a policy of         expertise enable us to support clients in
convergence with, IFRSs.                       following key areas of activity:

How A.F. Ferguson & Co. can help:                 •   Raising capital from IPOs, private
                                                      placement, and debt sources;
PricewaterhouseCoopers’ Global Capital            •   Assisting organizations in meeting
Markets Group (GCMG) is a dedicated                   Generally Accepted Accounting
global team of professionals that provides            Principles (GAAP) requirements to
                                                      prepare them for listing, acquisition
                                                      or capital raising initiatives
                                                  •   Implementation support for US
                                                      GAAP or IFRS by providing
                                                      technical advisory on GAAP
                                                      requirements and/or an impact
                                                      study using reconciliation.

                                                                                     - 37 -
                          Corporate Advisory Services
                            and Strategic Solutions

Independent value related advice for            organisation worldwide, our experts advise
companies      considering      transactions,   companies on how to improve investment
market entry/exit, etc. delivered by industry   decisions, as well as help companies
experts. Our team offers insights and           evaluate technical, operational, market and
solutions to clients on a number of wide        financial   risks,    and     communicate
ranging issues.                                 investment decisions to analysts and
Our team works closely with companies to
evaluate existing strategic options and
develop new value-creating strategies to        We have assisted companies in:
help achieve expected targets.
                                                •   Valuation for bidding purposes
As the largest professional services            •   Deal structuring
                                                •   Assisting companies/groups to explore
                                                    various        restructuring    options
                                                    (demerger, divestment, consolidation,
                                                    etc) keeping in mind shareholder value
                                                    objectives. A.F. Ferguson & Co. assists
                                                    clients in evaluating various options,
                                                    structuring, liaison with tax and legal
                                                    experts, etc.

                                                                                     - 38 -
Information Technology

 Information Technology (IT) has become         How A.F. Ferguson & Co. can help you
 critical    to    the    operations     and
 competitiveness of organisations around        We can help you to automate your
 the world. Effectiveness of IT support of      business     processes,   resolve    your
 the business is under the spotlight because    information system issues, and align your
 IT is typically among an organisation's top    IT function accordingly.
 five expenditures, yet research reveals that
 an average of 10 to 25% of a company's         Our consulting resources have cutting
 total IT spending is wasted or used            edge expertise in leading ERP solutions
 unwisely. In today's regulatory compliance     such as SAP and Oracle as well as in core
 environment, it's no wonder senior             banking solutions. Our solutions are based
 executives have serious, valid concerns        on an in-depth understanding of your
 about the IT systems and the extent to         business process and pain points. We
 which they support business objectives         work with you to help you align your IT
 and the risks IT poses in their                resources with your business objectives
 organisations and the accountability of        and structure them to minimise key
 costs.                                         business risks.

 If this is your situation                      We have experience in handling all
                                                aspects of ERP projects life cycle including
 •   You have key business requirements         project management, installation on
     that are not supported by IT systems       multiple platforms, business process
 •   You wish to automate or reengineer         design     and   mapping,     configuration,
     your business processes                    training, testing, data conversion and
 •   You wish to have a partner in selection    validation, upgrade and support. Our
     or implementation of the right software.   projects are distinguished for solutions
 •   You need a review or assessment of         that:
     your IT function
 •   You wish to have the right IT                 •   Are implemented on time, a rarity in
     organisation in place to support                  IT projects
     business requirements                         •   Offer complete and seamless
 •   You recognise the need to better align            integration of systems across the
     IT to the business                                departments in the company as well
                                                       as across the enterprise as a whole
                                                   •   Are based on best practices
                                                   •   Provide accurate, timely and
                                                       meaningful information for decision

                                                                                      - 39 -
Information Technology

 We review the IT function in relation to risk,
 improve the effectiveness of relationships
 between IT, the organisation and with
 suppliers. We also work with you to
 improve the fit of services and solutions to
 the organisation's needs and in increasing
 the value of IT to the business.

 Services that we provide

 •   Business Process Reengineering
 •   SOX reviews and controls           in   an
     automated environment
 •   ERP Implementation services
 •   ERP Project Management
 •   ERP appraisal consulting
 •   Post Implementation Reviews
 •   IT audits and reviews
 •   IT risk assessments
 •   Provide recommendations regarding IT
     governance,     operations      and
 •   Review of IT General Controls

                                                  - 40 -

A.F. Ferguson & Co. helps enterprises in        In    Pakistan   considering the local
formulating   effective  strategies    for      requirements we are offering services in
optimizing taxes, implementing innovative       following areas:
tax planning and effectively managing
compliance.                                     Our tax services

The firm whilst providing highest quality of       •   Direct taxes
service ensures that it complies with              •   Transfer pricing
the professional body’s standards, ethics          •   Indirect taxes
and adherence to risk policies of

Our industry professionals have extensive
domain knowledge that is complemented
by technical proficiency and dedicated
relationships with respective clients. Our
tax professionals have a strong reputation
in developing new ideas and solutions that
have helped clients to improve their
efficiencies and offer better services. We
understand the underlying industry and
business issues that our clients face which
helps us to customize solutions for their
specific needs.

In the modern day world all businesses are
engaged in multinational transactions and
operations, they are continually challenged
to manage the impact of multiple and ever-
changing tax jurisdiction. A.F. Ferguson &
Co      provides    comprehensive         and
sophisticated tax assistance in effectively
structuring the impact of global taxation.

                                                                                   - 41 -
   Direct Taxation

Sound business decisions need to be           Our Direct Taxation services are:
backed by the right tax advice. Today's
dynamic environment has led to fierce            •   Corporate tax
competition. Corporate entities have             •   Corporate and international tax
realized the importance of innovative tax            structuring
strategies and proper planning to reduce         •   Tax operations advisory services
the tax incidence, provide the much-             •   Corporate tax compliance and
needed cutting edge over competitors and             outsourcing
meet the challenges of global avenues.           •   Tax valuation services
                                                 •   Tax accounting services
The Direct tax practice assists companies        •   Taxation - Regulatory
in planning and optimizing their fiscal          •   Personal taxation services
obligations, while being compliant with
relevant domestic and foreign regulations.
Whether       you     are    contemplating
restructuring of your business or coming to
terms with frequent changes in tax
regulations, our national network of
experienced tax professionals can help you
make sense of today's world and provide
you with insight into how to best work with
the taxman to meet your business needs.

                                                                                  - 42 -
                              Corporate Taxation

We help multinational businesses achieve            •   Staying      abreast      of     new
their business goals in a tax-efficient                 developments         within       the
manner, both locally and globally.                      international arena that affect
Understanding the tax impact on business                clients’ businesses, both globally
operations and transactions in multiple                 and locally
jurisdictions is vital for a company’s              •   Advance rulings to lend an element
survival. We provide tax consulting,                    of    certainty   to     non-resident
advisory and cross-border restructuring                 investors     in   their    proposed
support services from conceptualization of              transactions in Pakistan
the tax strategy through analysis of tax and
regulatory implications of transactions and      Consulting and advisory
finally implementation assistance, from the
perspectives of domestic law and the                •   Analysing the tax impact of
international tax treaty network. With the              transactions     holistically   having
increasing focus on governance and                      regard to direct tax, indirect tax,
regulation, tax compliance has never been               regulatory and transfer pricing
so      important.    Compliance       failure          implications
represents not only a financial risk —              •   Providing opinions on transactions
financial penalties and possible increase in            from a domestic law and tax treaty
the tax charge, but also a serious business             viewpoint
risk, as it can damage the taxpayer's               •   Identifying       tax         planning
reputation with the authorities and the                 opportunities     and       addressing
public. To remain competitive, companies                potential problem areas in the
are increasingly focusing on their core                 course of undertaking day to day
competencies and activities that create                 business activities
value for the company.
                                                 Business restructuring
How A.F. Ferguson & Co. can help
                                                    •   Conceptualization of the proposed
Strategic Planning                                      structure in the light of business
   •   Formulating effective and tax-               •   Structuring the reorganization –
       efficient cross-border strategies for            merger, spin off, acquisition or
       both     inbound     and    overseas             capital arrangement - from a tax
       investments                                      and regulatory perspective
   •   Capitalising       on        planning        •   Implementation support to put the
       opportunities presented by local tax             structure in place having regard to
       law as well as treaty network                    tax      efficiencies,    regulatory
   •   Structuring acquisitions, divestitures           procedures         and     intended
       and corporate reorganizations for                timeframes
       tax optimization

                                                                                        - 43 -
                             Corporate Taxation

                                                Potential issues
Tax Compliance
                                                      You need advice on tax when
   •   Tax return preparation                         structuring a group of companies
   •   Representation services before the             You need to repatriate profit
       tax authorities including assistance           You want to understand double tax
       in tax audits by the tax authorities           relief planning
   •   Assistance in appeal proceedings               You are planning cross-border
       and tax litigation support                     acquisitions,      disposals      or
   •   Tax withholding advisory                       reorganisations
   •   Review of tax status and evaluation            You have to defend tax authorities
       of tax exposures                               challenge        regarding      thin
   •   Approval of retirement benefit funds           capitalisation
       from taxation authorities and other            You are a local organisation looking
       related matters thereto.                       to expand overseas
Due Diligence
                                                How A.F. Ferguson & Co. can help
   •   Audit of special purpose accounts
       with a tax perspective                         With effective and tax efficient
   •   Ascertaining the tax liabilities (if           cross-border strategies for both
       any) that affect the financial                 local and overseas investments
       performance of the entity, once the            By managing your global structural
       investment or disinvestment has                tax rate
       been concluded                                 By keeping you abreast of new
                                                      developments         within      the
Corporate      and     international     tax          international arena that affect your
structuring                                           business.
Multinational businesses are increasingly
affected by tax, legislative and regulatory     A.F. Ferguson & Co. corporate and
developments throughout the world.              international tax structuring services
Understanding the impact of these               include
developments on business operations and
transactions between countries is vital for a         Outbound structuring services
company's success.                                    Controlled     foreign     companies
We have experience in addressing these                Country specific planning services
developments as well as all aspects of                Thin capitalisation solutions
international taxation with the help of our           Inbound structuring into Pakistan
network firms. Our teams are able to help             Pathfinder service – start up
you structure your business in a tax-                 services for companies entering
efficient manner, both locally and globally.          Pakistan

                                                                                    - 44 -
                              Corporate Taxation

Tax Operations Advisory Services                 Potential issues

Tax Operations Advisory Services provide                You don't have, or want to free up,
the thought leadership, knowledge, and                  an in-house tax resource
process methodologies needed to enhance                 You are concerned by escalating or
the value of corporate tax function.                    uncertain costs
                                                        You need to reduce errors through
How A.F. Ferguson & Co. can help                        data collection and processing
                                                        You want to control your tax
   •   Produce a tax strategy that is                   compliance issues, risks and
       aligned with company’s business                  opportunities
       strategy.                                        You need to comply with the
   •   Design tax savings measurement                   growing, and more visible tax
       for our clients.                                 burden
   •   Increase company’s return on                     You require greater flexibility than
       investment from the tax function.                your current provider can offer
   •   Develop manual and / or automated
       tax processes that reduce costs.          How A.F. Ferguson & Co. can help

Corporate   tax         compliance       and            Consistent application of best
outsourcing                                             practice
                                                        Better use of scarce, in-house
Managing tax compliance has become an                   resources
increasingly complex issue with constantly              A more responsive service within
changing assurance, regulatory and tax                  agreed timescales
compliance requirements. These have led                 Economies of scale
to a trend for companies to rethink how                 Better communications through
they meet their obligations to file timely and          continuity of staffing
accurate tax returns. A.F. Ferguson & Co.               High technical quality.
can take care of your corporate tax
compliance work allowing you to focus on         Tax Valuation Services
your core business. We prepare tax returns
and computations quickly and accurately          Valuations often lie at the heart of disputes
and streamline the collection of data.           and negotiations with tax authorities. The
                                                 specific demands of the tax authorities
                                                 require specialist advice and detailed
                                                 knowledge of their working methods and

                                                                                        - 45 -
                            Corporate Taxation

How A.F. Ferguson & Co. can help               Tax Accounting Services

   •   A change in corporate structure, a      As a result of increasingly challenging
       disposal of assets or a new             financial reporting environment, which has
       shareholding arrangement are just       been caused by complex accounting
       some of the issues that can impact      standards and the demand for greater
       business values and create tax          transparency, it is proving even more
       liabilities.                            difficult to prepare complete tax accounting
                                               calculations in accordance with the
   •   To maximize the possible tax            requirements and expectations of the
       benefits from a transaction, the tax    regulators and financial markets. We can
       aspects need to be integrated at        offer a comprehensive approach to help
       the time that the transaction is        our client address these pressures and
       being structured.                       gain comfort that their tax reporting
                                               obligations have been met.
   •   In the event of a dispute with the
       tax authorities based on valuation,     How A.F. Ferguson & Co. can help
       the appropriate documentation
       processes are essential for a swift        •   Tax provisioning and reporting.
       and successful resolution.                     Assistance in the preparation or
                                                      review of IFRS and / or local tax
   •   Share schemes and other forms of               accounting obligations.
       employee incentive programs need           •   Tax     accounting       consulting.
       to be valued in accordance with                Technical       tax       accounting
       specific legislation and regulations.          knowledge applied to transactions
                                                      and other business issues.
   •   Complex assets such as goodwill,           •   Tax    accounting       technology.
       know-how and other intangibles                 Assistance    in    the    selection,
       have to be valued for tax purposes.            implementation and use of tax
                                                      accounting systems.
   •   Unlisted businesses face specific
       challenge when negotiating and
       agreeing values with the tax

                                                                                     - 46 -

The Pakistan economy is one of the fastest   How A.F. Ferguson & Co. can help
growing in the world. Its burgeoning
consumer class provides businesses with a       •   Structuring     and     implementing
huge market. Pakistan can also be an ideal          inbound and outbound investments
launch-pad for the Asian market as well.        •   Exchange control, corporate laws
Investors in Pakistan have to set up and            and foreign investment advisory
manage their businesses to benefit from         •   Inbound capital flow consulting,
this opportunity while complying with the           which would include advising on
gamut of local laws and regulations                 inbound ownership structures
impacting their investments. A.F. Ferguson      •   Entity structuring including advises
& Co. partners with organizations/                  on the choice of entry vehicle such
corporations in seamlessly navigating               as a strategic alliance partner,
through the regulatory framework and                branch, subsidiary, joint venture
concurrently supporting their business              etc.
initiatives.                                    •   Processing regulatory approvals
                                                    including Board of Investment,
                                                    State Bank of Pakistan and other

                                                                                  - 47 -
                            Personal Taxation

The constantly changing tax legislations     Compliance
and complex domicile status issues have
made it essential for high net worth            •   Obtaining National Tax Number
individuals,    owner-managers        of            (NTN)
businesses, corporate directors and             •   Computation of tax liability to be
executives to seek expert personal tax              withheld from monthly salaries,
advice.                                             preparation       and       filing    of
                                                    monthly/annual statements
Potential issues                                •   Filing of tax returns, certificates etc

   •   You want to minimize your Income      Expatriate taxation is one of the
       Tax liabilities                       complicated areas of personal taxation.
   •   You are a family business and seek    Keeping in view the special requirements
       bespoke advice on issues ranging      for taxation matters relating to expatriates,
       from governance through to re-        we provide additional services as follows:
       organisation and tax planning
   •   You want an effective remuneration       •   Entry and exit briefing and
       plan for your company directors              assistance in compliance matters
   •   You wish to know about efficient         •   Tax equlisation workings
       cross border planning strategies

How A.F. Ferguson & Co. can help


   •   Identifying and advising on the tax
       planning opportunities available to
       minimize the tax burden based on
       the prevalent acceptable practices
   •   Drafting and reviewing employment

                                                                                      - 48 -
          Indirect Tax

A.F. Ferguson’s Indirect Tax Practice is         How A.F. Ferguson & Co. can help
your business partner in addressing fiscal
challenges through the core value                Strategic Consulting and Advisory
proposition of the strategic management of          •   Advice on classification, valuation,
indirect taxes. We offer comprehensive                  applicability    of     taxes      on
advice and assistance in all areas of                   transactions and admissibility to tax
indirect taxes from Customs to Federal                  benefits/exemptions
Excise. All this is backed by litigation            •   Opinions on indirect tax issues
support at every appellate stage.                   •   Identification of innovative tax
                                                        planning opportunities
Sales Tax is a tax on value addition and a          •   Formulating indirect tax efficient
multi point tax, which is levied at every               business models
stage of sale. Sales Tax is not just a              •   Undertaking          comprehensive
taxation issue; it spans the entire value               reviews of business operations
addition process. It is collected at the stage      •   Carrying out health checks aimed at
of manufacture/resale and contemplates                  providing     assurance     in    tax
rebating of tax paid on inputs and                      compliance
purchases. It provides a broad tax base             •   Conducting indirect tax specific due
and more and more businesses will come                  diligence reviews (buy side/sell
in its net. Federal Excise Duty is a levy on            side)
manufacturing sector as well as on
services sector. Customs Duty is levied on       Compliance Support
items imported into Pakistan, various items
are exempted from Customs Duty, and at              •   Indirect       tax     compliance
the same time some are levied at higher                 support/outsourcing
and lower rates, thus it requires expert            •   Preparations       of  customized
advice.                                                 compliance manuals on all indirect
Potential Issues                                    •   Centralized coordination for tax
                                                        payments, filing of returns &
   •   You need to maximize indirect tax                compilation of documents
       recovery.                                 Litigation support and Representations
   •   You want to increase margins.
   •   You want to ensure your group                •   Drafting appeals & submissions
       maximizes efficiencies for indirect          •   Appearances & arguments before
       taxes.                                           adjudication & appellate authorities
   •   You want to improve cash flow.               •   Briefing Legal Counsel on need
   •   Your organisation has a high level               basis
       of customs or excise duty and you            •   Representation before relevant
       want to ensure you don’t overpay.                Government authorities on tax &
                                                        trade policy issues

                                                                                       - 49 -
                                 Transfer Pricing

                                                Potential issues
The explosive growth in world trade in
recent years, and the resulting increase in
                                                   •   You need help and guidance with
cross-border transactions between related
parties, has catapulted transfer pricing to
                                                   •   The     taxation   authorities    are
the forefront of important international tax
                                                       investigating your approach to
issues. MNCs of all sizes are finding their
                                                       transfer pricing
transfer pricing practices under increased
                                                   •   You want to coordinate your
scrutiny by tax authorities. Extensive
                                                       worldwide transfer pricing policies
transfer pricing regulations for Pakistan are
                                                   •   You are looking for coordinated
in place according to which an arm’s length
                                                       transfer planning advice
standard is applied on transactions
between associates.
                                                How A.F. Ferguson & Co. can help
Transfer pricing has become the most
                                                   •   Detailed functional analysis of
difficult area of international taxation. We
                                                       selected entities and related
advise multinational companies on the
                                                       industry analysis
most appropriate transfer pricing policy to
                                                   •   Comparables and benchmarking
be followed in accordance with the Income
                                                       analysis exercises
Tax Ordinance, 2001 and Income Tax
                                                   •   Representation        before       tax
Rules, 2002.
                                                       authorities for transfer pricing audit
                                                   •   Management         of    international
                                                       transfer pricing projects from
                                                       Pakistan perspective

                                                                                       - 50 -
Human Resource

  Human Resource Services

     Organizational strategic services              Executive search and selection

      o   Measuring and implementing                  o   Talent search
          strategy-The Balanced Scorecard             o   Skill match interviews
          approach                                    o   Selection and retention strategies
      o   Develop and set organizational
                                                     Training and development
      o   SWOT Analysis
      o   Organizational review and                   o   Training Need Analysis (TNA)
          documentation – Organizational
                                                      o   Corporate trainings for managers
                                                          and supervisors (technical and soft
     Develop and manage HR planning,
      policy and strategy

      o   HR system design and
      o   HR benchmarking
      o   HR Audit
      o   HR policies and procedures manual
      o   Employee handbook
      o   Workflow analysis
      o   Job analysis
      o   Job descriptions / Job specifications
      o   Job grading structure
      o   Competency modeling and
      o   Performance measurement /
      o   360 degree feedback
      o   Succession Planning - assessment
          and development centers
      o   Change Management - restructuring
          and reorganization

                                                                                        - 51 -
Human Resource

 Our Team

 Human Resource Management, in today’s
 world, is viewed as a source of competitive
 advantage     in   growing    number     of
 organizations. There is a greater
 recognition that distinctive competencies
 are obtained through highly developed
 employee skills, distinctive organizational
 cultures, management processes and

 We work in close relationships with our
 clients to offer practical, multi-disciplined
 approach to the businesses facing
 increasingly complex challenges. One of
 the main challenges is to create
 environments in which people can work
 most effectively. Our Human Resource
 practice     brings   together     all    the
 professionals working in Human Resource
 service    arena,    equipped     with     an
 unmatched breadth and depth of expertise,
 both locally and globally.

 We at A.F. Ferguson & Co. plan and
 implement carefully when searching for
 qualified talent to fill our client personnel
 needs. Our planning ensures supply of
 people with appropriate skills and
 consequently the objective of our talent
 search consultancy is the right person for
 the right job.

                                                 - 52 -
Key Personnel
  ˚ Director
  ˚ Management Group Staff
      ˚ Audit and Business services
      ˚ Tax

                                      - 53 -
                               Key Personnel

Asif Siddiq Kasbati, FCA, FCMA           Mirza Muhammad Amir, ACA
Nadeem Ayaz Ahmad, FCA - Tax             Mohammad Zulfikar Akhtar, ACA,
Nusserwanji Mehli Rustomjee, FCA – Tax    FCCA (UK), CFA
                                         Mudassir Rizwan, ACA
MANAGEMENT GROUP STAFF                   Muhammad Aleem Zubair, ACA
                                         Muhammad Ali Aslam, ACA
Audit and business services              Muhammad Amin, ACA
                                         Muhammad Ammar Malik, ACA
Aamir Shaukat Hussain, ACA               Muhammad Anas Amanullah, ACA
Abdullah Anis, ACA                       Muhammad Arif Siddiq, ACA
Adeel Ahmad, ACA                         Muhammad Asim Salim, ACA
Adeel Saleem, ACA                        Muhammad Awais Baig, ACA
Adil Farooq Qureshi, ACA                 Muhammad Babar Khan Turk, ACA
Adnan Aslam Rana, ACA                    Muhammad Bilal Butt, ACA
Aftab Ahmed, ACA                         Muhammad Durraiz Khan, ACA
Agha Salman Taimur, ACA                  Muhammad Fahim Rao, ACA
Ahmed Samad, ACA                         Muhammad Hasan Iqbal Siddiqui, ACA
Ahmed Umair Wajid, ACA                   Muhammad Humair, ACA
Aliya Faaiz Bokhary , ACA                Muhammad Irshad, ACA
Asad Aleem Mirza, ACA                    Muhammad Mansoor, ACA
Asim Masood IqbaI, ACA                   Muhammad Muavia Hussain, ACA
Asim Nagi, ACA                           Muhammad Saad Kasmani, ACA
Asma Sarwar, ACA                         Muhammad Saad Wali, ACA
Ayaz Jaffar Ahmed, ACA                   Muhammad Shahzad, ACA
Azhar Hussain, ACA                       Muhammad Sheraz, ACA
Fareeha Anis Khan (lCAEW), ACA           Muhammad Usman Ali Wazir, ACA
Farhan Jaffar, ACA                       Muhammad Uzair Qureshi, ACA
Farhan, ACA                              Muhammad Zuhair, ACA
Farrukh Masud, ACA                       Naeem Aslam Malik, ACA
Hammad Hasan, ACA                        Naeemullah Bajwa, ACA
Hasan Wasif, ACA                         Naveed Shahzad, ACA
Hira Mahmood, ACA                        Nilofer Subhan (ICAEW), ACA
Iftikhar Ahmed Moghal, ACA               Noman Abbas Shaikh, ACA
Junaid Hasain, ACA                       Omair Muhammad Khan, ACA
Junaid Mesia, ACA                        Omer Farooq, ACA
Kanza Naeem, ACA                         Osama Kapadia, ACA
Khattab Muhammad Akhi Baig, ACA          Osarna Moon, ACA
Khurram Akbar Khan, ACA                  Raheel Ahmad Qureshi, ACA
Khurram Muhammad Siddiqui, ACA           Rana Muhammad Usman Khan, ACA
Maaz Rafiq Butt, ACA                     Rauf Ali Jan, ACA

                                                                          - 54 -
                             Key Personnel

Rukhsar Ahmed, ACA               Farhat Ali, ACA
Saad Jahanzeb Khan, ACA          Haris Tufail, ACA
Saairah Farooq, ACA              Harnza Ashraf, ACA
Sadia Wajahat, ACA               Imran Ali Memon, ACA
Saeed ur Rehman, ACA             Imran Amin Virani, ACA
Server Shamim, ACA               Jehanzeb Amin, ACA
Shahbaz Akbar, ACA               Kamran-uz-Zaman Khan, ACA
Shahn-e-Zehra, ACA               Khurram Hassan, ACA
Shahrukh Tariq, ACA              M. I. Chughtai, ACA
Shahzad, ACA                     Maqsood Ahmad, ACA
Shahzaib Masood Khan, ACA        Mirza Taqi Uddin Ahmad, ACA
Shakeel Arif, ACA                Mohammad Rashid Qureshi, FCA
Shakir Ali, ACA                  Mohsin Waheed, ACA
Sherzade Shafiq, ACA             Mudassir Habib Khan, ACA
Syed Aatif Shakoor, ACA          Muhammad Ali, ACA
Syed Asif Mobin, ACA             Muhammad Ashraf, ACA
Syed Faraz Jalal, ACA            Muhammad Farooq Arain, ACA
Syed Muhammad Hasnain, ACA       Muhammad Hasnain Raza, ACA
Syed TaIha Irfan, ACA            Muhammad Hjawed Khan, ACA
Syed Yousaf Hassan, ACA          Muhammad Noman Farooq, ACA
Tahir Sharif, ACA                Muhammad Ovais Ansar, ACA
Umair Farooq, ACA                Muhammad Qasim Alvi, ACA
Urooj Fatima Vohra , ACA         Muhammad Raza, ACA
Usman Aziz Shah, ACA             Muhammad Sheheryar Khan, ACA
Usman Saifi, ACA                 Muhammad Sohaib, ACA
Wajeeh Hasan, ACA                Muhammad Usman, ACA
Yasir Saeed Kirmani, ACA         Muhammad Uzair Memon, ACA
Zubair Ahmed Khan, ACA           Muhammad Waqas Hussain, ACA
Zubair Ali Khan, ACA             Muhammad Yousuf, ACA
                                 Muhammad Zubair Khan, ACA
Tax                              Murtaza Mushtaq Ali, ACA
                                 Mustafa Pervaz, ACA
Abida Batool, ACA                Nadir Tufail, ACA
Abuhakar Izhar, ACA              Najmul Hassan, ACA
Ambreen Zehra Naqvi, ACA         Omer Wajid, ACA
Arqam Ashfaque Ansari, ACA       Raheel, ACA
Arshad Javaid, ACA               Saadia Salman, ACA
Asad Mahmood Imam, ACA           Salahuddin Khuhro, ACA
Basit Sameer, ACA                Salim Sikander, ACA
Beenish Malik, ACA               Salim Sikander, ACA
Danyal Ahmed Rasheed, ACA        Salman Popattia, ACA
Faiza Iqbal Siddiqui, ACA        Samiullah Khan, ACA

                                                                - 55 -
                             Key Personnel

Shamoon, ACA
Sheheryar Saeed, ACA
Syed Abdul Majid, ACA
Syed Safdar Imam, ACA
Syed Shakeel Ahmed, ACA
Taha Khan Baqai, ACA
Zareen Anwer, ACA

Global Risk Managemnet Solutions

Ali Raza Java, ACA
Amjad Rahim, ACA
Aqib Islam, ACA
Asad Sarwar, ACA
Habib ur Rehman, ACA
HafIz Abdul Rauf, ACA
Hammad Ahmed Butt, ACA
Hammad Ali Ahmad, ACA
Hashim Ghuas Shahid, ACA
Kashif Hussain, ACA
Muhammad Ali Khan, ACA
Muhammad Zubair Mahmood, ACA
Numan Ahmad, ACA
Raza Nazir Khawaja, ACA
Rizwan Rasheed, ACA
Rizwan ul Haq, ACA
Sajjad Hussain, ACA
Sarmad Munir, ACA
Sawan Ashraf, ACA
Sultan Sheraz Qasim, ACA
Syed Atif Ali Kazmi, ACA
Syed Hassan Mansoor, ACA
Syed Omair Ahmed Bokhari, ACA
Taseer Hassan, ACA
Umair Mansoor Shami, ACA
Uzair Anjum, ACA
Yasir Saeed, ACA
Zaigham Rasool, ACA

                                             - 56 -

           - 57 -

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