RSM Pakistan fined in US on violation

A local accounting firm affiliated with a US firm is facing a court case for final adjudication for the inclusion of one of its members as partners.

RSM, a US accounting firm, with Pakistani partners namely Avais-Hyder-Liaqat-Nauman for registering RSM- Avais-Hyder-Liaqat-Nauman in ICAP, Pakistan but one of its members—Nauman Mehmood challenged in a local court, said one of the members told Newztodays.com.

It is interesting to mention that the Securities and Exchange Commission (SEC) of USA has charged public accountancy firm–RSM— with breaching auditor independence rules and the firm was in violation of rules governing auditor independence in more than 100 audit reports and involving at least 15 clients.

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RSM, US has agreed to pay $950,000 (£778,500) and be censured without admitting or denying the findings. The SEC ordered it to cease future violations and RSM US and its associated entities – which included member firms connected to RSM International – had provided non-audit services to and had employment relationships with affiliates of RSM US clients.

RSM Avais Hyder Liaquat Nauman Chartered Accountants was established in March 1977. Since then the firm has grown exponentially and has emerged as a major player in the finance industry in Pakistan offering a wide range of services to national as well as international clients. The firm is led by 10 partners from six main cities; Lahore, Karachi, Islamabad, Faisalabad, Peshawar & Quetta.

The permanent staff comprises 13 senior experts and 130 professionals. It offers an all-encompassing set of services ranging from accounting and related financial services to management consulting, risk advisory services, corporate advisory, and taxation services. Its clientele covers a wide and diverse array of industrial and commercial enterprises both in the public and the private sector.