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The historical development of audit in Pakistan is resumed as:
Year 1850-1881
The first act in British India was in acted in the year 1850.According to this act any company/firm was to be audited twice a year, but unfortunately there were only few firms of Accountants (who performs the audit) and they were busy enough to provide their services as per the act defines.
Year 1881-1913
Later on in 1881 another act was passed that gives the true definition of auditor and defined the procedures to hire, select and removal of an auditor. This act also explained the duties of the auditor. During this time layers were used to conduct audit, it was not compulsory for the firms to be audited by the accountants.
Year 1913-1932
Then the company act 1913 was passed. This act made it essential for auditor to get government certificate to be a professional auditor, moreover it became mandatory for all firms to maintain their accounts and records for the audit purpose. At that time there was no specific training for the professional auditors.
Year 1918
During this period it was mandatory for all auditors to get the government diploma in accountancy (GDA), this diploma made them eligible to get the government certificate as prescribed in company act 1913-1932.Meanwhile an accountancy board was attached with commerce collage to register apprentice ship and conduct required examination.
Year 1932
Till the year 1932, there was no centralized control over accountancy profession but later on the government framed some rules known as the "Auditor Certificate Rules" with a view to:
Register apprentice ship, Conduct examination, Conduct and regulate the profession of auditing. After the formulation of these rules the profession of accountancy and auditing was supervised by the ministry of commerce of central government.
Year 1952
After the independence of Pakistan the registered accountants formed a private body "Pakistan Institute of Accountants" to look after their own interests.
Year 1959
In the year 1959 PIA established an independent body "Council of Accountancy" to recommend chartered accountants in Pakistan.
Year 1961
Institute of chartered accountants came into being on july1961; a draft of chartered accountants bye-law was prepared and published for inviting public comments. This institute was administered by council of 13.
Year 1984
in December 1984 the company's act 1913 was replaced with company's act 1984,according to this act it was mandatory for the firms to prepare and maintain their accounting records, cost accounting records, cash flow statements, fund flow statements and so on.
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