A. F. Ferguson & Co.
A Pakistani professional accounting and advisory firm with roots in British India and an association with PricewaterhouseCoopers.
Last updated August 25, 2026
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Overview
A. F. Ferguson & Co. is a professional accounting and advisory firm whose origins date to 1893 in Bombay, then part of British India. It was established by Alexander Fletcher Ferguson, a Scottish chartered accountant who had arrived in Bombay in 1889 to serve as chief accountant for the merchant firm Ritchie Stewart & Co. After beginning his own practice in 1893, Ferguson became the first British chartered accountant to establish such a practice in that part of the region. The firm developed through a series of partnerships before adopting the A. F. Ferguson & Co. name in 1902. The business expanded beyond Bombay during the early twentieth century. Its Karachi office opened on 20 March 1908, followed by a Lahore office in 1926. These locations later became the foundation of the Pakistani practice. The firm's history is closely linked to the political division of the Indian subcontinent: after the partition of India, the Pakistani section was separated from the wider British Indian firm in 1952 and took responsibility for the Karachi and Lahore branches. The Indian practice continued under the same name for a period, while successor organisations also emerged in other former regional branches. In Pakistan, A. F. Ferguson & Co. is described as the principal successor to the earlier British Indian practice and as one of the country's oldest and largest professional accounting firms. Its activities are centred on audit and related professional services. The firm operates under the PricewaterhouseCoopers network and is also known internationally as PwC Pakistan. In addition to its Pakistani presence, the associated practice has an office in Kabul, Afghanistan, giving it a cross-border role in the regional professional-services market. The historical Ferguson organisation also produced separate successor firms in other jurisdictions. A London branch opened in 1912 and subsequently changed names through several partnerships before becoming Ferguson Maidment & Co. in 1981 after a merger with Maidment & Co. The Indian firm joined Deloitte in 2004. A Dhaka office, opened in 1963 when the territory was East Pakistan, became Hoda Vasi Chowdhury & Co. after Bangladesh became independent. A. F. Ferguson & Co. has also been mentioned in connection with a 2012 public allegation by Omar Zakhilwal, then Afghanistan's finance minister, who accused the firm of involvement in fraud allegedly amounting to approximately $900 million. The available reference identifies the accusation but does not establish a final legal finding or provide enough information to characterize its outcome. Beyond that episode, the available material does not reliably specify the firm's current leadership, revenue, ownership structure, office-by-office scale, or detailed service catalogue.
History
A. F. Ferguson & Co. traces its origins to Bombay in 1893. Alexander Fletcher Ferguson, a Scottish chartered accountant, had arrived in Bombay four years earlier to work as chief accountant for the merchant firm Ritchie Stewart & Co., later known as Forbes Forbes Campbell & Co. (Private) Limited. In 1893 he established an independent accounting practice and became the first British chartered accountant reported to have done so in that part of the world. The practice initially developed through partnerships. P. G. Irvine, who had previously worked as an assistant, joined Ferguson as a partner in 1898, and the firm adopted the name Ferguson & Irvine. In 1902, Irvine's ill health led to the dissolution of that partnership. The business then resumed under the name A. F. Ferguson & Co., with Ferguson and W. Turner Green as partners. The firm prospered in Bombay and began a wider regional expansion. A Karachi office opened on 20 March 1908, marking an important step in the firm's development in the territories that would later form Pakistan. Ferguson also established a London branch in 1912. The Karachi operation was followed by a Lahore office in 1926. In 1963, while the territory was still East Pakistan, the organisation opened an office in Dhaka. The partition of British India changed the structure of the firm. In 1952, the Pakistani practice was separated from the broader firm and took over the Karachi and Lahore branches. The Indian branch continued to operate under the A. F. Ferguson & Co. name. The Dhaka branch was later separated after Bangladesh became independent and was renamed Hoda Vasi Chowdhury & Co. The overseas branches followed their own successor paths. The London office adopted the name Ferguson, Gilchrist & Co. in 1925 and later became Ferguson, Rowland & Davis in 1954. In 1981 it merged with Maidment & Co. and became Ferguson Maidment & Co. The Indian practice joined Deloitte in 2004, with senior partner Mukund Dharmadhikari becoming joint managing partner of Deloitte Haskins & Sells India. The Pakistani company is described as the main successor to the earlier British Indian practice and as one of Pakistan's oldest and largest professional accounting firms. It operates under PricewaterhouseCoopers and is also referred to internationally as PwC Pakistan. The practice has also maintained an office in Kabul, linking its activities to Afghanistan. In 2012, Omar Zakhilwal, who was then Afghanistan's finance minister, accused A. F. Ferguson & Co. of massive fraud allegedly involving about $900 million. The available source records the accusation but does not provide sufficient evidence to state that the allegation was proven, adjudicated, or resolved in a particular way. Current information about the firm's executives, detailed operations, financial performance, and ownership is not established by the supplied reference material.
- 2004
Indian practice joins Deloitte
[1]The Indian A. F. Ferguson & Co. practice joined Deloitte, representing a separate successor development from the Pakistani firm.
- 1963
Dhaka office opened
[1]A new office opened in Dhaka, then the capital of East Pakistan; after Bangladesh's independence, the branch became Hoda Vasi Chowdhury & Co.
- 1952
Pakistani practice separated
[1]After the partition of India, the Pakistani section was split from the broader firm and took over the Karachi and Lahore branches.
- 1926
Lahore office opened
[1]A Lahore office was established, expanding the firm's presence in the territory that later became Pakistan.
- 1912
London branch established
[1]Alexander Fletcher Ferguson opened a branch in London, which later developed through several successor names.
- 1908
Karachi office opened
[1]The firm opened its Karachi office on 20 March, creating a lasting base for its later Pakistani practice.
- 1902
A. F. Ferguson & Co. name adopted
[1]Following the dissolution of the Ferguson and Irvine partnership, the practice returned to the A. F. Ferguson & Co. name, with Ferguson and W. Turner Green as partners.
- 1898
P. G. Irvine joins the partnership
[1]Former assistant P. G. Irvine became a partner, and the firm operated under the name Ferguson & Irvine.
- 1893
Independent accounting practice established
[1]Ferguson began his own practice in Bombay, the origin date associated with A. F. Ferguson & Co.
- 1889
Alexander Fletcher Ferguson arrives in Bombay
[1]Alexander Fletcher Ferguson came to Bombay as chief accountant for Ritchie Stewart & Co., establishing the professional background from which his later independent practice emerged.
Products and positioning
A long-established Pakistani professional accounting and advisory firm serving the local market within the PricewaterhouseCoopers network.
Accounting and audit
Audit and assurance services
Audit and assurance form the central service category associated with the firm. The practice serves as a professional accounting firm in Pakistan and operates within the PricewaterhouseCoopers network. The supplied material does not identify specific audit products, sector teams, methodologies, or named engagements.
Professional accounting
Accounting services
The firm's historical identity is rooted in chartered accountancy and professional accounting work. Available material supports describing accounting as part of its service domain, but does not provide a detailed catalogue of bookkeeping, reporting, or outsourced finance offerings.
Advisory
Professional advisory services
A. F. Ferguson & Co. is described as providing audit and related professional services, which supports an advisory component alongside its accounting practice. The available reference does not specify the firm's precise advisory disciplines, named practices, or client segmentation.
Controversies
2012
Allegation of approximately $900 million in fraud
Omar Zakhilwal, Afghanistan's finance minister at the time, accused A. F. Ferguson & Co. of involvement in massive fraud allegedly worth approximately $900 million. The supplied reference records the public accusation but does not establish a final legal determination, the parties' complete responses, or the outcome of any investigation.
Sources1 sources
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