04-02-2007, 09:32 PM
May be this could help
AUDITORSâ REPORT TO THE MEMBERS
We have audited the annexed balance sheet of (PRIVATE) LIMITED as at and the related profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof, for the year then ended and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.
It is the responsibility of the companyâs management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report thatâ
(a) in our opinion, proper books of account have been kept by the company as required by the Companies Ordinance, 1984;
(b) in our opinionâ
(i) the balance sheet and profit and loss account together with the notes thereon have been drawn up in conformity with the Companies Ordinance, 1984, and are in agreement with the books of account and are further in accordance with accounting policies consistently applied;
(ii) the expenditure incurred during the year was for the purpose of the companyâs business; and
(iii) the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the company;
(c) The Company has been unable to make available some of the accounting record for our verification, as the previous management did not hand over the complete record after transfer of management of the Company.
(d) After the closure of the business by the company in December and intention of the new management to not to continue with the business, we are of the view that the underlying assumption of going concern in relation to the company is no more valid. However, no adjustment in carrying value of assets and liabilities has been made to that effect, as required.
(e) in our opinion, and to the best of our information and according to the explanations given to us, the balance sheet, profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof conform with approved accounting standards as applicable in Pakistan, except as mentioned at para (d) above and, give the information required by the Companies Ordinance, 1984, in the manner so required and due to the significance of matter disclosed at para (d) above do not give a true and fair view of the state of the companyâs affairs as at 30 June and of the loss, its cash flows and changes in equity for the year then ended; and
(f) in our opinion no Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).
AUDITORSâ REPORT TO THE MEMBERS
We have audited the annexed balance sheet of (PRIVATE) LIMITED as at and the related profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof, for the year then ended and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.
It is the responsibility of the companyâs management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report thatâ
(a) in our opinion, proper books of account have been kept by the company as required by the Companies Ordinance, 1984;
(b) in our opinionâ
(i) the balance sheet and profit and loss account together with the notes thereon have been drawn up in conformity with the Companies Ordinance, 1984, and are in agreement with the books of account and are further in accordance with accounting policies consistently applied;
(ii) the expenditure incurred during the year was for the purpose of the companyâs business; and
(iii) the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the company;
(c) The Company has been unable to make available some of the accounting record for our verification, as the previous management did not hand over the complete record after transfer of management of the Company.
(d) After the closure of the business by the company in December and intention of the new management to not to continue with the business, we are of the view that the underlying assumption of going concern in relation to the company is no more valid. However, no adjustment in carrying value of assets and liabilities has been made to that effect, as required.
(e) in our opinion, and to the best of our information and according to the explanations given to us, the balance sheet, profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof conform with approved accounting standards as applicable in Pakistan, except as mentioned at para (d) above and, give the information required by the Companies Ordinance, 1984, in the manner so required and due to the significance of matter disclosed at para (d) above do not give a true and fair view of the state of the companyâs affairs as at 30 June and of the loss, its cash flows and changes in equity for the year then ended; and
(f) in our opinion no Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).
