AUDITORS’ REPORT TO THE CERTICICATE HOLDERS Auditing Help

We have audited the annexed balance sheet of . Modaraba 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 (hereinafter referred to as the financial statements), 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 purposes of our audit.
These financial statements are, the modaraba company’s (name of modaraba company to be indicated) responsibility who is also responsible to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards as applicable in Pakistan and the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), and the Modaraba Companies and Modaraba Rules, 1981. 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 financial statements are free of any material misstatement. An audit includes examining on a test basis, -evidence supporting the amounts and disclosures in the financial statements. An audit also includes ~~essin~ the accounting policies and significant estimates made by the modaraba company, as well as, evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that.
(a) in our opinion, proper books of accounts have been kept by the modaraba company in respect of .. . .. . . . .. . .. Modaraba as required by the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), and the Modaraba Companies and Modaraba Rules, 1981;
(b) in our opinion:
(i) the balance sheet and profit and loss account together with the notes thereon have been drawn up in conformity with the modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and the Modaraba Companies and Modaraba Rules, 1981, and  are in agreement with the books of accounts and are further in agreement with accounting policies consistently applied 0\ except for the changes as stated I notets) with which we concur;
(ii) the expenditure incurred during the year was for the purpose of the modaraba’s business;
(iii) the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects, terms and condition of the modaraba; c 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 and give the information required by the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and the Modaraba Companies and Modaraba ~es, 1981 in the manner so required and respectively give a true and fair view of the stated of the modaraba’s affairs as at . and of the profit or loss, its cash flows and changes in equity for the year then ended; and in our opinion, ·2 Zakat deductible at source under the zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the modaraba and’ deposited in the Central Zakat Fund established under Section 7 of that Ordinance.

                                                                     Signature
(Name(s) of Auditors

Date   —————-
Place —————-

Posted on November 2, 2015 in Forming An Opinion And Reporting On Financial Statements

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