Enclosed please fine an extract from S.R.O. 471(1)2003 dated June 5, 2003 regarding substitution of existing Form No. XI in the First Schedule to the Modaraba Companies and Modaraba Rules, 1981 relating to Auditors’ Report to the Certificate Holders with the revised one as giventherein.
The new format is applicable with immediate effect. For the explanation of the words “approved accounting standards” as used in the new format, members are advised to refer to our circular NO.01l2003 dated February 24,2003.
Other items in the SRO under reference relate to amendments in the Modaraba Companies and Modaraba Rules, 1981 concerning:-
b) applicability of International Accounting Standards notified under section ‘234(3) of the Companies Ordinance. 1984 to the annual fmancial statements of a modaraba;
c) preparation of financial statements at the end of first, second and third quarters in accordance with International Accounting Standards notified under section 234(3) of the Companies Ordinance, 1984; and
d) replacement of the Second hedul re ating to scale of fees with a new one.