Auditor's Report
We have audited the annexed balance sheet of
ISLAMABAD STOCK EXCHANGE (GUARANTEE) LIMITED as at June 30, 2024 and the
related income and expenditure account and cash flow statement 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 purposes of our audit.
It is the responsibility of the company's 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 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 bases,
evidence supporting the amounts and disclosures in the above said
statements. An audit also includes assessing the accounting policies and
significant estimates made by the 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 that:-
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In our opinion, proper books of accounts have been kept by the company
as required by the Companies Ordinance, 1984;
-
In our opinion:-
(i) the balance sheet and profit & loss account
together with the notes there on have been drawn up in conformity with the
Companies Ordinance, 1984, and are in agreement with the books of accounts
and are further in accordance with accounting policies consistently:
(ii) the expenditure incurred during the year was for
the purpose of the company's business: and
(iii) the business conducted, investments made and the
expenditure incurred during the year were in accordance with the objects
of the company.
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In our
opinion and to the best of our information and according to the
explanations given to us, the balance sheet, income and expenditure
account and cash flow statement together with the notes forming part
thereof conform with approved accounting standards as applicable in
Pakistan, and give the information required by the Companies Ordinance,
1984, in the manner so required and respectively give a true and fair view
of the state of the company's affairs as at June 30, 2024 and of the
income/expenditure, and its cash flows for the year then ended; and
-
In our
opinion, no Zakat is deductible at source under the Zakat and Ushr
Ordinance, 1980, (XVIII of 1980).
Sd/
S. M. MASOOD & CO.,
Chartered Accountants
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