Auditor's Report

We have audited the annexed Balance Sheet of ISLAMABAD STOCK EXCHANGE (GUARANTEE) LIMITED (the Exchange) as at June 30, 2002, and the related Income and Expenditure Account, 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 explanation which to the best of our knowledge and belief, were necessary for the purposes of our audit.
It is the responsibility of the Exchange'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 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 that:

1. In our opinion, proper books of accounts have been kept by the Exchange as required by the Companies Ordinance, 1984;
2. 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 Companies Ordinance, 1984, and are in agreement with the books of accounts and are further in accordance with accounting policies consistently applied;
   ii. the expenditure incurred during the year was for the purpose of the Exchange's business; and
   iii. the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Exchange;
3. 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, 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 Exchange's affairs as at June 30, 2024 and of the surplus, its cash flow and notes to the accounts for the year then ended; and
4. In our opinion no Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIIII OF 1980).

Sd/
S. M. MASOOD & CO.,
Chartered Accountants