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Unformatted text preview: It is the responsibility o the Ban 's Board o Directors to establish and maintain a system o internal control, and prepare and present the inancial statements in con ormity with the aproved acounting standards and the requirements o the Ban ing Companies Ordinance, 1962 (LVII o 1962), and the Companies Ordinance, 1984 (XLVII o 1984). Our responsibility is to expres an opinion on these statements based on our audit. We conducted our audit in acordance with the International Standards on Auditing as aplicable in Pa istan. These standards require that we plan and per orm the audit to obtain reasonable asurance about whether the inancial statements are re o any material mistatement. An audit includes examining, on a test basis, evidence suporting amounts and disclosures in the inancial statements. An audit also includes asesing the acounting policies and signi icant estimates made by management, as wel as, evaluating the overal presentation o the inancial statements. We believe that our audit provides a reasonable basis or our opinion and a ter due veri ication, which in case o inancings covered more than sixty percent o the total inancings o the Ban , we report that: a) in our opinion, proper bo s o acount have ben ept by the Ban as required by the Companies Ordinance, 1984 (XLVII o 1984), and the returns re ered to above received rom the branches have ben ound adequate or the purposes o our audit; b) in our opinion: i) the balance shet and pro it and los acount together with the notes thereon have ben drawn up in con ormity with the Ban ing Companies Ordinance, 1962 (LVII o 1962) and the Companies Ordinance, 1984 (XLVII o 1984), and are in agrement with the bo s o acount and are urther in acordance with the acounting policies consistently aplied; i) the expenditure incured during the year was or the purpose o the Ban 's busines; and i) the busines conducted, investments made and the expenditure incured during the year were in acordance with the objects o the Ban and the transactions o the Ban which have come to our notice have ben within the powers o the Ban ; c) in our opinion and to the best o our in ormation and acording to the explanations given to us, the balance shet, pro it and los acount, cash low statement and statement o changes in equity together with the notes orming part thereo con orm with the aproved acounting standards as aplicable in Pa istan, and give the in ormation required by the Ban ing Companies Ordinance, 1962 (LVII o 1962), and the Companies Ordinance, 1984 (XLVII o 1984), in the maner so required and give a true and air view o the state o the Ban 's a airs as at December 31, 2 6, and its true balance o the los, its cash lows and changes in equity or the year then ended; and d) in our opinion, Za at deductible at source under the Za at and Ushr Ordinance, 198 (XVIII o 198 ) was deducted by the Ban and deposited in the Central Za at Fund established under Section 7 o that Ordinance....
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- Fall '11