Page 170 - Interloop Annual Report 2018-2019

INDEPENDENT AUDITOR’S INDEPENDENT AUDITOR’S

REPORT TO THE MEMBERS OF REPORT TO THE MEMBERS OF

INTERLOOP LIMITED INTERLOOP LIMITED

REPORT ON THE AUDIT OF CONSOLIDATED REPORT ON THE AUDIT OF CONSOLIDATED

FINANCIAL STATEMENTS FINANCIAL STATEMENTS

Information Other than the Consolidated Financial
Statements and Auditor’s Report Thereon and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from

fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
Management is responsible for the other information. The other information comprises the information included in the annual misrepresentations, or the override of internal control.
report, but does not include the consolidated financial statements and our auditor’s report thereon.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal
assurance conclusion thereon. control.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our disclosures made by management.
knowledge obtained in the audit or otherwise appears to be materially misstated.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and based on the
If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
required to report that fact. We have nothing to report in this regard. doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if
Responsibilities of Management and the Board of Directors such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a
for the Consolidated Financial Statements going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
Management is responsible for the preparation and fair presentation of the Consolidated financial statements in accordance disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
with approved accounting standards as applicable in Pakistan and the requirements of Companies Act, 2017 and for such manner that achieves fair presentation.
internal control as management determines is necessary to enable the preparation of consolidated financial statements that
are free from material misstatement, whether due to fraud or error. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction,
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
The Board of Directors is responsible for overseeing the Group’s financial reporting process.
We also provide to the Board of Directors with a statement that we have complied with relevant ethical requirements regarding
Auditor’s Responsibilities for the Audit of the Consolidated independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
Financial Statements From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the

audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable we determine that a matter should not be communicated in our report because the adverse consequences of doing so would
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs as applicable reasonably be expected to outweigh the public interest benefits of such communication.
in Pakistan will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions The engagement partner on the audit resulting in this independent auditor’s report is Khan Muhammad - FCA.
of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also: 2018 - 19
Interloop Limited • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to Date: September 23, 2019 Kreston Hyder Bhimji & Co. Annual Report

Chartered Accountants
Place: Faisalabad
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient

168 169