Page 143 - InterloopAnnualReport2020

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF INTERLOOP

LIMITED

Information Other than the Unconsolidated Financial Statements and Auditor’s Report Thereon
Management is responsible for the other information. The other information comprises the (information included in the Director’s
report, but does not include the unconsolidated financial statements and auditor’s report thereon).

Our opinion on the unconsolidated financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the unconsolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the unconsolidated financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this information; we are required to report that fact. We have nothing to
report in this regard.

Responsibilities of Management and the Board of Directors for the Unconsolidated Financial Statements
Management is responsible for the preparation and fair presentation of the unconsolidated financial statements in accordance
with accounting and reporting standards as applicable in Pakistan, the requirements of the Companies Act, 2017 (XIX of 2017)
and for such internal control as management determines is necessary to enable the preparation of unconsolidated financial
statements that are free from material misstatement, whether due to fraud or error.

In preparing the unconsolidated financial statements, management is responsible for assessing the Company’s ability to
continue as 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 Company or to cease operations, or has no realistic alternative
but to do so.

The Board of directors is responsible for overseeing the company’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Unconsolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the unconsolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
as applicable 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 of users taken on the basis of these unconsolidated 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:

• Identify and assess the risks of material misstatement of the unconsolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient 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, misrepresentations,
or the override of internal control.

141