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Sample Key Audit Matters 9ROXPH Sample Key Audit Matters Reported in the First Year of Implementation Volume 1 Disclaimer This publication has been carefully prepared but it necessarily contains information extracted from the annual reports of the listed entities. Therefore, it is intended for general guidance only; it is not intended to be a substitute for detailed study of the annual reports, research or the exercise of professional judgment. The publication does not amend or override the International Standards on Auditing, the Companies Act 2017, other Laws, related Rules and Regulations, the text of which alone are authoritative. The information presented in this publication should not be construed as legal, auditing, or any other professional advice or service. The Institute and its staff do not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it. Sample Key Audit Matters Reported in the First Year of Implementation List of Contents INTRODUCTION .............................................................................................. 1 Sector: Automobile Assembler 1. Millat Tractors Limited ....................................................................... 2 2. Ghandhara Industries Limited ............................................................... 3 Sector: Automobile Parts & Accessories 3. Loads Limited .................................................................................. 4 4. Baluchistan Wheels Limited .................................................................. 9 Sector: Cable & Electrical Goods 5. Pakistan Cables Limited ..................................................................... 11 6. Johnson & Phillips (Pakistan) Limited ..................................................... 13 Sector: Cement 7. Maple Leaf Cement Factory Limited ...................................................... 17 8. Cherat Cement Company Limited .......................................................... 19 9. Attock Cement (Pakistan) Limited ......................................................... 21 Sector: Chemical 10. Berger Paints Pakistan Limited ............................................................. 24 11. Dynea Pakistan Limited ...................................................................... 25 12. Sitara Chemical Industries Limited ........................................................ 28 Sector: Commercial Banks 13. MCB Bank Limited ............................................................................ 30 14. United Bank Limited ......................................................................... 32 15. National Bank of Pakistan ................................................................... 35 Sector: Engineering 16. Crescent Steel & Allied Products Limited ................................................ 37 17. Aisha Steel Mills Limited .................................................................... 39 18. Dadex Eternit Limited ....................................................................... 42 Sector: Food & Personal Care Products 19. Matco Foods Limited ......................................................................... 45 20. Gillette Pakistan Limited .................................................................... 47 Sector: Fertilizer 21. Fauji Fertilizer Bin Qasim Limited ......................................................... 49 22. Engro Fertilizers Limited .................................................................... 51 23. Fatima Fertilizer Company Limited ........................................................ 54 Sector: Glass & Ceramics 24. Tariq Glass Industries Limited .............................................................. 55 25. Ghani Value Glass Limited .................................................................. 57 26. Balochistan Glass Limited ................................................................... 59 Sector: Investment Banks 27. Arif Habib Limited ............................................................................ 62 28. First Credit & Investment Bank Limited .................................................. 63 Sector: Insurance 29. Askari General Insurance Company Limited .............................................. 65 30. Premier Insurance Limited .................................................................. 68 31. The Universal Insurance Company Limited ............................................... 70 Sector: Leasing Companies 32. Orix Leasing Pakistan Limited .............................................................. 72 33. Pakistan Gulf Leasing Company Limited .................................................. 73 Sector: Leather & Tanneries 34. Pak Leather Crafts Limited ................................................................. 75 Sector: Miscellaneous 35. Siddiqsons Tin Plate Limited ................................................................ 77 36. Ecopack Limited .............................................................................. 78 Sector: Oil & Gas Exploration 37. Oil & Gas Development Company Limited ................................................ 79 38. Mari Petroleum Company Limited ......................................................... 84 39. Pakistan Petroleum Limited ................................................................ 85 Sector: Oil & Gas Marketing 40. Pakistan State Oil Company Limited ...................................................... 91 41. Burshane LPG (Pakistan) Limited .......................................................... 94 42. Sui Northern Gas Pipelines Limited ........................................................ 97 Sector: Power Generation & Distribution 43. Altern Energy Limited........................................................................ 99 44. The Hub Power Company Limited ....................................................... 101 45. S.G. Power Limited ......................................................................... 103 SAMPLE KEY AUDIT MATTERS INTRODUCTION INTRODUCTION In Pakistan, Securities and Exchange About The Publication Commission of Pakistan (SECP) notified the new statutory auditor’s report formats vide The Technical Services Department of ICAP Auditors (Reporting Obligations) Regulations, has compiled “Sample Key Audit Matters – 2018 (the Regulations) in April 2018. The Reported in the First Year of Regulations prescribe the new statutory Implementation”. The publication contains auditor’s report formats which are aligned KAMs from the annual reports of 67 listed with the new auditor reporting standards companies representing 30 different sectors. issued by the International Auditing and The samples are intended to show at a glance Assurance Board (IAASB) and adopted by the how auditors in Pakistan reported KAMs, Institute of Chartered Accountants of Pakistan reflecting the entity specific matters. (ICAP/ the Institute). The new formats became applicable for the audit and review Please not that this selection is limited and not intended to be globally representative. engagements for the periods ended on or after June 30, 2018. Accordingly, June 2018-19 was the first year of implementation of the new auditor’s reports. Sohail Malik Director Technical Services Key Audit Matters The most significant change brought about with the new auditor reporting standards is International Standard on Auditing (ISA) 701, Communicating Key Audit Matters in the Independent Auditor’s Report. ISA 701 mandatorily requires the auditor of a listed company to include in the KAM paragraph those matters that required the most significant attention of the auditor in performing the audit of financial statements.
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