Reported in the First Year of Implementation 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

The Institute of Chartered Accountants of Pakistan Page 1 of 153

INTRODUCTIONIn Pakistan, Securities and Exchange

Commission of Pakistan (SECP) notified the

new statutory auditor’s report formats vide

Auditors (Reporting Obligations) Regulations,

2018 (the Regulations) in April 2018. The

Regulations prescribe the new statutory

auditor’s report formats which are aligned

with the new auditor reporting standards

issued by the International Auditing and

Assurance Board (IAASB) and adopted by the

Institute of Chartered Accountants of Pakistan

(ICAP/ the Institute). The new formats

became applicable for the audit and review

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.

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.

About The Publication The Technical Services Department of ICAP

has compiled “Sample Key Audit Matters –

Reported in the First Year of

Implementation”. The publication contains

KAMs from the annual reports of 67 listed

companies representing 30 different sectors.

The samples are intended to show at a glance

how auditors in Pakistan reported KAMs,

reflecting the entity specific matters.

Please not that this selection is limited and not intended to be globally representative. Sohail Malik Director Technical Services

SAMPLE KEY AUDIT MATTERS

SAMPLE KEY AUDIT MATTERS Sector: Automobile Assembler Company: Millat Tractors Limited

Sector: Automobile Assembler

Millat Tractors Limited

SAMPLE KEY AUDIT MATTERS Sector: Automobile Assembler Company: Ghandhara Industries Limited

Ghandhara Industries Limited

SAMPLE KEY AUDIT MATTERS Sector: Automobile Parts & Accessories Company: Loads Limited

Sector: Automobile Parts & Accessories

Loads Limited

SAMPLE KEY AUDIT MATTERS Sector: Automobile Parts & Accessories Company: Baluchistan Wheels Limited

Baluchistan Wheels Limited

SAMPLE KEY AUDIT MATTERS Sector: Automobile Parts & Accessories Company: Baluchistan Wheels Limited

SAMPLE KEY AUDIT MATTERS Sector: Cable & Electrical Goods Company: Pakistan Cables Limited

Sector: Cable & Electrical Goods

Pakistan Cables Limited

SAMPLE KEY AUDIT MATTERS Sector: Cable & Electrical Goods Company: Pakistan Cables Limited

SAMPLE KEY AUDIT MATTERS Sector: Cable & Electrical Goods Company: Johnson & Phillips (Pakistan) Limited

Johnson & Phillips (Pakistan) Limited

SAMPLE KEY AUDIT MATTERS Sector: Cement Company: Maple Leaf Cement Factory Limited

Sector: Cement

Maple Leaf Cement Factory Limited

SAMPLE KEY AUDIT MATTERS Sector: Cement Company: Maple Leaf Cement Factory Limited

SAMPLE KEY AUDIT MATTERS Sector: Cement Company: Cherat Cement Company Limited

Cherat Cement Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Cement Company: Cherat Cement Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Cement Company: Attock Cement (Pakistan) Limited

Attock Cement (Pakistan) Limited

SAMPLE KEY AUDIT MATTERS Sector: Chemical Company: Berger Paints Pakistan Limited

Sector: Chemical

Berger Paints Pakistan Limited

SAMPLE KEY AUDIT MATTERS Sector: Chemical Company: Dynea Pakistan Limited

Dynea Pakistan Limited

SAMPLE KEY AUDIT MATTERS Sector: Chemical Company: Sitara Chemical Industries Limited

Sitara Chemical Industries Limited

SAMPLE KEY AUDIT MATTERS Sector: Chemical Company: Sitara Chemical Industries Limited

SAMPLE KEY AUDIT MATTERS Sector: Commercial Banks Company: MCB Bank Limited

Sector: Commercial Banks

MCB Bank Limited

SAMPLE KEY AUDIT MATTERS Sector: Commercial Banks Company: MCB Bank Limited

SAMPLE KEY AUDIT MATTERS Sector: Commercial Banks Company: United Bank Limited

United Bank Limited

SAMPLE KEY AUDIT MATTERS Sector: Commercial Banks Company: National Bank of Pakistan

National Bank of Pakistan

SAMPLE KEY AUDIT MATTERS Sector: Commercial Banks Company: National Bank of Pakistan

SAMPLE KEY AUDIT MATTERS Sector: Engineering Company: Crescent Steel & Allied Products Limited

Sector: Engineering

Crescent Steel & Allied Products Limited

SAMPLE KEY AUDIT MATTERS Sector: Engineering Company: Crescent Steel & Allied Products Limited

SAMPLE KEY AUDIT MATTERS Sector: Engineering Company: Aisha Steel Mills Limited

Aisha Steel Mills Limited

SAMPLE KEY AUDIT MATTERS Sector: Engineering Company: Dadex Eternit Limited

Dadex Eternit Limited

SAMPLE KEY AUDIT MATTERS Sector: Food & Personal Care Products Company: Matco Foods Limited

Sector: Food & Personal Care Products

Matco Foods Limited

SAMPLE KEY AUDIT MATTERS Sector: Food & Personal Care Products Company: Matco Foods Limited

SAMPLE KEY AUDIT MATTERS Sector: Food & Personal Care Products Company: Gillette Pakistan Limited

Gillette Pakistan Limited

SAMPLE KEY AUDIT MATTERS Sector: Food & Personal Care Products Company: Gillette Pakistan Limited

SAMPLE KEY AUDIT MATTERS Sector: Fertilizer Company: Fauji Fertilizer Bin Qasim Limited

Sector: Fertilizer

Fauji Fertilizer Bin Qasim Limited

SAMPLE KEY AUDIT MATTERS Sector: Fertilizer Company: Fauji Fertilizer Bin Qasim Limited

SAMPLE KEY AUDIT MATTERS Sector: Fertilizer Company: Engro Fertilizers Limited

Engro Fertilizers Limited

SAMPLE KEY AUDIT MATTERS Sector: Fertilizer Company: Fatima Fertilizer Company Limited

Fatima Fertilizer Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Glass & Ceramics Company: Tariq Glass Industries Limited

Sector: Glass & Ceramics

Tariq Glass Industries Limited

SAMPLE KEY AUDIT MATTERS Sector: Glass & Ceramics Company: Tariq Glass Industries Limited

SAMPLE KEY AUDIT MATTERS Sector: Glass & Ceramics Company: Ghani Value Glass Limited

Ghani Value Glass Limited

SAMPLE KEY AUDIT MATTERS Sector: Glass & Ceramics Company: Ghani Value Glass Limited

SAMPLE KEY AUDIT MATTERS Sector: Glass & Ceramics Company: Balochistan Glass Limited

Balochistan Glass Limited

SAMPLE KEY AUDIT MATTERS Sector: Investment Banks Company: Arif Habib Limited

Sector: Investment Banks

Arif Habib Limited

SAMPLE KEY AUDIT MATTERS Sector: Investment Banks Company: First Credit & Investment Bank Limited

First Credit & Investment Bank Limited

SAMPLE KEY AUDIT MATTERS Sector: Investment Banks Company: First Credit & Investment Bank Limited

SAMPLE KEY AUDIT MATTERS Sector: Insurance Company: Askari General Insurance Company Limited

Sector: Insurance

Askari General Insurance Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Insurance Company: Premier Insurance Limited

Premier Insurance Limited

SAMPLE KEY AUDIT MATTERS Sector: Insurance Company: Premier Insurance Limited

SAMPLE KEY AUDIT MATTERS Sector: Insurance Company: The Universal Insurance Company Limited

The Universal Insurance Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Leasing Companies Company: The Universal Insurance Company Limited

Sector: Leasing Companies

SAMPLE KEY AUDIT MATTERS Sector: Leasing Companies Company: Orix Leasing Pakistan Limited

Orix Leasing Pakistan Limited

SAMPLE KEY AUDIT MATTERS Sector: Leasing Companies Company: Pakistan Gulf Leasing Company Limited

Pakistan Gulf Leasing Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Leasing Companies Company: Pakistan Gulf Leasing Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Leather & Tanneries Company: Pak Leather Crafts Limited

Sector: Leather & Tanneries

Pak Leather Crafts Limited

SAMPLE KEY AUDIT MATTERS Sector: Miscellaneous Company: Pak Leather Crafts Limited

Sector: Miscellaneous

SAMPLE KEY AUDIT MATTERS Sector: Miscellaneous Company: Siddiqsons Tin Plate Limited

Siddiqsons Tin Plate Limited

SAMPLE KEY AUDIT MATTERS Sector: Miscellaneous Company: Ecopack Limited

Ecopack Limited

SAMPLE KEY AUDIT MATTERS Sector: Oil & Gas Exploration Company: Oil & Gas Development Company Limited

Sector: Oil & Gas Exploration

Oil & Gas Development Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Oil & Gas Exploration Company: Mari Petroleum Company Limited

Mari Petroleum Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Oil & Gas Exploration Company: Pakistan Petroleum Limited

Pakistan Petroleum Limited

SAMPLE KEY AUDIT MATTERS Sector: Oil & Gas Marketing Company: Pakistan State Oil Company Limited

Sector: Oil & Gas Marketing

Pakistan State Oil Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Oil & Gas Marketing Company: Burshane LPG (Pakistan) Limited

Burshane LPG (Pakistan) Limited

SAMPLE KEY AUDIT MATTERS Sector: Oil & Gas Marketing Company: Sui Northern Gas Pipelines Limited

Sui Northern Gas Pipelines Limited

SAMPLE KEY AUDIT MATTERS Sector: Oil & Gas Marketing Company: Sui Northern Gas Pipelines Limited

SAMPLE KEY AUDIT MATTERS Sector: Power Generation & Distribution Company: Altern Energy Limited

Sector: Power Generation & Distribution

Altern Energy Limited

SAMPLE KEY AUDIT MATTERS Sector: Power Generation & Distribution Company: Altern Energy Limited

SAMPLE KEY AUDIT MATTERS Sector: Power Generation & Distribution Company: The Hub Power Company Limited

The Hub Power Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Power Generation & Distribution Company: The Hub Power Company Limited

SAMPLE KEY AUDIT MATTERS Sector: Power Generation & Distribution Company: S.G. Power Limited

S.G. Power Limited

Reported in the First Year of Implementation 9ROXPH

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