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Sample Key Audit Matters Reported in the First Year of Implementation
Volume 2
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.
Sector: Pharmaceuticals
46. Abbott Laboratories (Pakistan) Limited ................................................. 104
47. Highnoon Laboratories Limited ........................................................... 106
48. GlaxoSmithKline Pakistan Limited ....................................................... 107
Sector: Paper & Board
49. Century Paper & Board Mills Limited .................................................... 110
50. Cherat Packaging Limited ................................................................. 112
Sector: Refinery
51. National Refinery Limited ................................................................. 114
52. Byco Petroleum Pakistan Limited ........................................................ 118
Sector: Synthetic & Rayon
53. Pakistan Synthetics Limited .............................................................. 120
54. Gatron (Industries) Limited ............................................................... 124
Sector: Sugar & Allied Industries
55. Chashma Sugar Mills Limited ............................................................. 126
56. Mehran Sugar Mills Limited ............................................................... 128
57. The Premier Sugar Mills ................................................................... 130
Sector: Textile Composite
58. Feroze1888 Mills Limited .................................................................. 132
59. Azgard Nine Limited ....................................................................... 134
Sector: Textile Spinning
60. Crescent Fibres Limited ................................................................... 136
61. J.K. Spinning Mills Limited ................................................................ 138
Sector: Textile Weaving
62. Shahtaj Textile .............................................................................. 140
63. Zephyr Textiles Limited ................................................................... 142
Sector: Transport
64. Pakistan National Shipping Corporation Limited ...................................... 143
Sector: Technology & Communication
65. TRG Pakistan Limited ...................................................................... 146
Sector: Vanaspati & Allied Industries Limited
66. Unity Foods Limited ........................................................................ 149
Sector: Woolen
67. Bunnys Limited .............................................................................. 151
SAMPLE KEY AUDIT MATTERS Sector: Pharmaceuticals Company: Abbott Laboratories (Pakistan) Limited
The Institute of Chartered Accountants of Pakistan Page 104 of 153
Sector: Pharmaceuticals
Abbott Laboratories (Pakistan) Limited
SAMPLE KEY AUDIT MATTERS Sector: Pharmaceuticals Company: Abbott Laboratories (Pakistan) Limited
The Institute of Chartered Accountants of Pakistan Page 105 of 153
SAMPLE KEY AUDIT MATTERS Sector: Pharmaceuticals Company: Highnoon Laboratories Limited
The Institute of Chartered Accountants of Pakistan Page 106 of 153
Highnoon Laboratories Limited
SAMPLE KEY AUDIT MATTERS Sector: Pharmaceuticals Company: GlaxoSmithKline Pakistan Limited
The Institute of Chartered Accountants of Pakistan Page 107 of 153
GlaxoSmithKline Pakistan Limited
SAMPLE KEY AUDIT MATTERS Sector: Pharmaceuticals Company: GlaxoSmithKline Pakistan Limited
The Institute of Chartered Accountants of Pakistan Page 108 of 153
SAMPLE KEY AUDIT MATTERS Sector: Pharmaceuticals Company: GlaxoSmithKline Pakistan Limited
The Institute of Chartered Accountants of Pakistan Page 109 of 153
SAMPLE KEY AUDIT MATTERS Sector: Paper & Board Company: Century Paper & Board Mills Limited
The Institute of Chartered Accountants of Pakistan Page 110 of 153
Sector: Paper & Board
Century Paper & Board Mills Limited
SAMPLE KEY AUDIT MATTERS Sector: Paper & Board Company: Century Paper & Board Mills Limited
The Institute of Chartered Accountants of Pakistan Page 111 of 153
SAMPLE KEY AUDIT MATTERS Sector: Paper & Board Company: Cherat Packaging Limited
The Institute of Chartered Accountants of Pakistan Page 112 of 153
Cherat Packaging Limited
SAMPLE KEY AUDIT MATTERS Sector: Paper & Board Company: Cherat Packaging Limited
The Institute of Chartered Accountants of Pakistan Page 113 of 153
SAMPLE KEY AUDIT MATTERS Sector: Refinery Company: National Refinery Limited
The Institute of Chartered Accountants of Pakistan Page 114 of 153
Sector: Refinery
National Refinery Limited
SAMPLE KEY AUDIT MATTERS Sector: Refinery Company: National Refinery Limited
The Institute of Chartered Accountants of Pakistan Page 115 of 153
SAMPLE KEY AUDIT MATTERS Sector: Refinery Company: National Refinery Limited
The Institute of Chartered Accountants of Pakistan Page 116 of 153
SAMPLE KEY AUDIT MATTERS Sector: Refinery Company: National Refinery Limited
The Institute of Chartered Accountants of Pakistan Page 117 of 153
SAMPLE KEY AUDIT MATTERS Sector: Refinery Company: Byco Petroleum Pakistan Limited
The Institute of Chartered Accountants of Pakistan Page 118 of 153
Byco Petroleum Pakistan Limited
SAMPLE KEY AUDIT MATTERS Sector: Refinery Company: Byco Petroleum Pakistan Limited
The Institute of Chartered Accountants of Pakistan Page 119 of 153
SAMPLE KEY AUDIT MATTERS Sector: Synthetic & Rayon Company: Pakistan Synthetics Limited
The Institute of Chartered Accountants of Pakistan Page 120 of 153
Sector: Synthetic & Rayon
Pakistan Synthetics Limited
SAMPLE KEY AUDIT MATTERS Sector: Synthetic & Rayon Company: Pakistan Synthetics Limited
The Institute of Chartered Accountants of Pakistan Page 121 of 153
SAMPLE KEY AUDIT MATTERS Sector: Synthetic & Rayon Company: Pakistan Synthetics Limited
The Institute of Chartered Accountants of Pakistan Page 122 of 153
SAMPLE KEY AUDIT MATTERS Sector: Synthetic & Rayon Company: Pakistan Synthetics Limited
The Institute of Chartered Accountants of Pakistan Page 123 of 153
SAMPLE KEY AUDIT MATTERS Sector: Synthetic & Rayon Company: Gatron (Industries) Limited
The Institute of Chartered Accountants of Pakistan Page 124 of 153
Gatron (Industries) Limited
SAMPLE KEY AUDIT MATTERS Sector: Sugar & Allied Industries Company: Gatron (Industries) Limited
The Institute of Chartered Accountants of Pakistan Page 125 of 153
Sector: Sugar & Allied Industries
SAMPLE KEY AUDIT MATTERS Sector: Sugar & Allied Industries Company: Chashma Sugar Mills Limited
The Institute of Chartered Accountants of Pakistan Page 126 of 153
Chashma Sugar Mills Limited
SAMPLE KEY AUDIT MATTERS Sector: Sugar & Allied Industries Company: Chashma Sugar Mills Limited
The Institute of Chartered Accountants of Pakistan Page 127 of 153
SAMPLE KEY AUDIT MATTERS Sector: Sugar & Allied Industries Company: Mehran Sugar Mills Limited
The Institute of Chartered Accountants of Pakistan Page 128 of 153
Mehran Sugar Mills Limited
SAMPLE KEY AUDIT MATTERS Sector: Sugar & Allied Industries Company: Mehran Sugar Mills Limited
The Institute of Chartered Accountants of Pakistan Page 129 of 153
SAMPLE KEY AUDIT MATTERS Sector: Sugar & Allied Industries Company: The Premier Sugar Mills
The Institute of Chartered Accountants of Pakistan Page 130 of 153
The Premier Sugar Mills
SAMPLE KEY AUDIT MATTERS Sector: Sugar & Allied Industries Company: The Premier Sugar Mills
The Institute of Chartered Accountants of Pakistan Page 131 of 153
SAMPLE KEY AUDIT MATTERS Sector: Textile Composite Company: Feroze1888 Mills Limited
The Institute of Chartered Accountants of Pakistan Page 132 of 153
Sector: Textile Composite
Feroze1888 Mills Limited
SAMPLE KEY AUDIT MATTERS Sector: Textile Composite Company: Feroze1888 Mills Limited
The Institute of Chartered Accountants of Pakistan Page 133 of 153
SAMPLE KEY AUDIT MATTERS Sector: Textile Composite Company: Azgard Nine Limited
The Institute of Chartered Accountants of Pakistan Page 134 of 153
Azgard Nine Limited
SAMPLE KEY AUDIT MATTERS Sector: Textile Composite Company: Azgard Nine Limited
The Institute of Chartered Accountants of Pakistan Page 135 of 153
SAMPLE KEY AUDIT MATTERS Sector: Textile Spinning Company: Crescent Fibres Limited
The Institute of Chartered Accountants of Pakistan Page 136 of 153
Sector: Textile Spinning
Crescent Fibres Limited
SAMPLE KEY AUDIT MATTERS Sector: Textile Spinning Company: Crescent Fibres Limited
The Institute of Chartered Accountants of Pakistan Page 137 of 153
SAMPLE KEY AUDIT MATTERS Sector: Textile Spinning Company: J.K. Spinning Mills Limited
The Institute of Chartered Accountants of Pakistan Page 138 of 153
J.K. Spinning Mills Limited
SAMPLE KEY AUDIT MATTERS Sector: Textile Spinning Company: J.K. Spinning Mills Limited
The Institute of Chartered Accountants of Pakistan Page 139 of 153
SAMPLE KEY AUDIT MATTERS Sector: Textile Weaving Company: Shahtaj Textile
The Institute of Chartered Accountants of Pakistan Page 140 of 153
Sector: Textile Weaving
Shahtaj Textile
SAMPLE KEY AUDIT MATTERS Sector: Textile Weaving Company: Shahtaj Textile
The Institute of Chartered Accountants of Pakistan Page 141 of 153
SAMPLE KEY AUDIT MATTERS Sector: Transport Company: Zephyr Textiles Limited
The Institute of Chartered Accountants of Pakistan Page 142 of 153
Zephyr Textiles Limited
Sector: Transport
SAMPLE KEY AUDIT MATTERS Sector: Transport Company: Pakistan National Shipping Corporation Limited
The Institute of Chartered Accountants of Pakistan Page 143 of 153
Pakistan National Shipping Corporation Limited
SAMPLE KEY AUDIT MATTERS Sector: Transport Company: Pakistan National Shipping Corporation Limited
The Institute of Chartered Accountants of Pakistan Page 144 of 153
SAMPLE KEY AUDIT MATTERS Sector: Transport Company: Pakistan National Shipping Corporation Limited
The Institute of Chartered Accountants of Pakistan Page 145 of 153
SAMPLE KEY AUDIT MATTERS Sector: Technology & Communication Company: TRG Pakistan Limited
�The Institute of Chartered Accountants of Pakistan Page 146 of 153 �
Sector: Technology & Communication
TRG Pakistan Limited
SAMPLE KEY AUDIT MATTERS Sector: Technology & Communication Company: TRG Pakistan Limited
The Institute of Chartered Accountants of Pakistan Page 147 of 153
SAMPLE KEY AUDIT MATTERS Sector: Technology & Communication Company: TRG Pakistan Limited
The Institute of Chartered Accountants of Pakistan Page 148 of 153
SAMPLE KEY AUDIT MATTERS Sector: Vanaspati & Allied Industries Limited Company: Unity Foods Limited
The Institute of Chartered Accountants of Pakistan Page 149 of 153
Sector: Vanaspati & Allied Industries Limited
Unity Foods Limited
SAMPLE KEY AUDIT MATTERS Sector: Vanaspati & Allied Industries Limited Company: Unity Foods Limited
The Institute of Chartered Accountants of Pakistan Page 150 of 153
SAMPLE KEY AUDIT MATTERS Sector: Woolen Company: Bunnys Limited
The Institute of Chartered Accountants of Pakistan Page 151 of 153
Sector: Woolen
Bunnys Limited
SAMPLE KEY AUDIT MATTERS Sector: Woolen Company: Bunnys Limited
The Institute of Chartered Accountants of Pakistan Page 152 of 153
SAMPLE KEY AUDIT MATTERS Sector: Woolen Company: Bunnys Limited
The Institute of Chartered Accountants of Pakistan Page 153 of 153