Page 114 - Pakistan Oilfields Limited - Annual Report 2021

INDEPENDENT AUDITOR’S REPORT

To the members of Pakistan Oilfields Limited
Report on the Audit of the Financial Statements

Opinion
We have audited the annexed financial statements of Pakistan Oilfields Limited (the Company), which comprise
the statement of financial position as at June 30, 2021, and the statement of profit or loss, the statement of profit
or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant accounting policies
and other explanatory information, and we state that we have obtained all the information and explanations
which, to the best of our knowledge and belief, were necessary for the purposes of the audit.
In our opinion and to the best of our information and according to the explanations given to us, the statement
of financial position, statement of profit or loss, the statement of profit or loss and other comprehensive income,
the statement of changes in equity and the statement of cash flows together with the notes forming part
thereof conform with the accounting and reporting standards as applicable in Pakistan and give the information
required by the Companies Act, 2017 (XIX of 2017), in the manner so required and respectively give a true and
fair view of the state of the Company’s affairs as at June 30, 2021 and of the profit and other comprehensive loss,
the changes in equity and its cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in
Pakistan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report. We are independent of the Company in accordance
with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants as
adopted by the Institute of Chartered Accountants of Pakistan (the Code) and we have fulfilled our other ethical
responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.

Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

112 PAKISTAN OILFIELDS LIMITED