Page 176 - Pakistan Oilfields Limited - Annual Report 2021

Following are the key audit matters:

INDEPENDENT AUDITORS’ REPORT

To the members of Pakistan Oilfields Limited

Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the annexed consolidated financial statements of Pakistan Oilfields Limited and its subsidiary
(the Group), which comprise the consolidated statement of financial position as at June 30, 2021, and the
consolidated statement of profit or loss, the consolidated statement of profit or loss and other comprehensive

income, the consolidated statement of changes in equity and the consolidated statement of cash flows for
the year then ended, and notes to the consolidated financial statements, including a summary of significant
accounting policies and other explanatory information.

In our opinion, consolidated financial statements give a true and fair view of the consolidated financial position
of the Group as at June 30, 2021, and of its consolidated financial performance and its consolidated cash flows
for the year then ended in accordance with the accounting and reporting standards as applicable in Pakistan

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 Consolidated Financial Statements section of our report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants as
adopted by the Institute of the 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 consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

174 PAKISTAN OILFIELDS LIMITED