Page 133 - Pakistan Oilfield Limited - Annual Report 2022
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Annual Report 2022
Independent Auditors’ 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, 2022, 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, 2022 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.