Allied Bank Limited:

This is the analysis of the auditor's report to members of Allied Bank Limited for the financial year 2009. The audit of Allied bank was conducted by the auditing firm “KPMG Taseer Hadi & Co.” as on February 17, 2010.

The auditing firm has audited the consolidated financial statements of the bank. The statements audited by the firm are mentioned below:

  1. Consolidated Balance Sheet
  2. Related Profit and Loss Account
  3. Consolidated Statement of Comprehensive Income
  4. Consolidated Cash Flow Statement
  5. Consolidated Statement of Changes in Equity, along with the notes to the financial statements.

The consolidated financial statements include the unaudited certified returns of the bank branches, except the 22 branches, whose returns have been audited by the KPMG. The financial statements of subsidiary ABL Asset Management Company Limited were audited by M. Yousuf Adil Saleem & Co.

The audit of bank was in accordance to the Auditing Standards applicable to Pakistan. According to theses standards audit is conducted to obtain the assurance that financial statements are free from any kind of misrepresentation. The scope of the audit was to assess the management accounting policies and the evaluation of the overall presentation of financial statements.

The auditors have given “Unqualified Opinion” about the financial statements of the Allied Bank Limited. The unqualified opinion states that the financial statements are prepared according to “GAAP” and present fairly the financial position of the Allied Bank and its operations, its cash flow and the changes in equity.

Habib Bank Limited:

This is the analysis of the auditor's report to members of Habib Bank Limited for the financial year 2009. The audit of Allied bank was conducted by the auditing firm “KPMG Taseer Hadi & Co.” as on February 19, 2010.

The auditing firm has audited the consolidated financial statements of the bank. The statements audited by the firm are mentioned below:

  1. Consolidated Balance Sheet
  2. Related Profit and Loss Account
  3. Consolidated Statement of Comprehensive Income
  4. Consolidated Cash Flow Statement
  5. Consolidated Statement of Changes in Equity, along with the notes to the financial statements.

The consolidated financial statements include the unaudited certified returns of the bank branches, except the 82 branches, whose returns have been audited by the KPMG and also the returns of the 35 branches whose returns are audited by auditors abroad. The financial statements of subsidiary HBl Sock fund, HBL Multi stock fund and HBL Income fund were audited by another auditing firm.

The audit of bank was in accordance to the Auditing Standards applicable to Pakistan. According to theses standards audit is conducted to obtain the assurance that financial statements are free from any kind of misrepresentation. The scope of the audit was to assess the management accounting policies and the evaluation of the overall presentation of financial statements.

The auditors have given “Qualified Opinion” about the financial statements of the Habib Bank Limited. The qualified opinion states that the except for the matter to which the qualification relates the financial statements are prepared according to “GAAP” and present fairly the financial position of the Habib Bank Limited and its operations, its cash flow and the changes in equity.

The reason for the qualified opinion was explained as the associate of the Habib Bank in Nigeria came under scrutiny in 2009 by Central Bank of Nigeria which resulted in huge provisions resulting in negative equity. The bank has written down its value of investments adjusting it through the previous years. Due to the ongoing investigation the auditors are unable to confirm to the period specific effects and mentioned this in their report.

Source: ChinaStones - http://china-stones.info/free-essays/accounting/allied-bank-limited.php



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