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Karachi, JS Bank Limited has recently released an Agreed-Upon Procedures Report regarding the receipt of shares of BankIslami Pakistan Limited (BIPL). This report serves the specific purpose of assisting JS Bank Limited in filing an auditor’s certificate with the Securities and Exchange Commission of Pakistan (SECP), Pakistan Stock Exchange Limited (PSX), and Central Depository Company of Pakistan Limited (CDC).
The primary objective of this report is to certify the possession of voting shares of BankIslami Pakistan Limited by JS Bank Limited, specifically against the ordinary shares of the Bank. It is important to note that the findings and conclusions outlined in this report are intended solely for this purpose and may not be suitable or applicable for any other use.
In this regard, JS Bank Limited has recognized and accepted that the agreed-upon procedures conducted in this engagement are appropriate for the purpose at hand. The Bank’s responsibility includes accepting the voting shares of BIPL for which these agreed-upon procedures have been performed.
The practitioner, who conducted the agreed-upon procedures engagement, has adhered to the International Standard on Related Services (ISRS) 4400 (Revised), which outlines the framework for such engagements. In an agreed-upon procedures engagement, specific procedures are defined and agreed upon with the client (in this case, the Bank), and the findings of these procedures are reported as factual results. However, it is important to emphasize that this type of engagement does not constitute an assurance engagement, and as such, no opinion or assurance conclusion is provided within the report.
This Agreed-Upon Procedures Report reinforces JS Bank Limited’s commitment to transparency and compliance with regulatory requirements regarding the possession of shares in BankIslami Pakistan Limited.
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