Auditors Confirm Compliance of Power Holding Limited’s Financial Statements with Standards

KARACHI: Independent auditors have confirmed that the financial statements of Power Holding Limited for the fiscal year ending June 30, 2023, meet the requisite accounting and reporting standards of Pakistan.

The audit, conducted in line with International Standards on Auditing as applicable in Pakistan, verified the financial position and performance of the company including its profit and loss statements, changes in equity, and cash flows. According to information available from the Pakistan Stock Exchange (PSX), the auditors concluded that these records align with the standards and accurately reflect the company’s financial state as required by the Companies Act, 2017.

Responsibilities assigned to the management and board of directors included the preparation and fair presentation of these financial statements, ensuring they are free from material misstatements whether caused by fraud or error. The management was also responsible for assessing the company’s ongoing viability, with a focus on maintaining the going concern basis of accounting, unless it plans to liquidate or cease operations.

The audit report states that the evidence gathered was sufficient to provide a basis for the auditors’ opinion, confirming that the financial statements give a true and fair view of Power Holding Limited’s affairs as of June 30, 2023.