UDL International Limited Completes Audit for Fiscal Year 2023

Karachi, UDL International Limited has transmitted its audited financial statements for the fiscal year ended June 30, 2023, through the Pakistan Unified Corporate Reporting System (PUCARS). The audited documents include consolidated statements with its wholly-owned subsidiary, UDL Financial Services Limited. This announcement complies with the Pakistan Stock Exchange listing requirements and is associated with the merger of First UDL Modaraba into UDL International Limited.

According to information available from the Pakistan Stock Exchange (PSX), the independent auditor’s report confirmed that the financial statements present fairly the financial position of the company as of June 30, 2023. The audit was conducted in accordance with International Standards on Auditing as applicable in Pakistan. The report emphasizes that the financial statements are free from material misstatement and provide a reasonable basis for assessing the company’s financial performance and cash flows.

The auditors have also affirmed their independence and compliance with ethical standards as per the International Ethics Standards Board for Accountants’ Code of Ethics, adopted by the Institute of Chartered Accountants of Pakistan. The audit process included assessing risks of material misstatement due to fraud or error, evaluating the appropriateness of accounting policies, and the reasonableness of accounting estimates made by management.