Financial Reporting Environment

Client Name: MUHAMMADI GAS COMPANY (PRIVATE) LIMITED

Period: 30 June 2021
Name Date:
Prepared by: M Usman
Reviewed by:
Approved by: Waqar Nadeem

Obtain an understanding of the:

 financial reporting framework applicable to the entity;

 accounting policies applied by the entity and applied within the industry;

 Potential impact of accounting policies upon specific aspects of the financial statements.

Accounting policies and practices applied by the client and within industry.
International Financial Reporting Standards (IFRS)
 Statutes applicable to the client.

The following statutes are applicable to the entity

 Companies Act 2017.

 Income tax Ordinance 2001.
 Legal and regulatory changes.

No legal and regulatory changes

 New accounting pronouncements.

There are no new accounting pronouncements effecting the financial statements of the entity.

MUNIFF ZIAUDDIN & CO. CHARTERED ACCOUNTANTS 1