AWT Stock Fund Audit Report Highlights Accuracy and Valuation Concerns

Karachi: The independent auditor's report on the AWT Stock Fund as of June 30, 2024, presents a thorough evaluation of the fund’s financial statements, verifying its position and performance in line with international and national accounting standards. According to information available from the Pakistan Stock Exchange (PSX), the auditor's findings emphasize the precise valuation and existence verification of the fund's significant investment portfolio, valued at Rs. 132.29 million.

The audit, conducted in compliance with International Standards on Auditing (ISAs) applicable in Pakistan, confirmed that the financial statements provide a true and fair view of the fund’s assets, liabilities, and cash flows. Key audit matters addressed include rigorous valuation testing and the existence of investments as per listed rates on the Pakistan Stock Exchange.

The report also highlighted risks associated with the valuation of equity securities and potential discrepancies in the ownership records of the fund’s investments. Auditors evaluated and tested the implementation of controls over these matters and found the fund’s financial statements to be accurate and free from material misstatements.

Moreover, the auditor's responsibilities extended to assessing the appropriateness of the fund's accounting policies and evaluating the effectiveness of its internal controls, crucial for stakeholders relying on the financial integrity of the AWT Stock Fund.

This detailed audit assures investors and unit holders of the fund’s compliance with financial regulations and standards, ensuring transparency and accountability in its financial reporting.