Lahore: Fast Cables Limited has completed an agreed-upon procedures audit to evaluate the utilization of proceeds from its initial public offering (IPO), ensuring compliance with the principal purpose as outlined in its prospectus. The audit, conducted by an independent practitioner, confirmed that the funds have been used appropriately, in line with regulations set forth under Chapter VIII of the Public Offering Regulations, 2017.
As part of the audit, the practitioner performed a series of procedures agreed upon with Fast Cables Limited, focusing on the accuracy and compliance of fund allocation. The report, finalized on September 30, 2023, verified the financial transactions associated with the IPO proceeds. According to information available from the Pakistan Stock Exchange (PSX), no discrepancies were identified in the tracing of amounts from bank statements, profit earnings from bank deposits and mutual funds, and tax deductions on returns received.
The audit findings confirmed that the civil, mechanical, and electrical works related to the company's plant expansion were executed on land acquired in June 2023. This specific aspect of fund utilization was verified against the details provided in Note 4.6 of the company's prospectus. No other discrepancies were identified during the audit process.
This audit was conducted in accordance with the International Standard on Related Services (ISRS) 4400 (Revised) and adhered to ethical requirements set by the International Ethics Standards Board for Accountants' Code of Ethics. The engagement was not an assurance engagement, and the practitioner made no representation regarding the appropriateness of the procedures, focusing solely on factual findings.
Fast Cables Limited operates within the designated market category of electrical equipment manufacturing and is committed to maintaining transparency and regulatory compliance regarding its financial undertakings. The company's management has acknowledged the appropriateness of the procedures for the engagement's objectives.