AUDITORS’ REPORT TO THE 1TRUSTEES / BOARD OF GOVERNORS / MANAGEMENT-COMMITTEE

(ACCRUAL BASIS OF ACCOUNTING)We have audited the annexed balance sheet of the ------------------- as at ----------------and the related income and expenditure account and cash flow statement together with the notes forming part thereof (here-in-after referred to as the financial statements for the year then ended). It is the responsibility of the trustees / board of governors / management-committee to establish and maintain a system of internal control, and prepare and present the financial statements in conformity with the approved accounting standards as applicable in Pakistan. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting policies used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

In our opinion the financial statements present fairly in all material respects the financial position of the ------------------ as at ----------------------- and of its surplus/deficit and cash flow for the year then ended in accordance with the approved accounting standards as applicable in Pakistan.
Date ........................ Signature
[Name(s) of Auditors]
Place ......................

Note: 1. Select wherever is appropriate.

(163rd meeting of the Council held on April 29-30 and May 14,2004)

AUDITORS’ REPORT TO THE 1TRUSTEES / BOARD OF GOVERNORS / MANAGEMENT-COMMITTEE(OTHER THAN ACCRUAL BASIS OF ACCOUNTING)

We have audited the annexed the receipt and disbursement account / receipt and expenditure account of the …………… as at ……………….. together with the notes forming part thereof (here-in-after referred to as the statement(s) for the year then ended). It is the responsibility of the trustees / board of governors / management-committee to establish and maintain a system of internal control, and prepare and present the statement(s) in conformity with the cash receipt and disbursement / cash receipt and expenditure incurred basis as described in Note. X to the accounts. Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the statements. An audit also includes assessing the accounting policies used and significant estimates made by management, as well as evaluating the overall presentation of the statements. We believe that our audit provides a reasonable basis for our opinion.

As described in Note X, the statement(s) have been prepared on the (cash receipts and disbursements basis / cash receipt and expenditure basis, etc.) of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion the statement(s) present(s) fairly, in all material respect(s), the cash receipt and disbursement or cash receipt and expenditure, etc. of the ----------------------- for the year ended ---------------------- on the basis of accounting described in Note X to the statement.
Date ........................ Signature
[Name(s) of Auditors]
Place ......................
Note: 1. Select wherever is appropriate.