Professional Documents
Culture Documents
Engagement Letter-Q Express PVT LTD Pakistan-2018
Engagement Letter-Q Express PVT LTD Pakistan-2018
04 October, 2018
Dear Sir,
This letter will confirm our understanding of our engagement to provide professional services to
Smart Learning (Pvt.) Limited and the respective areas of responsibility of Smart Learning
(Pvt.) Limited and of Riasat Ishtiaq & Co. (“the Firm”).
You have requested us to audit the financial statements of Smart Learning (Pvt.) Limited for
year ended 30th June 2018 with the objective express our professional opinion(s) (in the form
of an audit report) on the financial position of the company at the end of the period covered
by the audit, on the income earned and on the expenditures incurred.
We are pleased to confirm our acceptance and our understanding of this engagement by means of
this letter.
Scope of Engagement
We will conduct our audit in accordance with International Standards on Auditing with the
objective of expressing an opinion whether the financial statements give a true and fair view of
the financial position of Smart Learning (Pvt.) Limited as at 30 June 2018 and of its income
earned and expenditures incurred for the year then ended in accordance with International
Financial Reporting Standards and requirements of the guidelines of Smart Learning (Pvt.)
Limited. Our audit will be conducted with the objective of our expressing an opinion on the
financial statements.
We will conduct our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material
misstatements. An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements. The procedures selected depend on the
auditors’ judgement, including the assessment of the risks of material misstatement of financial
statements, whether due to fraud or error. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
Riasat Ishtiaq & Co.
Cost & Management Accountants
Office No 19 & 20, 2nd Floor
Hill View Plaza, Blue Area, Islamabad
Tel: 051-2344223, 2344224
Our report will be addressed to the board of director of Smart Learning (Pvt.) Limited. We
cannot provide assurance that an unqualified opinion will be rendered and circumstances may
arise in which it would be necessary for us to modify our report or withdraw from the
engagement. In such circumstances, our findings or reasons for withdrawal will be
communicated to the Board of Director of Smart Learning (Pvt.) Limited.
Because of the inherent limitations of an audit, together with the inherent limitations of internal
control system, there is an unavoidable risk that even some material misstatements may not be
detected, even though the audit is properly planned and performed in accordance with
International Standards on Auditing.
In making our risk assessments, we consider internal control relevant to the Smart Learning
(Pvt.) Limited’s preparation of financial statements in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the
effectiveness of entity’s internal control. However, we will communicate to you in writing
concerning any significant deficiencies in internal control relevant to the audit of financial
statements that we have identified during the audit.
As part of our audit, we will read the other information in your annual report and consider
whether such information, or the manner of its presentation, is materially consistent with
information, or the manner of its presentation, appearing in the financial statements. However,
our audit does not include the performance of procedures to corroborate such other information
(including forward-looking statements).
Our audit will be conducted on the basis that the management of the Smart Learning (Pvt.)
Limited. whose financial statements are to be audited and where appropriate, those charged with
governance acknowledge and understand that they have responsibility:
n For the preparation and fair presentation of the financial statements in accordance with the
International Financial Reporting Standards (IFRSs) issued by the International Accounting
Standards Board.
n For such internal controls as the management determines is necessary to enable the
preparation of financial statements that are free from misstatements, whether due to fraud or
error;
n For making accounting estimates and judgements that are appropriate in the circumstances.
n to provide us with:
n access to all information of which the management is aware that is relevant to the
preparation of the financial statements such as records, documentation and other matters;
n additional information that we may request from the management for the purpose of the
audit; and
2
Riasat Ishtiaq & Co.
Cost & Management Accountants
Office No 19 & 20, 2nd Floor
Hill View Plaza, Blue Area, Islamabad
Tel: 051-2344223, 2344224
n Unrestricted access to persons within the entity from whom we determine it necessary to
obtain audit evidence.
Management is also responsible for identifying and ensuring that the Smart Learning (Pvt.)
Limited complies with laws and regulations applicable to its activities, and for informing us of
any known material violations of such laws and regulations.
The management agrees that all records, documentation, and information including minutes of
all management meetings we request in connection with our work under this engagement letter
will be made available to us.
As part of our audit process, we will request from management and where appropriate those
charged with govenance, written confirmations concerning representations made to us in
connection with our audit. Because of the importance of management’s representations to the
effective performance of our services, the Smart Learning (Pvt.) Limited will release the Firm
and its personnel from any claims, liabilities, costs, and expenses relating to our services under
this letter attributable to any misrepresentations in the representation letter.
b) it has disclosed to the auditor its knowledge of fraud or suspected fraud affecting the HI Q
Express (i) Management;
d) it has disclosed to us the results of its assessment of the risk that the financial statements
may be materially misstated as a result of fraud.
These specific items will be included in our request for written confirmation concerning
representations made to us in connection with the audit.
Our engagement cannot be relied upon to disclose whether fraud or errors, or illegal acts that
may exist. To the extent that they come to our attention, we will inform management of any
material errors or any instances of fraud or illegal acts, unless they are clearly inconsequential.
Further, to the extent they come to our attention we will also communicate to you fraud that
involves senior management or that, in our judgment, causes a material misstatement of the
financial statements and illegal acts that come to our attention, unless they are clearly
inconsequential. Further, it should be understood that management is responsible for the
representations contained in the financial statements including the notes thereto.
Deliverables
3
Riasat Ishtiaq & Co.
Cost & Management Accountants
Office No 19 & 20, 2nd Floor
Hill View Plaza, Blue Area, Islamabad
Tel: 051-2344223, 2344224
We will provide you an audit opinion based on our audit of the financial statements.
General
We acknowledge that the Smart Learning (Pvt.) Limited may wish to publish its financial
statements and our reports thereon on its website. It is the responsibility of the Smart Learning
(Pvt.) Limited to ensure that financial statements and our reports thereon being published on the
website are properly presented. The management would also be responsible to adopt appropriate
processes and implement proper controls to maintain security and integrity of the website and
financial statements and our reports being published thereon.
We are not required to test or review, as part of our audit and review of financial statements, the
controls over the security and integrity of the website.
The Smart Learning (Pvt.) Limited undertakes to inform us of its intention and seek our
consent to publish financial statements together with our reports thereon, on its website, prior to
such publication. We have a right to withhold consent to the publication of our reports with the
financial statements, where we feel that the financial statements to which they relate are not
being presented in an appropriate manner.
The Smart Learning (Pvt.) Limited undertakes to publish a statement with the electronic
version of financial statements and our reports thereon, as follows:
“The management is responsible for accurate presentation of these financial statements. The
auditors are not responsible for errors, omissions and discrepancies in the electronic version of
financial statements and their reports thereon. The auditors shall remain bound by the hard copy
version of the financial statements and their reports thereon available at the registered office of
the Smart Learning (Pvt.) Limited”.
The management retain full responsibility for distributing financial statements and other
financial information to stakeholders and head office electronically.
We may review the process by which the financial statements to be published electronically are
derived from the paper-based versions of financial statements reviewed or audited by us.
We may carry out such procedures deemed necessary to verify that the proposed electronic
version is identical in content with the paper-based versions of the financial statements and our
reports thereon and that the conversion has not distorted the overall presentation of the financial
statements and our reports thereon, for example highlighting certain information so as to give it
greater prominence.
We have a right to receive and to retain a printout or disk of the final electronic version of the
financial statements and our reports thereon for future reference.
4
Riasat Ishtiaq & Co.
Cost & Management Accountants
Office No 19 & 20, 2nd Floor
Hill View Plaza, Blue Area, Islamabad
Tel: 051-2344223, 2344224
Timetable
If you require us to complete our work under this engagement contract or, any part of it, by a
specific date or time, you will inform us in writing of your requirement. Whilst we will make
every effort to complete such work by the date specified, you acknowledge that meeting any
such requirement will rely on you providing reasonable notice of your requirement and the
timely provision of such information, as we may need to complete the work concerned.
Fee Arrangement
Our fees, which will be billed as work progresses, are based on the time required by the
individuals assigned to the engagement in addition to direct out-of-pocket expenses. We have
agreed the following fees in respect of our services:
Amount
(PKR)
Yours faithfully,
I have read and understood the terms and conditions of this letter and attachments and I agree to
and accept them for and on behalf of Smart Learning (Pvt.) Limited by whom I am duly
authorised:
n Signature: _________________________
n Date: _________________________
5
ABCD
KPMG Afghanistan Limited