Fouz Ilahi & Co.

Chartered Accountants
We believe in Competence & Trustworthiness
Independent Auditors’ Report
To
The Shareholders of EUSUF ASSOCIATES (Pvt.) LIMITED
Report on the Audit of the Financial Statements

Qualified Opinion

We have audited the financial statements of EUSUF ASSOCIATES (Pvt.) LIMITED, which
comprise the statement of financial position as at 30 June 2022 and statements of profit or
loss and other comprehensive income, statement of changes in equity and statement of
cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies.

In our opinion, except for the effects of the matters described in the Basis for Qualified
Opinion section of our report, the accompanying financial statements present fairly, in all
material respects of the statement of financial position of EUSUF ASSOCIATES (Pvt.)
LIMITED as at 30 June 2022 and of its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards (IFRSs), the
Companies Act 1994 and other applicable laws and regulations.

Basis for Qualified Opinion

1. The company has reported Tk 11,900,933 in accounts receivable, but the supporting
evidences have not been provided. Hence, we were unable to confirm the balance
for the audit period.

2. The company has not provided us the vat and tax challans of its sales.

3. We could not conduct physical cash verification, since the audit appointment was
after the reporting period. We were also unable to satisfy ourselves by alternative
means concerning cash in hand on 30 June 2022.

4. Provision for Income Tax as on 30 June 2021 has not been presented by the entity in
accordance with IAS-1.

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditors’ Responsibilities
for the Audit of the Financial Statements section of our report. We are independent of the
company in accordance with the International Ethics Standards Board for Accountants’ Code
of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements
that are relevant to our audit of the financial statements in jurisdictions, and we have
fulfilled our other ethical responsibilities in accordance these requirements and with the
IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified opinion.

House # 36, Block # Ka, Pisciculture Housing Society, Shyamoli, Mohammadpur, Dhaka-1207.
Cell: +88 01755 627 310 Email: [email protected] Web site: www.fouzilahi.com
 Fouz Ilahi & Co.
Chartered Accountants
We believe in Competence & Trustworthiness

Other Matter
The financial statements of EUSUF ASSOCIATES (Pvt.) LIMITED were audited by S. R. ISLAM
& Co. Chartered Accountants for the year ended 30 June 2021 (DVC #
2205121247AS112361) and they have expressed an unmodified opinion on those financial
statements on 07 May 2022.

Responsibilities of Management and Those Charged with Governance for the

Financial Statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with IFRSs, the Companies Act 1994 and other applicable laws and
regulations and for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either
intends to liquidate the company or to cease operations, or has no realistic alternative but
to do so.
Those charged with governance are responsible for overseeing the company’s financial
reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs will
always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

House # 36, Block # Ka, Pisciculture Housing Society, Shyamoli, Mohammadpur, Dhaka-1207.
Cell: +88 01755 627 310 Email: [email protected] Web site: www.fouzilahi.com
 Fouz Ilahi & Co.
Chartered Accountants
We believe in Competence & Trustworthiness
2
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management, but not for the
purpose expressing an opinion on the effectiveness of the company’s internal control.

• Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the company to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and content of the company’s financial
statements, including the disclosures, and whether the financial statements represent
the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Company to express an opinion on the financial
statements. We are responsible for the direction, supervision and performance of the
company audit. We remain solely responsible for our audit opinion.

• We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period. We describe these matters in our auditors’ report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

House # 36, Block # Ka, Pisciculture Housing Society, Shyamoli, Mohammadpur, Dhaka-1207.
Cell: +88 01755 627 310 Email: [email protected] Web site: www.fouzilahi.com
 Fouz Ilahi & Co.
Chartered Accountants
We believe in Competence & Trustworthiness
3
Report on other Legal and Regulatory Requirements

In accordance with the Companies Act 1994 and other applicable laws and regulations, we
also report the following:

a) we have obtained the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit and made due
verification thereof except those mentioned in the basis for qualified opinion section
of our report;

b) in our opinion, books of accounts as required by law have been kept by company so
far as it appeared from our examination of these books except those mentioned in
the basis for qualified opinion section of our report;

c) the statements of financial position and statements of profit or loss and other
comprehensive income dealt with by the report are in agreement with the books of
accounts and returns except those mentioned in the basis for qualified opinion
section of our report.

Place: Dhaka Signed by: Fouz Ilahi FCA

Dated: Enrollment No.: 1513
Proprietor
Fouz Ilahi & Co.
Chartered Accountants
DVC #

House # 36, Block # Ka, Pisciculture Housing Society, Shyamoli, Mohammadpur, Dhaka-1207.
Cell: +88 01755 627 310 Email: [email protected] Web site: www.fouzilahi.com
Fouz Ilahi & Co.
Chartered Accountants
We believe in Competence & Trustworthiness
4

House # 36, Block # Ka, Pisciculture Housing Society, Shyamoli, Mohammadpur, Dhaka-1207.
Cell: +88 01755 627 310 Email: [email protected] Web site: www.fouzilahi.com