FINANCIAL CAPITAL

Management’s consolidated financial statements

specify the standards and
The Company’s annual separate and
consolidated financial statements
Responsibility interpretations which are yet to be
effective in Pakistan. The Company
have also been audited by the external
auditors and recommended by the
Towards the believes that the impact of these Board for shareholders’ approval in
standards and interpretations does the upcoming Annual General Meeting
Financial not have any material impact on the (AGM).

Statements
said financial statements.
Other regulatory requirements of

Adoption of
reporting to governing bodies and
The Company’s management is other stakeholders have also been
responsible for the preparation
and fair presentation of its financial International fulfilled in accurate and timely manner.
statements in accordance with the
applicable accounting and reporting Integrated Auditor’s Report
standards and the requirements of
Companies Act, 2017; and for such Reporting on the Financial
internal controls as the management
determines necessary, to enable the Framework Statements
preparation of financial statements,
This Report has been prepared in FFC’s separate and consolidated
free from material misstatement,
accordance with the requirements financial statements have been
whether due to fraud or error.
of International Integrated Reporting audited by the Company’s external
Framework of International Integrated auditors, A. F. Ferguson & Co.,
Statement of Reporting Council. The Board
acknowledges its responsibility to
Chartered Accountants who have
issued unqualified audit opinion
Unreserved ensure integrity of this Report, which
in the Board’s opinion addresses the
stating that the financial statements

Compliance of
give a true and fair view of the state of
material matters pertaining to the long- affairs as at December 31, 2022.
term sustainability of the Company
IFRS Issued By and presents fairly the integrated Independent Auditors’ Reports on
IASB
performance of FFC and the impacts the audit of FFC’s separate and
thereof. All these details have been consolidated financial statements can
covered adequately throughout the be referred on pages 241 and 349 of
The Company’s separate and Report and also detailed in ‘‘About our
consolidated financial statements the Annual Report respectively.
Report’’, page 04.
have been prepared in accordance
with the accounting and reporting The auditors will stand retired at
standards as applicable in Pakistan; Quarterly and the conclusion of upcoming AGM,
and being eligible, have offered
comprising:
• International Financial Reporting
Annual Financial themselves for reappointment as
external auditors for the year ending
Standards (IFRS), issued by Statements December 31, 2023. The Board of
Directors has recommended the
the International Accounting
Standards Board (IASB) as FFC’s periodic separate and reappointment of A. F. Ferguson
notified under the Companies consolidated financial statements & Co., Chartered Accountants as
were duly endorsed by both MD&CEO external auditors of the Company, for
Act, 2017; and
and CFO prior to circulation for financial year 2023, on a remuneration
• Provisions of and directives consideration and approval by the of Rs 3.18 million.
issued under the Companies Act, Board. The annual and half yearly
2017
Where the provisions of and directives
financial statements were also initialed
by the external auditors prior to Cost Audit
circulation.
issued under the Companies Act, BDO Ebrahim & Co, Chartered
2017 differ from IFRS, the provisions Accountants are the cost auditors
These were then published and
of and directives issued under the of the Company, for the financial
circulated along with the directors’
Companies Act, 2017 have been year ended December 31, 2022, in
review within one month of the
followed. compliance with the requirements of
reporting date in case of quarterly
financial statements and within Companies (Maintenance and Audit of
Note 3.28 of FFC’s financial Cost Accounts) Regulations 2020.
permitted limit of two months in case
statements and Note 3.30 of
of half yearly financial statements.

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