Shaukat Khanum report’s reliability – by Zulfiqar Ali
Related Article: Imran Khan’s Real (ty) “Investments” – Zulfiqar Ali
First of all the financial reports provided by SKMT on web cannot be called actual audit reports. They do not carry any signatures, as actual reports should have. Here we will see two pages from SKMT report and two pages from actual audit report of Kabul Bank done by the same firm, A.F. Ferguson.
In Kabul Bank’s report, every single page has signatures/initials of the person certifying the accounts.
A.F. Ferguson’s track record Vis-à-vis, it is practice standards are also not enviable. In 2006 Callmate removed A F Ferguson as auditors after professional misconduct, as reported in Businness recorder Sept 18, 2006.
“Callmate Telips Telecom Ltd, a leading payphone company, has removed A F Ferguson and Co as external auditors for professional negligence resulting in huge losses to Callmate and its shareholders.
As direct consequence of A F Ferguson’s negligent and deliberate breach of its obligations, Callmate’s market capitalisation has evaporated by more than 50 percent despite the company’s profitability and operations remaining stable.
Callmate’s plan to have its scrip listed in Dubai got aborted and its share has taken a more than 50 percent fall…”
It also has been accused to be involved in misconduct ultimately leading to the demise of Kabul Bank. As per newspaper The Independent
“The Independent has learned that a confidential report into the demise of Kabul Bank is severely critical of the performance of auditors AF Ferguson & Co, which cleared the institution’s accounts for a prolonged period, leaving the way open for legal action”
Source : Independent
http://www.independent.co.uk/news/world/asia/pwc-accused-over-900m-afghan-bank-scandal-7737829.html
One can imagine about reliability of the SMKT web report that A.F Ferguson did not put their signature on it.
Nice article Zulfiqar Sb
Are you an accountant, as you seems to have a Hawk Eye on it
Pl keep on
thanks.but no!! a doc.
Who do you suggest they go to for audits?
how about a professional firm that actually takes ownership of an audit conducted by it! A minor cut in salary by the cronies of Imran Khan would easily provide the audit fees.
I think CFO should come out.
A.F Feguson should be asked to say whether they own that or not.
Further going back, same firm’s audit of initial years of SKMT, showed some concerns about
“incomplete documentations”
They infact did have signatures by Ferguson people.For last 4 yrs which I saw, did not have any signatures etc.
Then actual audit firm will do
‘actual audit’.
lolz
God you are so dumb! have you ever worked in Audit? Open up the financial statements of any Company, the auditors signatures do not appear in the PUBLISHED REPORT ie the PRINTED REPORT, because then they would have to scan every page and a reprint of a scan (an image) is not readable quality! Shaukat Khanum will have a signed report, and their published financials are matched by A. F. Ferguson with the signed accounts , figure by figure and description by description…if there is ever a difference, Ferguson would issue a notice in the newspapers that the published accounts are not reliable. You are clearly a Noob who has no idea how the auditing profession works.