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Ref: KC/SM/002 July 29, 2013 Sehrish Ishtiaq Assistant Manager Accounts & Finance Net Sol Technologies

Limited Lahore. DOCUMENTS / INFORMATION REQUIRED FOR THE ANNUAL AUDIT OF NETSOL TECHNOLOGIES LIMITED FOR THE YEAR ENDED JUNE 30,2013. Sir, This is with reference to the above cited subject, please provide us the following documents/information for the audit of Net Sol Technologies Limited. GENERAL DOCUMENTS RELATED TO EXECUTION PHASE: 1. 2. 3. 4. Files of branch offices. Travelling & Sod agar Travel Files. List of Employees to whom Vehicles have been allotted with vehicle no. Agreements with new consultants (Abeam Consulting, Integrated Diagnostic Systems). List of employees to who fuel reimbursement facilities is provided. Working of borrowing cost capitalized in CWIP. Agreement with IHM Associates (CWIP). Native & RSM invoices files. Agreement with the constructor for construction of Gym. Confirmation of due from/to related parties. BOD for the writing off the short term investment.

6. 7. 8. 9. 10. 11.

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Letter Dated: 23 July 2013 PLANNING PHASE: Internal Audit DEPARTMENT 12. 13. 14. 15. Periodic Internal Audit Reports Internal Audit Department Budget Hierarchy of audit committee. Voucher Approval Policy

HR DEPARTMENT 16. 17. 18. 19. 20. 21. Departmental Chart Job Contract Sample (Each Dept.) Budgets of HR department Management remuneration chart. List of key management personnel List of trustee of Noble Cause Fund & Provident fund.

I.T DEPARTMENT 22. 23. 24. 25. 26. 27. 28. Policy for in house development of software New Software Implementation Policy Approved Soft ware List (Specifying mission critical applications) Budget of IT Department Internet Infrastructure (Data Connectivity) IT Steering Committee Charter IT Internal Audit report


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29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46.

The profile of the company. Statement of compliance with business ethics & best practices Minutes of board of Directors Meetings Income Tax Return U/s 113, Quarterly withholding Tax Statements u/s 149,153 and 155 and also provide us income tax challans. Form 29, Form 28 and Form A (if any change occurs). The name of independent director representing institutional equity interest of a banking Company, DFI, NBFI, if any. Declaration by directors, CFO and Company Secretary about their qualification and eligibility to act as Directors of the Company. Detail of executive and non-executive directors along with remuneration. Detail of directors to whom orientation courses are provided during the year. Vision and Mission Statement of the company. Directors report to members Secretarial Compliance Certificate been filed with the annual return of the company Minutes of Annual General Meeting & Extra Ordinary General Meeting held during the year. Files of correspondence with SECP and other regulatory bodies such as Karachi & Lahore Stock Exchange. Pattern of Share holding. Register of mortgage and charges (if any). All revised contracts, policies and retainer ship agreement of the company, if any. Statement of Compliance with the Code of Corporate Governance.

GENERAL DOCUMENTS RELATED TO EXECUTION PHASE: Provide us the following documents: 47. 48. 49. 50. 51. All BRV, BPV, CPV, Sales Invoices, Purchase Invoices, Purchase Orders for the period. The attested copy of activity trial balance for the year ended June 30, 2013 for the reconciliation of accounting Records & Cash Flow Statement. The overall budged of the company for the period 2012-2013. BOD resolution regarding addition/deletion in fixed assets during the year 2013 Fixed asset register as per TR-6 issued by ICAP maintained by the company.

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52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75.

Registries & transfer deeds for transfer of land. Transfer letter or NOC issued by the leasing company for leases matured during the period. The capitalization detail and the percentage of completion certificates of intangible assets. Detail of employees whose salaries are capitalized during the period. Report of independent appraiser on valuation of in-house developed intangible assets held by Net Sol Technologies Ltd. Engineers certificate for the verification of stage of completion of CWIP. Detail, aging and subsequent clearance of advance against expenses. Detail and aging of other receivables. Detail & Aging of Tender money receivable. Bank statements for the period along with the bank reconciliation statements. Subsequent bank statements, bank ledgers and cash ledgers. Detail of Term deposits and certificates of deposits made during the period. Detail and working of the taxation-net. Form 3 for further issue of share capital. Copy of share holder register. Detail about contingencies and commitments made during the period All agreements/contracts of new projects (license, maintenance and service) and renewed agreements (if any). Enhancement sheets for service revenue. Signed salary sheets and detail of no. of employees existing on March 31, 2012 along with list of leavers and joiners during the year. Board resolution for increase in directors remuneration. Detail of foreign currency translation. Profit on bank deposit. Working of dividend income. The basis of apportionment of expenses (COS, Admin, Selling).

We hope you will provide us the above mentioned information at your earliest. If you have further inquiry please feel free to contact us. Thanking You,

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Sadia Mahmood Job in Charge Kabani & Company. (Chartered Accountants)

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