Audit Program-Trade Debtors

Crowe Hussain Chaudhury & Co.
Chartered Accountants
Member Crowe Global
Audit for the Year Ended June 30, 2021
Engagement: Asia TA (Private) Limited

Firm Engaged: Crowe Hussain Chaudhury & Co.
Engagement Partner: Amin Ali, FCA.
Engagement Supervisior: Wafaria Iram
Engagement Senior: Rubab Fatima
Area: Trade Debtors
By: Rubab Fatima
Prepared On: 13 January, 2021
Reviewed By:
Member Crowe Global
AUDIT PROGRAM - Trade debtors
Engagement: Asia TA (Private) Limited

Year End Date: 30-Jun-21
APM Title: Lead Schedule- Trade Debtors
Financial Statement Assertions

Tr+ B Tr B/Tr Tr Tr+ B B Tr+ B
Serial # Procedures
C A E/O CO V RO PD
Comfort obtained from application of Tailored Audit Procedures

1 Agree Closing Balances with General Ledger a a a
2 Agree Opening Balances with last year Working papers a a a
Detailed test of Transactions and Balances

3 Document nature and process of recording of Accounts Receivable a a
Investigate and document reason for variance in balances from the a a a
4
previous year
Review entries in General Ledger and investigate any large or unusual
5 a a
item
Prepare and explain movements and investigate any unexpected or
6 unusual relationship between current year, prior year and budgeted a a a a a
figures.
Obtain the Aging of receivables prepared by the Client and consider the
7 a a
adequacy of allowance for doubtful debts
Inquire about long outstanding debtor balances as to their possibility of a a
8
recovery and need for provision for doubtful balances.
Obtain the Company's policy on charging provision and ensure that a a a
9
allowance for doubtful debts is charged as per the Policy.
Prepare Details of Debtors written-off during the year and agree with a a
10
supportings
Test of details
11 Check subsequent clearance of all debtor balances. a a a
12 Perform TOC on credit side
Circularize balances to obtain external confirmation of balances a a a
13
outstanding at the year end.
Perform alternative procedures on receivable balances against which
14
confirmation is not received.
- subsequent clearance a a
- invoice wise testing a a a
Ensure that the financial statements contain all the relevant disclosures
required by the appropriate financial reporting framework and local laws
15 specially transactions and ending balances with related parties. DO take a a a a a
into account result of inquiries in understanding document. Also ensure
that the accounting policies are appropriate and consistently applied.
Substantive analytics review

Calculates the debtors' turnover days and in case of major variance a a a
16
inquire about the variance.
Substantive analytically verify the Exchange differences arising on a a a
17
receivables from Exports.
Member Crowe Global
Client Name Asia TA (Private) Limited

Annual Audit
Year Ended: 30-Jun-21
Date: 17-Nov-21
Time: 10:00 AM
Venue: Asia TA (Private) Limited, Lahore
On Behalf of Client:
Mr. Kashif
On Behalf of Audit Team:

Rubab Fatima
Agenda:
The following points are to be discussed in the meeting:
Inquire about nature and process of recording of Accounts Receivable
Inquire about reason for variance in balances from the previous year
inquire about the aging of receivables prepared by the Client and consider the adequacy of allowance for doubtful debts
Inquire about long outstanding debtor balances as to their possibility of recovery and need for provision for doubtful balances.
Inquire about the Company's policy on charging provision and ensure that allowance for doubtful debts is charged as per the Policy.
Inquire about the details of Debtors written-off during the year.
Inquire about impairment testing on receivables
Inquire about policy of interdepartmental transfers
Inquire whether accounts receivables have been assigned or pledged as collateral
Inquire about any instances where a customer has been given preferential treatment, terms of sale have been modified,
related parties or where internal credit limits have been significantly exceeded.
Meeting pertaining Accounts Receivables
Minutes of Meeting
Following is documentation of discussion undertaken during the course of the meeting:
The introduction of team was given and the audit approach was discussed with the client's representative.
The process of the sales and the roles and responsibilities of the respective personnel are as follows:
Nature and Process of Recording Accounts Receivable:

There are two types of sales . One to institutions then to dealers. Orders are placed to marketing teams. Orders are made to stores. Stors issue
goods to parties. Carriage outward born by parties itself. No Goods dispatced notes are maintained. Invoices are sent to parties alongwith goods.
Invoices are approved by Raza Khan (Manager Sales) and Saleem Akhtar Store incharge incase of Govt clients invoices are approved by Ali
Rasheed Manager accounts Sales are recorded at sales invoice date which is actually goods dispatced date.(Goods dispatced date and sales
invoice dates are same). Credit limit is 30 or 40 days.These terms are decided by directors itself on the basis of their business relation. No
agreements in written form with debtors.Mr. Iftikhar Malik looks into the matters of sales personally.Paties make payment in cheque or they
deposit the amount in company's banks account.
The Company's Policy for Charging Provision for Doubtful Debts, Credit Allowed to Customers and Preparation of Aging
Company allowes a credit period of 30 to 40 days. These terms are not in wriiten form. Company has no written policy for maintaining provision
of debtors.
The Company's Policy for Write-off of Debtors and Detail of Debtors Written-off during the Year
Company has no policy of write off. All balances are written off at the end of the year on discretion of management.
Scheme of entries
Recording of Sale invoice
INVOICE Dr Cr
SALES 100
SALES TAX 17
Extra Tax 2
CUSTOMER 119
119 119
Recording receipts from customers
Dr Cr
WITH HOLDING TAX 19
CASH/ BANK 100
DEBTOR 119
100 119
Member Crowe Global
Client Name: Asia TA (Private) Limited

Purpose : To present a summary of Trade Debtors for the year

Source : General Ledger Analysis
Extent : 100%
Nature : Presentation and Disclosure
Timing : 30-Jun-21
Conclusion : No Exception Found
Disclosure as per accounts:
30-Jun-21 30-Jun-20 Variance TOD Total

Rupees Rupees Rupees %
Trade debts (Unsecured - considered good) 1,573,313 1,959,413 (386,100) -20% - 100%
1,573,313 1,959,413 (386,100) -20% - 100%
Local
There are no specific sales made by Asia TA. An inventory is held by company from many years. These are computer parts and sales only consist of
sale of these computer parts locally.
Member Crowe Global
Chakwal Textrile Mills

Nature : Trade Debtors Movement (Yarn Local)
Work done
Obtain movement of all debtors during the year
Inquire about any difference in the opening balances of debtors
Obtain detail of new debtor parties along with their codes in accounts
Bifurcate parties of yarn and waste sale
Reconcile closing balances with accounts
Opening Movement Closing

No. Party Code Particulers
Debit Credit Debit Credit Debit Credit
Local sales
1 C0000064 Tech Access Pakistan - 589,100 - - - 589,100
2 C0001552 Premier Systems (Pvt.) Ltd. 210,600 - - 210,600 - -
3 C0001856 International Office Products Pvt Limited 138,060 - 115,830 253,890 - -
4 C0001859 Kokusai Computers 37,440 - 168,480 205,920 - -
5 C0001862 Pako Computers - - 107,640 107,640 - -
6 C0002353 Metis International Pvt Ltd 361,412 - - - 361,412 -
7 C0001883 Kam Network - - 590,850 590,850 - -
8 104120 Other Receivables - - 201,240 201,240 - -
9 OTXXXXXX Adjusting Enteries 1,801,001 - - - 1,801,001 -
Total 2,548,513 589,100 1,184,040 1,570,140 2,162,413 589,100
Opening
As per movement 1,959,413 1,573,313
As per accounts 1,959,413 1,573,313
Difference - -
Member Crowe Global

Work done:
Make a detail of all debtors with no movement during the year
Check all the debtors whose balances are standing from three years
Inquire management about litigations with debtors
Inquire management about bankrupcy or defult of any debtors
Inquire mangemnet about related partied standing in debtors
Suggest mangement to write off all the balances which are pending from 3 years

Trade Debtors - -
1 C0000064 Tech Access Pakistan - 589,100 - - - 589,100
2 C0002353 Metis International Pvt Ltd 361,412 - - - 361,412 -
Total 361,412 589,100 - - 361,412 589,100

Horwath Hussain Chaudhury & Co.
Member Crowe Global
Client Name: Guard Oils (Private) Limited.

Year Ended: June 30, 2019
Nature : Trade Debtors Movement
Opening Movement Clossing

Local Sales
- -
1 15-01-0002 CHAUDHRY & CO LAHORE - 3,384 7,074,085 6,670,600 400,101 -

2 15-01-0003 MOHI-UD-DIN AUTOS LAHORE 2,769,495 - 9,886,336 10,288,000 2,367,831 -
3 15-01-0005 REHMAN SONS LAHORE 517,695 - 1,076,390 1,264,972 329,113 -
4 15-01-0006 USMAN AUTOS LAHORE 1,324,053 - 7,805,609 6,724,000 2,405,662 -
5 15-01-0007 UMAIR AUTOS LAHORE 571,001 - 4,001,629 3,837,602 735,028 -
6 15-01-0008 QUOMI TRACTOR HOUSE LAHORE 911,302 - 5,469,121 5,322,000 1,058,423 -
7 15-01-0017 FILTER HOUSE SAHIWAL 395,127 - 8,383,260 8,334,912 443,475 -
8 15-01-0019 F.M FILTER HOUSE PESHAWAR 603,195 - 8,310,856 8,200,000 714,051 -
9 15-01-0037 NIAZ TRADERS AZAD KASHMIR - 1,019,873 12,964,980 11,900,400 44,707 -
10 15-01-0038 MEHRAN AUTOMOBILES RWP 1,487,841 - 5,403,122 5,730,000 1,160,963 -
11 15-01-0045 NEW MIAN ZARI FARM R.Y.KHAN 688,081 - 5,264,100 5,205,240 746,941 -
12 15-01-0046 SULTAN SONS KARACHI 602,219 - 4,312,539 4,620,000 294,758 -
13 15-01-0062 JEEWAY LAL AUTOS KANDKOT 1,581,435 - 5,632,322 6,549,310 664,447 -
14 15-01-0015 AWAMI AUTOS SUKKAR 1,074,756 - 5,012,757 5,443,650 643,863 -
15 15-01-0016 ABDULLAH TRADERS RAWALPINDI 1,000,562 - 3,210,357 3,000,000 1,210,919 -
16 15-01-0021 BISMILLAH AUTO STORE SUKKAR 611,584 - 1,148,161 1,500,000 259,745 -
17 15-01-0022 JAVEED BRO'S SADIQABAD 1,473,488 - 9,813,857 9,640,000 1,647,345 -
18 15-01-0023 MUGHAL AUTOS GILGAT 1,900,481 - 2,872,960 4,212,420 561,021 -
19 15-01-0024 MUGHAL BRO'S MULTAN 1,015,643 - 11,746,935 10,180,000 2,582,578 -
20 15-01-0028 LAHORE MOTOR STORE QUETTA 787 - - - 787 -
21 15-01-0029 NASIR TRACTOR F/ABAD - - 3,152,976 3,119,000 33,976 -
22 15-01-0030 PAK TRADERS F/ABAD 321,476 - 6,441,353 6,322,544 440,285 -
23 15-01-0032 TASKEEN AUTOMOBILES SARGODHA - - 2,980,590 2,980,590 - -
24 15-01-0033 KHALIL OIL TRADERS OKARA 29,586 - 4,429,993 3,450,000 1,009,579 -
25 15-01-0034 SHAHZAD OIL TRADERS D.I.KHAN 347,384 - 1,168,010 1,300,000 215,394 -
26 15-01-0035 NEW REHMANIA DISTRIBUTORS RWP 116,864 - 5,255,396 4,235,370 1,136,890 -
27 15-01-0036 TAHSEEN AUTOMOBILES RWP 803,738 - 4,004,244 4,110,000 697,982 -
28 15-01-0040 KALAM AUTOS SWAT 18,492 - 5,411,225 4,900,000 529,717 -
29 15-01-0041 MIR AND COMPANY 6,255,393 - 9,414,400 10,647,427 5,022,366 -
30 15-01-0044 HAMEED SONS KARACHI 1 - - - 1 -
31 15-01-0047 MILLAT AUTO AGENCY MANSEHRA 912,290 - 2,346,379 2,800,000 458,669 -
32 15-01-0048 AHMED AUTOS MUZFARABAD AZAD KASHMIR - - 446,840 400,000 46,840 -
33 15-01-0049 BRIGHT AUTOS BAHAWALPUR 316,307 - 4,267,384 3,233,000 1,350,691 -
34 15-01-0050 BALOCHISTAN PETROLIUM SIBBI 41,885 - 1,678,044 965,000 754,929 -
35 15-01-0051 BISMILLAH AUTO STORE DERA ISMAIL KHAN 162,446 - 5,403,794 4,907,570 658,670 -
36 15-01-0052 313-AUTO TURBAT 272,731 - 2,222,179 1,901,000 593,910 -
37 15-01-0053 FARMAN BROTHERS CHITRAL 14,750 - - - 14,750 -
38 15-01-0054 AL-HARAM TRADERS RWP 308,695 - 8,718,620 8,665,000 362,315 -
39 15-01-0055 NASEEM ENTERPRISES ISLAMABAD 158,415 - 9,005,485 8,227,000 936,900 -
40 15-01-0056 ITTEFAQ TRADERS RAWALPINID 474,630 - 7,224,900 6,390,000 1,309,530 -
41 15-01-0057 AHAD OIL TRADERS LARKANA 1,353,676 - 11,763,423 11,268,500 1,848,599 -
42 15-01-0058 MAHIBA AUTOS NAWABSHAH 48,595 - - - 48,595 -
43 15-01-0059 MEHRAN LUBRICANTS 1,371 - - - 1,371 -
44 15-01-0060 HAJI AZEEM OIL TRADERS 735,364 - 3,559,041 3,390,000 904,405 -
45 15-01-0061 AKRAM MOTOR STORE SANGHAR 1,048,082 - 243,101 800,000 491,183 -
46 15-01-0063 MAULANA AUTOS 758,907 - 3,017,069 3,300,200 475,776 -
47 15-01-0064 NAIK MOTOR STORE LORALIE 387,437 - 1,173,560 1,400,000 160,997 -
48 15-01-0065 KHALID AUTOS OIL TRADERS CHILLAS 1,308,113 - 4,077,680 4,522,250 863,543 -
49 15-01-0066 MARSHAL TRADERS SAKARDU 54,350 - 1,449,440 1,457,580 46,210 -
50 15-01-0067 SHAKOOR AUTOS ZHOB 17,210 - 1,802,059 1,400,000 419,269 -
51 15-01-0068 KAHOOT OIL DEENA 229,951 - 2,437,406 2,653,050 14,307 -
52 15-01-0069 NEW GRAND AUTO MOBILES KARACHI 1,168,527 - 2,021,528 3,041,200 148,855 -
53 15-01-0070 GILLAN AUTO SIALKOT 6,095 - 12,840,419 12,330,000 516,514 -
54 15-01-0071 JULLANDHER MOTOR AGENCY 158 - - - 158 -
55 15-01-0072 SHANWARI SUPER OIL BESHAM 240,394 - 2,963,434 2,331,000 872,828 -
56 15-01-0073 GILGAT LUBE LINE 4,642 - 164,991 107,000 62,633 -
57 15-01-0074 DESCON ENGINEERING LTD. 152,845 - - - 152,845 -
58 15-01-0075 SENIOR AUTOMOBILES (PVT) LTD. 431,984 - - - 431,984 -
59 15-01-0076 NEW ASIA AUTOMOBILE (PVT) LTD 413,116 - 916,108 916,095 413,129 -
60 15-01-0078 GRACE MARKETING - - 5,415,002 5,415,000 2 -
61 15-02-0001 PAKISTAN WAPDA FOUNDATION LHR 1,116,421 - 1,333,800 1,086,648 1,363,573 -
62 15-02-0003 GUJRANWALA CITY TOURS GUJRANWALA 599,732 - - - 599,732 -
63 15-02-0005 MILLAT TRACTOR LTD LAHORE 81,253 - - - 81,253 -
64 15-02-0007 METRO HABIB CASH & CARRY PAK (PVT) LTD 1,611,492 - 36,132,482 33,104,290 4,639,684 -
65 15-02-0008 NIAZI EXPRESS URBAN 93,495 - - - 93,495 -
66 15-02-0009 MAKRO HABIB PAKISTAN LTD LHR 24,203 - - - 24,203 -
67 15-02-0010 SAZGAR ENGINEERING WORKS LTD - 66,150 1,732,675 1,755,286 - 88,761
68 15-02-0011 FIRST BUS SERVICES 312,502 - - - 312,502 -
69 15-02-0013 C-MART 1 - 3,234 - 3,235 -
70 15-02-0014 AGROW (PVT) LTD 450 - - - 450 -
71 15-02-0015 AK TRANSPORT CO 98,012 - 198,006 194,046 101,972 -
72 15-02-0016 CSD SHOPPING COMPLEX 42,507 - 89,454 89,502 42,459 -
73 15-02-0018 PORT SERVICES(PVT) LTD 82,275 - 38,809 54,775 66,309 -
74 15-02-0019 PAK STAR AUTOMOBILES (PVT) LTD. 7,905 - 614,830 378,711 244,024 -
75 15-02-0020 AIR WEAPON COMPLEX (AWC) - - 68,749 63,657 5,092 -
76 15-04-0004 MUNIR TRADER LAHORE - - 502,656 502,656 - -
77 15-04-0005 ABID TRADERS LAHORE - - 491,175 491,175 - -
-
Grand Total 41,514,893 1,089,407 298,011,319 289,229,228 49,296,338 88,761

Net Movement
Movement as per Accounts
Difference to the Accounts - -
Horwath Hussain Chaudhury & Co.
Member Crowe Global < 7-4>
Client Name: Brighto Chemicals Pakistan (Private) Limited.

Nature: Debtors To Sale Reconciliation
Debtor to Sale Reconciliation
Total Debit Side of Debtor Movement : (A) 392,967,461
Local - Net 328,763,282

Export sales 45,387,223
Total Sale (B) 374,150,505
Difference : (A-B) 18,816,956
Less: Scape sale debtor (404,989)

Less: Further tax (1,667,032)
Less: Extra tax (745,183)
Less : Sales tax (49,976,915)
Less : Income tax (253,516)
Add : Trade discount 34,645,719
Less Other receivables (415,040)
(18,816,956)
Un reconciled Difference -
0%
Work done :
Debtor to sale reconciliation is made to ensure that:
All sale to debtor are recoded at accurate amount.
Sale return (if any) properly recoded.
Cash sale are separately recoded with out any effect on debtors.
Effect of sales tax is properly recoded.
Member Crowe Global
Work done
Obtain total sales figure made during the year.
Obtain sales tax and further sales tax from sales tax return
Reconcile debit side of debtors with sales and tax.
Inquire about any discripencies from the management
There are few sales of viscose made during the year.
Sr. No Account codes Description Amount Rupees

1 Supplies 1,184,040
Services 17,058,169
18,242,209
Trade Receivables 1,184,040
Sales Tax 172,040
Difference -
APM 82,919
Conclusion: Satisfactory as difference in reconciliation is immaterial.

Member Crowe Global
Nature : Reconcilliation of sales value with sales tax return
Work done
Obtain total sales figure made during the year.
Obtain sales tax and further sales tax from sales tax return
Reconcile sales value with sales figure in sales tax return.
Inquire about any discripencies from the management
Sr. No Parties name Amount Rupees

1 Supplies 1,184,040
2 Services 17,058,169
18,242,209
Total sales 1,184,040
4 Sales as per Return 1,012,000

Sales Tax 172,040
Difference -
Figures according to sales tax return
Amount of sales in FBR

Sr. No Month Amount of sales tax
return
1 July 490,000 83,300

2 August -
3 September - -
4 October 350,000 59,500
5 November - -
6 December - -
7 January 172,000 29,240
8 February - -
9 March -
10 April -
11 May -
12 June -
Total 1,012,000 172,040
Conclusion:
Satisfactory
Member Crowe Global

Purpose : To present a summary of sales for the year

Source : General Ledger Analysis
Extent : 100%
Nature : Presentation and Disclosure
Timing : 30-Jun-21
Disclosure as per accounts:
30-Jun-21 30-Jun-20 Variance TOD Total

Rupees Rupees Rupees %
- Supplies 1,184,040 6,708,599 (5,524,559) -82% 100%

- Services 17,058,169 22,296,151 (5,237,982) 0%
18,242,209 29,004,750 (10,762,541) 97%

Member Crowe Global

Annual Audit for the Year Ended June 30, 2021
Purpose : To ensure that debtors are correctly rcorded

Source : Ledgers And System Reports
Extent : 100%
Nature : Test of details
Timing : June 30,2021
Work done:
Select number of transactions to be tested from total sales
Apply formaula of selection
Obtain invoices of selected parties and detail of rate and weight of yarn sold
Bifurcate sales tax from total invoice value
Obtain detail of goods sold to different parties
Attach few invoices in soft with this file
Gross Invoice Supporting

Customer Customer Description Invoice Invoice Sales Tax
No Invoice # Value attached /
Code Name of Goods Date amount Ex. ST Amount
Rate Seen
(Rs.) (Rs.)
1 C0001859 Kokusai Computers KAM network 3-Jul-20 144,000 17% 24,480 168,480
2 C0001862 Pako Computers KAM network 6-Jul-20 92,000 17% 15,640 107,640
Ship To: International Office Products Pvt
3 C0001856 International Office Products Pvt Limited 14-Jul-20 99,000 17% 16,830 115,830
Ltd.
4 C0001883 Kam Network KAM network 27-Jul-20 155,000 17% 26,350 181,350
5 C0001883 Kam Network KAM network 22-Oct-20 350,000 17% 59,500 409,500
HPE ML30 Gen9 E3-1240v5 Perf AP Svr
6 104120 Other 4-Nov-20 130,000 17% 22,100 152,100
part 830893-371 cost price 120,000
7 104120 Other HP A5830/A5820/A5800 650W AC PS, EU 7-Jan-21 42,000 17% 7,140 283,710
1,012,000 172,040 1,184,040
Total
As per Accounts 1,184,040

Percentage Verified 100%
Member Crowe Global

Annual Audit for the Year Ended June 30, 2021
<3>
Purpose : To ensure receipts from debtors
Source : Ledgers And Bank Receipt Vouchers
S
Extent : 100%
a
Nature : Test of details l
Timing : June 30,2021 e
T Bank Receipts
a
Customer Customer x
Code Name Voucher WHT
No. Amount in Rs. Net Amount Bank name Cheque No. Clearing date
Date 1%
w
i
t
h
13-Jan-21 49,140 - 49,140 Bank Alfalah 13-Jan-21
104120 Other receivables h
e
19-Jan-21 152,100 - 152,100 Bank Alfalah 19-Jan-21
104120 Other receivables l
d
15-Jul-20 138,060 138,060 Bank Alfalah 15-Jul-20
IOP
4-Aug-20 37,440 37,440 Bank Alfalah 4-Aug-20
IOP
7-Sep-20 210,600 210,600 Bank Alfalah 7-Sep-20
IOP
C0001883 KAM Network
International Office Products
18-Aug-20 115,830 115,830 Bank Alfalah 18-Aug-20
C0001856 Pvt Ltd.
C0001862 PAKO COMPUTERS
-26 4-Aug-20 168,480 168,480 Bank Alfalah 4-Aug-20
C0001859 Kokusai Computers
26-Oct-20 409,500 409,500 Bank Alfalah 26-Oct-20
C0001883 KAM Network
1,570,140 1,570,140
Total
Total receipts during the period 1,570,140

Percentage 100%
Member Crowe Global

<12>
Purpose : To check subsequent clearance of debtors existing as on June 30, 2021
Source : Bank Statement 138246
Extent : 25501%
Nature : Subsequent Clearance
Timing : 30-Jun-21
Closing as at June 30, 2021 Movement Closing as at August 31, 2021

Sr. No. Party Code Particulers Amount received Clearing date Bank name
1 1.3.8.2.4 REGENT TRADERS 5,056,398 - 2,123,047 - 7,179,445 -
2 1.3.8.2.12 NAENA ENTERPRISES (YARN SALE) 13,736,391 - - - 13,736,391 -

3 1.3.8.2.15 ARSHAD ALI 5,787,000 - 10,564,409 - 16,351,409 -
4 1.3.8.2.19 RANA RIZWAN ASGHAR 35202-3974047-9 6,664,697 - 13,667,338 16,271,480 4,060,555 - 9,722,480 HM bank
3,499,000 JS Bank
300,000 HM gulberg
5 1.3.8.2.21 SPIN TEX LHR (R) 17,016,307 - - - 17,016,307 -
6 1.3.8.2.38 SHINE ENTERPRISES KASUR NTN8138654-8 52,987,875 - - 8,300,000 44,687,875 - 2,000,000 06/07/2021 52786847 JS Bank
1,000,000 09/07/2021 52786848 JS Bank
1,300,000 15/07/2021 52786849 JS Bank
600,000 19/07/2021 52786850 JS Bank
1,600,000 52786851 JS Bank

1,100,000 52786852 JS Bank
700,000 52786853 JS Bank
800,000 52786854 JS Bank

1,300,000 52786855 HMBL
1,000,000 36103103 JS Bank
800,000 52786856 HMBL
1,320,000 287 HMBL

680,000 136103104 HMBL
700,000 13613102 HMBL

2,500,000 288 HMBL
600,000 52786857 JS Bank
1,500,000 294 HMBL
700,000 52786858 JS Bank

1,900,000 52786859 JS Bank
1,700,000 52786860 JS Bank
1,919,000 36103116 HMBL

500,000 52786861 JS Bank
2,000,300 36103122 HMBL
2,100,000 52786862 JS Bank

1,000,000 52786863 JS Bank
31,319,300
7 1.3.8.2.10 SADIQ & SONS 55,928,542 - 18,196,722 55,200,000 18,925,264 - 2,500,000 2/7/2021 78033742 Meezan Bank Limited
1,800,000 8/7/2021 78033743 Meezan Bank Limited
2,200,000 79033753 Meezan Bank Limited
8 1.3.8.2.40 OMEGA CORPORATION (R) 51,938,441 - 133,389,690 159,100,000 26,228,131 - 2,500,000 2/7/2021 75148848 Meezan Bank Limited
159,100,000
9 1.3.8.2.43 GOODWILL TRADE (R) 53,517,283 - 122,598,840 146,800,000 29,316,123 - 4,500,000 2/7/2021 79098038 Meezan Bank Limited
146,800,000
10 1.3.8.2.44 KLASS TEXTILES (R) 67,469,357 - 98,181,284 123,300,000 42,350,641 - 2,500,000 2/7/2021 77534475 Meezan Bank Limited
4,500,000 Meezan Bank Limited
Total 123,300,000
11 1.3.8.2.50 COTTON CLUB 27,312,798 - 48,104,784 22,200,000 53,217,582 - 3,200,000 30/7/2021 86390741 Meezan Bank Limited
12 1.3.8.2.51 DASTAGIR TEXTILE IND 4,492,063 - 4,800,276 - 9,292,339 -
Total 361,907,152 - 451,626,390 531,171,480 282,362,062 - 551,440,780 - -
Balance at the year end 2,162,413
Percentage subsequently cleared 25501%
1 1.3.8.2.13 ELOHIM INTERNATIONAL - 8,208,287 - - - 8,208,287

2 1.3.8.2.17 SAM INTERNATIONAL (YARN SALE) - 48,778,112 - 2,300,000 - 51,078,112
3 1.3.8.2.18 RANA IRFAN ASGHAR 35202-5086590-9 - 82,259,468 10,185,768 68,144,470 - 140,218,170 4,250,892 INV#0033YARN SALES FR M/O JUL 2021 01/07/2021 33.j p g
3,587,544 INV#00041YARN SALE FR M/O AUG2021 01/08/2021

4 1.3.8.2.20 PETER ENTERPRISES 8981274-3 - 112,216,875 - 18,550,000 - 130,766,875
5 1.3.8.2.24 LUBNA MEHMOOD NR - 8,308,938 12,399,972 500,000 3,591,034 - 5,052,528 INV#0031YARN SALES FR M/O JUL 2021 01/07/2021 31.j pg

6 1.3.8.2.30 ABC TRADERS XXXXX - 24,238,327 - - - 24,238,327
7 1.3.8.2.22 Muhammad Umar - 7,377,936 7,377,936 - - - 7,377,936 INV#0027YARN SALES FR M/O JUL 2021 01/07/2021 27.j pg
8 1.3.8.2.36 ASHIQ ALI - 11,793,348 11,793,348 - - - 4,178,052 INV#0038YARN SALES FR M/O JUL 2021 01/07/2021
7,615,296 INV#00071YARN SALE FR M/O AUG2021 01/08/2021 71. jp g
9 1.3.8.2.37 MUHAMMAD SALEEM - 16,266,570 16,266,570 - - - 8,728,572 INV#0037YARN SALES FR M/O JUL 2021 01/07/2021 37 .jpg

10 1.3.8.2.45 FARHAN - 8,918,088 - - - 8,918,088
11 1.3.8.2.46 MUHAMMAD ASHFAQ - 8,974,848 8,974,848 - - - 8,974,848 INV#0028YARN SALES FR M/O JUL 2021 01/07/2021 28. jpg
12 1.3.8.2.55 HINA ENTERPRISES - 6,405,691 6,405,691 - - - 6,405,691 INV#00056YARN SALE FR M/O AUG2021 01/08/2021
Total - 343,746,488 73,404,133 89,494,470 3,591,034 363,427,859 73,404,133

Member Crowe Global

Formula of selection for testing (Closing balance of debtors/ APM)*2.3
APM 4,058,490
Debtors 1,573,313
Total Sample 1

Sr. No. Party Code Particulers
1 1.3.8.2.4 REGENT TRADERS 1 - 239,748,047 234,691,650 5,056,398 -
2 1.3.8.2.12 NAENA ENTERPRISES (YARN SALE) - - 85,236,391 71,500,000 13,736,391 -
3 1.3.8.2.15 ARSHAD ALI - - 15,611,819 9,824,819 5,787,000 -
4 1.3.8.2.19 RANA RIZWAN ASGHAR 35202-3974047-9 - - 90,989,273 84,324,576 6,664,697 -
5 1.3.8.2.21 SPIN TEX LHR (R) 4,284,165 - 141,356,644 128,624,502 17,016,307 -
6 1.3.8.2.38 SHINE ENTERPRISES KASUR NTN8138654-8 - - 210,816,866 157,828,991 52,987,875 -
7 1.3.8.2.10 SADIQ & SONS - - 218,128,542 162,200,000 55,928,542 -
8 1.3.8.2.40 OMEGA CORPORATION (R) - - 269,038,441 217,100,000 51,938,441 -
9 1.3.8.2.43 GOODWILL TRADE (R) - - 166,217,283 112,700,000 53,517,283 -
10 1.3.8.2.44 KLASS TEXTILES (R) - - 195,569,357 128,100,000 67,469,357 -
11 1.3.8.2.50 COTTON CLUB - - 27,312,798 - 27,312,798 -
12 DASTAGIR TEXTILE IND - - 4,492,063 - 4,492,063 -
Total 4,284,166 - 1,664,517,524 1,306,894,538 361,907,152 -
1 1.3.8.2.13 ELOHIM INTERNATIONAL 3,595,957 - 32,060,756 43,865,000 - 8,208,287

2 1.3.8.2.17 SAM INTERNATIONAL (YARN SALE) - - 55,979,888 104,758,000 - 48,778,112
3 1.3.8.2.18 RANA IRFAN ASGHAR 35202-5086590-9 - - 94,530,250 176,789,718 - 82,259,468
4 1.3.8.2.20 PETER ENTERPRISES 8981274-3 33,655,871 - 177,227,254 323,100,000 - 112,216,875
5 1.3.8.2.24 LUBNA MEHMOOD NR - 10,972,474 70,575,807 67,912,271 - 8,308,938
6 1.3.8.2.30 ABC TRADERS XXXXX - - - 24,238,327 - 24,238,327
7 1.3.8.2.22 Muhammad Umar - - 31,876,226 39,254,162 - 7,377,936
8 1.3.8.2.36 ASHIQ ALI - - 22,768,794 34,562,142 - 11,793,348
9 1.3.8.2.37 MUHAMMAD SALEEM - - 34,365,295 50,631,865 - 16,266,570
10 1.3.8.2.45 FARHAN - - 20,212,368 29,130,456 - 8,918,088
11 1.3.8.2.46 MUHAMMAD ASHFAQ - - 13,445,385 22,420,233 - 8,974,848
12 1.3.8.2.55 HINA ENTERPRISES - - - 6,405,691 - 6,405,691
Total 37,251,828 10,972,474 553,042,023 923,067,865 - 343,746,488
Creditors Control Sheet
Reference Parties Amount-Cr/(Dr) Amount confirmed Amount confirmed Difference Date of Dispatch Date of receiving Status
PKR PKR PKR

Debtors Dr Cr
Ref. / DC - 1/ 2021 REGENT TRADERS 5,056,398 - (5,056,398) 22-Nov-21 Pending
Ref. / DC - 2/ 2021 NAENA ENTERPRISES (YARN SALE) 13,736,391 - 13,736,391 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 3/ 2021 ARSHAD ALI 5,787,000 - (5,787,000) 22-Nov-21 Pending
Ref. / DC - 4/ 2021 RANA RIZWAN ASGHAR 35202-3974047-9 6,664,697 - (6,664,697) 22-Nov-21 Pending
Ref. / DC - 5/ 2021 SPIN TEX LHR (R) 17,016,307 - 17,016,307 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 6/ 2021 SHINE ENTERPRISES KASUR NTN8138654-8 52,987,875 - 52,987,875 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 7/ 2021 SADIQ & SONS 55,928,542 - 55,928,542 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 8/ 2021 OMEGA CORPORATION (R) 51,938,441 - 51,938,441 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 9/ 2021 GOODWILL TRADE (R) 53,517,283 - 53,517,283 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 10/ 2021 KLASS TEXTILES (R) 67,469,357 - 67,469,357 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 11/ 2021 COTTON CLUB 27,312,798 - 27,312,798 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 12/ 2021 DASTAGIR TEXTILE IND 4,492,063 - (4,492,063) 22-Nov-21 Pending
Ref. / DC - 13/ 2021 ELOHIM INTERNATIONAL - 8,208,287 8,208,287 22-Nov-21 Pending
Ref. / DC - 14/ 2021 SAM INTERNATIONAL (YARN SALE) - 48,778,112 48,778,112 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 15/ 2021 RANA IRFAN ASGHAR 35202-5086590-9 - 82,259,468 82,259,468 22-Nov-21 Pending
Ref. / DC - 16/ 2021 PETER ENTERPRISES 8981274-3 - 112,216,875 112,216,875 - 22-Nov-21 15-Dec-21 Received
Ref. / DC - 17/ 2021 LUBNA MEHMOOD NR - 8,308,938 8,308,938 22-Nov-21 Pending
Ref. / DC - 18/ 2021 ABC TRADERS XXXXX - 24,238,327 24,238,327 22-Nov-21 Pending
Ref. / DC - 19/ 2021 Muhammad Umar - 7,377,936 7,377,936 22-Nov-21 Pending
Ref. / DC - 20/ 2021 ASHIQ ALI - 11,793,348 11,793,348 22-Nov-21 Pending
Ref. / DC - 21/ 2021 MUHAMMAD SALEEM - 16,266,570 16,266,570 22-Nov-21 Pending
Ref. / DC - 22/ 2021 FARHAN - 8,918,088 8,918,088 22-Nov-21 Pending

Ref. / DC - 23/ 2021 MUHAMMAD ASHFAQ - 8,974,848 8,974,848 22-Nov-21 Pending
Ref. / DC - 24/ 2021 HINA ENTERPRISES - 6,405,691 6,405,691 22-Nov-21 Pending

Member Crowe Global
This letter intends to highlight internal control weaknesses, non-compliances and other matters observed by us during the course of our audit
with respect of 66 branches we tested. The observations enlisted in this letter should not be taken as giving an exhaustive account of all
shortcomings present because our audit procedures were applied on a test basis. The detection and prevention of errors and anomalies rests
with the management and our findings should only be used as guidance to improve the overall affairs of the Company.

Observation

Implication

Recommendation

Management Response

Observation

Audit Program-Trade Debtors

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Audit Program-Trade Debtors

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Crowe Hussain Chaudhury & Co.

Audit for the Year Ended June 30, 2021

Engagement: Asia TA (Private) Limited

Audit for the Year Ended June 30, 2021

AUDIT PROGRAM - Trade debtors

Engagement: Asia TA (Private) Limited

Financial Statement Assertions

Comfort obtained from application of Tailored Audit Procedures

Detailed test of Transactions and Balances

Substantive analytics review

Client Name Asia TA (Private) Limited

On Behalf of Audit Team:

Nature and Process of Recording Accounts Receivable:

Recording of Sale invoice

CASH/ BANK 100

Client Name: Asia TA (Private) Limited

Purpose : To present a summary of Trade Debtors for the year

Disclosure as per accounts:

30-Jun-21 30-Jun-20 Variance TOD Total

Chakwal Textrile Mills

Client Name: Asia TA (Private) Limited

Opening Movement Closing

Client Name: Asia TA (Private) Limited

Opening Movement Closing

Total 361,412 589,100 - - 361,412 589,100

Client Name: Guard Oils (Private) Limited.

Nature : Trade Debtors Movement

Opening Movement Clossing

1 15-01-0002 CHAUDHRY & CO LAHORE - 3,384 7,074,085 6,670,600 400,101 -

Grand Total 41,514,893 1,089,407 298,011,319 289,229,228 49,296,338 88,761

Client Name: Brighto Chemicals Pakistan (Private) Limited.

Debtor to Sale Reconciliation

Total Debit Side of Debtor Movement : (A) 392,967,461

Local - Net 328,763,282

Total Sale (B) 374,150,505

Difference : (A-B) 18,816,956

Less: Scape sale debtor (404,989)

Client Name: Asia TA (Private) Limited

Nature : Trade Debtors Movement (Yarn Local)

Sr. No Account codes Description Amount Rupees

Trade Receivables 1,184,040

Sales Tax 172,040

Conclusion: Satisfactory as difference in reconciliation is immaterial.

Client Name: Asia TA (Private) Limited

Nature : Reconcilliation of sales value with sales tax return

Sr. No Parties name Amount Rupees

Total sales 1,184,040

4 Sales as per Return 1,012,000

Figures according to sales tax return

Amount of sales in FBR

1 July 490,000 83,300

Client Name: Asia TA (Private) Limited

Purpose : To present a summary of sales for the year

Disclosure as per accounts:

30-Jun-21 30-Jun-20 Variance TOD Total

- Supplies 1,184,040 6,708,599 (5,524,559) -82% 100%

18,242,209 29,004,750 (10,762,541) 97%

Client Name: Asia TA (Private) Limited

Purpose : To ensure that debtors are correctly rcorded

Gross Invoice Supporting

1,012,000 172,040 1,184,040

As per Accounts 1,184,040