PROPOSAL

FOR

NATIONAL UNIVERSITY OF TECHNOLOGY

UET

ISLAMABAD

By

Suriya Nauman Rehan Consulting (SNRC)

House 2, St 2, F-7/3, Islamabad
Tel: (051) 2610931-2
Email: nauman@nrcca.pk
Table of Contents
1. Scope of Services ..................................................................................................................................................... 3
a. Preparation of Financial Statements .......................................................................................................... 3
b. Audit of the Financial Statements: .............................................................................................................. 4
2. Fee Structure & Payment terms ........................................................................................................................ 4
3. Indemnity ................................................................................................................................................................... 4
4. Confidentiality .......................................................................................................................................................... 4
5. Limited Liability ...................................................................................................................................................... 5
6. Client’s Responsibilities ....................................................................................................................................... 5
 Suriya Nauman Rehan & Co.
CHARTERED ACCOUNTANTS globai

Private and Confidential

Brigadier Bilal September 28, 2022
Treasurer Ref:/2022/NU/001
National University of Technology
Islamabad

PREPARATION AND AUDIT OF THE FINANCIAL STATEMENTS

Dear Sir,

We refer to our discussions with you on the above subject. We understand that you are
willing to hire Suriya Nauman Rehan & Co. Chartered Accountants (hereinafter referred
to as "Auditors") for preparation and audit of the Financial Statements, for four years of
National University of Technology, Islamabad (hereinafter referred to as "University");

1. Scope of Services

Based on our understanding during our meeting we believe that you require our
services to assist you in following matters:

a. Preparation of Financial Statements

The Act promulgated to give charter to the University requires preparation of Financial
Statements as per International Financial Reporting Standards (IFRS) as adopted by the
Institute of Chartered Accountants of Pakistan (ICAP).

The University has maintained a cash book on MS Excel. Accounts so prepared are cash
basis which needs to first convert into double entry system of accounting. We will
prepared a trial balance for each year end based on the data available on cash register.
We will then prepare financial statement as per disclosure requirements of IFRS
adopted by the Institute of Chartered Accountants of Pakistan (ICAP).

Other Considerations:

Since the University receives government grants therefore, the disclosure requirements
as per Accounting Policy and Procedures Manual, notified by the Auditor's General of
Pakistan have also be taken care of. Further the cash basis accounts that have already
been submitted with AGP/AGPR needs to be reconciled with the Financial Statements
that would be prepared.

Suriya Nauman Rehan & Co., Chartered Accountants, a member firm of LEA Global
House #2, Street # 2, F-7/3, Islamabad, Pakistan.Phone:+92 51 261 0931-2 Fax: +92 51 261 0954
KARAC HI L AH ORE
MUL TAN
b. Audit of the Financial Statements:

The Financial Statements prepared as per above paragraph will be then audited
according to International Standards on Auditing (ISA’s) as adopted by the Institute
of Chartered Accountants of Pakistan. An Audit report will be issued to the Board
after completion of the audit.

2. Fee Structure & Payment terms

Professional fee for above scope of services will be Rs. 370,000/- per annum
including taxes and out of pocket expenses.

3. Indemnity

It is understood and agreed that services of the Auditor may include advice and
recommendations; but all decisions in connection with the implementation of such
advice and recommendations shall be the responsibility of, and made by, Client. In
the event of a claim by a third party relating to services under this mandate,
University will indemnify the Auditor and its personnel from all such claims,
liabilities, cost and expenses, except to the extent determined to have resulted from
the intentional or deliberate misconduct of the Auditor personnel.

4. Confidentiality

University and Auditor acknowledge and agree that all information communicated
to either University or Auditor by the other party in connection with the
performance by a party under this Agreement shall be received in confidence, shall
be used only for purposes of this Agreement, and no such confidential information
shall be disclosed by the respective parties or their agents or personnel without the
prior written consent of the other party. Except to the extent otherwise required by
applicable law or professional standards, the parties’ obligations under this section
do not apply to information that: (a) is or becomes generally available to the public
other than as a result of disclosure by University or Auditor, (b) was known to either
University or Auditor or had been previously possessed by University or Auditor
without restriction against disclosure at the time of receipt thereof by University or
Auditor, (c) was independently developed by University or Auditor without violation
of this Agreement or (d) University and Auditor agree from time to time to disclose.
Each party shall be deemed to have met its nondisclosure obligations under this
Paragraph as long as it exercises the same level of care to protect the other’s
information as it exercises to protect its own confidential information, except to the
extent that applicable law or professional standards impose a higher requirement.
Auditor may retain, subject to the terms of this Paragraph, copies of Client’s
confidential information required for compliance with applicable professional
standards or internal policies. If either party receives a subpoena or other validly
issued administrative or judicial demand requiring it to disclose the other party’s
confidential information, such party shall provide prompt written notice to the other
party of such demand in order to permit such party to seek a protective order. So
long as the notifying party gives notice as provided herein, the notifying party shall
thereafter be entitled to comply with such demand to the extent permitted by law,
subject to any protective order or the like that may have been entered in the matter.

5. Limited Liability

University agrees that the Auditor and employees shall not be liable to University for
any actions, damages, claims, liabilities, costs expenses, or losses in any way arising
out of or relating to the services performed hereunder for an aggregate amount in
excess of the fees paid by University to the Auditor under this mandate. In no event
shall the Auditor or its employees be liable for consequential, special, indirect,
incidental, punitive or exemplary damages, costs, expenses, or losses (including,
without limitation, lost profits and opportunity costs). In furtherance and not in
limitation of the foregoing, the Auditor will not be liable in respect of any decisions
made by University as a result of the performance by the Auditor of its services
hereunder. The provisions of this Paragraph shall apply regardless of the form of
action, damage, claim, liability, cost, expense, or loss, whether in contract, statute,
tort (including, without limitation, negligence), or otherwise.

6. Client’s Responsibilities

In connection with the Auditor’s activities on Client’s behalf, University agrees to

cooperate with the Auditor and will furnish to the Auditor information and data
concerning the Assignment (the "Information") which the Auditor deems
appropriate and will assist the Auditor in obtaining access to Client’s officers,
directors, members, employees, appraisers, independent accountants, legal counsel
and other Auditors and advisors upon Auditor informing University of their
requirements. University acknowledges and agrees that, in rendering its services
hereunder, the Auditor will be using and relying on the Information and
(information available from public sources and other sources deemed reliable by the
Auditor) without independent verification. The Auditor does not assume
responsibility for the accuracy or completeness of the Information or any other
information regarding the University or the assignment. Any advice rendered by the
Auditor pursuant to this document may not be disclosed publicly without, and any
reference to the Auditor in any public communication by University and/or any of
his associated Auditors and advisors, shall be subject to, the Auditor's prior written
consent.
We look forward to a long association with you. Please sign and return the attached
copy to indicate that the above identified scope of work and other terms and conditions
are in accordance with your understanding of this arrangement.

Yours faithfully

Authorized signatory:

Name: Nauman Rafique

Position: Engagement Partner

Date: October 03, 2022

Company Seal:

We hereby agree to the terms and conditions as stated above, for assistance to be
provided by Suriya Nauman Rehan & Co. to University.

For and on behalf of:

Client

Authorized signatory:____________________________

Name: ____________________________

Position: ____________________________

Date: ____________________________
Company Seal: