July 1, 2019 (MLN): Summit Bank Limited, in a notification to PSX, has stated that the replacement external auditors of the Bank, i.e. Baker Tilly Mehmood Idrees Qamar, are currently re-performing the unfinished half-yearly review assignment of the financial statements for the six months’ period ended June 30, 2018 as the same was not completed by the ex-auditors.
The auditors are simultaneously performing the annual audit assignment for the year ended December 31, 2018. Once these extensive audit assignments are completed, all the relevant financial statements will be submitted to the board of directors for their consideration, approval and onward submission to the regulatory bodies.
“Due to the timeframe that is required to complete the audit assignments, together with the fact that replacement auditors initiated their assignments by the end of February-2019, it was practically not possible for the Bank to comply with the applicable timelines for completing the applicable requirements of the laws and regulations for aforementioned matters” the notice said.
“In light of the above explanation and facts, the delay in holding of board meeting for finalization and publication of above referred financial statements was beyond the control of management” it added.
The bank has hereby requested to condone this delay and further assured that best efforts are being made both the management and the auditors for earliest completion of the audit assignments which will enable finalization and publication of the financial statements for the period ended June 31, 2018, September 30, 2018, December 31, 2018 and March 31, 2019.
To recall, the former external auditors of the Bank, Deloitte Yousuf Adil, Chartered Accountants had neither completed their half-yearly review assignment nor initiated their annual audit assignment for the year 2018. Moreover, the auditors had submitted resignation on February 12, 2019.
Since half-yearly review of the financial statements for June 30, 2018 was not completed, the Bank was unable to finalize and publish those financial statements. Consequently, the Bank could not finalize and publish the financial statements for the period ended September 30, 2018, December 31, 2018 and March 31, 2019.
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