June 7, 2002	Friday	Rabi-ul-Awwal 25,1423

KARACHI, June 6: Ford, Rhodes, Robson, Morrow (FRRM)—chartered accountants—said in a statement on Thursday that the firm disagreed with the order passed by the Executive Director, Securities & Exchange Commission of Pakistan (SECP) regarding its audit report of Pakistan Industrial & Commercial Leasing Limited.

The firm while clarifying a news item appearing on Wednesday, stated that it disagreed with the order passed by the Executive Director, SECP that based on the vigorous application of professional procedures, FRRM ought to have arrived at the conclusion that certain leases were fictitious and therefore qualified the audit report of Pakistan Industrial & Commercial Leasing Limited.

“In FRRM’s opinion and professional judgment however seemingly appropriate evidence at the time appeared to imply the contrary in the form of relevant appended lease agreements, invoices, valuation reports and receipts of lease instalments were available on the company’s record”, the firm said, and added that FRRM thus believed that the matter did not appear to merit a qualification in the auditors report.

FRRM stated that it was in the process of filing an appeal within the required time period at the appropriate forum against the order.