A. D. Akhawala & Co.

Date: August 15, 2011

Time: 3:30PM.

Location of meeting: PCTPL– Karachi Office

Audit Client: PCTPL

Year Ended: June 30, 2011

The meeting was attended by:

Name Responsibility

Mr. A. D. Akhawala Engagement Partner

Mr. Muhammad Faisal Supervisor

Mr. Abdul Moiz Job Incharge

Mr. Uzair Alam Senior

Mr. Muhammad Ammar Semi Senior

Following matters were discussed in the meeting:

Sr. # Minutes of Meeting

1 The field work for the audit of current year is to be commenced from August 22, 2011.

2Classification of Engagement Risk

The engagement risk will be taken as ‘Normal’.

3Critical Component for Materiality

It was decided that the “Revenue” will be used as critical component for the calculation of planning materiality.

4 Risks discussed as per agenda

Valuation of inventory Unrecorded liabilities Debtors recoverability Revenue Recognition

5 Following account balances were considered as significant for current year audit

Stock in trade Trade debtors Revenue Taxation

6Further matters are also emphasized by the engagement partners which are as follows:

Companie’s document for registeration and incorporation should be obtained and should be filed in permanent file.

A. D. Akhawala & Co.

Sr. # Minutes of Meeting

8 Engagement Partner has emphasized on risk based approach as well as documentation of such risks.

9 The engagement partner strongly emphasizes the proper documentation of all audit procedures performed during the audit and provide short briefing on audit methodology.

10 Target time for the completion of audit was decided as follows:

3 weeks for field work (subject to availability of information) 1 week for finalization

11 Supervisor discussed the risk associated with the client.

Prepared By : Abdul MoizReviewed By : Faisal

Approved By : A. D. Akhawala