Auditor detects mismatches in Central Pharma report

The auditor has found mismatches in the audit report of Central Pharmaceuticals for the year ended on June 30, 2017.
The auditor has given 'qualified opinion' addressing the mismatches in case of provision of bad debt and interest and adjustment of advance tax and liabilities, according to Dhaka Stock Exchange (DSE).
"Provision for interest on short term loan was not made in the accounts," the auditor said in the opinion given to Central Pharmaceuticals.
The auditor said the company's gross assets and gross liabilities are 'overstated' as advance tax above Tk.227.97 million and liabilities for tax above Tk.243.03 million remained unadjusted in the accounts.
The company's long-term loan has not been properly segregated into current portion and long-term portion and subsequently the current liabilities and non-current liabilities were not properly reflected in the financial statement.
"The provision for bad debt was not made in the accounts," said the opinion of the auditor.
The company's all the transactions both revenue and expenditure were made through cash as the bank account was frozen by the tax authority.

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