Karachi, February 27, 2026 – Independent auditors Grant Thornton Anjum Rahma have declined to express a full audit opinion on TPL Trakker Limited’s financial results for the half-year ended December 31, 2025, citing disclosures that do not fully meet quality and professional standards.
According to the half-year financial results, Grant Thornton conducted a review under International Standard on Review Engagements (ISRE) 2410, which governs the review of interim financial information by independent auditors. The firm noted that a review involves analytical procedures and inquiries of company management, but is substantially less comprehensive than a full audit, meaning it does not provide full assurance that all significant financial matters would be identified. Consequently, the auditors did not express an audit opinion on the interim financial statements.
The review covered unconsolidated condensed interim financial statements, including the statement of financial position, profit or loss and other comprehensive income, changes in equity, cash flows, and related notes. Grant Thornton stated that management is responsible for preparing and presenting these financial statements in accordance with Pakistan’s applicable accounting and reporting standards for interim reporting.
Key Points from Auditors’ Report
• Conclusion: Based on the review, nothing came to the auditors’ attention that would indicate the financial statements are materially misstated or not prepared in accordance with applicable accounting standards.
• Emphasis of Matter: The auditors highlighted Note 8.1, which addresses the recognition of deferred tax assets based on management’s financial projections for the next five years. Any significant changes in assumptions underlying these projections could affect the realizability of deferred tax assets. The auditors clarified that their conclusion was not modified regarding this matter.
Grant Thornton’s statement underscores the limited scope of a review engagement compared to a full audit and serves as a caution to investors and stakeholders regarding the reliance on interim financial results for critical financial decision-making.
Disclaimer: This article is for informational purposes only. Readers should consult financial advisors or official company disclosures before making investment decisions related to TPL Trakker Limited.