Section 15: Audit of accounts — Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

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15. Audit of accounts.__ (1) The accounts of a modaraba shall be audited by an auditor who is a Chartered Accountant within the meaning of the Chartered Accountants Ordinance, 1961 (X of 1961), appointed by the modaraba company with the approval of the Registrar and such auditor shall have the same powers, duties and liabilities as an auditor of a company has under the Companies Act, 1913 (VII of 1913), and such other powers, duties and liabilities as are, or may be, provided in this Ordinance and the rules. (2) In addition to other matters, the auditor shall also state in his report whether in his opinion the business conducted, investments made and expenditures incurred by the modaraba are in accordance with the objects, terms and conditions of the modaraba.

Effective date: 1980-01-01

Related sections

Section 14: Preparation and circulation of annual accounts, reports, etc Section 16: Prohibition of false statement, etc. No modaraba company, director, officer, employee or Section 13: Conditions applicable to modaraba Section 17: Conditions applicable to modaraba company Section 12: Modaraba to be a legal person. __ (1) A Modaraba shall sue and be sued in its own name Section 18: Remuneration of modaraba company. The remuneration of a modaraba company in

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