The auditor of Federal Insurance Company Ltd. has given the following "Qualified Opinion" in the audit report of the Company prepared for the year ended on December 31, 2019. Qualified Opinion: 1. The company did not make loss allowance for expected credit losses as per IFRS-9 against Outstanding premium, Advance against others and deposit & prepayments. Quantitative information has been disclosed by the management in notes 18, 20.02, and 20.03 of the financial statements respectively; (cont. 1)