Page 102 - Annual Report & Financial Statements 2017

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Review Report to the Members on the Statement of
Compliance with the Code of Corporate Governance
We have reviewed the enclosed Statement of Compliance with the best practices contained in the Code of Corporate
Governance (the code) prepared by the Board of Directors of Pakistan Oilfields Limited, the company for the year
ended June 30, 2017 to comply with the requirements of the clause no. 5.19.24 of Pakistan Stock Exchange Limited
The responsibility for compliance with the Code is that of the Board of Directors of the Company. Our responsibility
is to review, to the extent where such compliance can be objectively verified, whether the Statement of Compliance
reflects the status of the Company’s compliance with the provisions of the Code and report if it does not and to highlight
any noncompliance with the requirements of the Code. A review is limited primarily to inquiries of the Company’s
personnel and review of various documents prepared by the Company to comply with the Code.
As a part of our audit of the financial statements we are required to obtain an understanding of the accounting and
internal control systems sufficient to plan the audit and develop an effective audit approach. We are not required
to consider whether the Board of Directors’ statement on internal control covers all risks and controls or to form an
opinion on the effectiveness of such internal controls, the Company’s corporate governance procedures and risks.
The Code requires the Company to place before, the Audit Committee, and upon recommendation of the Audit
Committee, place before the Board of Directors for their review and approval its related party transactions distinguishing
between transactions carried out on terms equivalent to those that prevail in arm’s length transactions and transactions
which are not executed at arm’s length price and recording proper justification for using such alternate pricing
mechanism. We are only required and have ensured compliance of this requirement to the extent of the approval
of the related party transactions by the Board of Directors upon recommendation of the audit Committee. We have
not carried out any procedures to determine whether the related party transactions were undertaken at arm’s length
price or not.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance
does not appropriately reflect the Company’s compliance, in all material respects, with the best practices contained
in the Code as applicable to the Company for the year ended June 30, 2017.
Chartered Accountants
September 11, 2017
Engagement Partner: M. Imtiaz Aslam