Page 107 - Pakistan Oilfields Limited - Annual Report 2021

• The Internal Audit function has carried out its duties as defined by the Committee.
The Committee has reviewed material Internal Audit findings, taking appropriate
action or bringing the matters to the Board’s attention, where required.

• The Head of Internal Audit has direct access to the Chairman of the Audit Committee
and the Committee has ensured staffing of personnel with sufficient internal audit
acumen and that the function has all necessary access to management and the right
to seek information and explanations.

• Coordination between the external and Internal Auditors was facilitated to ensure
efficiency and contribution to the Company’s objectives, including a reliable financial
reporting system and compliance with laws and regulations.

• The external auditors of the Company have completed the audit of the Company’s
financial statements, the consolidated financial statements” and the statement of
compliance with the Code of Corporate Governance for the financial year ended June
30, 2021 and shall retire on the conclusion of the 70th Annual General Meeting (AGM).

• The Audit Committee has reviewed and discussed Internal Control Memorandum
(ICM) with external auditors.

• The external auditors have been allowed direct access to the Committee and the
effectiveness, independence and objectivity of the auditors has thereby been
ensured. The auditors attended the AGM of the Company during the year and have
confirmed attendance for the 70th AGM scheduled for September 22, 2021.

• The external auditors have indicated their willingness to continue as external auditors
of the Company and have confirmed their compliance with the code of ethics issued
by International Federation of Accountants and adopted by Institute of Chartered
Accounts of Pakistan (ICAP). Further they have also confirmed that they have
satisfactory rating under the Quality Control Program of ICAP and are registered with
Audit Oversight Board of Pakistan. The external auditors have no financial or other
relationship of any kind with the Company except that of external auditors.

• Being eligible for reappointment as external auditors of the Company, the Audit
Committee has recommended the appointment of A. F. Ferguson & Co., Chartered
Accountants as external auditors of the Company for the year ending June 30, 2022.

Shamim Ahmad Khan
Chairman Audit Committee

Rawalpindi
August 10, 2021

ANNUAL REPORT 2021 105