Page 41 - Pakistan Oilfields Limited - Annual Report 2021
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f) ensuring coordination between the internal the external auditors or to any other external
and external auditors of the company; body;
g) review of the scope and extent of internal l) determination of compliance with relevant
audit, audit plan, reporting framework and statutory requirements;
procedures and ensuring that the internal m) monitoring compliance with the these
audit function has adequate resources and is regulations and identification of significant
appropriately placed within the company;
violations thereof;
h) consideration of major findings of internal n) review of arrangement for staff and
investigations of activities characterized by management to report to audit committee in
fraud, corruption and abuse of power and confidence, concerns, if any, about actual or
management’s response thereto;
potential improprieties in financial and other
i) ascertaining that the internal control matters and recommend instituting remedial
systems including financial and operational and mitigating measures;
controls, accounting systems for timely and o) recommend to the board of directors the
appropriate recording of purchases and appointment of external auditors, their
sales, receipts and payments, assets and removal, audit fees, the provision of any
liabilities and the reporting structure are service permissible to be rendered to
adequate and effective;
the company by the external auditors in
j) review of the company’s statement on addition to audit of its financial statements,
internal control systems prior to endorsement measures for redressal and rectification of
by the board of directors and internal audit non-compliances with the Regulations. The
reports; board shall give due consideration to the
recommendations of the audit committee
k) instituting special projects, value for money and where it acts otherwise it shall record the
studies or other investigations on any reasons thereof.
matter specified by the board of directors, in
consultation with the chief executive officer p) consideration of any other issue or matter as
and to consider remittance of any matter to may be assigned by the board of directors.
ANNUAL REPORT 2021 39
