Page 124 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED
Report of the Audit Committee

For the year ended June 30, 2022

The Committee • The Company has issued a “Statement of Compliance with the

comprises of Code of Corporate Governance” which has also been reviewed
and certified by the A. F. Ferguson & Co (external auditors) of
members possessing the Company.
appropriate • Appropriate accounting policies have been consistently applied.
All core & other applicable International financial reporting
financial acumen standards were followed in preparation of financial statements
and relevant Oil & of the Company and consolidated financial statements on a
going concern basis, for the financial year ended June 30, 2022,
Gas experience. The which present fairly the state of affairs, results of operations,

Audit Committee profits, cash flows and changes in equities of the Company and
its subsidiaries for the year under review.
has concluded its • Accounting estimates are based on reasonable and prudent

annual review of judgment. Proper and adequate accounting records have been
maintained by the Company in accordance with the Companies
the conduct and Act, 2017. The external reporting is consistent with management

operations of the processes and adequate for shareholder needs.

Company during • The Audit Committee has reviewed all related party transactions
and has recommended to the board for approval.
2021-22, and reports • The Chief Executive and the Chief Financial Officer have

that: endorsed the financial statements of the Company, Consolidated
financial statements and related party transactions. They
acknowledge their responsibility for true and fair presentation
of the Company’s financial condition and results, compliance
with regulations and applicable accounting standards and
establishment and maintenance of internal controls and
systems of the Company.

• All directors have access to the Company Secretary. All direct or
indirect trading and holdings of Company’s shares by Directors
& executives or their spouses were notified in writing to the
Company Secretary along with the price, number of shares,
form of share certificates and nature of transaction which were
notified by the Company Secretary to the Board within the
stipulated time. All such holdings have been disclosed in the
Pattern of Shareholdings. The Annual Secretarial Compliance
Certificates are being filed regularly within stipulated time.
• Closed periods were duly determined and announced by the
Company, precluding Directors, Chief Executive and executives
of the Company from dealing in Company’s shares, prior to
each Board meeting involving announcement of interim / final
results, distribution to shareholders or any other business
decision, which could materially affect the share market price
of Company, along with maintenance of confidentiality of all
business information.