Page 125 - Pakistan Oilfield Limited - Annual Report 2022

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• The internal control framework has been
effectively complemented by an independent
in-house Internal Audit function established
by the Board which is independent of the
External Audit function.
• The Company’s system of internal control
is sound in design and has been continually
evaluated for effectiveness and adequacy.
• 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
Shamim Ahmad Khan
Chairman Audit Committee
Rawalpindi
August 15, 2022
Annual Report 2022
the financial year ended June 30, 2022 and
shall retire on the conclusion of the 71 Annual
st
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
71 AGM scheduled for September 20, 2022.
st
• 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, 2023.