Page 126 - Pakistan Oilfield Limited - Annual Report 2022

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PAKISTAN OILFIELDS LIMITED

Independent Auditor’s Review Report

To the Members of Pakistan Oilfields Limited

Review Report on the Statement of Compliance Contained in Listed Companies
(Code of Corporate Governance) Regulations, 2019

We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of
Corporate Governance) Regulations, 2019 (the Regulations) prepared by the Board of Directors of
Pakistan Oilfields Limited (the Company) for the year ended June 30, 2022 in accordance with the
requirements of regulation 36 of the Regulations.
The responsibility for compliance with the Regulations is that of the Board of Directors of the
Company. Our responsibility is to review whether the Statement of Compliance reflects the status
of the Company’s compliance with the provisions of the Regulations and report if it does not and to
highlight any non-compliance with the requirements of the Regulations. 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 Regulations.
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 Regulations require 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. 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.
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 requirements contained in the Regulations as applicable to the Company for the year ended June
30, 2022.
Further, we highlight content of paragraph 1 of the statement where the matter of representation of
female director on the Board of Directors of the Company has been explained.

Chartered Accountants
Islamabad
Date: August 16, 2022

UDIN: CR202210053t0EGHLeJM