Page 51 - Pakistan Oilfield Limited - Annual Report 2022
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Annual Report 2022
e) review of management letter issued by consultation with the chief executive officer
external auditors and management’s and to consider remittance of any matter to
response thereto; the external auditors or to any other external
f) ensuring coordination between the internal body;
and external auditors of the company; l) determination of compliance with relevant
statutory requirements;
g) review of the scope and extent of internal
audit, audit plan, reporting framework and m) monitoring compliance with the these
procedures and ensuring that the internal regulations and identification of significant
audit function has adequate resources and is violations thereof;
appropriately placed within the company; n) review of arrangement for staff and
h) consideration of major findings of internal management to report to audit committee in
investigations of activities characterized by confidence, concerns, if any, about actual or
fraud, corruption and abuse of power and potential improprieties in financial and other
management’s response thereto; matters and recommend instituting remedial
and mitigating measures;
i) ascertaining that the internal control
systems including financial and operational o) recommend to the board of directors the
controls, accounting systems for timely and appointment of external auditors, their
appropriate recording of purchases and sales, removal, audit fees, the provision of any
receipts and payments, assets and liabilities service permissible to be rendered to
and the reporting structure are adequate and the company by the external auditors in
effective; addition to audit of its financial statements,
j) review of the company’s statement on measures for redressal and rectification of
internal control systems prior to endorsement non-compliances with the Regulations. The
by the board of directors and internal audit board shall give due consideration to the
reports; recommendations of the audit committee
and where it acts otherwise it shall record the
k) instituting special projects, value for money reasons thereof.
studies or other investigations on any matter
specified by the board of directors, in p) consideration of any other issue or matter as
may be assigned by the board of directors.
