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• 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 the financial year ended June 30, 2020 and shall retire on
the conclusion of the 69
th
Annual 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 69
th
AGM scheduled for October 19, 2020.
• 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, 2021.
Shamim Ahmad Khan
Chairman Audit Committee
Rawalpindi
August 24, 2020
105
PAKISTANOILFIELDS LIMITED