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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, 2020 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, 2020.
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 26, 2020
106
PAKISTANOILFIELDS LIMITED