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14. The frequency of meetings (quarterly/half
yearly/ yearly) of the committee were as per
following:
Committee
Frequency
Audit Committee
Quarterly
HR and Remuneration
Committee
Yearly
15. The Board has set up an effective internal
audit function.
16. The statutory auditors of the company
have confirmed that they have been given a
satisfactory rating under the Quality Control
Review program of the Institute of Chartered
Accountants of Pakistan and registered with
Audit Oversight Board of Pakistan, that they
and all their partners are in compliance with
International Federation of Accountants
(IFAC) guidelines on code of ethics as
adopted by the Institute of Chartered
Accountants of Pakistan and that they and
the partners of the firm involved in the audit
are not a close relative (spouse, parent,
dependent and non-dependent children) of
the chief executive officer, chief financial
officer, head of internal audit, company
secretary or director of the Company;
17. The statutory auditors or the persons
associated with them have not been
appointed to provide other services
except in accordance with the Act, these
Regulations or any other regulatory
requirement and the auditors have
confirmed that they have observed IFAC
guidelines in this regard.
18. We confirm that all requirements of
regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the
Regulations have been complied with. Also
refer paragraph 1 of the Statement.
19. Explanation for non-compliance with
requirements, other than regulations 3, 6, 7,
8, 27, 32, 33 and 36 of the Regulations have
been given in paragraph 10 & 12.
SHUAIB A. MALIK
ABDUS SATTAR
Chairman & Chief Executive
Director
Rawalpindi
August 26, 2020
109
PAKISTANOILFIELDS LIMITED