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