The Board is responsible for effective implementation of a sound internal control system including compliance with control procedures. The Audit Committee is assisted by the Internal Auditors in reviewing the adequacy of operational controls and in monitoring and managing risks so as to provide reasonable assurance that such system continues to operate satisfactorily and effectively in the Company and to add value and improve the Company’s operations by providing independent and objective assurance.
The function of internal audit has been out-sourced to M/s Ford Rhodes Sidat Hyder & Co. The Internal Auditors are independent from the activities or operations of other departments of the Company. Its principal responsibility is to conduct periodic reviews on the Company’s operations and to ensure adequacy in operational controls, consistency in application of policies and procedures, compliance with laws and regulations.
The internal audit function reviews the internal controls of various activities of the Company based on annual internal audit plan, which is presented to the Board Audit Committee for approval. The internal audit function adopts a risk-based approach and prepares its audit strategy and plan based on the risk profiles of the operating departments of the Company.
The resulting reports from the audits undertaken are submitted to the members of the Board Audit Committee, Chief Executive Officer and the process owners. The Management is responsible for ensuring that appropriate corrective actions on the reported weaknesses are taken within the required time frame. Internal audit reports are provided to the external auditors for their review.
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The external auditors of the Company, KPMG Taseer Hadi and Company , have been given a satisfactory rating under the Quality Control Review Programme of the Institute of Chartered Accountants of Pakistan (ICAP) and the firm is fully compliant with the International Federation of Accountants (IFAC) Guidelines on Code of Ethics, as adopted by the ICAP.
The Auditors have been appointed for the financial year 2007-08 and shall retire on the conclusion of the 60th Annual General Meeting.
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