Audit Committee

Audit Committee

In compliance with the Code, the Board of Directors of your Modaraba Company has established an Audit Committee.

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Name

Designation

7/Oct/16

27/Oct/16

24/Feb/17

27/Apr/17

2016 – 2017

1 Dr. Salman Faridi Chairman P P A P

3/4

2 Mr. Imran Azim Member P P P P

4/4

3 Mr. Munir Karim Bana Member P P P P

4/4

Quorum of Meeting

3/3

3/3

2/3

3/3

P Present in the Meeting
A Leave of Absence

TERMS OF REFERENCE OF AUDIT COMMITTEE

The Committee reviews the periodic financial statements and examines the adequacy of financial policies and practices to ensure that an efficient and strong system of internal control is in place. The Committee also reviews the audit reports issued by the Internal Audit Department and compliance status of audit observations.

The Audit Committee is also responsible for recommending to the Board of Directors the appointment of external auditors and considers any question of resignation or removal of external auditors, audit fees and provision of any service to the Company by its external auditors in addition to the audit of its financial statements.
The Terms of Reference of the Audit Committee are consistent with those stated in the Code of Corporate Governance and broadly include the following:

Review of the interim and annual financial statements of the Modaraba prior to approval by the Board of Directors.

  1. Review of the interim and annual financial statements of the Modaraba prior to approval by the Board of Directors.
  2. Discussions with the external auditors of major observations arising from interim and final audits; review of management letter issued by the external auditors and management’s response thereto.
  3. Review of scope and extent of internal audit ensuring that the internal audit function has adequate resources and is appropriately placed within the Modaraba.
  4. Ascertain adequacy and effectiveness of the internal control system including financial and operational controls, accounting system and reporting structure.
  5. Determination of compliance with relevant statutory requirements and monitoring compliance with the best practices of corporate governance.
  6. Institute special projects, value for money studies or other investigations on any matters specified by the Board of Directors.
  7. Review of management letter issued by the External Auditors and Management response thereto: