Audit Committee

Role of the Audit Committee

The primary function of the Audit Committee is to assist the Board of Directors in fullfilling the following objectives:

  1. Oversee financial reporting
  2. Evaluate the internal and external audit processes; and
  3. Assess the company's processes relating to its risk and control environment

Members

The Directors has established a Board Audit Committee comprising of three members, including the Chairman (one of the members is a Chartered Accountant) all of whom are non-executive directors of the Company.

Members of Board Audit Committee are as follows:

Member's Name Position
Mr. Fuad A. Hashimi Chairman*
Mr. Kamal A. Chinoy Member*
Mr. Ehsan Malik Member**
Ms. Asema Tapal Secretary

* Non Executive Director ** Independent Director

Committee's Procedures

Meetings are conducted at least once every quarter of the year prior to approval of interim results of the Company by the Board and before and after completion of external audit.

The Company Secretary is the Secretary of the Board Audit Committee. The minutes of the meetings of the Audit Committee are provided to all members, directors and the Chief Financial Officer.

In order to form a quorum for the meeting, at least two members shall be present. In the absence of the Chairman, the members present shall elect a Chairman for the meeting from amongst the members present.

Chief Executive Officer, Chief Operating Officer attend the meetings on invitation, while Chief Financial Officer, a representative of Internal Auditors and a representative of the External Auditors attend meetings of the Audit Committee at which issues relating to accounts and audit are discussed.

As a good practice towards globally accepted principles of corporate governance ,the Audit Committee, meets the External Auditors at least once in a year and the Internal Auditors , atleast once a year without the management team including the Chief Executive Officer, The Chief Operating Officer, the Chief Financial Officer etc.