Mr. Khalid Niaz Khawaja - Member/Chairman
Mr. Khalid Qadeer Qureshi - Member
Mr. Mohammad Arif Hameed – Member


The Audit Committee shall, inter alia, recommend to the Board of Directors the appointment of external auditors, their removal, audit fees, the provision by the external auditors of any service to the listed company in addition to audit of its financial statements. The Board of Directors shall give due consideration to the recommendations of the Audit Committee in all these matters and where it acts otherwise, it shall record the reasons thereof.

The terms of reference of the Audit Committee shall also include the following:

  • determination of appropriate measures to safeguard the listed company’s assets;
  • review of quarterly, half-yearly and annual financial statements of the listed company, prior to their approval by the Board of Directors, focusing on:
    • major judgmental areas;
    • significant adjustments resulting from the audit;
    • the going concern assumption;
    • any changes in accounting policies and practices;
    • compliance with applicable accounting standards;
    • compliance with listing regulations and other statutory and regulatory requirements; and
    • significant related party transactions.
  • review of preliminary announcements of results prior to publication;
  • facilitating the external audit and discussion with external auditors of major observations arising from interim and final audits and any matter that the auditors may wish to highlight (in the absence of management, where necessary);
  • review of management letter issued by external auditors and management’s response thereto;
  • ensuring coordination between the internal and external auditors of the listed company;
  • review of the scope and extent of internal audit and ensuring that the internal audit function has adequate resources and is appropriately placed within the listed company;
  • consideration of major findings of internal investigations of activities characterized by fraud, corruption and abuse of power and management's response thereto;
  • 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;
  • review of the listed company’s statement on internal control systems prior to endorsement by the Board of Directors and internal audit reports;
  • instituting special projects, value for money studies or other investigations on any matter specified by the Board of Directors, in consultation with the CEO and to consider remittance of any matter to the external auditors or to any other external body;
  • determination of compliance with relevant statutory requirements;
  • monitoring compliance with the best practices of corporate governance and identification of significant violations thereof; and
  • consideration of any other issue or matter as may be assigned by the Board of Directors.