Page 139 - InterloopAnnualReport2020

• The Head of Internal Audit has direct access to the Chairman of the Audit Committee and its members. The Internal Audit
Function has carried out its duties under the charter defined by the Committee.

• The Head of Internal Audit reports functionally to the Audit Committee and administratively to the Chief Executive Officer.
• The Internal Audit Function carries out its audits in accordance with the Audit Plan which is annually by the Audit Committee.

• The Audit Committee reviewed the Internal Audit Reports prepared by outsourced internal auditors and presented by
Head of Internal Audit which encompasses audit findings, process improvement avenues, control weaknesses, and
recommendations. The Committee has evaluated the performance of the Internal Audit Function and found the results to
be satisfactory.
EXTERNAL AUDIT
• The Audit Committee recognizes the importance of maintaining the independence of the Company’s External Auditors,
both in fact and appearance. Each year, the Committee evaluates the qualification, performance and independence of the
Company’s External Auditors.
• The External Auditors, M/S Hyder Bhimji & Co., Chartered Accountants were allowed direct access to the Audit Committee
and necessary coordination with the Internal Auditors was also ensured. Further, External Auditors have also met the Audit
Committee once in the year without the presence of management.
• The Audit Committee has reviewed and discussed draft audit observations with the External Auditors. The final Management
Letter including such audit observations is required to be submitted within 45 days of the date of the Auditors’ Report on
the financial statements as required by the regulation 32(7) of the Listed Companies (Code of Corporate Governance)
Regulations, 2019 and shall, therefore, accordingly be discussed in the next Audit Committee Meeting.

• The External Auditors of the Company, M/S Hyder Bhimji & Co., Chartered Accountants have completed their audit of
financial statements of the Company and the Statement of Compliance with the Listed Companies (Code of Corporate
Governance) Regulations, 2019 for the financial year ended June 30, 2020 and shall retire on the conclusion of the 28th
Annual General meeting.
• Being eligible for reappointment under the listing regulations, the Existing Auditors M/S Hyder Bhimji & Co., Chartered
Accountants have indicated their consent to be appointed as Statutory Auditors for the next financial year ending June 30,
2021.
• The Audit Committee has recommended to the Board, the re-appointment of M/S. Hyder Bhimji & Co., Chartered
Accountants, as External Auditors of the Company for the next financial year ending June 30, 2021, at a fee to be mutually
agreed.

Tariq Iqbal Khan
Chairman Audit Committee

Faisalabad: September 16, 2020

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