Page 81 - InterloopAnnualReport2020

13. The terms of reference of the aforesaid committees have been formed, documented and advised to the committee for
compliance;

14. The frequency of meetings (quarterly/half yearly/yearly) of the committees was as follows:

a) Audit Committee - Quarterly

b) HR and Remuneration Committee – On requirement basis

c) Nomination Committee - On requirement basis

15. The Board has set up an effective Internal Audit function which comprises of professionals suitably qualified and
experienced for the purpose and are conversant with the policies and procedures of the Company;

16. The statutory auditors of the Company have confirmed that they have been given a satisfactory rating under the Quality
Control Review program of the Institute of Chartered Accountants of Pakistan and registered with Audit Oversight
Board of Pakistan, that they and all their partners are in compliance with International Federation of Accountants (IFAC)
guidelines on code of ethics as adopted by the Institute of Chartered Accountants of Pakistan and that they and the
partners of the firm involved in the audit are not a close relative (spouse, parent, dependent and non-dependent
children) of the Chief Executive Officer, Chief Financial Officer, Head of Internal Audit, Company Secretary or Director of
the Company;

17. The statutory auditors or the persons associated with them have not been appointed to provide other services except
in accordance with the Act, these Regulations or any other regulatory requirement and the auditors have confirmed that
they have observed IFAC guidelines in this regard;

18. We confirm that all requirements of regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been complied with;

19. Explanation for non-compliance with requirements, other than regulations 3, 6, 7, 8, 27, 32, 33 and 36 are below (if
applicable):

79