Page 82 - InterloopAnnualReport2020

Sr. No. Non-Mandatory Requirement Reg. No. Explanation

Financial statement endorsed by Chief Financial
Officer and Chief Executive Officer: Since, CEO was out of country on business
CEO and CFO shall duly endorse the quarterly, half- tour, therefore, the half-yearly financial
1 yearly and annual financial statements under their 25 statements were endorsed by (Mr. Tariq Iqbal
respective signatures prior to placing and circulating Khan) who is a member of the Board and duly
the same for consideration and approval of the authorized by the Board to do so.
Board.

Risk Management Committee:
Currently, the Board has not constituted
The Board may constitute the Risk Management a Risk Management Committee and this
Committee, of such number and class of directors, responsibility has been entrusted with
2 as it may deem appropriate in its circumstances, 30(1) the Audit Committee of the Board until
to carry out a review of effectiveness of risk reconstitution of the Board Committees
management procedures and present a report to the during next quarter.
Board.

Composition of Internal Audit function:
The Internal Audit function, wholly or partially, may
be outsourced by the Company to a professional Performed by a full time Internal Audit Staff
services firm or be performed by the Internal and headed by a qualified and experienced
Audit Staff of the Holding Company and in lieu professional who meets the criteria laid down
of outsourcing, the Company shall appoint or under regulation 23 of the Regulations.
designate a fulltime employee other than Chief
3 Financial Officer, as Head of Internal Audit, holding 31(6) Previously, the Board had outsourced the
equivalent qualification prescribed under these Internal Audit Function jointly to KPMG Taseer
Regulations, to act as coordinator between firm Hadi & Co. Chartered Accountants & Messers
providing internal audit services and the Board: Faran Associates who were also considered
suitably experienced and qualified for the
Provided that while outsourcing the function, the purpose and are conversant with the policies
Company shall not appoint its existing External and procedures of the Company.
Auditors or any of its associated company or
associated undertaking, as Internal Auditors.

Navid Fazil Jahan Zeb Khan Banth
Chief Executive Officer / Director Director

Faisalabad
September 16, 2020

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