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BOARD OF DIRECTORS COMMITTEES

  •  AUDIT COMMITTEE

 The Board has set up an independent audit function headed by a qualified and full time employee of the company reporting to the chairman. The Scope of Internal auditing within the Company is clearly defined in compliance of Clause (XXIV) of Code of Corporate Governance 2012.

 A strong control environment and established internal control framework exists in the company comprising clear structures, segregation of duties, authorization limits for the Company officials for operating bank accounts and approving expenditures, well-define polices and procedure and budgeting and review processes to reduce the risk of undetected error / fraud and limit opportunities for misappropriation of assets or concealment of intentional misstatements.


[/av_textblock] [av_table purpose=’tabular’ caption=” responsive_styling=’avia_responsive_table’] [av_row row_style=”][av_cell col_style=’avia-desc-col’]1[/av_cell][av_cell col_style=”]Mr. Abdul Razzak Tarmuhammad[/av_cell][av_cell col_style=”](Independent / Non-Executive Director )[/av_cell][av_cell col_style=”]Chairman[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=’avia-desc-col’]2[/av_cell][av_cell col_style=”]Shaikh Mohammad Pervez[/av_cell][av_cell col_style=”](Non-Executive Director )[/av_cell][av_cell col_style=”]Member[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=’avia-desc-col’]3[/av_cell][av_cell col_style=”]Mr. Farhad Shaikh Mohammad[/av_cell][av_cell col_style=”](Non-Executive Director )[/av_cell][av_cell col_style=”]Member[/av_cell][/av_row] [av_row row_style=”][av_cell col_style=’avia-desc-col’]4[/av_cell][av_cell col_style=”]Mr. Islam Ahmed[/av_cell][av_cell col_style=”][/av_cell][av_cell col_style=”]SecretaryMember[/av_cell][/av_row] [/av_table] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′] [av_textblock size=” font_color=” color=”] The terms of reference of the audit committee shall also include the following:

  1. 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 company in addition to audit of its financial statements.
  2. Determination of appropriate measures to safeguard the  company’s assets;

III. Review of quarterly, half-yearly and annual financial statements of the  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;
    • changes in accounting policies and practices;
    • Compliance with listing regulations and other statutory and regulatory requirements; and
      • Compliance with applicable accounting standards;
  • Significant related party transactions.
  1. Review of preliminary announcements of results prior to publication;
  2. 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);
  3. Review of management letter issued by external auditors and management’s response thereto;
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