Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan

Directors’ Report 17Audit committeeThe Audit Committee of the Board comprises of following four Non Executive Directors:Mr. Tajammal H. BokhareeMr. Javaid AnwarMs. Monika ValtwiesMr. Stephan SchneiderChairmanMemberMemberMemberThe Audit Committee met four times during the year. These meetings were held prior to theapproval of quarterly, half yearly and yearly results. The Committee also met the external auditors in theabsence of the Chief Financial Officer and Head of Internal Audit as required by the Code. Further, theCommittee also met with the head and other members of the Internal Audit department without theChief Financial Officer and the external auditors in compliance of the Code.The Committee has its terms of reference which were determined by the Board in accordance withthe guidelines provided in the Code of Corporate Governance. The Audit Committee reviewed, in additionto others, the quarterly, half yearly and yearly financial statements besides reviewing the internalcontrol system, the internal audit plan, material audit findings and recommendations of the internalauditors. Further, the Audit Committee also ensured proper coordination between Internal and externalauditors. The Board appreciates valuable contribution made by the Audit Committee.The Internal Audit FunctionAn internal audit department continuously evaluates the Internal Control System to enable the Companyto achieve its Corporate objectives. The Audit Committee realizing the importance of good governancepractices and need to mitigate the accessed Corporate Risk, has established an independent Auditdepartment under its direct supervision. The Audit department is equipped with adequate professionalqualified staff that is imparted training on emerging auditing technology by Siemens AG.Management CommitteesExecutive Management CommitteeExecutive Management Committee comprising the Chief Executive Officer, the Chief Financial Officerand the Executive Directors of the operating divisions remained active during the year. The committeemeets at least every quarter to review the result of operations, to formulate strategic plans of marketing,production, investments and to take corrective and preventive measures for mitigation of risks and forseizing business opportunities. The Committee places before the Board of Directors all such matterswhich are required to be approved by it under the law as well as other matters of significance.Corporate CommitteeThe Corporate Committee consists of heads of all corporate departments, headed by the Chief ExecutiveOfficer. The committee meetings are held each quarter. The committee considers the actionable itemsof the Executive Management Committee, discusses significant issues of each corporate area and suggestsimprovements wherever necessary.Team workTeam work is the fuel that allows common people to attain uncommon results. The managementbelieves in active interaction with different levels of management and different categories of employees,in order to involve them in the achievement of its overall goal and to get their valuable comments and