Finance Committee
The Board Audit & Risk Committee (FC) comprises two Non-executive Trustees and one Independent Chairman. The CEO, the Chief Financial Officer, the External Auditors, the Internal Auditors, and the Internal Audit Coordinator attend the meeting on invitation. The Finance Committee also separately meets the internal and external auditors at least once a year without the presence of management. Meetings of the Audit Committee are held at least once every quarter prior to the approval of the financial results by the Board. The Secretary is the Secretary of the Finance Committee. The minutes of the meetings of the Finance Committee are provided to all members, Trustees, and the Chief Financial Officer. The internal auditors attend the Finance Committee meetings regularly and at least once a year, meet the Finance Committee without the presence of the management, to point out various risks, their intensity, and suggestions for mitigating risks and improvement areas. The business risks identified are then referred to the respective departments, and corrective actions are implemented.Following are the members of Finance committee:
| Committee Members | Status |
|---|---|
| Mr. Riyaz Towfiq Chinoy | Independent Chairman |
| Mr. Muhammad Sohail Ahmed | Member & Trustee |
| Mr. Abdul Khaliq GM Thakur | Member & Trustee |
| Mr. Sarwar Iqbal | Independent Member |
| Mr. Wajeeh Uddin | Secetary and CFO |
Terms of Reference of the Finance Committee Members
The Finance Committee is mainly responsible for reviewing the financial statements, ensuring proper internal controls to align operations in accordance with the mission, vision, and business plans, and monitoring compliance with all applicable laws and regulations and accounting and financial reporting standards. The salient features of the terms of reference of the Finance Committee are as follows:- Recommending to the Board the appointment of internal and external auditors.
- Consideration of questions regarding resignation or removal of external auditors, audit fees, and provision by the external auditors of any services to the Trust in addition to the audit of financial statements.
- Determination of appropriate measures to safeguard the Trust’s assets.
- Review of preliminary announcements of results before publication.
- Review of annual financial statements of the Trust, before their approval by the Board, focusing on major judgmental areas, significant adjustments resulting from the audit, any changes in accounting policies and practices, compliance with applicable accounting standards, and compliance with listing regulations and other statutory and regulatory requirements.
- Facilitating the external audit and discussion with external auditors on major observations arising from the audit and any matter that the auditors may wish to highlight (without the presence of the management, where necessary).
- Ensuring coordination between the internal and external auditors of the Trust.
- Review the scope and extent of the internal audit and ensure that the internal audit function has adequate resources.
- Consideration of the major findings of internal investigations and the management’s response thereto.
- Ascertaining that the internal control system, including financial and operational controls, accounting system, and reporting structure, is adequate and effective.
- Determination of compliance with relevant statutory requirements.
- Consideration of any other issue or matter as may be assigned by the Board.