Question:

Describe the board composition and audit reports given in each individual report.

Board Composition:
The Board of OGDCL is comprised of:

 1 Chairman Board
 1 MD/CEO and Director
 9 Directors

Board of Directors
I. Mr. Zafar Masud (Chairman Board)
II. Mr. Ali Raza Bhutta (Director)
III. Mr. Mathar Niaz Rana (Director)
IV. Mr. Mumtaz Ali Shah (Director)
V. Mr. Muhammad Haroon-ur-Rafique (Director)
VI. Mr. Akbar Ayub Khan (Director)
VII. Mr. Muhammad Riaz Khan (Director)
VIII. Mrs. Shamama Tul Amber Arbab (Director)
IX. Mr. Jahanzaib Durrani (Director)
X. Mr. Hamed Yaqoob Sheikh (Director)
XI. Syed Khalid Siraj Subhani (MD/CEO & Director)
Auditors report:
By the auditors, some key audit matters were discussed which are encapsulated below:

 We considered the matter as key audit matter due to significance of the amounts and
significant judgments made by management regarding the recoverability of the
amounts.
 Overdue principal and interest on investment in Term Finance Certificates (TFCs)
issued by Power Holding Limited (PHL)
 Impairment assessment of development and production assets and related property,
plant and equipment

Some of the methods used by the auditors to address these matters are as follows:

 Discussed with the Company, events during the year and steps taken by management
for settlement of these trade debts and lease receivables and inspected minutes of
meetings of the Board of Directors and Audit Committee of the Board.
 Assessed the appropriateness of relevant disclosures made in the financial statements
 Assessed the appropriateness of the Company’s identification of CGUs
 Inspected document of Sovereign Guarantee issued by GoP in respect of TFCs.

Following are some of the responsibilities of the auditors;

 Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.
 To communicate with the board of directors regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
 To also provide the board of directors with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards