the ongoing success of the Company.

The Board also ensured:

• Producing quality products;

• Act with Good Governance;

• Sustainable and equitable growth;

• Promotion of diversity and ethical behavior;

• Development of dynamic team of professionals to achieve excellence and innovation.

During the year under review the board reviewed and/or approved among other things:

• Business strategies, risks and plans;

• Internal controls;

• Budget including capital expenditure;

• Quarterly and annual accounts;

• Internal audit report;

• Audit committee reports and finding;

• Recommendation for appointment of external auditors; and

• Bank borrowings.

Board audit committee:

During FY22, BAC met four times. CFO and internal auditors were regular participants of the meeting.
BAC also meets external and internal auditors independently once a year.

They only perform the tasks that are mentioned In the act and are not asked to do something
else
The terms of BAC are precisely defined by the Board. The Committee monitors including other things :

 Internal controls

• Risk management

• Integrity of financial information

• Internal audit report external report

• Audit observations

• Compliance with applicable laws

• Management’s decisions conformity with the Company objectives

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in
Pakistan. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Unconsolidated Financial Statements section of our report. We are
independent of the Company in accordance with the International Ethics Standards Board for
Accountants’ Code of Ethics for Professional Accountants as adopted by the Institute of Chartered
Accountants of Pakistan (the Code) and we have fulfilled our other ethical responsibilities in accordance
with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Key Audit matters: