Statement of Compliance with Code of Corporate Governance ...
Board of Directors
The Board comprises of seven Directors who have the collective responsibility for ensuring that the affairs of Siddiqsons Tin Plate are managed competently and with integrity. The non-executive Directors are independent of management and free from any business or other relationships that could materially interfere in the exercise of their judgment.
The Board meets quarterly to consider Siddiqsons Tin Plate's financial performance, financial and operating budgets and forecasts, business growth and development plans, capital expenditure proposals and other key performance indicators.
All Board members are given appropriate documentation in advance of each Board meeting. This normally includes a detailed analysis on businesses and full papers on matters where the Board will be required to make a decision or give its approval.
Internal Audit Department
Siddiqsons Tin Plate has an Internal Audit function. The Board Audit Committee annually reviews the appropriateness of resources and authority of this function. The Head of Internal Audit reports directly to the Audit Committee on the results of its work.
The main objective of Internal Audit Department (IAD) to ensure that all activities are being performed according to the company policies and their treatments are properly classified, described and disclosed in the books of the company.
Financial Statements are prepared in conformity with prescribed accounting and auditing principles and standards. Simultaneously all activities are passed through the proper accountable system which is updates and modified time to time considering reported and analyzed factors.
Internal Audit Department (IAD) shall ensure that internal audit reports are provided for the review of external auditors. The auditors shall discuss any major findings in relation to the reports with the Audit Committee, which shall report matters of significance to the Board of Directors.
Beside the above responsibilities Internal Audit Department (IAD) would be followed by the Internal Audit Program which contains the standard functions of the Internal Audit Department (IAD) in respect of the purchase, sales, payments, receipts, activities etc.etc.
Board Audit Committee
The Board Audit Committee receives reports on the system of internal financial controls from the external and internal auditors and reviews the process for monitoring the effectiveness of internal controls. Audit Committee assists the Board in fulfilling its oversight responsibilities, primarily in reviewing and reporting financial and non-financial information to shareholders, systems of internal control and risk management and the audit process. It has the power to call for information from management and to consult directly with the external auditor.
The Board Audit Committee comprises of independent non-executive Directors. The Chief Executive Officer, Chief Financial Officer attend the meetings by invitation. The Committee also privately meets with the external auditor at least once a year. After each meeting the
Chairman of the committee reports to the Board.
Mr. Muhammad Mohsin - (Chairman)
Mr. Ibrahim Shamsi - (Member)
Mr. Abdullah Rafi - (Member)
The Secretary of the Committee is M. Javid Ansari, Company Secretary of the company.