Audit and Internal Reviews:
1. The year-end accounts of the University shall be audited by an audit firm as per requirements of law of the land.
Services of an external audit (Chartered Accountants) firm is hired for the purposes of the Annual Audit.
2. Syndicate selects such audit firm on the recommendation of Finance & Planning Committee and is finally approved by the Senate and Syndicate.
4. University shall not appoint its auditors to provide services in addition to audit except in accordance with the regulations and shall require the auditors to observe applicable IFAC and other statutory authorities’ guidelines in this regard and shall ensure that the auditors do not perform management functions or make management decisions responsibility for functions or make management decisions, responsibility for which remains with the Senate, Syndicate and management of the University.
5. University shall not appoint a person as an external auditor or a person involved in the audit who is a close relative, i.e., spouse, parents, dependents and non-dependent children, of the Principal Officers, an internal auditor or a Senate Member of the University.
Powers and duties of auditors:
1. Every auditor of a company shall have a right of access at all times to the books, papers, accounts and vouchers of the company, whether kept at the registered office of the company or elsewhere, and shall be entitled to require from the company and the directors and other officers of the company such information and explanation as he thinks necessary for the performance of the duties of the auditors.
2. In case of a company having a branch office outside Pakistan, it shall be sufficient if the auditor is allowed access to such copies of, and extracts from, the books and papers of the branch as have been transmitted to the principal office of the company in Pakistan.
3. The auditor shall make a report to the members of the company on the accounts and books of accounts of the company and on every balance-sheet and profit and loss account Dr income and expenditure account and on every other document forming part of the balance – sheet and profit and loss account or income and expenditure account, including notes, statements or schedules appended thereto, which are laid before the company in general meeting during his tenure of office, and the report shall state.
a) Whether or not they have obtained all the information and explanations which to the best of their knowledge and belief were necessary for the purposes of the audit.
b) Whether or not in their opinion proper books of accounts as required by this Ordinance have been kept by the company.
c) Whether or not in their opinion the balance – sheet and profit and loss account or the income and expenditure account have been drawn up in conformity with this Ordinance and are in agreement with the books of counts;
d) Whether or not in their opinion and to the best of their information and according to the explanations given to them, the said accounts give the information required by this Ordinance in the manner so required and give a true and fair view.:
(i) In the case of the balance – sheet, of the state of the company’s affairs as at the end of its financial year;
(ii) In the case of the profit and loss account or the income and expenditure account, of the profit or loss or surplus or deficit, as the case may be, for its financial year, and
(iii) In the case of the statement of changes in the financial position or sources and application of funds of a listed company, of the changes in the financial position or the sources and application of funds for its financial year;
e) Whether or not in their opinion:
f) the expenditure incurred during the year was for the purpose of the company’s business; and
g) the business conducted, investments made and expenditure incurred during the year were in accordance with the objects of the company;