Internal Audit

Strong internal controls are an integral part of Pakistan Petroleum Limited (PPL)’s corporate governance structure which enables the company to work efficiently towards the best interest of its stakeholders. To this end, PPL’s Board of Directors has set up an independent Internal Audit (IA) function headed by a General Manager, which reports to the Chairman of the Board Audit Committee and obtains operational support from the company’s Chief Executive Officer.

The scope of IA’s activities is defined by the Board Audit Committee in the Internal Audit Charter, which is compliant with Corporate Governance Rules and leading best practices. To this end, IA’s work focuses on reviewing the quality of financial reporting, assessing regulatory compliance with laws and regulations as well as Internal Control framework, identification of opportunities for enhancing operational efficiency and safeguarding company’s assets.

To facilitate independence and objectivity of IA function, IA staff has unrestricted access to all company records and information. Furthermore, IA has access to all technical and professional resources which it requires to independently perform audit assignments. Recommendations for improvements made by the IA function are communicated to the Management at all levels for implementation on priority.

Over years, the IA has proven to be a great source of value addition to the company.