PAKISTAN

Internal Audit
• The internal control framework has been effectively implemented through an independent in-house Internal Audit function
established by the Board. Schools in North and North West Regions have been outsourced to an audit firm Avais Hyder
Liaquat Nauman- AHLN (Chartered Accountants) which is supervised by the Internal Audit Department of the Foundation.
A performance score is being calculated for each school audited and is entered in the School Management System (SMS).
• The Internal Audit Department conducts an audit of all Regional and Area Offices and selected departments at the Head
Office in accordance with the Internal Audit Plan duly approved by the Audit Committee. Guidance is provided to school
management, Area and Regional Offices and Head Office departments throughout the year for implementation of internal
controls and improvements in their areas.
• The Foundation’s system of internal control is sound in design and is being continually evaluated for effectiveness
and adequacy.
• The Audit Committee has ensured the achievements of operational, compliance and financial reporting objectives and
safeguarding the assets of the Foundation through effective financial, operational and compliance controls and risk
management at all levels within the Foundation.
• The Head of Internal Audit has direct access to the Chairman of Audit Committee for guidance in performing the assigned
task professionally and diligently.
• Coordination between External and Internal Auditors was facilitated to ensure efficiency and contribution to the Foundation’s
objectives, including a reliable financial reporting system and compliance with laws and regulations.
External Audit
• The statutory auditors of the Foundation, M/s. KPMG Taseer Hadi & Co., Chartered Accountants, have completed their audit
assignments of the “Foundation’s Financial Statements”, for the financial year ended 30 June 2015 and shall retire on the
conclusion of the 19th Annual General Meeting.
• The Audit Committee has reviewed and discussed audit observations.
• The Audit Firm has been given a satisfactory rating under the Quality Control Review Programme of the ICAP and the firm is
fully compliant with the IFAC Guidelines on Code of Ethics, as adopted by the ICAP.
• Being eligible for re-appointment as Auditors of the Foundation, the Audit Committee recommends reappointment of M/s.
KPMG Taseer Hadi & Co., Chartered Accountants for the financial year ending 30 June 2016.
Going the Extra Mile
for Education
A walk through TCF schools’ corridors would have you
witness a set of dedicated teachers hard at work,
involved in every facet of the activities taking place at
the schools. Teachers are central to the success of our
institutions, as they help students undertake a lifelong
journey of learning and discovery.
In order to attract good quality teaching staff and ensure
the safety and convenience of our all-female faculty,
TCF arranges a van service to pick them up from their
doorsteps and drop them back home safely. Every day,
722 TCF vans pass through varying terrains across
Pakistan, covering a distance of more than 75,000 km.
To put that in perspective, this distance would be more
than three round trips between Karachi and New York
… every day!
20 Years of Believing in Pakistan 59