Page 132 - Inegrated Annual Report 2020-Eng

6.1. System of Internal Control at NMDC

The Board of Directors acknowledges its responsibility for the Company internal control system, review
of its work mechanism and ensuring effectiveness. Further, the Internal Control department issued
16 reports to the Board of Directors in 2020. In relation to major problems occurred during 2020, the
Company did not encountered any major problems during 2020.

The Company’s internal control system is established to ensure that the Board and Management are
able to achieve their business objectives in a prudent manner, safeguarding interests of the Company’s
shareholders and other stakeholders, whilst at the same time minimizing key risks such as fraud,
unauthorized business activity, misleading financial statements, un-informed risk-taking, or breach of
legal or contractual obligations, and also ensuring highest quality achieved in a safe and sustainable
environment.
As per the approved Corporate Governance Manual, the Board is responsible for ensuring that the
Company applies a precise internal control system that covers the following key functions being
managed by respective heads as detailed hereunder:

Department Head of Date of Qualification Experience
Department & Appointment
Designation

Mr. Kashif Nawaz - Chartered
Shaikh Certified Over 15 years of professional
(Head of Accountant experience in the fields of
Internal Control - Certified Internal
Internal Control (Internal Audit and Ethics & 1-Feb-19 Auditor Internal Audit, Statutory Audit,
& Ethics and Compliance) Risk Management, Corporate
Compliance - Cost and Governance and Business
Officer) Management Process reviews.
Accountant

-BS. Civil
Engineering
-Construction
Management

-MBA
Quality, Health Safety and Mr. Mohamed Diploma Over 26 years of experience in
Yassein
Environment (Including Risk Mohamed (QHSE 25-Aug-16 -ISO 9001:2015 Quality, HSE and Constructions.
Management) Manager) Certified Lead
Auditor
- Nebosh
International
Certificate

Management is responsible for ensuring that adequate internal controls (both financial and operational)
are in place and applied to safeguard and manage the assets of the Company, in an effective and
efficient manner.

132 2020 Integrated Annual Report