 Good to see you back ladies and gentlemen and we will be moving on to the second part of the Sabain's Oxley Act 2002. Now ladies and gentlemen, basically this act like we were studying earlier revolves around the different rules and regulations which are applied on the different companies especially in the context of the Securities Exchange Commission of Pakistan and again the importance of audit and the role of the board is supreme in this particular act. Now moving forward what we see is that there is the audit committee and this audit committee is a new improved audit committee and when we look at that the members from among the directors of the board of the company but all are independent directors. So again the new improved audit committee has independent directors so that they can be no influence and they can be no conflict of interest. Now the audit committee is responsible for appointment, fixing fees and oversight of the work of the independent auditors. The committee is also responsible for establishing and doing the procedures for the receipt and treatment of account. So again ladies and gentlemen what we see is that there is a great responsibility calling upon the audit committee and again what it has to oversee and ensure transparency, accountability, integrity and the veracity of the accounts. So that is extremely important in the Surveillance Oxley Act and across the world this framework is being followed to ensure that they can be good governance and good corporate governance. A very important aspect of this particular act is also the conflict of interest. Now in the conflict of interest the public accounting firms should not perform any audit service for a publicly treated company if the CEO, CFO or the chief accounts officer, controller or any person serving in an equivalent post or position was employed by such a firm and participated in any capacity in the audit of that company during the one year period preceding the date of the initiation of the audit. So again to ensure transparency what we see is and to eliminate conflict of interest this very important clause is positioned in the Surveillance Oxley Act and the CEO, CFO, CEO or the controller of accounts cannot be from the same audit firm because if they are then again there is a conflict of interest and that has to be watched properly or otherwise again there would be chances of financial inappropriateness and also of accounting bunglings. Now another very important aspect is the audit partner rotation, mandatory rotation of the lead partner, the lead coordinating partner, the lead auditor and the partner reviewing audit once every five years. So this is again a check and balance that all of the team would change and a new team would come in at least once every five years so that they can review the performance of the previous team and it does not become a monocule type of position whereby they remain in this very influential position and then they can dwindle in the different performance of audit. Now another thing is prohibition of non-audit services under the SOX Act auditors are prohibited from providing non-audit services concurrently with audit financial review services such as bookkeeping, financial information system, design and implementation. So what we see is that the auditors cannot provide non-audit functions either because then again there is a conflict of interest and in that conflict of interest the auditor would be getting some sort of remuneration which could lead to a compromise in their audit because of a joint interest. So that is very important that nor can there be a conflict of interest of the audit services nor can there be any non-audit services which are given to the company by the auditors because that again would undermine the very essence of these audits and the audit committee. The appraisal or valuation services, fair opinions, actuarial services, internal audit outsourcing services, management functions or human resources, broker or dealer, investment advisor or investment banking services, legal services or expert services unrelated to the audit. So all of these things are not allowed even though in many cases some would seem to be deviant from the audit but that joint interest would be a conflict of interest and therefore the external auditor must be completely absorbed of any or any type of conflict of interest and must be able to perform their responsibility without compromising because of some joint interest which exists with the company. The CEOs and the CFOs required to affirm the financials, the CEOs and CFOs are required to certify the reports filed with the Securities and Exchange Commission, returning of bonus and any other incentive received by the CEO and CFO in case of material non-compliance and statements. The CEO is going to sign it, the CFO is going to sign it and it is their responsibility that everything written in the report is absolutely over the board, is transparent, is merit oriented and is accountable and there is obviously nothing which revolves around window dressing or the concealment of facts related to the accounts. So again what we see it that this applies to equity based compensation received during the first 12 months after initial public offering, false or improper certification can attract fines ranging from 1 million dollars to 5 million dollars or imprisonment up to 10 years or both. So, this is the level of stringency which exists within the Serbanes-Oxley Act that it could go up to 5 million dollars in fine and also 10 years of imprisonment or it could be either of the two or it could be combined both ways. What we see is that in the Serbanes-Oxley Act the role of the Audit Committee has increased has enhanced and there is more responsibility on their shoulders and secondly we also see that there can be no duality of role, there can be no duality of functionality and there can be no conflict of interest whereby non-audit services or non-off audit products are exchanged with the auditors between the company because that again would develop an interest of payment which would compromise the audit in the long term. So, all of this is written and then very stringent punishment according to the Serbanes-Oxley Act to ensure that people do not indulge in such practices and remain sincere and professionally astute towards the responsibility of ensuring proper audits and also ensuring that the financials are maintained according to rules, laws and the convictions of the state and that this particular company that the Audit Committee is concerned about can act independently. Thank you so much.