Common use of Accounts and Audits Clause in Contracts

Accounts and Audits. 23.1 Contractor shall maintain at Operator's registered office in Pakistan accounts, books, reports, and records of all its activities for and in connection with Petroleum Operations so as to present a clear and accurate record of actual Expenditure and receipts in accordance with this Agreement. Such accounts (the "Accounts") will also include all revenues obtained from and Expenditure incurred for Petroleum Operations, of all Production obtained from the Contract Area and of all property acquired and sold in accordance with good international Petroleum Industry practices and the Accounting Procedure. The Accounts shall be audited for the period from the Effective Date to the end of the corresponding Calendar Year, and thereafter annually each Calendar Year through an internationally recognised firm of qualified independent chartered accountants as will be selected in accordance with Article 23.5. Copies of the audit reports shall be delivered to the President and GHPL within six (6) Months of the end of each Calendar Year to which the Accounts pertain. If neither the President nor the Auditor General of Pakistan on his behalf, or GHPL takes written exception to any such audited Accounts within six (6) Months after the receipt of copies of the report relating thereto, the same shall be final and binding on Contractor, GHPL and the President, provided however, that the Accounts and support vouchers and documents, together with such reasonable facilities as may be required for the audit under this Article XXIII, shall be made available to the Auditor General of Pakistan (with notification to DGPC that this has been done) who may request such further information to Contractor in writing as he deems fit within two (2) Years from the date of receipt of the said report. Contractor shall provide the Auditor General of Pakistan with the related explanations within three (3) months of receipt of the Auditor General's request. Notwithstanding the above provision regarding finality after six (6) Months, the President, GHPL and Contractor shall, where necessary, take appropriate action with regard to any matter arising out of the Auditor General's request

Accounts and Audits. 23.1 Contractor shall maintain at Operator's its registered office in Pakistan accounts, books, reports, and records of all its activities for and in connection with Petroleum Operations so as to present a clear and accurate record of actual Expenditure and receipts in accordance with this Agreement. Such The accounts (the "Accounts") will also include all revenues obtained from and Expenditure incurred for Petroleum Operations, of all Production obtained from the Contract Area and of all property acquired and sold in accordance with good international Petroleum Industry practices and the Accounting Procedure. The Accounts accounts shall be audited for the period from the Effective Date to the end of the corresponding Calendar Year, and thereafter annually each Calendar Year through an internationally recognised firm firms of qualified independent chartered accountants as will may be selected in accordance with Article 23.5approved by Management Committee. Copies of the audit reports shall be delivered to the President and GHPL Government Holdings within six (6) Months of the end of each Calendar Year to which the Accounts pertainYear. If neither the President nor the Auditor General of Pakistan on his behalf, or GHPL takes Government Holdings shall take written exception to any such audited Accounts accounts within six (6) Months after the receipt of copies of the report relating thereto, the same shall be final and binding on Contractor, GHPL Government Holdings and the President, provided however, that the Accounts accounts and support vouchers and documents, together with such reasonable facilities as may be required for the audit under this Article XXIIIof the Petroleum Operations, shall be made available to the Auditor General of Pakistan (with notification to DGPC that this has been done) who may request take such further information to Contractor in writing action as he deems fit within two (2) Years from the date of receipt of the said report. Contractor shall provide the Auditor General of Pakistan with the related explanations within three report and (3) months of receipt of the Auditor General's request. Notwithstanding notwithstanding the above provision regarding finality after six (6) Months2 Years, the President, GHPL Government Holdings and Contractor shall, where necessary, take appropriate action with regard to any matter arising out of the Auditor General's requestreport.

Accounts and Audits. 23.1 Contractor shall maintain at Operator's registered office in Pakistan accounts, books, reports, and records of all its activities for and in connection with Petroleum Operations so as to present a clear and accurate record of actual Expenditure and receipts in accordance with this Agreement. Such accounts (the "Accounts"" ) will also include all revenues obtained from and Expenditure incurred for Petroleum Operations, of all Production obtained from the Contract Area and of all property acquired and sold in accordance with good international Petroleum Industry practices and the Accounting Procedure. The Accounts shall be audited for the period from the Effective Date to the end of the corresponding Calendar Year, and thereafter annually each Calendar Year through an internationally recognised firm of qualified independent chartered accountants as will be selected in accordance with Article 23.5. Copies of the audit reports shall be delivered to the President and GHPL within six (6) Months of the end of each Calendar Year to which the Accounts pertain. If neither the President nor the Auditor General of Pakistan on his behalf, or GHPL takes written exception to any such audited Accounts within six (6) Months after the receipt of copies of the report relating thereto, the same shall be final and binding on Contractor, GHPL and the President, provided however, that the Accounts and support vouchers and documents, together with such reasonable facilities as may be required for the audit under this Article XXIII23, shall be made available to the Auditor General of Pakistan (with notification to DGPC that this has been done) who may request such further information to Contractor in writing as he deems fit within two (2) Years from the date of receipt of the said report. Contractor shall provide the Auditor General of Pakistan with the related explanations within three (3) months of receipt of the Auditor General's request. Notwithstanding the above provision regarding finality after six (6) Months, the President, GHPL and Contractor shall, where necessary, take appropriate action with regard to any matter arising out of the Auditor General's request