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 23.2 GHPL shall have the right, at the expense of Contractor which will be recoverable as Cost Recovery Oil or Cost Recovery Gas, to audit the Accounts and related records for any Calendar Year or portion thereof up to five (5) Years from the date of submission of relevant audit report submitted under Article 23.1 to the GHPL, at any time provided forty five (45) Days advance notice is given to the Operator. 23.3 The accounting and auditing provisions and procedures specified in this Agreement are without prejudice to any other requirements imposed by any statute in Pakistan, including, without limitation, any specific requirements of the statutes relating to taxation of companies. 23.4 For the purpose of any audit referred to above, Operator shall make available to the auditor(s) all such books, records, accounts, accounting vouchers and other documents and information prepared and maintained in accordance with this Agreement as may be reasonably required by the auditor(s). Auditing shall be made in accordance with this Agreement and generally accepted good accounting practices used in the international petroleum industry. 23.5 In accordance with Article 23.1 of this Agreement, the internationally recognised independent firm of chartered accountants with the appropriate level of Petroleum auditing experience shall be selected by Contractor with the approval of the Management Committee. The selected firm will submit a detailed audit plan for approval of Management Committee before commencement of the aforementioned audit. The cost of audit shall be borne by Contractor and shall be recoverable as Cost Recovery Oil or Cost Recovery Gas as the case may be. 23.6 An audit committee will be appointed through the authority of the Management Committee comprising an equal number of representatives of GHPL and of Contractor. The function of such committee shall be to establish recommendations for the selection of the auditor and approval of the audit plan per Article 23.5 above. In addition, it shall receive a copy of the audit reports, make recommendations to the Management Committee for the resolution of exceptions resulting from the audit and the presentation of the final audit reports to the Management Committee. 23.7 Any claims of discrepancies disclosed by the audits from GHPL under Articles 23.1 and 23.2 shall be made in writing to Contractor by same Party, with a copy of such report to the audit committee within two (2) Months of the completion of the audit unless the Contractor has consented in writing to a reasonable time extension, which consent shall not unreasonably withheld. 23.8 Contractor shall respond in writing to any claims of discrepancies within six (6) Months of the receipt of any claims arising from the afore-mentioned audits under Articles 23.1 and 23.

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. 23.2 GHPL Government Holdings shall have the right, at the expense of Contractor which will be recoverable as Cost Recovery Oil or Cost Recovery Gas, to audit the Accounts Contractor accounts related to the Contract Area and related records for any Calendar Year or portion thereof up to five (5) prior Years from the date of submission of relevant audit report submitted under Article 23.1 to the GHPLGovernment Holdings, at any time provided forty five thirty (4530) Days advance notice is given to the OperatorContractor. 23.3 The accounting and auditing provisions and procedures specified in this Agreement are without prejudice to any other requirements imposed by any statute in Pakistan, including, without limitation, any specific requirements of the statutes relating to taxation of companies. 23.4 For the purpose of any audit referred to above, Operator Contractor shall make available to the auditor(s) auditor all such books, records, accounts, accounting vouchers accounts and other documents and information prepared and maintained in accordance with this Agreement as may be reasonably required by the auditor(s). Auditing shall be made in accordance with this Agreement and generally accepted good accounting practices used in the international petroleum industryauditor. 23.5 In accordance with Article 23.1 23 of this Agreement, the internationally recognised account shall be audited for the period commencing with the Effective Date to December 31, 200 and thereafter annually be one independent firm of chartered accountants with the appropriate level of Petroleum auditing experience shall experience., to be selected by the Contractor with the approval of the Management Committee. The selected firm will submit a detailed audit plan for approval of Management Committee before commencement of the aforementioned audit. Copies of the audited accounts and report shall be delivered to THE PRESIDENT and Contractor and Government Holdings. The cost of audit shall be charged borne by Contractor and shall be recoverable as Cost Recovery Oil or Cost Recovery Gas as the case may beContractor. 23.6 An audit committee will be appointed through the authority of the Management Committee comprising an equal number which will consist of representatives of GHPL one member representing the Contractor and of Contractorthe Government Holdings. The function of such committee shall be to establish recommendations for the selection of the auditor and approval of the audit plan per Article 23.5 above. In addition, it shall receive a copy of the audit reportsreport, make recommendations to the Management Committee for the resolution of exceptions resulting from the audit and the presentation of the final audit reports report to the Management Committee. 23.7 Any claims of discrepancies disclosed by the audits from GHPL under Articles 23.1 and 23.2 such audit shall be made in writing to the Contractor by same Party, with a copy the chairman of such report to the audit committee within two (2) Months months of the completion of the audit field work unless the Contractor has consented in writing to a reasonable time extension, which consent shall not unreasonably withheld. 23.8 The Contractor shall respond in writing to any claims of discrepancies within six (6) Months of the receipt of any claims arising from the afore-mentioned audits under Articles 23.1 and 23.six

Accounts and Audits. 23.1 Contractor (a) The Recipient shall maintain at Operator's registered office in Pakistan or cause to be maintained a financial management system, including records and accounts, booksand prepare financial statements in a format acceptable to the Association, reports, and records of all its activities for and in connection with Petroleum Operations so as adequate to present a clear and accurate record of actual Expenditure and receipts reflect in accordance with this Agreement. Such sound accounting practices the operations, resources and expenditures related to the Activities. (b) The Recipient shall: (i) have the records, accounts and financial statements referred to in subparagraph (a) above and the "Accounts") will also include all revenues obtained from records and Expenditure incurred accounts for Petroleum Operationsthe Special Account for each fiscal year audited, 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 auditing standards acceptable to the end of the corresponding Calendar YearAssociation, and thereafter annually each Calendar Year through an internationally recognised firm of qualified consistently applied, by independent chartered accountants as will be selected in accordance with Article 23.5. Copies of the audit reports shall be delivered auditors acceptable to the President and GHPL within Association; (ii) furnish to the Association as soon as available, but in any case not later than six (6) Months of months after the end of each Calendar Year to which the Accounts pertain. If neither the President nor the Auditor General of Pakistan on his behalfsuch year, or GHPL takes written exception to any such audited Accounts within six (6A) Months after the receipt of certified copies of the financial statements referred to in paragraph (a) of this Section for such year as so audited, and (B) an opinion on such statements, records and accounts and report relating theretoof such audit, by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records and accounts and the audit thereof, and concerning said auditors, as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Grant Account were made on the basis of statements of expenditure, the same shall Recipient shall: (i) maintain or cause to be final maintained, in accordance with subparagraph (a) above, records and binding on Contractoraccounts reflecting such expenditures; (ii) retain, GHPL until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Grant Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the President, provided however, Association’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in subparagraph (b) above and that the Accounts and support vouchers and documentsreport of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with such reasonable facilities as may the procedures and internal controls involved in their preparation, can be required for the audit under this Article XXIII, shall be made available relied upon 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 support 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 23.2 GHPL shall have the right, at the expense of Contractor which will be recoverable as Cost Recovery Oil or Cost Recovery Gas, to audit the Accounts and related records for any Calendar Year or portion thereof up to five (5) Years from the date of submission of relevant audit report submitted under Article 23.1 to the GHPL, at any time provided forty five (45) Days advance notice is given to the Operatorwithdrawals. 23.3 The accounting and auditing provisions and procedures specified in this Agreement are without prejudice to any other requirements imposed by any statute in Pakistan, including, without limitation, any specific requirements of the statutes relating to taxation of companies. 23.4 For the purpose of any audit referred to above, Operator shall make available to the auditor(s) all such books, records, accounts, accounting vouchers and other documents and information prepared and maintained in accordance with this Agreement as may be reasonably required by the auditor(s). Auditing shall be made in accordance with this Agreement and generally accepted good accounting practices used in the international petroleum industry. 23.5 In accordance with Article 23.1 of this Agreement, the internationally recognised independent firm of chartered accountants with the appropriate level of Petroleum auditing experience shall be selected by Contractor with the approval of the Management Committee. The selected firm will submit a detailed audit plan for approval of Management Committee before commencement of the aforementioned audit. The cost of audit shall be borne by Contractor and shall be recoverable as Cost Recovery Oil or Cost Recovery Gas as the case may be. 23.6 An audit committee will be appointed through the authority of the Management Committee comprising an equal number of representatives of GHPL and of Contractor. The function of such committee shall be to establish recommendations for the selection of the auditor and approval of the audit plan per Article 23.5 above. In addition, it shall receive a copy of the audit reports, make recommendations to the Management Committee for the resolution of exceptions resulting from the audit and the presentation of the final audit reports to the Management Committee. 23.7 Any claims of discrepancies disclosed by the audits from GHPL under Articles 23.1 and 23.2 shall be made in writing to Contractor by same Party, with a copy of such report to the audit committee within two (2) Months of the completion of the audit unless the Contractor has consented in writing to a reasonable time extension, which consent shall not unreasonably withheld. 23.8 Contractor shall respond in writing to any claims of discrepancies within six (6) Months of the receipt of any claims arising from the afore-mentioned audits under Articles 23.1 and 23.

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 23.2 GHPL shall have the right, at the expense of Contractor which will be recoverable as Cost Recovery Oil or Cost Recovery Gas, to audit the Accounts and related records for any Calendar Year or portion thereof up to five (5) Years from the date of submission of relevant audit report submitted under Article 23.1 to the GHPL, at any time provided forty five (45) Days advance notice is given to the Operator. 23.3 The accounting and auditing provisions and procedures specified in this Agreement are without prejudice to any other requirements imposed by any statute in Pakistan, including, without limitation, any specific requirements of the statutes relating to taxation of companies. 23.4 For the purpose of any audit referred to above, Operator shall make available to the auditor(s) all such books, records, accounts, accounting vouchers and other documents and information prepared and maintained in accordance with this Agreement as may be reasonably required by the auditor(s). Auditing shall be made in accordance with this Agreement and generally accepted good accounting practices used in the international petroleum industry. 23.5 In accordance with Article 23.1 of this Agreement, the internationally recognised independent firm of chartered accountants with the appropriate level of Petroleum auditing experience shall be selected by Contractor with the approval of the Management Committee. The selected firm will submit a detailed audit plan for approval of Management Committee before commencement of the aforementioned audit. The cost of audit shall be borne by Contractor and shall be recoverable as Cost Recovery Oil or Cost Recovery Gas as the case may bemaybe. 23.6 An audit committee will be appointed through the authority of the Management Committee comprising an equal number of representatives of GHPL and of Contractor. The function of such committee shall be to establish recommendations for the selection of the auditor and approval of the audit plan per Article 23.5 above. In addition, it shall receive a copy of the audit reports, make recommendations to the Management Committee for the resolution of exceptions resulting from the audit and the presentation of the final audit reports to the Management Committee. 23.7 Any claims of discrepancies disclosed by the audits from GHPL under Articles 23.1 and 23.2 shall be made in writing to Contractor by same Party, with a copy of such report to the audit committee within two (2) Months of the completion of the audit unless the Contractor has consented in writing to a reasonable time extension, which consent shall not unreasonably withheld. 23.8 Contractor shall respond in writing to any claims of discrepancies within six (6) Months of the receipt of any claims arising from the afore-mentioned audits under Articles 23.1 and 23.

Accounts and Audits. 23.1 Contractor shall 5.1 The Receiving Organization will maintain at Operator's registered office in Pakistan or cause to be maintained a financial management system, including records and accounts, booksadequate to reflect the transactions related to the Activities, 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 the requirements of the relevant Financial Regulations and Rules of the Receiving Organization (the “Financial Regulations”). 5.2 The Receiving Organization will maintain in a separate ledger account in its records (the “Grant Control Account”) a complete, true and fair record of all disbursements to it from the Grant Account and all expenditures using the funds so disbursed to it. 5.3 During the term of this Agreement. Such accounts : (a) The Receiving Organization shall prepare, on a six-monthly basis or more frequently should the "Accounts") will also include all revenues obtained from Trust Fund Steering Committee, the Receiving Organization and Expenditure incurred for Petroleum Operationsthe Disbursing Organization agree, of all Production obtained from the Contract Area and of all property acquired and sold interim unaudited financial reports, in accordance with good international Petroleum Industry practices accounting standards established pursuant to the Financial Regulations and in the Accounting Procedureformat agreed with the Disbursing Organization, adequate to reflect the expenditures related to the Grant. The Accounts shall first interim unaudited financial reports will be audited for provided to the Disbursing Organization no later than forty-five (45) days after the end of the first six-months period after the effectiveness of this Agreement, and will cover the period from the Effective Date to incurring of the first expenditure under the Grant through the end of such first six-months period; thereafter, each interim unaudited financial report will be provided to the corresponding Calendar YearDisbursing Organization no later than forty-five (45) days after the end of each subsequent six-months period, and thereafter annually will cover such six-months period. (b) The Receiving Organization will provide the Disbursing Organization with an annual financial statement of account certified by the Receiving Organization’s chief financial officer, showing income and the expenditure as of 31 December each Calendar Year through an internationally recognised firm year with respect to the Grant. Such financial statement of qualified independent chartered accountants as accounts will be selected in accordance with Article 23.5. Copies of the audit reports shall be delivered to the President and GHPL provided within six (6) Months months after the closure of the end of each Calendar Year Receiving Organization’s accounts for the year to which the Accounts pertainannual financial statement relates. If neither This financial statement will be in United States dollars. The exchange rate used for converting expenditures in other currencies will be the President nor UN Operational Rate of Exchange in effect on the Auditor General date the expenditure was made. 5.4 The Grant Control Account will be subject exclusively to the internal and external audit arrangements applicable to the Receiving Organization as set out in the Financial Regulations. The Parties will make their externally-audited financial statements and accompanying reports of Pakistan their external auditors 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 their financial statements 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 23.2 GHPL shall have the right, at the expense of Contractor which will be recoverable as Cost Recovery Oil or Cost Recovery Gas, to audit the Accounts and related records for any Calendar Year or portion thereof up to five (5) Years from the date of submission of relevant audit report submitted under Article 23.1 all other signatories to the GHPL, at any time provided forty five (45) Days advance notice is given to the Operator. 23.3 The accounting and auditing provisions and procedures specified in this Agreement are without prejudice to any other requirements imposed by any statute in Pakistan, including, without limitation, any specific requirements of the statutes relating to taxation of companies. 23.4 For the purpose of any audit referred to above, Operator shall make available to the auditor(s) all such books, records, accounts, accounting vouchers and other documents and information prepared and maintained FPA in accordance with Article 2(b)(II) of the FPA. 5.5 In the event that either the Receiving Organization or the Disbursing Organization becomes aware of factors that would indicate the need for further scrutiny of the implementation of Activities or any Grant expenditures (including non-frivolous allegations that corrupt, fraudulent, collusive or coercive practices were undertaken in relation to such Activities) the provisions of Section 7 of this Agreement as may be reasonably required by Annex A will apply. 5.6 The Receiving Organization will retain all records evidencing all expenditures in respect of which withdrawals from the auditor(s). Auditing shall be made Grant Account were made, in accordance with this Agreement its regulations, rules, policies and generally accepted good accounting practices used in the international petroleum industryprocedures relating to retention of records. 23.5 In accordance with Article 23.1 of this Agreement, the internationally recognised independent firm of chartered accountants with the appropriate level of Petroleum auditing experience shall be selected by Contractor with the approval of the Management Committee. The selected firm will submit a detailed audit plan for approval of Management Committee before commencement of the aforementioned audit. The cost of audit shall be borne by Contractor and shall be recoverable as Cost Recovery Oil or Cost Recovery Gas as the case may be. 23.6 An audit committee will be appointed through the authority of the Management Committee comprising an equal number of representatives of GHPL and of Contractor. The function of such committee shall be to establish recommendations for the selection of the auditor and approval of the audit plan per Article 23.5 above. In addition, it shall receive a copy of the audit reports, make recommendations to the Management Committee for the resolution of exceptions resulting from the audit and the presentation of the final audit reports to the Management Committee. 23.7 Any claims of discrepancies disclosed by the audits from GHPL under Articles 23.1 and 23.2 shall be made in writing to Contractor by same Party, with a copy of such report to the audit committee within two (2) Months of the completion of the audit unless the Contractor has consented in writing to a reasonable time extension, which consent shall not unreasonably withheld. 23.8 Contractor shall respond in writing to any claims of discrepancies within six (6) Months of the receipt of any claims arising from the afore-mentioned audits under Articles 23.1 and 23.

Accounts and Audits. 23.1 Contractor 14.8.1 The Concessionaire shall open and operate a separate bank account in any scheduled bank. 14.8.2 All transactions related to this Project including but not limited to investments made by the Concessionaire for the Project, receipts from all sources for this Project, all expenses/recurring expenses as mentioned in different clauses of Article 14 shall be made out of this account only. 14.8.3 The Concessionaire shall record and maintain at Operator's registered office in Pakistan accountsseparate books of accounts for this Project maintaining all documents, books, reports, and records of all its activities for transactions, including but not limited to up- gradation, new construction, equipping, operation and in connection with Petroleum Operations so as to present a clear maintenance of the Project Facilities and accurate record of actual Expenditure and receipts expenses in accordance with the standard accounting practices within India and complying to all statutory requirements and Applicable Laws. 14.8.4 The Concessionaire shall undertake internal and external audit of its accounts for the Project as per the standard practices in the industry. 14.8.5 The Concessionaire shall, within 30 (thirty) days of the close of each quarter of an Accounting Year, furnish to the Implementing Authority its unaudited financial results in respect of the preceding quarter. 14.8.6 The Concessionaire shall appoint statutory auditors which will be a firm of reputed Chartered Accountants having requisite license to practice in India. This firm will be chosen by the Concessionaire from a list of reputed firms of Chartered Accountants provided to the Concessionaire by the Implementing Authority. 14.8.7 The Concessionaire shall bear all costs related to the appointment of Auditors including but not limited to their fees. 14.8.8 Notwithstanding anything to the contrary contained in 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 23.2 GHPL Implementing Authority shall have the right, at but not the expense of Contractor which will be recoverable as Cost Recovery Oil or Cost Recovery Gasobligation, to audit the Accounts Project at any point of time during the Concession Period subject to reasonable advance notice given by the Implementing Authority. The Implementing Authority may at its sole discretion undertake such task on its own or through any of its appointed agencies or may appoint an independent third party firm of Chartered Accountants for this purpose. The Implementing Authority shall bear all the costs related to such independent inspections and related audits. 14.8.9 The Concessionaire shall diligently extend all cooperation and make available all documents, and records as necessary that all such independent auditors / agencies may need for any Calendar Year or portion thereof up conducting their audits. 14.8.10 The Concessionaire shall submit to five (5) Years from the date Implementing Authority three copies of submission of relevant its audited annual balance sheet, cash flow statements and profit and loss account and the audit report submitted under Article 23.1 to duly certified by the GHPL, at any time provided forty five (45) Days advance notice is given to the Operator. 23.3 The accounting and auditing provisions and procedures specified in this Agreement are without prejudice to any other requirements imposed by any statute in Pakistan, including, without limitation, any specific requirements statutory auditors within 180 days of the statutes relating to taxation of companies. 23.4 For the purpose of any audit referred to above, Operator shall make available to the auditor(s) all such books, records, accounts, accounting vouchers and other documents and information prepared and maintained in accordance with this Agreement as may be reasonably required by the auditor(s). Auditing shall be made in accordance with this Agreement and generally accepted good accounting practices used in the international petroleum industry. 23.5 In accordance with Article 23.1 of this Agreement, the internationally recognised independent firm of chartered accountants with the appropriate level of Petroleum auditing experience shall be selected by Contractor with the approval close of the Management Committee. The selected firm will submit a detailed audit plan for approval of Management Committee before commencement of the aforementioned audit. The cost of audit shall be borne by Contractor and shall be recoverable as Cost Recovery Oil or Cost Recovery Gas as the case may befinancial year. 23.6 An audit committee will be appointed through the authority of the Management Committee comprising an equal number of representatives of GHPL and of Contractor. The function of such committee shall be to establish recommendations for the selection of the auditor and approval of the audit plan per Article 23.5 above. In addition, it shall receive a copy of the audit reports, make recommendations to the Management Committee for the resolution of exceptions resulting from the audit and the presentation of the final audit reports to the Management Committee. 23.7 Any claims of discrepancies disclosed by the audits from GHPL under Articles 23.1 and 23.2 shall be made in writing to Contractor by same Party, with a copy of such report to the audit committee within two (2) Months of the completion of the audit unless the Contractor has consented in writing to a reasonable time extension, which consent shall not unreasonably withheld. 23.8 Contractor shall respond in writing to any claims of discrepancies within six (6) Months of the receipt of any claims arising from the afore-mentioned audits under Articles 23.1 and 23.