روہی دی سیر
ایہہ روہی من نوں ٹھاردی اے
جیویں صورت سوہنے یار دی اے
دل روہی وچ رہ جاندا اے
جد درشن ایہدا پاندا اے
تک ساون مینہ برساندا اے
ہر پاسے رُت بہار دی اے
کِتے چھیڑ اُوٹھاں دے چردے نیں
کِتے ہرن پئے شوخیاں کردے نیں
ٹوبھے پانی نال بھردے نیں
ایہہ دھرتی چین قرار دی اے
روہی چنن پیر دا میلہ اے
آیا جہلموں پیر روہیلا اے
اوہدے کرم دا آیا ریلا اے
کھلی قسمت ایس بیمار دی اے
ایہہ روہی من نوں بھاندی اے
ایہہ دکھڑے دور ہٹاندی اے
ایہہ سجناں دی یاد دیواندی اے
سجناں نوں روز پکاردی اے
روہی دی روش انوکھی اے
چھک دل نوں پاندی چوکھی اے
روہی دی سیر نہ سوکھی اے
جٹی فیر نہ ہمت ہاردی اے
روہی دیاں جٹیاں بھلیاں نیں
ایہہ جٹیاں پھرن ہکلیاں نیں
ایہہ ددھ مکھناں دیاں پلیاں نیں
کوئی لوڑ ناں ہار سنگار دی اے
روہی دے لوگ رنگیلے نیں
مٹھے بول تے بڑے رسیلے نیں
پئے سوہندے ٹبے ٹیلے نیں
جٹی ہس ہس وقت گزاردی اے
روہی وچ بکریاں چردیاں نیں
مٹیاراں مٹکے بھردیاں نیں
ایہہ خواجہ فریدؒ دی بردیاں نیں
روہی خواجہ سرکارؒ دی اے
روہی وچ چین قرار ملے
اک وار نہیں ، سو وار ملے
اقبالؔ دعا منگ یار ملے
رحمت پئی ٹھاٹھاں ماردی اے
his article is focused on elaboration of the characteristics
and requirements of the Islamic Judicial system. The judicial
system of Islam is very comprehensive as well as simple one as
compare to other existing judicial systems. It guarantees quick
relief to the aggrieved parties. Judicial system of Islam consists of
several components like, Judge, Sources of Qadfta, Parties of
dispute; matters of Qadha and decree. In this article all these points
have been discussed one by one. The solution of many of our
problem lies in implementation of this system in its true sprite.
During the last couple of decades, some serious scandals like Waste Management, Enron, WorldCom, Satyam, Swissair etc. were observed in corporate sector around the World. This loses confidence of stakeholders and due returns on their investment.The research proves that directors? standards, audit quality and audit report lag (ARL) play significant role in controlling corporate mishaps and consequently ensure due returns to firms and investors. In order to address this issue, the US Senate approved a framework on its Code of Corporate Governance (CCG) by the name of Sarbanes-Oxley Act 2002 which was amended in 2012. A lot of countries of the world also adopted this Act in year 2002. In order to be at par with international community, Pakistan introduced its own CCG in 2002 which was also amended in 2012.
As per CCG, board of directors has to constitute various sub-committees to provide safeguards to the stakeholders? interest. One of the boards? subcommittees is an audit committee (AC) which is constituted to perform number of functions to ensure timely release of truly audited corporate financial statements, protect assets and monitor various accounts of company. The research has proved that mere existence of AC in a company is not much fruitful rather it has number of distinctive attributes that affect its working with respect to ARL and firms? financial performance. The most common attributes of an AC includes AC size, proportion of non-executive directors in AC, number of AC meetings per year, AC gender, AC members skill and experience and AC chair independence etc.
This study is conducted to observe the impact of AC attributes on ARL and firms? financial performance as evidence from Pakistan Stock Exchange (PSX). A sample of 137 companies from 28 diversified non-financial sectors for years 2013, 2014 and 2015 is taken from PSX to observe the phenomenon. STATA software is used to measure descriptive and regression results of panel data based on fixed effect model.
The results show that all sample firms used to comply CCG in respect of AC size and frequency of AC meetings while compliance in respect of non-executive directors in AC and independent AC chair in some companies has not been found.The overall ARL in non-financial sector firms has been found almost 83 days. AC meetings, AC gender diversity and AC chair independence have negative and significant impact on ARL while, AC size and existence of non-executive members in AC have insignificant impact on ARL.
Financial performance of firms is measured via Tobin?s Q and return on equity (ROE). Tobin?s Q has been gradually increasing in this period. Positive and significant impact of AC size and AC meetings while insignificant impact of non-executive members in AC, AC diversity and independent AC chair has been found on Tobin?s Q. ROE has also increased over the period of three years. Negative and significant impact of non-executive directors in AC and AC meetings, while insignificant impact of AC size, AC chair independence and AC diversity has been found on ROE.