Terms Of Reference Of The Audit Committee

Objectives

 

The primary objective of the Audit Committee is to assist the Board of Directors in fulfilling their responsibilities relating to accounting and reporting practices of the holding company and each of its subsidiaries. In addition, the Committee will:-

  • oversee and appraise the quality of the audits conducted by the Company’s external auditors and where applicable, the internal auditors in order to strengthen the confidence of the public in the Group’s reported results;
  • maintain, by scheduling regular meetings, open lines of communication amongst the Board, the external auditors and where applicable the internal auditors, to exchange views and information as well as confirm their respective authority and responsibilities;
  • provide emphasis on the internal audit function by increasing the objectivity and independence of the internal audit personnel and provide a forum for discussion that is independent of management;
  • review related party transactions entered into by the Group to ensure that such transactions are undertaken by the Group on normal commercial terms and that the internal control procedures with regards to such transactions are sufficient;
  • provide assistance to the Board in fulfilling its fiduciary responsibilities relating to the Company’s administrative, operating and accounting controls; and
  • act upon the Board’s request to investigate and report on any issues or concerns on the management of the business of the Group