AUDIT
COMMITTEE
- TERMS OF REFERENCE
The Committee believes its policies and procedures should remain flexible in
order to best react to changing conditions and provide reasonable assurance
to the Board that the accounting and reporting practices of the Group are in
accordance with prevailing requirements.
The
Committee
will fulfill its duties and responsibilities relating to
- review
the
following and report to the Board of Directors:
-
with the external auditors, the audit scope and plan, including any
changes to the planned scope of the audit plan;
- with
the
external auditors, their evaluation of the system of internal
controls, major audit findings and the management's response during
the financial year;
- with
the
external auditors, their audit report to ensure that appropriate and
prompt remedial action is taken by Management for major deficiencies
in controls or procedures that have been identified; and
- the
assistance
and cooperation given by employees of the Group to the external
auditors, and any difficulties encountered in the course of audit,
including any restrictions on the scope of activities or access to
required information;
- to do the following in respect of the
internal audit function:
- review
the
adequacy of the scope, and functions, competency and resources of
internal audit, and that it has the necessary authority to carry out
its work;
- review
the
internal audit program and results of internal audit and, where
necessary, ensure that appropriate action is taken on the
recommendations of the internal auditors;
- review
the
performance of internal auditors; and
- approve
any
appointment or termination of internal auditors;
-
review the quarterly results and
year-end financial statements, prior to approval by the Board of
Directors, focusing particularly on:
- changes
in
or implementation of major accounting policies;
- significant
matters
highlighted including financial reporting
issues, significant judgments made by management, significant and
unusual events or transactions, and how these matters are
addressed;
- the
going
concern assumption; and
- compliance
with
accounting standards and other legislative and reporting requirements;
- review any related party transaction and conflict of interest
situation that may arise within the Company or Group, including any
transaction, procedure or course of conduct that raises
questions of management integrity
- review
the appointment and performance of external auditors, the audit fee
and any questions of resignation or dismissal before making
recommendations to the Board;
- to
carry out such other functions as may be agreed to by the Committee
and Board of Directors.