Composition
Consists of 5 INEDs who are either qualified accountants or professionals with extensive experience in financial management
Major roles and functions
- To serve as a focal point for communication between the Directors, external auditor and Group Internal Audit Department
- To assist the Board in fulfilling its responsibility by providing an independent review and supervision of financial reporting, and monitoring and reviewing the effectiveness of the Group’s internal controls and the adequacy of the external and internal audits
- To review the appointment of external auditor on an annual basis as well as to oversee all relationships with the external auditor to ensure continuing auditor independence and objectivity
- To review the Group’s assessment of corruption risks and related mitigating controls and to oversee compliance with the Group’s anti-bribery and anti-corruption policies or guidelines
- To review whistleblowing arrangements for the Group’s employees and other stakeholders and to ensure that proper arrangements are in place for fair and independent investigation of the concerns raised and for appropriate follow-up action
Operating mode
Meet at least 4 times a year with additional meetings as the work demands
Audit Committee Report
The work done during each financial year is summarised in the Audit Committee Report as contained in the annual report