Authority
In carrying out their duties and responsibilities, the
Audit Committee shall have the authority to:
• investigate anymatterwithin its terms of reference;
• have the resources which are required to perform
its duties and to obtain independent professional
or other advice it deems necessary;
• have full andunrestrictedaccess toany information
pertaining to the Group as well as direct
communication with the internal and external
auditors and Senior Management of the Group;
• obtain outside legal or other independent
professional advice and to secure the attendance
of outsiderswith relevant experience and expertise
if it considers this necessary; and
• convene meetings with the external auditors, the
internal auditors or both, excluding the attendance
of other Directors and employees of the Company,
whenever deemed necessary.
Key Functions and Responsibilities
A summary of the key functions and responsibilities of
the Audit Committee in accordance with the terms of
reference of the Audit Committee is as follows:
1.
Review the external auditors’ audit plan, the scope
of their audits and audit report.
2.
Review the evaluation of the system of internal
control with the internal and external auditors.
3.
Review the adequacy of the scope, functions,
competency and resources of the internal audit
function, including whether it has the necessary
authority to carry out its work.
4. Review the internal audit plan and results of the
internal audit plan or investigation undertaken and
follow-up on the recommendations contained in
the internal audit reports.
5.
Review the Group’s quarterly results and the
annual financial statements prior to the approval
by the Board of Directors, focusing particularly on:
• changes in or implementation of major
accounting policies;
• significant and unusual events; and
• compliance with accounting standards and
other regulatory requirements.
6. Review any related party transactions and conflict
of interest situations that may arise including any
transaction, procedure or course of conduct that
raises questions of Management integrity.
7.
Review the procedures for recurrent related party
transactions undertaken by the Company and the
Group.
8. Review the Risk Management Committee’s
periodic report on key risk profiles and risk
management activities.
9. Discuss with the external auditors with regards to
problems and observations noted in their interim
and final audits.
an n ual repo rt 2015
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