The Audit Committee is tasked with preparing the Board to perform its duties of supervising and assuring the quality of the group’s financial reporting.
The Committee supervises the effectiveness of the company’s internal governance and control as well as risk management systems and processes with regard to financial reporting. The Committee’s formal work plan is established by the Board. The Audit Committee has no decision-making authority.
The Committee also assists the owners in selecting auditors. The Audit Committee, in addition to reporting to the Board on its efforts, regularly reviews the auditors’ reports and determines whether the auditors are performing their task independently, objectively and cost-efficiently. The Audit Committee is the principal of the internal audit and its monitoring of internal governance and control, and remains apprised of internal audit reports.
The Committee is comprised of at least three Board members and meets at least four times per year. The company’s external auditors participate in meetings(s) at which the year-end report, annual report and auditor’s report are presented, as well as when they are needed for assessment of the group’s financial position. The Committee chair is responsible for continually apprising the Board of the Committee’s activities.