Code of Corporate Governance

Audit Committee

  • Review of annual and interim financial statements of the Company, prior to their approval by the Board, focusing on major judgmental areas, changes in accounting policies and practices, compliance with applicable accounting standards, compliance with Regulations and other statutory and regulatory requirements; and all related party transactions;
  • Facilitating the external audit and discussion with external auditors of major observations arising from interim and final audits and any matter that the auditors may wish to highlight (in the absence of management, where necessary);
  • Review of Management Letter issued by external Auditors and Management’s response thereto;
  • Determination of appropriate measures to safeguard the Company’s assets;
  • Coordination between the Internal and External Auditors of the Company;
  • Review of the scope and extent of internal audit, audit plan, reporting framework and procedures and ensuring that the internal audit function has adequate resources and is appropriately placed within the Company;
  • Ascertaining that the Internal Control Systems including financial and operational controls, accounting systems for timely and appropriate recording and the reporting structure are adequate and effective
  • Determination of compliance with relevant statutory requirement and monitoring compliance with relevant applicable regulations and identification of significant violations thereof;
  • Recommending to the Board the appointment of external auditors, their removal, audit fees and related matters;
  • Monitoring and review of all material controls including financial, operational, compliance and risk management
  • Risk mitigation measures are robust and integrity of financial information
  • Appropriate extent of disclosure of Company’s risk framework and Internal Control System in the Directors Report
  • Oversight and monitoring of AML/CFT functions
  • Deliberate compliance issues regularly, ensuring that such issues are resolved effectively and expeditiously.