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Audit Committee

Updated: 07 Dec 2016
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 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 (including the adequacy of resources, staff qualifications and experience, training programmes and budget of the Group’s accounting and financial reporting function) and the adequacy of the external and internal audits
  • To review the appointment of external auditors on an annual basis as well as to oversee the relationship with the external auditors to ensure continuing auditor independence
  • 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 policy
  • 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 which constitutes part of the annual report
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