In May 2000, the Company's audit committee was established. The audit committee comprises at least three members, all of whom shall be independent non-executive directors of the Company.
The Audit Committee is mainly responsible for:?
- making recommendations to the Board on the appointment, reappointment and removal of the external auditor, and to approve the remuneration and terms of engagement of the external auditor, and to act as the key representative body for overseeing the Company’s relations with the external auditor;
- monitoring the integrity of the Company’s financial statements and annual report and accounts, quarterly reports, and half-year reports, and to review significant financial reporting judgments contained in them;
- review of the Company’s financial controls, and unless expressly addressed by a separate board risk committee or by the Board itself to review the Company’s risk management and internal control systems; and discussion on the risk management and internal control systems with management to ensure that management has performed its duty to have effective systems;
- reporting to the Board on the matters set out in provision of terms of reference of the Audit Committee; review of the group’s financial and accounting policies and practices; review of the arrangements employees of the Company can use, in confidential, raising concerns about possible improprieties in financial reporting, risk management and internal control systems or other matters, to which the Audit Committee should ensure that proper arrangements are in place for fair and independent investigation of these matters and for appropriate follow-up action.