While major functions of Audit committee are to monitoring the integrity of the financial statements, reviewing the company’s internal financial controls, monitoring and reviewing the effectiveness of the internal audit function, making recommendations in relation to the appointment and removal of the external auditor and their remuneration, reviewing and monitoring the external auditor’s independence and objectivity and the effectiveness of the audit process, developing and implementing policy on the engagement of the external auditor to supply non-audit services, reviewing arrangements for confidential reporting by employees and investigation of possible improprieties the committee has to ensure the following:
• Monitor and assess the effectiveness of internal audit in the overall context of the company’s risk management system.
• Review and assess the annual internal audit work plan.
• Review and monitor management’s responsiveness to the internal auditor’s findings and recommendations.
• Ensure that the internal auditor has direct access to the board chairman and to the audit committee and is accountable to the audit committee.
• Receive periodic reports on the results of internal audit work.
• Meet with the head of internal audit at least once a year without the presence of management.
• Ensure that the internal auditor has direct access to the board chairman and to the audit committee and is accountable to the audit committee.
• Receive periodic reports on the results of internal audit work.
• Meet with the head of internal audit at least once a year without the presence of management.