Audit Committee (AC)
Louis Rivalland (Chairperson)
Kan Oye Fong Weng-Poorun
Secretary - Fooad Nooraully
Meghanathan Pillay (Chief Executive Officer)
Nazir Shah Kodaruth
Ernst & Young and KPMG.
All members of the Audit Committee are non-executive directors and included the two independent Directors of the Board until their resignation in December 2014. However, the non-executive Chairperson of the Audit Committee was not an independent director as prescribed by the Code but had the professional knowledge, expertise and experience in finance to head this Committee. The Board considers that each member brings broad experience and professional knowledge of financial reporting to the Committee’s deliberations. The Committee’s main responsibilities include:
To oversee the financial reporting process to ensure the balance, transparency and integrity of published financial information;
To review the effectiveness of the Company’s internal financial control;
To evaluate the independence and to review the effectiveness of the internal audit function;
To ensure that no unjustified restrictions are made on the internal audit function;
To review the effectiveness of the independent audit process including recommending the appointment and assessing the performance of the external auditor;
To review the Company’s process for monitoring compliance with laws and regulations affecting financial reporting, its Code of Business Practice and Ethics and its Fraud Prevention Policy;
To review the appropriateness of the Group’s accounting policies and considers changes to them; and
To review the significant accounting judgments and monitor the integrity of the annual and interim financial statements. Ultimate responsibility for the approval of the annual and interim financial statements rests with the Board.
Click here for Terms of Reference.