Audit Committee

Composition

The Audit Committee of the Company was established in 1999. The Audit Committee currently comprises three members and all of them are Independent Non-executive Directors, namely:

• Mr. Chan Kwok Wai (chairman)
• Mr. Walujo Santoso, Wally
• Mr. Lo Wai Tung Welman

Role and Function

The primary duties of the Audit Committee are to ensure the objectivity and credibility of financial reporting, the effectiveness of the audit process in accordance with applicable standards, the effectiveness and adequacy of the Group's risk management and internal control systems as well as to maintain an appropriate relationship with the independent external auditor of the Company.

The Audit Committee regularly meets with the representatives of the management and the independent auditor of the Company to discuss the auditing and financial reporting matters, in particular to review and discuss about:

1. the accounting principles and policies adopted by the Group;
2. the annual results (including the announcement thereof) and the audited financial statements;
3. the interim results (including the announcement thereof) and the financial statements;
4. any significant findings by the independent auditor during the financial audit and other audit issues;
5. the letters of management representations issued to the independent auditor in connection with the audit or review of the Group's relevant financial statements; and
6. the risk management and internal control systems including the adequacy of resources, qualifications and experience of staff of the Company's accounting and financial reporting function, and their training programmes and budget.

For review of the terms of reference of the Audit Committee of the Company, please click on the link below:

Terms of Reference