The audit committee of the Group comprises three independent non-executive directors, namely Ms. Hui Wai Man Shirley (Chairman), Mr. Tso Hon Sai, Bosco and Mr. Tang Yiu Wing. The committee was established on 27 September 2004 with specific written terms of reference.
The major roles and functions of the audit committee of the Company are as follows: |
- to make recommendation to the Board on the appointment, re-appointment and removal of the external auditor; to approve the remuneration and terms of engagement of the external auditor; and any questions of resignation or dismissal of the external auditor.
- to review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit process in accordance with applicable standard.
- to develop and implement policy on the engagement of an external auditor to supply non-audit services.
- to review the interim and annual financial statements before submission to the Board.
- to discuss problems and reservations arising from the interim review and final audit, and any matters the auditors may wish to discuss.
- to review the external auditor’s management letters and management’s response.
- to review the Group’s internal control system.
- to consider the major findings of internal investigations and management’s response.
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