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Audit Committee

AUDIT COMMITEE

This Committee is responsible for ensuring that the Company complies with all relevant regulatory policies and procedures, as well as policies laid-down by the Board of Directors. Its major functions include the review and approval of the audit scope and plan of the external auditors, review of the audit report on internal weaknesses observed by both the internal and external auditors during their respective examinations and to ascertain whether the accounting and reporting policies of the Company are in accordance with legal requirements and agreed ethical practices. The Committee is responsible for the review of the integrity of the Company’s financial reporting and oversees the independence and objectivity of the external auditors. The Committee has access to external auditors to seek explanations and additional information, while the internal and external auditors have unrestricted access to the Committee, which ensures that their independence is in no way impaired.

The Committee is made up of 3 Non-Executive Directors and three (3) Shareholders of the Bank appointed at Annual General Meetings, while the Chief Inspector of the Bank serves as the secretary to the Committee. The membership of the Committee at the Board level is based on relevant experience of the Board members, while one of the shareholders serves as the Chairman of the Committee.

The Committee is made up of 3 Directors and 3 Shareholders of the Company appointed at Annual General Meetings, while the Company Secretary of the Company serves as the secretary to the Committee. The membership of the Committee at the Board level is based on relevant experience of the Board members, while one of the shareholders serves as the Chairman of the Committee.

The internal and external auditors are invited from time to time to attend the Meetings of the Committee. Appropriate members of Management also attend the meetings upon invitation. The Committee meets at least 3 times in a year.

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