perspective perspective - ChartNexus

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DUTIES (cont’d)
AUDIT COMMITTEE REPORT (cont’d)
• To ensure co-ordination of the external audit process where more than one audit firm is involved;
• To review the assistance given by employees of the Group to the external and internal auditors;
• To review the quarterly and year-end financial statements of the Company, focusing particularly on:
– Changes in accounting policies and practices;
– Significant and unusual events;
– Significant adjustments arising from the audit;
– The going concern assumption; and
– Compliance with accounting standards and other legal requirements.
• To discuss findings and matters arising from the interim and final audits, and any matters the auditors may wish to discuss;
• To review the internal and external auditors’ management letter and management’s response;
• To do the following where an internal audit function exits:
– Review the adequacy of the scope, functions and resources of the internal audit function, and that it has the necessary
authority to carry out its work;
– Review the internal audit programme and results of the internal audit process and where necessary, ensure that
appropriate action is taken on the recommendations of the internal audit function; and
– Review any appraisal or assessment of the performance of members of the internal audit function.
• To review any related party transactions and conflict of interest situation that may arise within the Company or the Group;
• To consider the major findings of internal and special investigations and management’s response; and
• To consider other matters as defined by the Board.