Audit Committee

The audit committee whose terms of reference covers matters recommended by the Corporate Governance Standard, comprises Mr. Chen Shien Yee and is chaired by the company's chairman, Mr. Norman Lott.

This committee has the primary responsibility of monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly measured and reported on. It will receive and review reports from the Group's management and auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Group.

The committee will meet not less than twice in each financial year and will have unrestricted access to the Group's auditors.

Duties and Responsbilities
  1. monitoring in discussion with the auditors the integrity of the financial statements of the Company, and any formal announcements relating to the Company's financial performance, reviewing significant financial reporting judgements contained in them
  2. reviewing the Company's internal financial controls and, unless expressly addressed by a separate board risk committee composed of independent directors, or by the Board itself, to review the Company's internal control and risk management systems
  3. monitoring and reviewing the effectiveness of the Company's internal audit function and, where there is no internal audit function, considering annually whether there is a need for an internal audit function and making a recommendation to the Board
  4. making recommendations to the Board, for it to put to the shareholders for their approval in general meeting, in relation to the appointment, re-appointment and removal of the external auditor and approving the remuneration and terms of engagement of the external auditor
  5. reviewing and monitoring the external auditor's independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK and other relevant professional and regulatory requirements
  6. developing and implementing policy on the engagement of the external auditor to supply non-audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm; and reporting to the Board, identifying any matters in respect of which it considers that action or improvement is needed and making recommendations as to the steps to be taken; and
  7. reviewing arrangements by which staff of the Company may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters and ensuring that arrangements are in place for the proportionate and independent investigation of such matters with appropriate follow-up action