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Audit committee

 

Responsibilities:

1.     Reviewing all financial data before submitting it to the board of directors and meeting with the external auditors.

2.     Reviewing and approving the annual internal audit plan, reviewing the internal audit reports and following up on actions taken.

3.     Recommending to the board of directors about any accounting policies and revising any accounting issues that have significant impact on the financial data.

4.     Monitoring internal control regulations and verifying their adequacy based on the internal and external audit reports.

5.     Presenting recommendations to the board concerning recruiting, terminating and rewarding the internal auditor. In addition, evaluating the objectivity of the external auditor taking into consideration any tasks he had conducted outside of the audit.

6.     Receiving and following up on compliance reports and internal surveillance reports related to compliance management (i.e. supervising the implementation of all capital market authority instructions).

7.     Verifying the safety of internal controls and procedures.

8.     Verifying the efficiency of procurement and human resources procedures and the applied policies.

9.     Providing notes about the financial reports and informing the financial administration about them.

10.  Discussing the financial data and submitting a recommendation about them to the board of directors.

11.  Reviewing the scope and the results of the company`s internal and external audits.

12.  Monitoring external auditor allowances to ensure his independence and authenticity and ensure he is not doing any other task which may affect his independence.

13.  Approving additional tasks for the external auditor (that do not affect his independence) and approving the payments for doing them.

14.   Any other task that is assigned by the board of directors.

For more details please check the "Committee Charter"