Accountability & Audit

The Board acknowledges its responsibility for overseeing the preparation of the accounts of the Group which give a true and fair view of the Group’s state of affairs, results and cash flows for the year.

The Board will present a balanced, clear and understandable assessment of annual and interim reports, other price-sensitive announcements and other financial disclosures required under the Listing Rules, and reports to the regulators as well as information required to be disclosed pursuant to statutory requirements.

The Board, and in particular the Audit Committee, conducts a continuous review of the effectiveness of the Group’s risk management and internal control systems that have been put in place. The reviews covering financial, operational, and compliance controls and risk management performed in 2018 included:

  • the delegated authorities and organization structure as well as the strategic and annual operating plan.
  • the scope and quality of management’s ongoing monitoring of risks and system of internal control and the effectiveness of the Company’s procedures relating to statutory and regulatory compliance.
  • the regular internal audit updates.
  • the performance and adequacy of accounting and financial reporting functions.
  • the risk management process including formal risk assessment at the enterprise level upon discussions with senior management responsible for day-to-day management of significant risks.