Accountability & Audit

The Board acknowledges its responsibility for the preparation of the accounts of the Company in line with requirements of the Listing Rules.

The Board is responsible for approving and reviewing key internal control policies including delegated authorities, policy on market disclosure and investor relations, non-audit services and treasury management policy.

An internal control system is designed to provide reasonable, but not absolute assurance that material misstatement or loss can be avoided, and to manage and minimize risks of failure in operational systems.

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 2017 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