Roles and Responsibilities of Audit Committee

1. Overseeing Financial Reporting The audit committee ensures that the company's financial statements are accurate and compliant with accounting standards. They review significant accounting policies and judgments to maintain transparency and integrity in financial disclosures.

2. Monitoring Internal Controls They evaluate the effectiveness of internal control systems to prevent fraud and ensure reliable financial reporting. This includes overseeing the implementation of policies and procedures that safeguard the company's assets.

3. Supervising the Internal Audit Function The committee reviews and approves the internal audit plan, ensuring it covers key risk areas. They assess the performance and independence of the internal audit function, fostering an unbiased assurance process.

4. Overseeing Risk Management They review the company's risk management framework, ensuring that all significant risks are identified, assessed, and mitigated effectively. This includes monitoring the implementation of risk management strategies.

5. Liaising with External Auditors The audit committee is responsible for the appointment, compensation, and oversight of external auditors. They review the scope and results of the external audit, ensuring auditor independence and addressing any issues raised.

6. Ensuring Compliance and Ethics They monitor compliance with relevant laws and regulations, and oversee the implementation of ethical policies and codes of conduct. This includes establishing mechanisms for reporting unethical behavior.

7. Facilitating Communication and Reporting The committee ensures that significant issues are communicated to the board of directors and stakeholders. They provide regular updates on financial reporting, internal controls, and risk management activities.

8. Enhancing ESG and Sustainability Reporting They oversee disclosures related to environmental, social, and governance (ESG) matters, ensuring alignment with sustainability goals and stakeholder expectations.

These responsibilities collectively enhance the governance framework, ensuring that the company operates with transparency, accountability, and integrity.