The Audit Committee was established in 1999. Its members include three Non-Executive Directors, the majority of whom are independent.
| Audit Committee |
Li Ka-cheung, Eric* |
| Yip Dicky Peter |
| Wong Yick-kam, Michael |
| * Committee Chairman |
The Committee's responsibilities include the following:
- Reviewing the financial statements of the Group's annual report and accounts, and half-year report before submitting them to the Board of Directors;
- Reviewing the Group's financial control, internal control and risk management systems;
- Ensuring that management has fulfilled its duty to establish and maintain an effective internal control system;
- Considering findings of major investigations of internal control matters;
- Reviewing the internal audit programme and ensuring the internal audit function is adequately resourced and effective;
- Reviewing the Group's financial and accounting policies and practices;
- Reviewing the external auditor's management letter and questions raised by the auditor to management, and management's response to such questions;
- Reporting to the Board on matters relating to the Code;
- Meeting with the external auditor to discuss issues regarding audit if considered necessary (and in the absence of the management if appropriate).
The Audit Committee is provided with sufficient
resources to discharge its duties.
The Audit Committee monitors the audit and non-audit service rendered to the Group by its external auditors and ensures their engagement in other non-audit services will not impair their audit independence or objectivity.
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