The terms of reference for the audit committee of a premium listed company for financial years beginning on or after 1 January 2019 are as follows: The audit committee must be composed of at least three members, all of whom are independent non-executive directors.The audit committee must have at least one member with recent and relevant financial experience.The audit committee must meet at least twice a year, and must have access to the companyβs auditor.The audit committee must review the companyβs financial statements, and must discuss these with the auditor.The audit committee must review the auditorβs report, and must discuss this with the auditor.The audit committee must review the companyβs risk management procedures, and must discuss these with the management.The audit committee must review the companyβs internal control systems, and must discuss these with the management.
The audit committee terms of reference covers the committee's purpose, responsibilities, and composition. The committee's purpose is to oversee the financial reporting process and the audit of the financial statements. The responsibilities of the committee include selecting the independent auditor, reviewing the independent auditor's report, and monitoring the auditor's independence. The composition of the committee should be determined by the board of directors.
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