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 company’s auditor.The audit committee must review the company’s financial statements, and must discuss these with the auditor.The audit committee must review the auditor’s report, and must discuss this with the auditor.The audit committee must review the company’s risk management procedures, and must discuss these with the management.The audit committee must review the company’s internal control systems, and must discuss these with the management.
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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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