Audit Committee Members:
The composition and members of the AC complies with the requirements under Rule 3.21 of the Listing Rules. The written terms of reference which describe the authority and duties of the AC were adopted in 1999 and subsequently revised on
23 August 2005. In order to conform to the new provisions of the CG Code effecting on 1 April 2012, the board has adopted a new terms of reference of the AC on 26 March 2012, which have been included on the Stock Exchange’s website and the Company’s website.
During the year under review, the AC met with the Company’s external auditors, the board and senior management. The AC has met two times to review the financial reporting (including interim and annual results) and other information to shareholders, the accounting system, the system of internal controls, risk management, effectiveness and objectivity of the audit process and perform other duties set out in the terms of reference. Members of the AC visited subsidiaries of the Group and enquired about and commented on the matters related to system of accounting, internal controls and risk management of those subsidiaries. They also reviewed and commented on adequacy of resources, qualifications, experience and training of staff engaged in the accounting and financial reporting function.