Section 165 : Functions, duties and powers of audit committee

The functions, duties and powers of the audit committee formed pursuant to Subsection (1) of Section 164 shall be as follows:

(a) To review the accounts and financial statements of the company and ascertain the truth of the facts mentioned in such statements;

(b) To review the internal financial control system and the risk management system of the company;

(c) To supervise and review the internal auditing activity or the company;

(d) To recommend the names of potential auditors for the appointment of the auditor of the company, fix the remuneration and terms and conditions of appointment of the auditor and present the same in the general meeting for the ratification thereof;

(e) To review and supervise as to whether the auditor of the company has observed such conduct, standards and directives determined by the competent body pursuant to the prevailing law as required to be observed in the course of doing auditing work;

(f) Based on the conduct, standard and directives determined by the competent body pursuant to the prevailing law, to formulate the polices required to be observed by the company in respect of the appointment and selection of the auditor;

(g) To prepare the accounts related policy of the company and enforce, or cause to be enforced, the same;

(h) Where any regulator body has provided for the long term audit report to be set out in the audit report o f the company, to comply with the terms required to prepare such report;

(i) To perform such other terms as prescribed by the board of directors in respect of the accounts, financial management and audit of the company.