Purpose
The Audit Committee assists the Board in overseeing financial reporting, internal controls, risk management, audit activities, compliance matters and corporate governance practices.
Committee Responsibilities
- Review financial statements.
- Monitor internal control effectiveness.
- Oversee internal audit activities.
- Coordinate external audit reviews.
- Monitor compliance obligations.
- Review significant risk matters.
- Report findings to the Board.
Committee Authority
| Authority | Description |
|---|---|
| Information Access | Unrestricted access to records and personnel |
| Audit Reviews | Request audits and investigations |
| External Advisors | Engage independent specialists |
| Reporting | Direct communication with Board |
Oversight Areas
| Area | Responsibility |
|---|---|
| Financial Reporting | Accuracy and completeness |
| Internal Controls | Design and effectiveness |
| Risk Management | Monitoring and escalation |
| Compliance | Regulatory adherence |
| Audit Activities | Internal and external audits |
| Fraud Prevention | Investigation oversight |
Meeting Requirements
| Requirement | Standard |
|---|---|
| Regular Meetings | Quarterly |
| Special Meetings | As Required |
| Quorum | Majority of Members |
| Minutes | Mandatory |
| Board Reporting | After Each Meeting |
Reporting Framework
| Report | Frequency |
|---|---|
| Audit Committee Report | Quarterly |
| Financial Review Report | Quarterly |
| Compliance Review | Quarterly |
| Audit Findings Summary | Quarterly |
| Annual Assurance Report | Annual |
Charter Statement
The Audit Committee shall operate independently and objectively to strengthen governance, transparency, accountability and institutional confidence in PT Sapta Borneo Utama.