Auditing Committee Charter
The Committee shall be responsible for overseeing and supervising the financial control operations of the Company to assist the Board of Directors. In the framework of implementing this, the Committee shall ensure in particular the following:
1- Effectiveness and credibility of internal controls and preparation of financial reports
2. Efficiency and independence of the external auditor
3- Extent of compliance with the internal laws and regulations and the rules of registration in the stock exchange
No member may appoint alternate members in the Committee. Each member shall have the following:
* Review all matters that may affect his independence and ability to carry out his responsibilities.
* To carry out the tasks that may be assigned to the Committee.
* The possibility of delegating a member of the Committee to vote on his behalf if he can not attend personally through a conference call
Functions of the Audit Committee
• Review and review the internal control procedures of the company and the extent of compliance with their application.
* Studying the accounting policies adopted and the changes resulting from the application of new accounting standards.
* Review and review the internal audit mechanisms and procedures, procedures, plans and results, study the internal audit reports and follow up the implementation of its recommendations.
* Review and review the periodic administrative reports, which are submitted to different administrative levels and systems of preparation and timing of presentation.
* Examination of the procedures followed in preparing and reviewing the following:
– Periodic and annual financial statements
– IPO and public and private offering of securities.
– Estimated budgets, including cash flow statements and estimated income statement.
* Examination of the draft preliminary financial statements before being presented to the Board of Directors for submission to the auditor.
* Studying the auditor’s report on the financial statements and discussing the observations, reservations and follow-up of what has been done in them and working to resolve the differences of views between the management of the company and the auditor.
* Ensure that an independent financial advisor prepares a report to the Board of Directors on transactions with related parties prior to the adoption of these transactions.
* Ensure the application of the control methods necessary to maintain the assets of the company and conduct periodic evaluation of administrative procedures to ensure compliance with the rules and the preparation of reports to the Board of Directors.
Meetings of the Committee shall be at least every three months.
* Additional meetings may be held.
* Meetings may be held at the invitation of the Chairman of the Committee.
* Meetings may be held at the written request of the Chairman of the Committee signed by two members of the Committee.
* The Chairman of the Committee shall make arrangements for the delivery of the agenda by the Committee members at least five working days prior to the meeting
Records and records
– The minutes of each meeting shall be edited, signed by the chairman of the committee and the writer of the minutes.
– Records are kept in company records.
– Each member shall receive a copy of the record with the new agenda at least five days before the next meeting, as well as a copy of the reports to be presented at the meeting.
Formation of the Audit Committee
The Audit Committee of the Company was formed by the Board of Directors Resolution (14) dated 30/12/2017 as follows
|Mr. Mohammed Jamal Muharram||Committee president||0.0006%|
|Mr.Walid Mohammed Al-Rasheed||Committee member|
|Mr. Sameh Ahmed Khudair||Committee member|
|Mr. Ahmed Ibrahim Mokhtar||Committee member|
|Mr.Mohamed Samir Abdel Razek||Committee member|
|Mr. Tareq Sharaf El Din||Committee established|
|Mr. Medhat Zeian||Technical Secretariat|
|Mr. Khaled Nayazi Mahmoud||Technical Secretariat|