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Main tasks and responsibilities
Detailed tasks and responsibilities of the Audit Committee are described in the AC Charter attached. This summary below of overall responsibilities covers:
- Organizational Governance: Ensure organizational governance process established, operates as intended and sustained within the organization.
- Values and Ethics: Review policies, procedures and practices are in conformancewith code of conduct and ethical policies and provide oversight to ensure high ethical standards maintained and in compliance with law and regulations.
- Financial Statements: Ensure reliability of financial information used for information and decision-making of its stakeholders.
- Risk management: Review the enterprise risk management framework for identifying, monitoring, and managing significant risks, including fraud.
- Internal Control: Review the internal and external audit functions that are the adequacy of internal controls and whether relevant policies and procedures are In place.
- Performance management: Review whether performance management systems, including the reporting system, are in place to reflect the MRC's role/purpose and objectives as stated in the strategic plan as well as use appropriate benchmarks, targets, and trend analysis.
- Internal Audit and Assurance: (-) Functionalsupervises the internal auditors' work and internal audit activities, including the approval of the internal audit charter, the internal audit plan, and the internal audit reports and (-) Review the performance of the internal auditor and the internal audit function to ensure compliance with the Institute of Internal Auditor's International Professional Practices Framework on Internal Auditing consisting of the Definition of Internal Auditing, Code of Ethics, and the Standards.
- External Audit and Assurance: Review work and performances of the external auditors, including review of TOR for external auditors and review of external audit findings and recommendations to ensure these are in line with the Risk Management Framework.
- Compliance: (-) Determine whether management has considered legal and compliance risks as part of the MRC's Enterprise Risk management and (-) Review the effectiveness of monitoring done on compliance with the MRC code of conduct, laws, regulations and country policies.
- Reporting: Six (6) reports, including quarterly, mid-year and annual reports, for submission to the MRC JC through the Chairperson of the JC and circulated simultaneously to all JC members. Any further circulation shall be subject to the guidance of the MRC JC.
- Other Responsibilities: Perform other activitiesrelated to this Charter asrequested by the MRC JC.
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