Audit & Risk Committee

The Audit & Risk Committee is responsible for reviewing the Group’s financial statements, audits, and internal control. The Committee is composed of Mr Pierre Yves Pougnet (Chairperson), Professor Donald Ah Chuen G.O.S.K., Mr Sydney Ah Yoong and Mr Ah-Lan Lam Yan Foon, who all have thorough experience in finance.

Its functions are as follows:

Financial reporting

  • Monitor the integrity of the annual audited financial statements by reviewing significant financial reporting issues and judgements which they contain;
  • Review and challenge the financial statements where necessary;
  • Review significant assumptions, estimates and judgements used in the preparation of the financial statements;
  • Ensure whether P.O.L.I.C.Y. Limited has followed appropriate accounting standards taking into account the view of the independent auditor;
  • Ensure maximum transparency in the accounts;
  • Review the effectiveness of P.O.L.I.C.Y. Limited’s internal audit function and the appointment, compensation and replacement of the company’s internal auditor.

External audit

The Committee shall:

  • Review and assess the external audit plans;
  • Review and monitor management’s responsiveness to the findings and recommendations of the external auditors;
  • Review and  monitor the effectiveness of the external audit function;
  • Consider the risk areas of P.O.L.I.C.Y. Limited’s operations to be covered in the scope of the external audits;
  • Consider and make recommendations to the Board, on the appointment and reappointment of  P.O.L.I.C.Y. Limited’s external auditors;
  • Approve the level of remuneration of the auditors and the terms of their engagement;
  • Assess annually the independence and objectivity of the auditors.