This Committee is one of the main committees in the governance system within the Group due to the vital role it plays in accounting issues that form an essential part of the Group’s activity, which is the financial statements. This committee represents, along with internal audit and control systems, the main factor of success. According to the Standards and Controls book published by the Central Bank of Bahrain an Audit Committee shall be formed with independent members of the Board. The Committee shall hold its meetings as needed. The committee members shall hold academic qualifications and/or practical experience in financial management. Names of committee members shall be disclosed in the annual report of the Group.
The general objective of the formation of the Audit Committee is to ascertain that the management has developed and maintained an effective control environment and that the management shows and encourages the necessary respect of the internal control structure between all parties. The Committee shall also serve as a communication channel between the Board of Directors, management, internal auditors and external auditors.
For more detailed information about the Committee’s duties, powers, and the periodicity of its meetings, please refer to the Group’s approved Corporate Governance Code at the following link