AUDIT COMMITTEE

Statement of Audit Committee members and their tasks/duties

The Audit Committee is composed of the following members as of 31st Dec 2021:

NAME OF BOARD MEMBERS

POSITION

STATUS

Mr. Ahmad Kilani

Chairman

Non-Independent/Executive Director

Dr. Abdul Rahman Al Afifi

Member

Independent/Non-Executive Director

Mr. Mohamed Ahmad Alhammadi

Member

Independent/Non-Executive Director

The primary tasks of the Audit Committee include:

1
Internal Control, risk management and regulatory compliance

  1. Review the Company’s financial controls, internal controls and risk management system/ framework.
  2. Discuss the Internal control system with the management and to ensure that it is operating effectively.
  3. Compliance with the listing and disclosure rules as issued by SCA (including other applicable rules and regulations).

2
Review of financial information

  1. Ensure integrity of the financial statements while emphasizing any changes to the accounting policies and practices, aspects subject to judgment or estimation, substantial adjustments resulting from the audit, going concern and, compliance with International Financial Reporting Standards.
  2. Consider any significant and unusual matters to be reported in the financial statements and to address concerns raised by the Head of Finance & Accounts, Compliance Officer or External Auditors.
  3. Review the Company’s financial and accounting policies and procedures.
  4. Ensure compliance with the listing rules and other legal requirements in relation to financial reporting.
  5. Review annual and quarterly financial statements before recommending to the Board for approval.

3
Relationship with the external auditors

  1. Monitor the independence of the External Auditor and to discuss with the External Auditor the nature, scope and efficiency of the audit in accordance with generally accepted auditing standards.
  2. To ensure that significant findings and recommendations made by the External Auditors and management’s proposed responses are received, discussed and appropriately acted on.
  3. To develop and implement policy on the engagement of an External Auditor to provide non-Audit services, if any, to ensure that provision of such services would not impair the independency and objectivity of the External Auditor.
  4. Adopt a policy on dealing with the External Auditor and reporting/recommend to the Board any issues that require action on the part of the Board.
  5. Meet with the External Auditors on a periodic basis.
  6. Review and consider (and respond) to any correspondence or queries received from the External Auditor.
  7. Review and recommend the appointment, re-appointment, or replacement of an External Auditor.
  8. Review and approve the remuneration and term of engagement of the External Auditor.

Number of Audit Committee meetings held during the year 2021 along with the dates/attendees

Audit Committee Meetings held during 2021

NAME OF BOARD MEMBER

31/03/2021

10/05/2021

11/08/2021

14/11/2021

Mr. Ahmad Kilani – Committee Chairman

Dr. Abdul Rahman Al Afifi – Member

Mr. Mohamed Ahmad Alhammadi – Member

Mr. Ship