Audit & Risk Sub-Committee Report

The Audit and Risk Sub-Committee is responsible for ensuring that the company’s internal controls are properly functioning as well as managing the external audit process of the company. The Sub-Committee bases most of its work on the internal audit reports issued by the Internal Audit Department of FHL and management letters (client service report) issued by the External Auditors.  

The members of the Audit and Risk Sub-Committee are appointed by the FHL Board of Directors from amongst the Directors of the Company and consist of two board members of which all are existing committee members and are Directors. In addition to these members, the Group CEO and members of the Senior Management Team, attend the committee meetings to ensure that Group companies are maintaining proper control and managing risk appropriately. Meetings of the Audit and Risk Sub-Committee are held once every quarter, however, frequent meetings may be called if necessary. During the 2016 – financial year, the audit committee met four times. 

During the year, the Audit and Risk Sub-Committee received reports from Internal & External Auditors and held discussions with Management and the Auditors involved. The Sub-Committee has also reviewed: 

·            The reliability and integrity of financial and operating information.

·            The system established to ensure compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on operations and reports, and should determine whether the organization is in compliance.

·         The means of safeguarding assets and as appropriate, verifying the existence of such assets;

·         The projects or programs to ascertain whether results are consistent with established objectives and goals, and whether the projects or programs are being carried out as planned;

·         Reporting of any materials misuse of funds, misappropriation or acts of fraud

Name Status No. of Meetings
Held/Entitled
No. of Meetings
Attended
Mr. Ulaiasi Taoi
Existing
4
4
Mr. Viliame Cegumalua
Existing
4
4

FHL News Letter – April 2020

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