Audit Committee

The Audit Committee has the following functions:

 a)  Assist the Board in the performance of its oversight responsibility for the financial reporting process, system of internal control, audit process, and monitoring of compliance with applicable laws, rules and regulations;

b)  Provide oversight over Management’s activities in managing credit, market, liquidity, operational, legal and other risks of the corporation. This function shall include regular receipt from Management of information on risk exposures and risk management activities;

c)  Review the annual internal audit plan to ensure its conformity with the objectives of the corporation. The plan shall include the audit scope, resources and budget necessary to implement it;

d)  Prior to the commencement of the external audit, discuss with the external auditor the nature, scope and expenses of the audit, and ensure proper coordination if more than one audit firm is involved in the activity to secure proper coverage and minimize duplication of efforts;

e)  Establish an internal audit function, and consider the appointment of an independent internal auditor and the terms and conditions of its engagement and removal;

f)  Monitor and evaluate the adequacy and effectiveness of the corporation’s internal control system, including financial reporting control and information technology security;

g)  Review the reports submitted by the internal and external auditors;

h)  Review the quarterly, half-year and annual financial statements before their submission to the Board

i)  Coordinate, monitor and facilitate compliance with laws, rules and regulations;

j)  Evaluate and determine the non-audit work, if any, of the external auditor, and review periodically the non-audit fees paid to the external auditor in relation to their significance to the total annual income of the external auditor and to the corporation’s overall consultancy expenses. The committee shall disallow any non-audit work that will conflict with his duties as an external auditor or may pose a threat to his independence. The non-audit work, if allowed, should be disclosed in the corporation’s annual report; and

k) Establish and identify the reporting line of the Internal Auditor to enable him to properly fulfill his duties and responsibilities. He shall functionally report directly to the Audit Committee. The Audit Committee shall ensure that, in the performance of the work of the Internal Auditor, he shall be free from interference by outside parties.

P10.54

0.20
1.93%

   

 

As of 22 Nov 2017

 


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Key Stock Data


Exchange: Philippine Stock Exchange
Sector: Industrial – Food, Beverage and Tobacco
ISIN Number: PHY1973T1008
As of 06 Feb 2017

Full Market Cap (Php mn): 89,286
Outstanding Shares (mn): 7,142.9

Free Float Level (%): 31.3
Free Float Market Cap (Php mn): P27,947

 

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