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  • Addendums to Section 6 Principles of Organizing Accounting Books and Records of Each of the Companies, Agents and Brokers and Determining Data to be maintained in these Books and Records

    • Addendum (1)

      1. Additional Tasks for the External Auditor:
         
        1. The Authority may request additional duties from the External Auditor, including:
           
          1. Submission of such additional information relating to the audited accounts as the Authority may specify;
             
          2. Enlarging the scope of the audit;
             
          3. Notifying the Authority of any financial violations discovered during the course of the audit;
             
          4. Notifying the Authority of any reservations regarding the accounts or the reserves of the Company;
             
          5. Notifying the Authority of any discrepancy in the financial systems, controls, and of any material inaccuracies or inconsistency in the Company's financial statements; and
             
          6. Preparing such financial reports and statements as required by the Authority. External Auditor's fees for such additional tasks shall be borne by the Company.
              
        2. While carrying out such additional duties, listed in paragraph (a), as requested by the Authority, the External Auditor shall not be in breach of any duties towards the Company, the Authority, the shareholders or any third parties.
            
      2. The External Auditor shall be independent and shall not be the Chairman or a director in the Company's Board of Directors or a managing director, agent, representative or taking up any administrative work therein, or supervising its accounts, or a next of kin to someone who is responsible for the administration or accounts of the Company, or having an extraordinary interest in the Company or any of its competitors.
         
      3. If any of the circumstances referred to in the paragraph (2) occurs after the appointment of the External Auditor, the Company must appoint another External Auditor.
         
      4. The Company shall provide the External Auditor with all information and assistance necessary for carrying out his duties.
         
      5. The duties of the External Auditor shall include the preparation of a report on the final and interim accounts. The report shall contain a statement on whether the Company's accounts are fairly stated and reflect materially, the actual state of affairs of the Company and whether the Company has provided the External Auditor with all required information and clarifications.
         
      6. If the Company is a foreign Company, its final audited accounts together with the External Auditor's report shall be sent to its main office abroad and a copy shall be sent to the Authority.
         
      7. External Auditor Access to Relevant Information: Outsourcing agreements must ensure that the Company's Internal and External Auditors have timely access to any relevant information they may require to fulfill their responsibilities.

    • Addendum (2)

      1. Major Roles and Responsibilities of the Internal Auditor:
         
        1. Evaluates and provides reasonable assurance that risk management, control, and governance are functioning as intended for all required systems, processes and/or risks enabling the Company to meet its objectives and goals;
           
        2. Reports risk management issues and internal control deficiencies identified directly to the Audit Committee, or equivalent group-level governance structure for Foreign Companies, and provides recommendations for improving the Company's operations, in terms of both efficient and effective performance;
           
        3. Evaluating the risk exposures relating to the achievement of the Company's objectives;
           
        4. Evaluating the reliability and integrity of information and the means used to identify, measure, classify and report such information;
           
        5. Evaluating the information security and probabilities of exposure to its related risks;
           
        6. Evaluates regulatory compliance program with consultation from legal counsel;
           
        7. Evaluates the Company's readiness in case of business interruption; and
           
        8. Teams with other internal and external resources as appropriate.
            
      2. The Company shall have an annual audit plan and a risk assessment performed annually and aligned to the annual audit master plan