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Audit Committee

Audit Committee

Audit committee was formed to be an operating committee that is in charge of overseeing financial reporting and disclosure. The committee also maintains communication with the company Board of Directors for the oversight of accuracy of financial reporting, the monitoring of accounting policies, including possible conflict of interests.

The committee is re-elected biennially.

As at September 18, 2017, Audit Committee, which has totally five members, comprises of independent directors and non-executive directors and one secretary as follows:

1) Sai Kheim Kham- Chairman
2) Sai Linn Pan- Member
3) Sai Nyi Sar- Member
4) Sai Tun Myint- Member
5) Daw Than Than Htay - Secretary

Daw Than Than Htay has been working on the accounting field for decades and is well-experienced and qualified as an accounting expert. The Board of Directors believes that by appointing her as a secretary of audit committee, she will be able to fulfill her responsibilities quite smoothly and to assist the committee as well.

The audit committee has quarterly regular meeting, and as necessary, the Audit Committee may call for the management and financial officials and staff, and external audit to hold a meeting. In a circumstance requires immediate attention, the Chairman of the Audit Committee may convene an additional or emergency meeting.

The Board of Directors authorizes the audit committee to perform the following undertakings.

  1. Reviewing the accurate and adequate of the Company's financial reports.
  2. Reviewing the suitability and effectiveness of the Company's internal audit system as well as providing opinions for more effectiveness.
  3. Reviewing to ensure the Company's performance is in compliance with Myanmar Securities and Exchange Law, in order to be listed on Yangon Stock Exchange.
  4. Reviewing and considering the transactions of the executives and related parties which may have conflict of interest.
  5. Preparing the audit committee's reports to be disclosed in the Company's annual and biannual reports which comprise the following information:
    • opinions on the accuracy and reliability of the Company's financial reports.
    • opinions on effectiveness of the Company's internal control system.
    • opinions on qualifications and suitability of the Company's external auditors.
    • opinions on undertakings of executives and related party which may have conflict of interest.
    • number of meetings of the audit committee and the attendance of audit committee members.
    • opinions on performance of duties of the audit committee within the given framework.
    • performing other undertakings appointed by the Board of Directors.
  6. Reviewing the integrity, impartiality and fairness of the internal audit and compliance officer's performance, and providing supports as necessary.