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Kuwait Energy
Kuwait Energy Plc, Queensway House, Hilgrove Street, St Helier, Jersey JEI 1ES, Channel Islands
(xvii)
at the end of the annual audit cycle, to assess the effectiveness of the audit process;
(xviii)
if the external auditor resigns, to investigate the issues leading to such resignation
and to consider whether any action is required;
(b)
Reserves Reporting
(i)
to consider and make recommendations to the board in relation to the appointment
of the independent reserve auditor and the remuneration and terms of engagement of
the independent reserve auditor ; and
(ii)
at least annually meet with the independent reserve auditor to recommend for board
approval the independent reserve report.
(c)
Internal Audit
(i)
to review and approve the internal audit function’s remit, having regard to the role
fulfilled by the external audit function;
(ii)
to ensure that the head of internal audit has direct access to the chairman of the
Company and to the Committee;
(iii)
to monitor and review the effectiveness of the internal audit function in the context
of the group’s overall risk management system, as well as to consider and approve
the remit of the internal audit function
,
ensure that it is adequately resourced, has
access to the information necessary to enable it to fulfil its mandate, and is able to
perform in accordance with appropriate professional standards for internal auditors.
The Committee shall also ensure the function has adequate standing and is free from
management or other restrictions;
(iv)
to approve the appointment or termination of appointment of the head of internal
audit;
(v)
to review and assess the annual internal audit plan;
(vi)
to review reports addressed to the Committee from the internal auditor; and
(vii)
to review and monitor management’s responsiveness to the findings and
recommendations of the internal auditor.
(d)
Financial reporting
(i)
to monitor the integrity of the financial statements of the Company including its
annual and half-yearly reports, interim management statements, and any other formal
announcements relating to the group’s financial performance, reviewing significant
financial reporting issues and judgements contained in them;
(ii)
when carrying out its duties under paragraph 21(c)(i), to focus particularly on:
(A)
considering significant accounting policies, any changes to them and any
significant estimates and judgements;