5. The existence given by the employees of the listed company to the external auditor
6. The adequacy of the scope, functions and resources of the internal audit functions and that it has the necessary of authority to carry out his works
7. The internal audit programme, purposes, the results of the internal audit programme, processes or investigation undertaken and whether or not appropriate action is taken on the recommendations of the internal audit function
8. The quarterly results and year end financial statements, prior to the approval by the Board of Directors, for causing particularly on:
12. Any related party transaction and conflict of interest situation that may arise within the listed company or group including any transaction, procedure or cost of conduct that raises questions of management integrity
13. Any letter of resignation from the external auditors of the listed company
14. Whether there is reason rely (supported by grounds) to the company’s external auditor is not suitable for re-appointment
15.
16. To discuss problems and reservations arising from interim and final audits, and any matter the auditor may wish to discuss (in the absence of management where necessary) including assistance given by employees of the Group to the auditor
17. To do the following where an internal audit function exists:
18. • review the adequacy of the scope, function and resources of the internal audit function, and that it has the necessary authority to carry out its work;
19. • review the internal audit programme, process and results of the internal audit programme, processes or investigation undertaken and where necessary ensure that appropriate action is taken on the recommendations of the internal audit function;
20. • review any appraisal or assessment of the performance of members of the internal audit function
21. • be aware of resignations of internal audit staff members and provide the resigning staff member an opportunity to submit his reasons for resigning.
22. Where the Audit Committee is of the view that a matter reported by it to the Board has not been satisfactorily resolved resulting in a breach of these requirements, the Audit Committee must promptly report such matters to the KLSE
![It seems that the functions that an audit committee ought to play or assume are common among many frameworks that regulators and policy makers advocate the sum of all such rules or functions is all about preserving corporate governance for organization, and to ensure that the organization is properly run, managed, and be accountable to the stakeholder. <br />The audit committee assists the Board in fulfilling its statutory and fiduciary oversight<br />responsibilities relating to the company's financial accounting, reporting and controls. Its<br />principal functions are to:<br />,[object Object],and systems of internal control that are conducted by the company's independent<br />auditors, financial and senior management and internal auditing department (if<br />the company has one); and<br />,[object Object],independent auditors<br />In performing these oversight functions, the Board and audit committee should seek to<br />oversee the adoption of quality accounting policies and internal controls, and hire effective<br />independent auditors, in order to deter fraud, anticipate financial risks and promote<br />accurate, timely and meaningful disclosure of financial and other information to the Board,<br />the public and the SEC.<br />Using the framework of the chapter 15 of the KLSE Listing Requirement, a company must ensure that an audit committee should, amongst others, discharge the following function:<br />,[object Object]](https://image.slidesharecdn.com/functionauditcommittee-110419215657-phpapp02/85/function-audit-committee-1-320.jpg)
