The Audit Committee charter for First Takaful Insurance Company administers the practices of the Audit Committee including its role of oversight and review activities across the organization.
• The committee shall comprise of at least three directors appointed by the Board. The Board shall designate one Member as the Chairman of the committee.
• Its chairman shall be a non-executive Board member.
• If a member of the committee retires, resigns or is removed from the position, the vacancy shall be filled in by the Board.
• It is forbidden for the chairman of the BOD and the executive members to be a member in this committee.
• At least one (1) of its members should be from the independent (BOD) members.
• Within the Committee’s composition, at least one of its members shall hold a certificate and/or have experience that is relevant to the financial and accounting fields.
• Also, there should be a Secretary of the committee.
Responsibilities of the Audit Committee
•Supervising the internal audit department in the company to ensure its effectiveness in achieving its duties defined by the BOD.
• Review, express opinions and recommendations over the periodic financial statements before presenting the same to the BOD. This is to ensure the fairness and transparency of the financial reports.