Audit Committee

Terms of Reference

• To endorse for Board's approval new appointment, re-appointment and removal of statutory auditors;
• To approve the statutory auditors' remuneration;
• To review and discuss with the statutory auditors the scope of their audit; and any salient matters arising from the audit;
• To review and endorse for Board's approval significant accounting policies;
• To review and endorse for Board's approval the audited annual financial statements, including the statutory auditors' report;
• To approve the engagement of service provider(s) to provide internal audit services on a contract basis;
• To approve the engagement of a statutory auditor to perform non-audit consultancy services within the delegated authority by the Board;
• To review and endorse for Board’s approval the engagement of a statutory auditor to perform non-audit consultancy services above the delegated authority by the Board;
• To review internal audit policies and work programme;
• To receive and consider internal audit reports and Management's responses to the recommendations made in these reports, and, as or when deemed necessary, to submit such reports and/or responses to the URA Board;
• To receive and consider Management report on the effectiveness of the financial reporting system, internal control systems, risk management procedures and processes, as well as compliance with applicable laws, regulations and internal policies; and
• To conduct or assign and oversee any ad hoc projects referred to it by the URA Board.