Report of the Audit Committee In keeping with the Code of Best Practice on Corporate Governance and the requirements of the Securities and Exchange Commission for Public Limited Companies, Raigam Wayamba Salterns PLC has established an Audit Committee whose functions, authority and duties have been clearly identified in the Audit Committee Charter. This Charter integrates all the requirements of the Securities and Exchange Commission and Code of Best Practice on Corporate Governance.
Sri Lanka, with expert knowledge in Accounting and Finance.
The Role of the Audit Committee is to oversee the financial reporting systems of the Company with a view of safeguarding the interests of all the stakeholders and ensuring that it has been extended to its subsidiaries. This includes selecting and applying appropriate accounting policies for the purpose of financial reporting, ensuring sound internal control principles and its effective implementation, ensuring the integrity of Financial Statements and maintaining an appropriate independent relationship with the Company’s Auditors.
² Recommending the appointment of external auditors of Raigam Wayamba Salterns PLC for each financial year.
Formation and Composition of the Committee The Audit Committee was established by the Board with a formal and transparent arrangement and the Committee comprises of three Independent NonExecutive Directors. Mr. T. Dharmarajah (Chairman) Snr. Prof. S. P. P. Amaratunge Mr. W. A. Upali Gunawardena The Chairman of the Audit Committee is Mr. T. Dharmarajah, who is an Independent NonExecutive Director, a fellow member of The Institute of Chartered Accountants of Sri Lanka and a Senior Partner of Messrs Amerasekera and Company, a well-recognized firm of Chartered Accountants in
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Raigam Wayamba Salterns PLC ANNUAL REPORT 2018 - 2019
Duties and Responsibilities In brief, the duties and responsibilities performed by the Audit Committee are as follows
² Examine any non-audit work performed by the Auditors and the fees thereon to ensure that their objectivity and independence is not impaired. ² Reviewing the scope and result of the audit and its effectiveness. ² Discussing with the External Auditors before commencement of the audit and at the conclusion of the audit, in relation to audit plan, key audit issues and their resolution, management responses and recommending to the Board and the remuneration of the auditors. ² Reviewing the extent of compliance with the laws of the country, Governmental regulations, listing rules and established policies of the Company. ² Ensuring that the company’s internal controls and risk management practices are adequate to meet the requirements of the Sri Lanka Auditing Standard, and are being duly performed.
