Group Audit Committee Report

The Group Audit Committee plays a critical role in the corporate governance framework, serving as the primary oversight body for financial reporting, internal controls, and risk management processes. This report outlines the committee's activities, findings, and strategic focus for the current fiscal period.

Role and Responsibilities

The primary objective of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities. This includes ensuring the integrity of the Group's financial statements, assessing the independence and performance of the external auditors, and reviewing the effectiveness of the internal audit function. The committee is composed of independent non-executive directors who bring a wealth of financial and industry expertise to the table.

Financial Reporting Oversight

A core mandate of the committee is to review the Group's annual and interim financial results. During the review process, the committee pays close attention to significant accounting policies, estimates, and judgments made by management. Special emphasis is placed on areas involving complex valuation, such as impairment testing for goodwill and the recognition of revenue from long-term contracts. The committee ensures that these disclosures remain transparent, consistent, and compliant with international financial reporting standards.

Internal Control and Risk Management

The committee maintains a rigorous focus on the internal control environment. By reviewing the findings of the internal audit team, the committee identifies gaps in operational procedures and ensures that management implements corrective actions in a timely manner. The committee also oversees the Groups risk management framework, ensuring that emerging threatsranging from cybersecurity vulnerabilities to geopolitical shiftsare identified, assessed, and mitigated effectively.

External Audit Independence

Maintaining a constructive and transparent relationship with the external auditors is vital. The Audit Committee oversees the appointment, compensation, and performance of the external auditor. We ensure that the audit firm maintains its independence by strictly regulating the non-audit services provided to the Group. Through regular private sessions with the auditors, the committee fosters an environment where professional skepticism is encouraged and critical issues can be raised without management influence.

Whistleblowing and Ethics

The committee is responsible for overseeing the Groups whistleblowing policies. We ensure that robust mechanisms are in place for employees and third parties to report concerns regarding accounting, internal controls, or ethical misconduct anonymously. These reports are reviewed periodically to ensure that all grievances are investigated thoroughly and that no retaliation is taken against those who raise concerns in good faith.

Conclusion

The Audit Committee remains committed to upholding the highest standards of governance. Through its oversight, the committee provides the Board and shareholders with confidence that the Groups financial affairs are managed with integrity, precision, and a focus on long-term value creation. Looking ahead, the committee will continue to prioritize the modernization of digital auditing tools and the strengthening of internal controls to meet the challenges of an evolving global economy.