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Audit Committee

Terms of Reference

  • To endorse for Board's approval new appointment, re-appointment and removal of external auditors;
  • To approve the external auditors' remuneration;
  • To review and discuss with the external 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 external auditors' report;
  • To review and endorse for Board's approval the engagement of an external firm of Certified Public Accountants to perform internal audit services as well as such non-audit services as may be required;
  • 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.

 

Chairperson Mr Nelson Lam Chi-yuen
Members

Mr Roger Luk Koon-hoo, BBS, JP
Mr Timothy Ma Kam-wah, JP
Mr Michael Wong Yick-kam, MH, JP

Co-opted Members Ms Rosanna Choi