Objectives
The Audit Committee assists the Board of Directors. Its main objectives are to:
- Safeguard the integrity of the financial and non-financial reporting processes.
- Ensure the independent, objective and effective conduct of internal and external audits.
- Oversee the adequacy and effectiveness of the Internal Control System.
- Oversee compliance with the institutional, regulatory and legal framework governing the operations of Alpha Services and Holdings, as well as with internal regulations and codes of ethics.
- Oversee the effectiveness and performance of Internal Audit and of Compliance of Alpha Services and Holdings and of the respective Units across the Group.
Responsibilities
To accomplish its objectives, the Audit Committee:
- Performs the oversight of the financial reporting processes and procedures for drawing up the annual and the interim financial statements of Alpha Services and Holdings and the Group. ยท
- Reviews the financial statements of Alpha Services and Holdings and the Group.
- Informs the Board of Directors of the outcome of the statutory audit and explains how the statutory audit contributed to the integrity of financial reporting and what the role of the Audit Committee was in that process.
- Reviews the planning and execution of the audit of the interim and annual financial statements of the Alpha Services and Holdings and the Group conducted by the Statutory Certified Auditors, meeting with them on a regular basis.
- Monitors and assesses the adequacy, effectiveness and efficiency of the Internal Control System.
- Is responsible for the procedure for selecting the Statutory Certified Auditors of Alpha Services and Holdings.
- Performs the oversight of the Non-Financial Information and Sustainability Report, reporting processes and ESG disclosures.
Read more about the responsibilities of the Audit Committee in the Audit Committee Charter.
Composition and tenure
The Audit Committee is composed of Non-Executive Board Members, Independent in their majority, with a 4-year tenure. All the Members possess adequate knowledge of the financial sector.
The Committee includes:
- 1 Member of the Risk Management Committee to ensure proper sharing of information.
- At least 1 Member who has accounting/auditing knowledge and experience, and is present in the meetings regarding the approval of the financial statements.
The Chair of the Audit Committee is appointed by its Members and is an Independent Non-Executive Board Member. The Chair has the required expertise and experience to oversee the audit, accounting and financial policies and processes, within the remit of the Committee.