To ensure the timely preparation and disclosure of accurate and reliable financial reports to the public, shareholders, state institutions and, when necessary, to the capital markets by auditing the company's accounting system, financial information, and to monitor the operation and effectiveness of the internal control system.
Committee Structure and Membership
Since the total number of the members of the Company's Board of Directors and the number of independent members are limited, the Audit Committee is composed of 1 (one) independent Board member and 1 (one) Company Board member.
The members of the committees will be elected by the Board of Directors following the approval of the Internal Regulation by the Board of Directors and will start their activities following the decision of the Board of Directors.
Duties, Authorities and Responsibilities of the Audit Committee
It advises on the appointment and financial benefits of independent auditors, ensures their independence and supervises their work.
It determines the rules regarding the services to be taken from the independent auditors outside the audit and checks the accuracy of the applications.
Supervises the audit of the company's financial statements and consolidated financial statements by independent auditors.
It regularly audits the company's financial situation, cash situation and liabilities.
It examines the accounting policies used in the preparation of the financial statements, the annual financial statements of the parent company, the consolidated annual, semi-annual and quarterly financial statements for the information of the Board of Directors. .
Oversees the execution and effective implementation of internal control and risk management procedures with the assistance of the internal audit department.
Oversees financial information preparation procedures.
Controls the information to be disclosed to the public. It audits the annual work programs of internal and external auditors. .
Obtains information periodically from completed audits and reviews annual internal control reports and other reports (independent auditors, annual reports, etc.).
Review the selection of appropriate accounting policies and methods.
Examines the company's policies regarding the use of derivative instruments (instruments).
When requested by the Board of Directors, it examines the important transactions that the company plans to perform.
Examines major legal cases annually.
It monitors compliance with ethical codes that finance and accounting managers are obliged to comply with.
Recommends to the Board of Directors that a procedure be developed for complaints and concerns of employees, shareholders and others regarding accountability, internal control or auditing.
It audits the accounting records of the reserves set aside by the company.
Committee Meetings, Work and Reporting
The Committee meets at least four times a year to review the consolidated annual and quarterly financial statements. The audit committee may hold meetings with the chairman of the Board of Directors, the CEO, and other senior executives, if necessary, to assist in the performance of its duties. The committee holds meetings with internal auditors, independent auditors/financial advisors and audits their work without the participation of senior management. If it is important for the committee to fulfill its duties, the committee may request resources from the Board of Directors to obtain external consultancy services. The Committee submits a written report on its activities to the members of the Board of Directors.