Duties and Responsibilities of The Audit Committee

Duties and responsibilities of Audit Committee as stated in Audit Committee Charter of PT AKR Corporindo Tbk are as follows:

1. Reviewing the financial information published by the Company such as financial statements, projections, and other reports relating to financial information.
2. Reviewing adherence to legislation.
3. Providing independent opinions to the Board of Commissioners on disagreements between management and accountants.
4. Providing information to the Board of Commissioners related to the appointment of accountants based on their independence, scope of assignment and fee.
5. Reviewing the audit conducted by the internal auditors and supervise the follow up on the findings of the internal auditor.
6. Reviewing the implementation of risk management activities undertaken by management.
7. Examining complaints related to the accounting and financial reporting process.
8. Reviewing and providing advice to the Board of Commissioners related to potential conflicts of interest
9. Maintaining the confidentiality of documents, data and information.

Independence of Audit Committee

All members of the Audit Committee are independent and external parties, and appointed according to their ability and educational background, in compliance with the qualifications stipulated in the financial services authority regulation No.55/ POJK.04/2015 concerning the formation and working guidelines for the Audit Committee. Which includes among others, not having any affiliations with Board of Commissioners, Board of Directors and controlling shareholders of the Company.

Authorities of The Audit Committee

1. To access data, documents, and other information related to employees, funds, assets, and resources of the Company as required.
2. To communicate directly with employees, including the Board of Directors and internal auditors and accounting staff in relation to their duties and responsibilities.
3. To engage independent parties, other than members of the Audit Committee, who may be required to assist the implementation of their duties, at the Company’s expense. This authority requires the Board of Commissioners’ permission. 
4. To perform other authorities as assigned by the Board of Commissioners. 

Main functions of the Audit Committee explained are as follows:

1. Report the results of the risk management evaluation to the Board of Commissioners to address potential risks that may disrupt ongoing business
2. Evaluate the performance of the Company and its subsidiaries on a regular basis (quarterly, semester, and annually) on target achievement, market conditions and trends, future performance predictions, and the reporting of findings and providing suggestions to improve the Board of Commissioners performance.
3. Deliver reports from the Board of Directors in a professional and independent manner.
4. Together with the Internal Audit Unit, provide an assessment on documentation procedures and implementation by management that have been suggested by the operational department to improve the financial transaction performance and reporting system.
5. Discussing the development of the business environment by identifying the potential for developing the Companys performance.
6. Ensuring that the Company’s financial reports are in accordance with adopted accounting standards.
7. Ensuring that the internal control systems, financial reporting processes, and GCG implementation are functioning properly

Information Regarding The Appointment and Dismissal of The Audit Committee

The Company has been informed disclosure of information regarding changes of composition of the Audit Committee based on letter number 096/L-AKR-CS/2020 dated 12 May 2020.