The main role of the Audit Committee is to monitor and evaluate the effectiveness of the REIT Manager's internal control.
The REIT Manager has established an Audit Committee to assist the Board in reviewing the completeness, accuracy, clarity and fairness of Prosperity REIT's financial statements, recommending for the appointment and reviewing the relationship with the external auditors of Prosperity REIT periodically, as well as reviewing and supervising the internal control procedures and risk management systems.
The Audit Committee is appointed by the Board from among the Directors. It comprises a minimum of three members, all of whom must be Non-executive Directors and the majority of whom must be Independent Non-executive Directors. The chairman of the Audit Committee must be an Independent Non-executive Director. The Audit Committee meets on a half yearly basis and otherwise on an as-needed basis.
The members of the Audit Committee include: