Investor Relations
Audit Committee

As required by CASE Listing Regulations, the Company has an Audit Committee composed of three non-executive directors. The Audit Committee is accountable to the Board of the Company and not to executive management of the Company. Mr Helal has been appointed as chair of the Audit committee and Mr Mahmoud and Mr El Sherief are the two members of the committee, having been appointed on 28 October 2007.

The primary functions delegated by the Board to the Audit Committee are to assist the Board of Directors in fulfilling its oversight responsibilities as regards:

• inspection and review of the internal audit procedures of the Company. The Company intends to include review of related party transactions in the internal audit process;
• inspection and review of the accounting standards applied in the Company and any changes resulting from the application of new accounting standards;
• inspection and review of the internal audit procedures, plans and results;
• inspection and review of the periodic administrative information that is presented to the different levels of management and the methods of such preparation and timing of submission;
• inspection of the procedures that are followed in the preparation and review of the following:

(a) the periodic and annual financial statements; (b) the public or private placement circulars for offerings of securities; and the estimated budgets, including the estimated cash flows and income statements;

• ensuring the implementation of appropriate audit procedures in order to protect the assets of the Company and undertaking periodic evaluations of these procedures to ensure conformity by the Company with applicable accounting and audit rules and preparing a report, on a periodical basis, on the adequacy of those procedures.
• The Audit Committee must ensure that the Company’s management are following the recommendations of the Company’s auditor and the CMA; and
• any other functions that the Board may deem necessary for the benefit of the Company.

The Executive Chairman of the Board has instructed the Audit Committee to adopt policies pursuant to this delegation which specify thresholds above which the approval of the Audit Committee will be required before the Company can enter into related party transactions.

The Board of Directors is required to adopt the Audit Committee’s recommendations within 15 days of receiving notice of such recommendations. If the Board does not follow the recommendations, the chairman of the Audit Committee must notify both the CMA and CASE.
 
 
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