Question

Based on your understanding, write a summary on auditor’s report and evaluation about Ooredoo performance. Please Refer Ooredoo Qatar Annual Report 2018 page 41-42

Answer 1

AUDIT REPORT AND EVALUATION

The committee comprises three independent members, and it assists Ooredoo’s Board in overseeing the integrity of the Company’s financial statements. It also provides consultancy to the Board on the efficiency and adequacy of internal control systems and arrangements for risk management. The committee is also responsible for ensuring that internal and external audit functions are independent and objective. The committee reviews the annual internal audit and auditors’ reports, and prepares reports on issues arising from auditing the Company and its subsidiaries, including management reaction; the level of cooperation and information provided during the audit process; and the usefulness of the audit report versus cost. The committee also sets up communication channels between executive management and internal and external auditors. In addition, the Committee reviews risk management reports, and advises the Board on all matters that need attention and seek a decision. The Committee also puts great emphasis on investigating any violations in the Group’s companies.

In 2019 the committee completed a number of major works including:

• Reviewed the annual and quarterly internal audit reports regularly;

• Reviewed annual and quarterly Risk Management Report regularly;

• Reviewed the annual disclosure results for 2019;

• Reviewed the results of the Internal Audit Quality Assurance Review for Ooredoo and Group companies;

• Approved the internal audit department plan for Group based on risks for 2019;

• Approved quarterly financial statements, and reviewed the annual financial statements and submitted a recommendation to the Board;

• Approved the selection process of the auditors for the Group’s department of internal audit to affirm and improve quality for 2019 and reviewed its results. Approved the appointment of an auditor for the Company’s accounts for 2019 and submitted a recommendation to the board in this regard;

• Reviewed the charter of Ooredoo Group internal audit department, whistleblowing policy and procedures charters of the Board’s committees (Audit and Risk Management Committee, Executive Committee, and Remunerations and Nominations Committee), Remunerations policy for Board, and Executive Management members, policy of appointing Board members, policy for appointing an Auditor, policy for appointing directors and the executive management, disclosure policy, related parties transactions policy, Board members performance policy, and stakeholders policy, and refer them to the Board;

• Reviewed amendments to Ooredoo articles of association, and raised the to the Board

• Approved the results of the performance index of the Group’s internal audit department and Governance department for 2018;

• Approved the index of Group internal audit department performance, and the index for the performance of the Governance department for 2019;

• Approved the budget of Group internal Audit department and the Governance department for 2019;

• Approved the Governance report for 2018 and referred to the Board Reviewed Governance report on aligning the company’s position with the order of governance and entities listed on the market with QFMA instructions and refer it to the Board;

• Reviewed Group Internal Audit Department report on internal control according to the requirements of the company’s governance order and entities listed on the market and refer it to the Board;

• Approved the amendment of the organisational structure of the Internal Audit Department;

• Approved the amendments of the organisational structure of the Governance Department and recommend that to the remunerations and nominations committee Reviewed activities of internal control systems over financial reports for fiscal year 2019;

• Reviewed the plan for reviewing internal control rules over financial reports for the fiscal year 2020 and referred it to the Board;

• Reviewed the auditor’s plan for the company’s annual audit review for 2019. The committee held nine (9) meetings during 2019.

According to the annual evaluation, the Board of Directors is satisfied with the Committee’s performance while executing its responsibilities and authorities, as well as the recommendations it provided during the year ending 31 December 2019.