The Company is establish an audit committee. The chairman and the other members of the audit committee are designated by the Board of Directors. At least one member of the audit committee must have particular expertise in accounting and financial matters.
The audit committee's charter will be reviewed annually by the Board of Directors following a recommendation by the audit committee. The audit committee will be responsible, among other things, for
| 1. |
Examining and evaluating the efficiency of internal controls and procedures |
| 2. |
Examining quarterly and annual financial statements and evaluating their completeness and consistency prior to publication
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| 3. |
Advising the Board of Directors regarding the selection of external auditors
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| 4. |
Examining with the external auditors the framework and methodology of the annual audit, and supervising and evaluating their performance
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| 5. |
Examining, following the completion of the annual audit, all issues that have arisen during the audit, the results of the audit and any issues raised by the external auditors during the execution of their work
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| 6. |
Examining and evaluating the independence of the external auditors and suggesting to the Board of Directors measures to be taken in order to maintain their independence
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| Audit Committee will comprise of: |
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| 1. |
Mr. Ahmed Sabaggh, Chairman |
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2.
3.
4.
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Mr Naim Fakhri Al Jayyousi, 61, is the Financial Consultant at A. H. Algosaibi & Bros. and a member of the Board of Directors of Eastern Insulation Company. Prior to joining A. H. Algosaibi & Bros., he was the Manager of Finance and Administration at Saudi United Insurance Company from 1976 to 1988 and Chief Accountant at Baloise Insurance Company from 1972 to 1976. Mr. Al Jayyousi also served as Chief Accountant of Algosaibi Travel Agency from 1971 to 1972 and as Accountant of Union National Insurance Company from 1968 to 1971.
Mr. Al Jayyousi received his Bachelors degree in Commerce from Beirut Arab University in Lebanon in 1982.
Mr. Ali Al Qahtani
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