The Audit Committee

The Audit Committee

The Audit Committee established by the Board of Directors (the “Board”) of Hong Kong Applied Science and Technology Research Institute Company Limited (“ASTRI”) oversees both the internal and external audit processes are properly carried out. Its main functions are:

  1. To review ASTRI’s accounting policies and procedures and to ensure the adequacy of internal audit controls are in place in ASTRI
  2. To review ASTRI’s internal audit programme and the performance of its internal audit functions
  3. To review ASTRI’s compliance status and to ensure that all non-compliances are duly reported and taken care of
  4. To consider the major findings of internal investigations and the Management’s response
  5. To ensure coordination between the internal and external Auditors, and that the audit function is adequately resourced and maintains its independency
  6. To recommend to the Board the appointment of the external Auditor, the scope of service, the audit fee, and any question of resignation and dismissal
  7. To monitor and assess the performance of the external Auditor
  8. To review the external Auditor’s results of auditing and the Management’s response
  9. To review the Interim and Annual Audited Financial Statements before submission to the Board, focusing on:
    • Any change in accounting policies and practices
    • Major judgemental areas
    • Significant adjustments resulting from the audit
    • The going concern assumption
    • Compliance with internal policies, accounting standards and legal requirements
    • Review of any significant abnormality
  10. To discuss problems and reservations arising from the interim and final audits, and any matter the Auditor may wish to discuss (in the absence of the Management where necessary)
  11. To approve the Auditor’s reports for Innovation and Technology Fund-funded projects; and
  12. To approve policy and oversee regular review of risk management activities.

Members of the Audit Committee:

  • Mr Charles Chow Sai-keung (Chairman)
  • Mr Ivan Lee Kwok-bun, JP, Commissioner for Innovation and Technology
  • Mr William Ho Tat
  • Mr Edmund Lee Chi-wai
  • Dr Alfred Ng Man-cheuk
  • Ir Dr Samson Tai Kin-hon
  • Ms Ada Wong Yin-man