·         Alex Shalaby (chairman)

.         Hassan Abdel Hamid 

* Responsibilities

The Audit Committee is responsible for assisting the Board of Directors in fulfilling its oversight responsibilities to maintain the integrity of the Company's:

(i)         Accounting and financial reporting process;

(ii)       System of internal control over financial reporting;

(iii)      System of disclosure controls and procedures;

(iv)     Audit process and;

(v)       Process for monitoring compliance with the best practice and the CMA listing applicable laws and regulations. 

The Committee reviews the following:

The Company's internal control procedures In addition to related adoption and adherence.

The adopted accounting policies and the changes arising from the application of new accounting standards.

The methodologies, tools, procedures, plans and findings of internal audit; together with studying the internal audit reports and following up the implementation of their recommendations.

The periodic administrative reports submitted at various managerial levels, along with their basis of preparation and timing of reporting.

The preparation and validation procedures of the following:

-       Interim and annual financial statements.

-       Prospectuses and public & private offerings of securities.

-       Budget forecasts, including cash flow statements and forecasted income statements.

Examination of the preliminary draft financial statements prior to their submission to the Board of Directors and before being sent to the external auditor. In the case of any further adjustments by the auditor. Financial statements have to be presented once more to the audit committee for their final review and recommendation. 

Proposing the appointment of auditors and determining their fees and considering the matters related to their resignation or removal without prejudice according to the provisions of law.

The Committee may advise on the permission to assign external auditors to provide non-auditing services at a pre-agreed fee without impairing their independence.

a-      The Committee shall review the external auditor's report on the company's financial statements and discuss any qualifications/notes in addition to following up on the actions taken/decisions made regarding these concerns and work to resolve areas of disagreement between Management and the external auditor.

b-      The Committee shall ensure the submission of a report to the Board of Directors by an independent professional expert on the nature of the operations and transactions concluded with related parties and how far they are in breach of or may jeopardize the interests of the Company or the shareholders therein.

c-       The Committee shall ensure the implementation of necessary control procedures to safeguard the Company's assets and periodically evaluate and report on compliance with the Company's policies and procedures to the Board.

The Committee shall verify that the Company's management has responded and implemented the recommendations of the external auditor and the Financial Regulatory Authority (FRA).  The Committee shall directly submit its quarterly reports to the Board of Directors.

The Board of Directors may assign any responsibilities or duties to the Committee as long as the board believes that such responsibility is in favor of the company.

The Board of Directors reply to the recommendations of the Committee within 15 days from the date of receiving such recommendations.

The Audit Committee's Chairman provides provides the Egyptian exchange and the FRA with a summary of the Audit Committee's report and its recommendations and suggestions along with the Board of 'Directors' response to the Audit Committee's within two weeks from the date of the Board of Director's response and no later than 60 days from the date of the interim period of the submitted report.