Ridge Outdoor International Limited (樂欣戶外國際有限公司) has released the Terms of Reference for its Audit Committee, outlining the group’s responsibilities in overseeing financial reporting, risk management, and internal controls. The document stipulates that the committee shall consist solely of non-executive directors, with a majority being independent and possessing suitable financial qualifications. At least two meetings are required each year, and minutes will be recorded for review.

The responsibilities of the Audit Committee include reviewing the company’s financial statements, assessing major financial reporting judgments, and monitoring both external and internal audit processes. The committee is also tasked with developing policies related to the engagement of external auditors for audit and non-audit services, ensuring auditor independence and objectivity. Further duties encompass reviewing risk management and internal controls, coordinating with management and auditors, and maintaining clear oversight of the company’s financial and accounting policies.

The chairperson of the committee, who must be an independent non-executive director, is responsible for meeting scheduling, setting agendas, and reporting committee conclusions to the board of directors. The newly published terms also clarify the committee’s authority to investigate any relevant matters and to seek necessary information from management to ensure compliance with governance standards as set out in the regulatory guidelines.