In appointing the audit firms for the Group, the Audit Committee is satisfied that PLife REIT has complied with the Listing
Rules 712 and 715 of the Listing Manual.
The Audit Committee has a set of terms of reference defining its scope of responsibility and authority, which includes
the following:
(a)
monitoring the procedures established to regulate related party transactions, including ensuring compliance with
the provisions of the Listing Manual relating to “interested person transactions” and the provisions of the Property
Funds Appendix relating to “interested party transactions”;
(b)
reviewing arrangements by which employees of the Manager may, in confidence, raise concerns about possible
improprieties in matters of financial reporting or other matters and ensuring that arrangements are in place for such
concerns to be raised, independently investigated, and for appropriate follow-up action to be taken;
(c)
reviewing external and internal audit reports to ensure that where deficiencies in internal controls have been
identified, appropriate and prompt remedial action is taken by the management;
(d)
reviewing internal audit reports at least twice a year to ascertain that the guidelines and procedures established to
monitor related party transactions have been complied with;
(e)
reviewing, on an annual basis, the internal audit function to ensure that is adequately resourced, is independent
of the activities it audits, has appropriate standing within the Manager, is staffed with persons with the relevant
qualifications and experience and has unfettered access to all documents, records, properties and personnel,
including access to the Audit Committee;
(f)
monitoring the procedures in place to ensure compliance with applicable legislation, the Listing Manual and the
CIS Code including the Property Funds Appendix;
(g)
reviewing the nature and extent of non-audit services performed by external auditors;
(h)
reviewing the scope and results of the external audit and the independence and objectivity of the external auditors;
(i)
meeting with external and internal auditors, without the presence of the executive director and key management
personnel at least annually;
(j)
examining the effectiveness of financial, operational, compliance and information technology controls at least
annually;
(k)
reviewing the significant financial reporting issues and judgments so as to ensure the integrity of the financial
statements of PLife REIT and any formal announcements relating to PLife REIT’s financial performance;
(i)
investigating any matters within the Audit Committee’s terms of reference, whenever it deems necessary;
(m)
reporting to the Board on material matters, findings and recommendations; and
(n)
making recommendations to the Board on the appointment, re-appointment and removal of the external auditors.
The Audit Committee has authority to investigate any matter within its terms of reference. It also has full access to and
co-operation by management and full discretion to invite any director or executive officer to attend its meetings.
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