Objective:

The governing and operational structure of RERA is as follows:

Budget Preparation

Review and recommend for approval the annual budget that is aligned to the Association’s Business Plan;

Reporting of Financial Information

Review and recommend the appropriateness of accounting policies, disclosures, forecasts, reserves, and judgments regarding accounting choices and ensure they are fair, accurate and in accordance with International Financial Reporting Standards and the approval of the relevant sections of the Annual Report, and any other disclosure documents containing financial statements or financial information of the Association.

Risk Management and Internal Control

Review and recommend the risk management framework and the effectiveness of the policies and procedures to ensure sound internal control environment;

External Auditor Relationship

Review the Association’s relationship with the External Auditor, including recommending for approval of the terms of the audit engagement and related fees (the “Annual Audit Plan”) and review the results of the external audit of the Association’s financial statements, including the management letter.

Management Information System (MIS)

Review and recommend for approval of the MIS framework;

Main Initiatives in 2021:

The main initiatives planned for implementation in 2021 include the following:

Budget 2021

Review and recommend for approval the annual budget aligned to the Association’s Business Plan 2021;

Annual Financial Statements (AFS) 2020

Review and recommend the AFS 2020 of the Association.

Risk Management and Internal Control

Develop the risk management framework and review the effectiveness of the policies and procedures to ensure sound internal control environment.

External Audit Services

Facilitate the appointment of the External Auditor for the next three (3) year from 2021 to 2023.

 

COMMITTEE MEMBERS

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