Below are the audit committee powers and responsibilities: 1. Review periodical financial statements prior to their submission to the Board of Directors and provide such Board with opinion and recommendation concerning them, in order to ensure fairness and transparency of financial statements. 2. Provide the Board of Directors with its recommendations concerning the appointment, re-appointment, or replacement of the external Auditors, and specify the remunerations thereof. Upon recommendation of appointment, it is considered to verify independence of such external auditors and review letters of their appointment. 3. Follow up works of external Auditors and ensure no services other than services related to audit functions are provided to the company. 4. Consider remarks of external auditors on the company financial statements and follow up measures taken regarding them. 5. Consider the applied accounting policies and provide the Board of Directors with opinion and recommendation in this regard. 6. Evaluate the extent of sufficiency of internal audit systems in place, and prepare a report including the opinion and recommendations of the committee in this regard. 7. Supervise the company’s internal audit department, in order to ensure its effectiveness in performing the operations and tasks assigned by the board of directors. 8. Recommend appointment of an internal audit manager, his transfer, and removal, in addition to evaluating his performance, and the performance of the internal audit department. 9. Review and approve audit plans proposed by the internal auditor and provide feedback. 10. Review the results of the internal audit reports and ensure that the necessary corrective actions were taken concerning the observations stated in such reports. 11. Review the outcomes of regulatory bodies reports and ensure that necessary measures were taken in this regard. 12. Verify the company compliance with related rules, policies and regulations.