The 16^th session of FREP 1^st Audit Committee was held in Quanzhou on 16^th September. Committee Chairman Mr. Abdulaziz Al-Judaimi and Audit Committee members Mr. Chen XiaoBo, Mr. Lin Li and Mr. Paul A. Theys were present at the session. 

Madam Liu CuiXia, FREP Chief Auditor, reported on internal audit work completed recently and high risk points of concern. Mr. Joe Francis, General Manager of FREP Finance Dept., on behalf of FREP management, presented audit gap closure, execution of business controls, 2014 control plan, etc.

Audit Committee members extended gratitude to FREP Internal Audit Dept. for the efforts made and recognized it had done an effective job in terms of assisting management departments to identify weak points, optimizing business process, improving management expertise, etc., in particular, in ever-increasing audit consulting business. Internal Audit Dept. was expected to continue to level its professional advantage, keep close cooperation with functional departments and make larger contributions to building a sound internal audit environment and boosting overall benefit of FREP.

The session expressed satisfaction with the current overall controls of FREP and recognized the efforts and progress made in audit control gap closure, business process optimization, reduction of violations, etc. Management was expected to pay continuous attention to and keep working hard on the effect of cross functional cooperation, management of IT outsourcing business, prevention of recurrence of repeated issues, etc.

“2013 Internal Audit Work Plan Adjustment” and “2014 Internal Audit Work Plan” submitted by Internal Audit Dept. was approved at the session.