The Audit Committee of the Tallinna Kaubamaja Group is a body established by the Supervisory Board, whose task is to advise the Supervisory Board on matters related to the exercise of supervision.
To this end, the Audit Committee monitors:
- accounting principles;
- preparation and approval of financial budgets and reports;
- the adequacy and effectiveness of the external audit;
- the development and operation of the internal control system (including risk management).
Regarding the monitoring of the legality of the Group’s activities. The Committee participates separately in ensuring the independence of the external audit process and activities, and in planning and evaluating internal audit activities.
The Audit Committee prepares an annual summary report on the fulfilment of the objectives set out in the Statute to the Supervisory Board, in which it evaluates its activities. In performing its duties, the Audit Committee cooperates with the Supervisory Board, the Management Board, internal and external auditors and, if necessary, external experts.
The Audit Committee consists of 5 members, at least half of whom are appointed from among the members of the Supervisory Board. The members are appointed by the supervisory board for three years.
The members of the Audit Committee are:
- Kaia Salumets (Chairwoman);
- Jüri Käo;
- Gunnar Kraft;
- Kristo Anton.