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2010/11 Annual Report Lenovo Group Limited 33
The following lists out the membership, responsibilities and the summary of work that each Board Committee
performed on behalf of the Board during the financial year:
Audit Committee
Membership
All members of the Audit Committee (defined as “Committee” in this section) are non-executive directors, the
majority of which including the Committee Chairman are independent non-executive directors. The members
during the year were Mr. Nicholas C. Allen (Committee Chairman), Professor Woo Chia-Wei, Mr. Ting Lee Sen and
Ms. Ma Xuezheng.
The Committee members possess diversified industry experience and the Chairman has the accounting or related
financial management expertise.
Responsibilities and summary of work
The Committee is responsible for assisting the Board in providing an independent review of the financial
statements and internal control system. It acts in an advisory capacity and makes recommendations to the
Board. The Committee meets with external auditor and management of the finance and internal audit functions of
the Company at least four times a year at quarterly interval and is authorized to obtain independent professional
advice to support its function. In addition, separate executive sessions were arranged for the Committee to meet
with external auditor, Internal Auditor and General Counsel in the absence of management to discuss matters
relating to any issues arising from the audit and any other matters such persons would like to raise.
The Committee met four times during the year and has performed the following duties:
• ReviewoftheaccountingprinciplesandpracticesadoptedbytheGroup
• Reviewofthefinancialreportingmattersincludingthequarterly,interimandannualfinancialstatements,
announcements, interim report and annual report before submission to the Board for approval
• DiscussionofyearlyinternalauditplanoftheGroupandquarterlyreviewofinternalauditandbusinesscontrol
• DiscussionofyearlyauditplanoftheGroupandreviewofquarterlyexternalauditprogressreport
• Reviewofenterpriseriskmanagement
• Overviewofgroup’staxmodel
• Reviewofnon-auditservicesprovidedbyexternalauditor
• ReviewofcontinuingconnectedtransactionsoftheGroup
• Recommendationonre-appointmentofexternalauditor