CanSino Biologics Inc. has released an official document outlining the revised Terms of Reference for its Audit Committee. The updates align with the Company Law of the People’s Republic of China, the STAR Market Listing Rules, the Hong Kong Listing Rules, and other applicable regulatory requirements. The document highlights the Audit Committee’s role in overseeing external and internal audits, supervising internal control systems, and conducting risk assessments for significant investments.

According to the announcement, the Audit Committee comprises only non-executive directors, most of whom are independent. At least one member is required to have appropriate professional qualifications related to accounting or financial management. The Audit Committee holds quarterly meetings, reviews key financial statements before they are submitted to the board of directors, and communicates closely with both the Company’s internal audit team and external auditors. The committee is also responsible for examining and approving annual environmental, social, and governance reports, ensuring compliance with relevant requirements in disclosure and corporate governance practices.

The published Terms of Reference define the Audit Committee’s procedures, including the process for convening meetings, tasks related to approving financial information, and rules for investigating potential accounting or auditing irregularities. The committee is required to keep meeting minutes and store official records for at least ten years. Where necessary, it may engage external professionals for specialized advice. The announcement states that the board of directors retains final approval over key resolutions, with the Audit Committee providing written opinions to guide decisions on financial disclosures, external auditor appointments, and internal audit arrangements.