S
RAYDAN FOOD COMPANY (A Saudi Joint Stock Company)
Limited Assurance Report Relates to the Declaration Submitted by the Chairman of the Board of Directors
FOR THE YEAR ENDED 31 DECEMBER 2021
RAYDAN FOOD COMPANY A Saudi Joint Stock Company
Limited Assurance Report Relates to the Declaration Submitted by the Chairman of the Board of Directors
FOR THE YEAR ENDED 31 DECEMBER 2021
Contents Page
Limited Assurance Report 1-2
Appendix 1: 3
Minutes of the meeting of the Audit Committee of Raydan Food Company Held on Sunday 21/10/1443 AH corresponding to 22/05/2022 AD
Attendance from the audit committee:
The Audit Committee of Raydan Food Company met at 12:00 PM on 21/10/1443 AH corresponding to 22/05/2022 AD, through modern technology, where each of the following members attende:
Committee members present:
Mr. Mazen Khalaf Al-Zayer, Chairman of the Committee
Mrs. Noha Abdulghani Al-Sulaimani, member of the committee
Mr. Basem Tayseer Hijaz, member of the committee Also attending from outside the committee were:
Mr. Hosni Abdel-Wareth, Director of Internal Audit of Raydan Food Company
Mr. Jamal Nasser Ahmed, Financial Director of Raydan Food Company
Mr. Khaled Barahma, representative of Baker Tilly’s office Quorum and agenda:
All members of the committee attended, and accordingly, the meeting is considered to be held with a full quorum & The Chairman of the Committee began the meeting by welcoming the members and the rest of the attendees, then the items on the agenda of the meeting were reviewed as follows:
1. Discussing the draft quarterly financial statements ending on 31-03-2022
2. Offers and CVs of external auditors nominated to examine, review and audit the quarterly financial statements (second and third quarters) and the balance sheet for the current year 2022 AD and the first quarter of 2023 AD and determine their fees.
3. Any other topics related to the review.
After the members agreed on all the items on the agenda of the meeting referred to above, we moved on to discussing the items on the agenda of the meeting.
Committee deliberations and decisions:
1. Discussing the draft quarterly financial statements ending on 03-31-2022 AD.
Discussion:
The members of the committee discussed Mr. Khaled Barahma, representative of Baker Tilly, Mr. Hosni Abdel-Wareth and Mr. Jamal Nasser Ahmed about the results of the company’s financial statements for the first quarter ending on March 31, 2022 AD, which includes:
- Related parties policy and payment schedule
- Capital losses resulting from the exclusion of assets, machinery and equipment.
- Zakat position
- The increase in general and administrative expenses in the first quarter of 2021 AD
- -Arranging the agenda for the audit committee meetings before the meeting enough time.
- Preparing for the general assembly and obtaining approval before 30-06-2022 AD, after
obtaining the preparation of the requirements for convening the assembly to be provided to the Capital Market Authority.
Approval
The members of the committee agreed on the following:
- Draft quarterly financial statements ending on 03-31-2022 AD.
- Update the policy of dealing with related parties.
- Arranging for a date to convene the general assembly during the statutory period before 30-06- 2022 AD and meeting its requirements by 21 days
Then, Mr. Khaled Ibrahim, representative of Baker Tilly's office, left the meeting after completing his discussion of the draft quarterly financial statements.
2. Presentations and CVs of the External Auditors Review, review and audit the quarterly financial review (second and third quarters)
Discussion:
The members of the Regulation Committee discussed the offers and CVs of the external auditors nominated for the examination and audit of the finances.
Approval
Committee meeting unanimously.
- Deloitte and Touche & Co. Chartered Accountants, with a total fee of 305,000 SR.
- Ibrahim Ahmed Albassam & Co. (Albassam & Co.) with a total fee of 265,000 SR.
After completion of discussion and deliberation,
1. Approval of the quarterly financials ending on 03-31-2022 AD.
2. Update the policy of dealing with related parties.
3. Arranging a date for the convening of the descriptive general assembly before 30-06-2022 AD and meeting its requirements by 21 days
4. Power of attorney unanimously to one of the following offices:
- Deloitte and Touche & Co. Chartered Accountants, with a total fee of 305,000 SR.
- Ibrahim Ahmed Albassam & Co. (Albassam & Co.) with a total fee of 265,000 SR.
With the recommendation submitted to the Board of Directors in preparation for submission to the General Assembly to choose one of them.
The meeting ended at 01:30 pm. And his acknowledgment of the foregoing, the undersigned have signed.
Chairman of the Committee
Mazen Khalaf Al-Zayer
Member of Committee
Noha Abdulghani Al-Sulaimani
Member of Committee
Basem Tayseer Hijaz
