Page 90 - KPJ_2012

Annual Report 2013 KPJ HEALTHCARE BERHAD 88
2.4 MEETINGS AND ATTENDANCE
a) At a minimum, the Committee shall meet at least four times
a year, i.e. on a quarterly basis, to properly carry out its
duties and ensure effective discharge of its responsibilities.
Additional meetings may be called at any time at the
Chairman’s discretion.
b) The external auditor shall normally be invited to attend the
meeting to present their ndings and opinion on the nancial
statements.
c) The Committee has the right to convene separate meetings
with the internal auditors, external auditors or both, without
the attendance of the Management.
d) The Company Secretary is the secretary of the Committee
meeting. The Secretary plays important role in organising and
providing assistance for the meetings. The meeting agenda
shall be drawn up in consultation with the Chairman of the
Committee. The minutes shall be circulated to and con rmed
by the Committee before disseminating to the Board.
2.5 AUTHORITY
The Committee is empowered by the Board to:
a) investigate any matter within its terms of reference or as
directed by the Board;
b) determine and obtain the resources which are required to
perform its duties;
c) have full and unrestricted access to any information
pertaining to the Group;
d) have direct communication channels with the External and
Internal Auditors; and
e) obtain external legal and other independent professional
advice.
3. DUTIES AND RESPONSIBILITIES
The functions of the Committee have been expanded
to include matters speci ed in the Malaysian Code of
Corporate Governance 2012, 2ndEdition (MCCG 2012,
2ndEdition) as follows:
a) Financial Reporting Review
Review the quarterly and year-end nancial statements of
the Company, focusing particularly on:
i) Any changes in accounting policies and practices;
ii) Signi cant adjustments arising from the audit;
iii) The going concern assumption;
iv) Compliance with accounting standards; and
v) Compliancewith ListingRequirements of BursaMalaysia
and other legal as well as statutory requirements.
b) Risk Management
i) Review the adequacy and provide independent assurance
to the Board on the effectiveness of risk management
functions in the Group and whether the principles and
requirements of managing risk are consistently adopted
throughout the Group; and
ii) Review the risk pro le of the Group and major initiatives
having signi cant impact on the business.
c) Internal Audit
i) Approve the Audit Charter and ensure the internal audit
functions are adequately resourced;
ii) Review the adequacy of Internal Audit Plan, the scope of
audits and that the internal audit function has the necessary
authority, competency and resources to carry out its work;
iii) Review the results of the internal audit process and where
necessary ensure that appropriate action is taken on the
recommendations of the internal audit function;
iv) Approve any appointment or dismissal of the Head of
Internal Audit;
v) Review appraisal or assessment of members of the internal
audit function; and
vi) Direct any special investigation to be carried out by the
internal audit.
d) External Audit
i) Review the External Auditor’s audit plan, scope of the audit
and audit reports;
ii) Consider the appointment of the External Auditor, the audit
fee and any questions of resignation or dismissal of the
External Auditor before making any recommendation to the
Board;
iii) Discuss issues and reservations arising from the interim
and nal audits, and any matters the Auditor may wish to
discuss; and
iv) Review the External Auditor’s Management Letter and
Management’s response.
The Committee has obtained written assurance from the
external auditors con rming their independence throughout
the conduct of audit engagement in accordance with the terms
of all relevant professional and regulatory requirements. This is
in line with the recommendation stipulated in the MCCG 2012,
2ndEdition.
e) Related Party Transactions
Monitor and review any related party transactions that may arise
within the Company or Group.
f) Other Matters
Consider such other matters as the Committee considers
appropriate or as authorised by the Board.
Audit Committee
Report