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 confirmed 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 specified in the Malaysian Code of Corporate
Governance 2012, 2
nd
Edition (MCCG 2012 2
nd
Edition) as
follows:-
(a) Financial Reporting Review
Review the quarterly and year-end financial statements
of the Company, focusing particularly on:-
i)
any changes in accounting policies and practices;
ii)
significant adjustments arising from the audit;
iii) the going concern assumption;
iv) compliance with accounting standards; and
v)
compliance with Listing Requirements of Bursa
Malaysia 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
principles and requirements of managing risk are
consistently adopted throughout the Group; and
ii)
Review the risk profile of the Group and major
initiatives having significant 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 final audits, as well as 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 confirming 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,
2
nd
Edition.
(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.
175
KPJ Healthcare Berhad annual report
2014
