5.3 AUDIT ACTIVITIES
The IAS within its terms and reference carried out the
following activities for the period:-
i)
Reviewed and appraised the adequacy and integrity of
the internal financial controls so as to ensure that it
provides a reasonable but not absolute assurance that
assets are properly safeguarded;
ii)
Ascertained the effectiveness of the Management in
identifying principal risks and managed such risks
through the Risk Management Framework set-up by
the Group;
iii) Ascertained the level of compliance with Group's plans,
policies, procedures and adherence to laws and
regulations;
iv) Appraised the effectiveness of administrative and
financial controls applied and the reliability and
integrity of data that is produced within the Group;
v)
Performed follow-up reviews of previous audit reports
to ensure appropriate actions are implemented to
address control weaknesses highlighted;
vi) Carried out investigations and special reviews
requested by the Committee and/or Management; and
vii) Prepared the Audit Committee Report for the
Company’s Annual Report 2014.
During the financial year ended 31 December 2014, IAS
accomplished a total of 77 audits comprising scheduled
financial and operational audits at the hospitals and support
companies including due diligence, special audits and ad
hoc assignments. Reviews on compliance with the
established procedures, guidelines and statutory obligations
were also performed.
Investigations were also made at the request of the
Committee and Management on specific areas of concern to
follow up in relation to high risk areas identified in the
regular reports. These investigations provided additional
assurance on the integrity and robustness of the internal
control systems.
All findings resulting from the audits were reported to the
Committee, Senior Management and relevant Management
of operating hospitals and support companies. Management
of the operating hospitals and support companies were
accountable to ensure proper rectification of the audit
issues and implementation of action plans within the
timeframe specified. Follow up by IAS on the actions taken
is updated in the subsequent audits.
6. SEMINARS/CONFERENCES ATTENDED BY THE COMMITTEE
For the year under review, the Committee attended the following seminars and conferences:
No Name of Seminars/Conference
Date
Venue
Name of Organiser
1 Annual Director Duties, Governance and Regulatory
Updates Seminar 2014
22 April 2014
Kuala Lumpur
Malaysian Institute
of Corporate
Governance
2 Audit Committee Workshop – Series 2 : Control
Environment in Managing Risk
17 July 2014
Kuala Lumpur
Malaysian Institute
of Accountants
3 Audit Committee Workshop – Series 3 : Oversight of
Financial Reports and Compliance
7 August 2014/
1 October 2014
Kuala Lumpur
Malaysian Institute
of Accountants
4 Audit Committee Workshop – Series 4 : Enhancing
Audit Quality
7 August 2014/
1 October 2014
Kuala Lumpur
Malaysian Institute
of Accountants
5 Khazanah Megatrends Forum 2014
29 September 2014 Kuala Lumpur
Khazanah Nasional
6 New Companies Bill vis-à-vis Malaysian Companies
Law
27 November 2014 Kuala Lumpur
Wong Beh & Toh
Advocates &
Solicitors
177
KPJ Healthcare Berhad annual report
2014
