c.
Internal Control
i.
To assess the quality and effectiveness of the
system of internal control and the efficiency of
the Group’s operations; and
ii.
To review the findings on internal control within
the Group by the Internal and External Auditors.
d.
Internal Audit
i.
To approve the Audit Charter and ensure the
Internal Audit functions are adequately
resourced;
ii.
To 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. To review the results of the Internal Audit process
and where necessary, to ensure that appropriate
action is taken on the recommendations of the
Internal Audit function;
iv. To approve appointment, replacement and
dismissal of the Head of Internal Audit;
v.
To evaluate the performance of the Head of
Internal Audit; and
vi. To direct any special investigation to be carried
out by the Internal Audit.
e.
External Audit
i.
To review the External Audit plans, scope of
work and their audit reports;
ii.
To 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. To discuss issues and reservations arising from
the interim and final audits, as well as any
matters the Auditor may wish to discuss;
iv. To review the External Audit reports and
Management’s response and actions taken in
respect of the findings; and
v.
To review the independence and objectivity of
the External Auditors and their services,
including non-audit services.
f.
Corporate Governance
i.
To review the effectiveness of the system for
monitoring compliance in line with the laws and
regulations, the results of Management’s
investigation and follow up (including disciplinary
action) of any instances of non-compliance;
ii.
To review the findings of any examinations by
regulatory authorities.
iii. To review reports of related party transactions,
deliberated on the nature of the transactions
and that proper disclosures were made in line
with the listing requirements;
iv. To review any conflict of interest situation that
arises within the Group including any
transaction, procedure or course of conduct
that raises questions of integrity;
v.
To review and approve the Statement of
Corporate Governance for the Annual Report as
required under Bursa Malaysia Listing
Requirements; and
vi. To examine instances and matters that may
have compromised the principles of corporate
governance and report back to the Board.
g.
Other Matters
Consider such other matters as the Committee
considers appropriate or as authorised by the Board.
194
audit committee REPORT
and Terms of Reference
