32
Annual Report 2015
TERMS OF REFERENCE OF AUDIT COMMITTEE (CONT’D)
B.
Functions and Duties (cont’d)
e) The propriety of any related party transaction and conflict of interest situation that may
arise within the Company or the Group including any transaction, procedure or course
of conduct that touches on management integrity.
f)
The independence and objectivity of the External Auditors in their audit, the effect of
non-audit services provided by them on their professional independence and objectivity,
and the level of professional fees for audit and non-audit services considered fair and
reasonable.
3.
To report any breach of theMMLR which have not been satisfactorily resolved to BursaMalaysia.
4.
To prepare the Audit Committee Report for inclusion in the Company’s Annual Report.
5.
To review the following for publication in the Company’s Annual Report:-
a) The Corporate Governance Statement and the extent of compliance with the principles
and recommendations set out in the Malaysian Code on Corporate Governance 2012
(“MCCG 2012”).
b) The statement on the Board’s responsibility for the preparation of the annual audited
financial statements.
c) The disclosure statement on the state of the risk management and internal control system
of the Group.
d) Other disclosures forming part of the contents of annual report set out in Part A of Appendix
9C of the MMLR of Bursa Malaysia.
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL PERIOD ENDED 31 MARCH
2015
The activities carried out by the Audit Committee during the financial period ended 31 March 2015 were
as follows:-
a) Reviewed the audited financial statements of the Group and of the Company as well as statutory
auditors’ report thereon prior to the submission to the Board of Directors (“Board”) for their consideration
and approval, upon being satisfied that, inter alia, they were drawn up in accordance with the
applicable Malaysian Financial Reporting Standards and International Financial Reporting Standards
issued by the Malaysian Accounting Standards Board and the Companies Act, 1965.
b) Reviewed and discussed the Management Report and Accounts of the Company and of the Group.
c) Reviewed the unaudited quarterly financial results, including the announcements pertaining thereto,
before recommending the same to the Board for approval and release to Bursa Malaysia.
d) Discussed and noted the updates on regulatory requirements issued by the regulatory, statutory and
professional bodies and relevant business news articles published by the mass media.
e) Reviewed the procedures governing related party transaction of the Company in accordance with
Chapter 10 of the MMLR of Bursa Malaysia.
AUDIT COMMITTEE REPORT
(Cont’d)
