Datasonic Group Berhad
(Company No. 809759-X)
43
AUDIT COMMITTEE REPORT
(Continued)
THE PROCESSES OF THE AUDIT COMMITTEE
The Audit Committeemeets at least four (4) times a year scheduled every quarter andwill have no hesitation
to convene additional meetings if deemed required. The Audit Committeemay invite any employee of the
Group to attend its meetings if appropriate, has access to any relevant form of advice from independent
professionals, information and the views and services of the Company Secretary, as and when warranted,
in carrying out its duties and functions.
The Audit Committee Chairman reports to the Board on a quarterly basis on all significant matters discussed,
deliberated upon and dealt with at the Audit Committee Meetings. Amongst others, it covers the Audit
Committee’s recommendations to approve the quarterly Management Report and Accounts, the quarterly
consolidated financial results released to Bursa Malaysia, the annual financial statements of account, key
disclosure statements in the Annual Report as well as significant audit issues raised by the External Auditors
and the Internal Auditors.
The Audit Committee continuously reviews and updates its Terms of Reference to reflect the updated
internal processes of the Management and current requirements as promulgated by the authorities. In
November 2015 and May 2016, the Audit Committee had reviewed and revised its Terms of Reference to
reflect the latest internal processes and requirements.
The Terms of Reference of the Audit Committee is available for reference on the Company’s website at
www.datasonic.com.my.A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31
MARCH 2016
The Audit Committee carried out the following activities during the financial year in discharging of
its primary duties and functions:-
1.
Financial Reporting
a.
Reviewed the audited financial statements of the Group and of the Company for
inclusion in the Annual Report as well as the related statutory auditors’ report prior to the
submission to the Board of Directors (“Board”) for their consideration and approval, upon
being satisfied that:
i.
The audited financial statements were drawn up in accordance with the applicable
Malaysian Financial Reporting Standards and the International Financial Reporting
Standards issued by the Malaysian Accounting Standards Board and the Malaysian
Companies Act, 1965.
ii.
Key audit matters are properly presented in the financial statements based on prudent
judgements and estimates in accordancewith the application of accounting policies
and accounting standards which have been consistently adhered to (e.g. revenue
recognition, trade receivables, accrued income, projects-in-progress, development
expenditures, property, plant and equipment, etc.).
iii.
The audited annual financial statements do not contain any misstatement of
transactions and the auditors are in a position to issue an unqualified opinion on the
matter of truth and fairness of the financial performance and the financial position
of the Company and of the Group.