Frontken Berhad Annual Report 2018

37 Frontken Corporation Berhad (651020-T) ANNUAL REPORT 2018 Audit Committee Report A. COMPOSITION AND ATTENDANCE In line with Paragraph 15.09(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities), the Company has established an Audit Committee (“AC” or “Committee”), comprising the following members who are all Independent Non-Executive Directors: Name Position Dato’ Haji Johar bin Murat @ Murad Chairman of Committee Aaron Sim Kwee Lein Member Dr Jorg Helmut Hohnloser Member 6NVKN[\ XO ]QN *, J[N JYYXRW]NM Kb ]QN +XJ[M XO -R[NL]X[\ O[XV JVXWP\] ]QN -R[NL]X[\ `QX O^U࠰U ]QN OXUUX`RWP requirements: J ]QN ,XVVR]]NN V^\] LXVY[R\N WX] UN\\ ]QJW ]Q[NN VNVKN[\ `QX J[N ࠰WJWLRJUUb UR]N[J]N$ (b) all the Committee members must be Non-Executive Directors, with a majority of them being Independent Non- Executive Directors; and (c) at least one (1) member of the Committee: (i) must be a member of the Malaysian Institute of Accountants; (ii) if he is not a member of the Malaysian Institute of Accountants, he must have at least three (3) years of working experience; and: JJ QN V^\] QJ_N YJ\\NM ]QN NaJVRWJ]RXW\ \YNLR࠰NM RW 9J[] 2 XO ]QN /R[\] <LQNM^UN XO ]QN *LLX^W]JW]\ *L] 1967; or KK QN V^\] KN J VNVKN[ XO XWN XO ]QN J\\XLRJ]RXW\ XO JLLX^W]JW]\ \YNLR࠰NM RW 9J[] 22 XO ]QN /R[\] <LQNM^UN of the Accountants Act 1967; or RRR O^U࠰U\ \^LQ X]QN[ [NZ^R[NVNW]\ J\ Y[N\L[RKNM X[ JYY[X_NM Kb +^[\J <NL^[R]RN\ The Board assesses the performance of the Committee in terms of its effectiveness and contribution of Committee members on an annual basis to determine whether the Committee and its members have carried out their duties in accordance with their terms of reference. The meeting attendance of the Committee members is provided in the Corporate Governance Overview Statement in this Annual Report. B. MEETINGS =QN[N `N[N ࠰_N VNN]RWP\ QNUM M^[RWP ]QN ࠰WJWLRJU bNJ[ ^WMN[ [N_RN` =QN ,XVVR]]NN VN] `R]Q ]QN .a]N[WJU *^MR]X[\ Y[R_J]NUb XWLN M^[RWP ]QN ࠰WJWLRJU bNJ[ ^WMN[ [N_RN` `R]QX^] ]QN Y[N\NWLN XO ]QN .aNL^]R_N -R[NL]X[\ JWM 6JWJPNVNW] At this meeting, the Committee enquired into the co-operation extended by Management in the course of the audit, including the supply of information to facilitate the conduct of the external audit and whether the External Auditors NWLX^W]N[NM JWb MRO࠰L^U]b RW XK]JRWRWP \^LQ LX XYN[J]RXW JWM RWOX[VJ]RXW OX[ ]QN Y^[YX\N XO ]QN .a]N[WJU *^MR] Meetings of the Committee are planned ahead so that the members can make the necessary arrangement to attend the meetings. The notice for the meetings, together with meeting papers, is normally served at least one (1) week before each meeting to enable AC members to read, including an opportunity for them to inquire into the agenda items as well as to seek more information before the meeting. At each Board meeting, the Committee Chairman briefs the Board pertaining to matters discussed at the Committee meeting held earlier. A copy of the minutes of the Committee meeting is circulated to the Board for notation.