Frontken Berhad Annual Report 2018

38 Frontken Corporation Berhad (651020-T) ANNUAL REPORT 2018 Audit Committee Report (cont’d) C. ROLES AND RESPONSIBILITIES In February 2019, the terms of reference of the Audit Committee were revised to be in line with the Practices and Guidance promulgated by the Malaysian Code on Corporate Governance and the Main Market Listing Requirements of Bursa Securities, as the case may be. Full details of the Committee’s terms of reference are uploaded on the Company’s website at www.frontken.com . D. AUTHORITY The Committee shall have the authority to: ۽ Investigate any matter within its terms of reference; ۽ Have the resources which are required to perform its duties; ۽ Have full and unrestricted access to any information pertaining to the Group which it requires in the course of performing its duties; ۽ Have direct communication channels with the external auditors and person(s) carrying out the internal audit function or activities; ۽ Obtain independent professional or other advice; and ۽ Convene meetings with the external auditors, the internal auditors or both, excluding the attendance of other Directors and employees of the Group, whenever deemed necessary. E. SUMMARY OF WORKS DURING THE FINANCIAL YEAR =QN Y[RWLRYJU JL]R_R]RN\ ^WMN[]JTNW Kb ]QN ,XVVR]]NN M^[RWP ]QN ࠰WJWLRJU bNJ[ ^WMN[ [N_RN` J[N \^VVJ[R\NM J\ OXUUX`\# ۽ ;N_RN`NM ]QN ^WJ^MR]NM Z^J[]N[Ub JWM bNJ[ NWM ࠰WJWLRJU \]J]NVNW]\ Y[RX[ ]X [NLXVVNWMRWP ]QN \JVN OX[ ]QN +XJ[M۴\ JYY[X_JU OXL^\RWP YJ[]RL^UJ[Ub XW \RPWR࠰LJW] JWM ^W^\^JU N_NW]\ JWM LXVYURJWLN `R]Q JYYURLJKUN JYY[X_NM accounting standards and other legal requirements; ۽ Reviewed the Audit Committee Report, Corporate Governance Overview Statement, Corporate Governance Report and the Statement on Risk Management and Internal Control prior to recommending the same for Board’s approval for inclusion in the Company’s Annual Report; ۽ Reviewed the appointment of the External and Internal auditors, their independence and effectiveness, including ]QNR[ ONN\ =QN JVX^W] XO ONN\ YJRM X[ YJbJKUN ]X ]QN .a]N[WJU *^MR]X[\ XO ]QN ,XVYJWb X[ J ࠰[V X[ LXVYJWb JO࠰URJ]NM ]X ]QN .a]N[WJU *^MR]X[\ OX[ ]QN ࠰WJWLRJU bNJ[ ^WMN[ [N_RN` RW [N\YNL] XO WXW J^MR] \N[_RLN\ [NWMN[NM ]X the Company and the Group amounted to approximately RM9,000 and RM30,000 respectively; ۽ Reviewed with the External Auditors their audit planning memorandum, comprising the scope of audit, areas of audit emphasis, audit approach and timetable; ۽ Met with the External Auditors on their audit report, Audit Review Memorandum and key audit matters; ۽ ;N_RN`NM ]QN R\\^N\ [JR\NM Kb ]QN .a]N[WJU *^MR]X[\ YN[]JRWRWP ]X ]QN J^MR] LJ[[RNM X^] XW ]QN ࠰WJWLRJU \]J]NVNW]\ including opportunities for improvement to internal controls based on observations made in the course of the audit; ۽ Reviewed the adequacy of the scope, functions, competency and resources of the Internal Audit Function, and that it has the necessary authority to carry out its work; ۽ Reviewed and approved the Internal Audit Plan tabled by the outsourced independent Internal Audit Function, [N_RN`NM ]QN \LXYN XO `X[T LX_N[JPN Kb ]QN X^]\X^[LNM 2W]N[WJU *^MR] /^WL]RXW OX[ ]QN ࠰WJWLRJU bNJ[ ^WMN[ [N_RN` including the results of evaluation of adequacy of the internal control system, as well as Management’s response to recommendations for improvement, on the reports from the outsourced Internal Audit Function;