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JAYA TIASA HOLDINGS BERHAD
36
audit committee report (cont’d)
3
Functions and Duties
The Committee shall, amongst others, discharge the following duties:
a.
to assess the adequacy and effectiveness of the risk management framework, internal control and governance
systems.
b.
to review the quarterly and financial results of the Group, prior to the approval by the Board of Directors,
focusing on, amongst others:-
•
financial disclosures;
•
changes in accounting policies and practices; and
•
compliance with accounting standards and other legal and regulatory requirements;
c.
to review with the external auditors:-
•
the nature and scope of audit prior to the commencement of audit;
•
their evaluation of the system of internal controls, audit report and the assistance given by the employees
of the Company to the auditors; and
•
the year end financial statements before submission to the Board, focusing particularly on:-
-
any changes in accounting policies and practices;
-
significant adjustments arising from the audit;
-
significant and unusual events;
-
the going concern assumption;
-
compliance with Accounting Standards and other legal and regulatory requirements;
-
to meet with the external auditors separately without the presence of the Management on any
issues from the audit.
d.
to review with the internal auditors:-
•
the adequacy of the scope, functions, competency and resources of the internal audit functions and
that it has the necessary authority to carry out its work; and
•
the internal audit findings and investigation and whether or not appropriate action is taken on the
recommendations of the internal auditors;
e.
to review any related party transactions and conflict of interest situations that may arise within the Company
or Group.
f.
to consider the appointment, resignation or dismissal of external auditors and the audit fees.
g.
to promptly report to the Bursa Malaysia Securities Berhad where the Audit Committee is of the view that a
matter reported by it to the Board has not been satisfactorily resolved resulting in a breach of Bursa Malaysia
Securities Berhad Listing Requirements.
h.
To consider and examine any other matters as the Audit Committee consider appropriate or as instructed by
the Board of Directors.
4
Meetings and Attendance
a. The Committee shall meet not less than four (4) times in a year. Additional meetings may be called at any time
if so requested by any Committee member, management or the internal or external auditors.
b. A quorum shall consist of a majority of members present who must be independent directors.
c.
Other Directors and employees may attend any particular Audit Committee meeting only at the Committee’s
invitation, specific to the relevant meeting.