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ANNUAL REPORT 2014
37
d.
The Company Secretary shall be the secretary of the Committee.
e.
Procedures in relation to giving of notice, adjournment of meeting and attendance by means of video or
teleconference shall be governed by the relevant provisions contained in the Articles of Association of the
Company.
f.
The Committee may deal with matter by way of circular resolutions in lieu of convening a formal meeting for
exceptional circumstances.
g.
The Committee, through its Chairman, shall report to the Board at the next Board of Directors’ meeting after
each Committee meeting.
h.
The Audit Committee met Five (5) times during the financial year ended 30 June 2014. Details of the attendance
of the members are as follows:
Members
Meeting Percentage of
Attendance
Attendance
(%)
Gen (Rtd) Tan Sri Abdul Rahman Bin Abdul Hamid
5/5
100
Mr John Leong Chung Loong
5/5
100
Dato’ Wong Lee Yun
4/5
80
Datuk Talib Bin Haji Jamal
4/5
80
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE
The Audit Committee’s activities during the financial year included the following:-
a.
Reviewed the quarterly financial statements and the annual audited financial statements before recommending the
same to the Board for approval;
b.
Reviewed and approved the annual audit plan proposed by the Internal Auditors to ensure the adequacy of the scope
and coverage of work;
c.
Reviewed the Group’s internal audit reports on the status and progress of internal audit assignments, audit
recommendations made and management responses to these recommendations;
d.
Reviewed the recurrent related party transactions entered into by the Group and ensure that the transactions were
undertaken on normal commercial terms not detrimental to the minority shareholders;
e.
Reviewed the Audit Committee Report and the Statement on Risk Management and Internal Control prior to publishing
the same in the Annual Report;
f.
Assessed the suitability and independence of External Auditors and made recommendation to the Board for their
re-appointment;
g.
Met with the External Auditors twice a year and:-
•
reviewed the External Auditors’ audit plan, area of audit emphasis and fees for the statutory audit prior to the
commencement of the statutory audit;
•
considered the report by the External Auditors on regulatory as well as accounting developments and their
impact on the Group; and
•
reviewed the results of the annual audit and significant audit issues arising therefrom together with management’s
responses to the findings.
audit committee report (cont’d)