10. Assess the performance of the external auditors
and make recommendations to the Board of
Directors on their appointment and removal.
11. Recommend the nomination of a person or
persons as external auditors.
12. Review any letter of resignation from the external
auditors or suggestions for their dismissal.
13. Monitor the Group’s compliance to the Main
Market Listing Requirements (MMLR) and the
Malaysian Code of Corporate Governance 2012
from assurances by the Company Secretary and
the results of review by the external and internal
audits.
14. Where the Audit Committee is of the view that a
matter reported by it to the Board of Directors
has not been satisfactorily resolved resulting in a
breach of the MMLR, the Audit Committee must
promptly report such matter to Bursa Malaysia
Securities Berhad.
15. Carry out any other functions that may be mutually
agreed upon by the Committee and the Board of
Directors.
ACTIVITIES DURING THE FINANCIAL YEAR
During the year, the Audit Committee carried out its
duties as set out in its terms of reference. The main
activities undertaken were as follows:
• Reviewed the internal and external auditors’ scope
of work and annual audit plans for the Group.
• Reviewed the management letters and the audit
reports of the external auditors.
• Reviewed the quarterly and annual reports of the
Group to ensure compliance with the MMLR,
applicable approved accounting standards and
other statutory and regulatory requirements prior
to recommending for approval by the Board of
Directors.
• Reviewed the Risk Management Committee’s
report on key risk profiles and risk management
activities.
• Reviewed the Audit Committee Report, Statement
on Corporate Governance and Statement on Risk
Management and Internal Control and recommend
to the Board for approval prior to their inclusion in
the Company’s annual report.
• Reviewed the adequacy of resource requirements
and competencies of staff within the Company’s
internal audit function to execute the annual audit
plan and the results of the work.
• Reviewed the related party transactions entered
by the Company and the Group as well as the
disclosure of and the procedures relating to
related party transactions.
• Reviewed the Circular to Shareholders relating to
shareholders’ mandate for recurrent related party
transactions of revenue or trading nature before
recommending it for Board’s approval.
• Reviewed and supported the annual internal audit
plan including budget and resource planning. The
audit is prepared based on risk based approach
with focus on the areas with significant risks.
• Reviewed and deliberated internal audit reports
and to monitor/follow-up on remedial action.
Where required, members of the Audit Committee
would carry out ground visits to verify significant
issues highlighted in the internal audit reports.
• Reviewed the effectiveness of internal audit
processes and the resources allocated to the audit.
• Met with the external auditors twice during the
year in the absence of management.
au d it comm ittee repo rt
Bo ustead plantati o ns Berhad
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