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Annual Report 2017
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aUDIt coMMIttee
RePoRt
The Company Secretaries act as secretary to the Audit Committee. The Company Secretaries shall cause minutes to be
entered in the books provided for the purpose of recording all resolutions and proceedings of minutes and shall be kept
at the registered office of the Company for inspection of any member of the Audit Committee or the Board. Such minutes
shall be signed by the Chairman of the next succeeding meeting and if so signed, shall be conclusive evidence without any
further proof of the facts. Minutes of each meeting shall also be distributed to all attendees of the Audit Committee meetings,
circulated and presented to all members of the Board for notation purposes at the Board meeting.
The Audit Committee, through its Chairman, shall report to the Board at the next Board meeting after each Audit Committee
meeting. When presenting any recommendation to the Board, the Audit Committee will provide such background and
supporting information as may be necessary for the Board to make an informed decision.
4.
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE DURING THE FINANCIAL YEAR ENDED 31 MARCH 2017
4.1 During the financial year, the Audit Committee carried out its duties as set out in its Terms of Reference. A summary of
work performed by the Audit Committee are as follows:
Financial Reporting
•
Reviewed the Group’s quarterly unaudited financial results and audited financial statements to ensure compliance
with the MMLR, applicable approved accounting standards and other statutory and regulatory requirements prior
to recommending to the Board for approval.
•
Reviewed the impact of any changes to the accounting policies and adoption of new accounting standards as well
as accounting treatments used in the financial statements.
•
Obtained assurance from the Group MD and Chief Financial Officer that:
•
appropriate accounting policies had been adopted and applied consistently;
•
the going concern basis applied in the audited financial statements and quarterly financial results was
appropriate;
•
adequate processes and controls were in place for effective and efficient financial reporting and disclosures
under the FRSs and MMLR; and
•
the relevant financial statements for financial year ended 31 March 2017 gave a true and fair view of the state
of affairs of the Group.
External Audit
The Audit Committee:
•
Reviewed with the external auditors their audit plan, strategy and scope of the statutory audits of the Group
accounts for the financial year ended 31 March 2017. The audit plan outlines their scope of work and proposed fees
for the statutory audit, assurance-related review and review of the Statement on Risk Management and Internal
Control;
•
Reviewed the major issues that arose during the course of the audit and their resolution;
•
Reviewed the key accounting and audit judgements;
•
Reviewed the recommendations made by the external auditors in their management letters and the adequacy of
management’s response; and
•
Assessed the effectiveness, the qualification and performance of the external auditors, the quality and the auditors’
communication with the Audit Committee including their independence via a detailed questionnaires completed
by the Audit Committee members as well as the feedback from the business units evaluating the performance of
each assigned audit team and provided the recommendation on their re-appointment and remuneration to the
Board.