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Kumpulan Fima Berhad

(11817-V)

92

aUDIt coMMIttee

RePoRt

The external auditors have provided written confirmation to the Audit Committee on 22 June 2017 that they are and

have been independent throughout the conduct of the audit engagement in accordance with the terms of all relevant

professional and regulatory requirements. The Audit Committee is satisfied with the auditors’ effectiveness and

independence and has recommended to the Board that Messrs Hanafiah Raslan & Mohamad be reappointed as the

Company’s external auditor for the financial year ending 31 March 2018.

Internal Audit

Reviewed and approved the Annual Internal Audit Plan for financial year ended 31 March 2017 as proposed by GIA,

to ensure the adequacy of resources, coverage and inclusion of risk areas in the scope of review.

Reviewed and deliberated on audit reports, follow-up reports, audit recommendations and Management responses,

prepared by the GIA at Audit Committee’s quarterly meetings.

Reviewed the corrective actions taken by Management in addressing and resolving issues as well as ensuring that

all issues were adequately addressed on a timely basis.

Reviewed the nature and extent of the non-audit activities performed by GIA.

Reviewed the structure of GIA and adequacy of its resources and budget.

Reviewed the Audit Committee Report and Statement on Risk Management and Internal Control and recommended

to the Board for approval prior to the inclusion of the same in the Company’s Annual Report.

Reviewed and approved the proposed revisions to the Internal Audit Charter, defining the authority, accountability

and role given by the Management to GIA in order to carry out its duties.

Assessed the effectiveness of the internal auditors via a detailed questionnaires completed by each Audit

Committee member. The evaluation encompassed an assessment of the qualifications and performance of the

internal auditors, the size and strength of internal audit team, the quality of the internal audit plan and audit

reports and the auditor’s communications with the Audit Committee and the Company, and the internal auditors’

independence, objectivity and professional skepticism.

Reviewed the results of the annual assessment of the effectiveness of the internal auditors to ensure it has the

required expertise and professionalism to discharge its duties.

Reviewed the evaluation results of the assessment of the internal auditors by the individual business units.

Recurrent Related Party Transactions (“RRPT”)

Reviewed the RRPT entered into the Company with related parties in accordance with the shareholders’ mandate

obtained to ensure that they are at arm’s length and within the mandated amount and other RRPT that are outside

the shareholders’ mandate.

Reviewed and recommended to the Board the Circular to Shareholders relating to renewal of shareholders’

mandate for existing RRPT of a revenue or trading nature.

Risk Management and Internal Control

Reviewed and approved the Enterprise Risk Management Report on key risk profiles and risk management

activities.

Evaluated the quality and effectiveness of the Company’s Internal Control system and management information

systems, including compliance with the applicable laws, rules, corporate governance requirements and guidelines.