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Annual Report 2017
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aUDIt coMMIttee
RePoRt
4.2 During the year, the Audit Committee members attended various training programs to keep them abreast of new
development pertaining to legislation, regulations, current commercial issues and risks in order to effectively discharge
their duties. Details of training programs attended by Audit Committee members are set out in the Statement on Corporate
Governance section of this Annual Report.
5.
EVALUATION OF THE AUDIT COMMITTEE
For FY 2017, the annual assessment and evaluation on the performance of the Audit Committee was conducted by an external
consultant. The evaluation process includes the Board evaluation on the overall Audit Committee performance and the
Committee’s assessment of its own performance. The evaluation included a review of detailed questionnaires completed by
each Director and member of the Audit Committee, based on the following key areas:
1.
Board evaluation of Audit Committee:
•
to determine whether the Audit Committee carried out its duties in accordance with its terms of reference.
•
to determine whether the Audit Committee made board meetings more efficient and effective.
•
to determine whether the results, findings and/or recommendations reported to the Board in a clear, concise and
timely manner.
2.
Evaluation by the Audit Committee:
•
composition of the Audit Committee.
•
whether the Audit Committee carried out its duties and responsibilities in accordance with its terms of reference.
•
the quality of the Audit Committee’s recommendations on the risk management and financial reporting.
•
overall effectiveness of the Audit Committee.
The Nomination and Remuneration Committee discussed the findings on the evaluation and the results of the evaluation and
findings, together with areas of improvement, were presented to the Board for deliberation. Overall, the Board is satisfied that
the Audit Committee and its members have discharged their functions, duties and responsibilities in accordance with the Audit
Committee’s terms of reference.