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THONG GUAN INDUSTRIES BERHAD

Responsibilities and duties

To ensure in fulfilling its primary objectives, the Committee shall undertake and carry out the following responsibilities and duties:

  • Review with the external auditor, the audit scope and plan, including any changes to the planned scope of the audit plan.

  • Review the adequacy of the internal audit scope and plan, functions, competency and resources of the internal audit function and that it has the necessary authority to carry out its work.

  • Review the external and internal audit reports to ensure that appropriate and prompt remedial action is taken by management on major deficiencies in controls or procedures that are identified.

  • Review major audit findings and the Management’s response during the year with Management, external auditors and internal auditors, including the status of previous audit recommendations.

  • Review the assistance given by the Group’s officers to the auditors, and any difficulties encountered in the course of the audit work, including any restrictions on the scope of activities or access to required information.

  • Review the independence and objectivity of the external auditors and their services, including non-audit services and the professional fees, to ensure a proper balance between objectivity and value for money.

  • Review and recommend to the Board of Directors the Corporate Governance Statement and Statement on Internal Control in relation to internal control and the management of risk included in the annual report.

  • Review the appointment and performance of external auditors, the audit fee and any question of resignation or dismissal before making recommendations to the Board.

  • Review the budget and staffing of the internal audit department.

  • Review the adequacy and integrity of internal control systems, including enterprise risk management, management information system, and the internal auditors’ and/ or external auditors’ evaluation of the said systems.

  • Direct and, where appropriate, supervise any special projects or investigation considered necessary, and review investigation reports on any major defalcations, frauds and thefts.

  • Review the quarterly results and the year end financial statements, prior to the approval by the Board focusing particularly on:

going concern assumption; any changes in or implementation of major accounting policies and practise; significant or unusual events; compliance with accounting standards and other legal requirements; and significant adjustment arising from the audit

  • Review any related party transaction and conflict of interest situation that may arise within the Company or the Group, including any transaction, procedure or course of conduct that raises question on management integrity.

  • Prepare reports, if the circumstances arise or at least once (1) a year, to the Board summarizing the work performed in fulfilling the Committee’s primary responsibilities;

  • Review any appraisal or assessment of the performance and any appointment or termination of members of the internal audit function;

  • Review the financial reporting procedure in place to ensure that the Group is in compliance with the Companies Act 1965, Listing Requirements of Bursa Malaysia Securities Berhad and other legislative and reporting requirement;

  • Review the allocation of option granted pursuant to the Employee Share Option Scheme (ESOS) of the Company;

  • Any other activities, as authorised or instructed by the Board.

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