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YIKON

Audit Committee Report (cont’d)

CORPORATION BHD

(527272-V)

Terms of Reference

Functions of the Audit Committee

  • (1)

    To consider the appointment of external auditors, the audit fee and any question of resignation or dismissal including recommending and nominating of person or persons as external auditors;

  • (2)

    To discuss with the external auditors when necessary on the nature and scope of audit and to ensure coordination of audit where more than one audit firm is involved;

  • (3)

    To review the quarterly results and year-end financial statements prior to the approval by the Board, focusing on:-

    • -

      going concern assumption

    • -

      compliance with accounting standards and regulatory requirements

    • -

      any changes in accounting policies and practices

    • -

      significant issues arising from the audit

    • -

      major judgmental areas

  • (4)

    To prepare the Audit Committee Report at the end of each financial year;

(5)

To discuss problems and reservations arising from the interim and final external auditors, and any matters the external auditors may wish to discuss (in the absence of management, where necessary);

  • (6)

    To review the external auditors’ management letter and management’s response;

  • (7)

    To review any related party transaction and conflict of interest situation that may arise within the Company or

Group including any transaction, procedure or course of conduct that raises questions of management integrity;

  • (8)

    To review the adequacy of the scope, functions, competency and resources of the internal audit functions and that it has the necessary authority to carry out its work;

  • (9)

    To review the Internal Auditor’s programmes and plans for the financial year and the annual assessment of the Internal Auditor’s performance;

  • (10)

    To approve any appointment or termination of senior staff members of the internal audit functions;

  • (11)

    To take cognisance of resignation of internal audit staff members and provide the resigning staff member an

opportunity to submit his reasons for resigning;

  • (12)

    To review the Internal Audit reports, which highlighted the audit issues, recommendations and management response and ensure that material findings are adequately addressed by management;

  • (13)

    To carry out such other responsibilities, functions or assignments as may be defined jointly by the Committee and the Board from time to time;

(14)

In compliance with Paragraph 15.16 of the Listing Requirements, where the Committee is of the view that a matter reported by it to the Board has not been satisfactorily resolved resulting in a breach of the Listing Requirements, the Committee must promptly report such matter to the Bursa Securities.

Annual Report 2009

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