WCT-Page 30 to ProxyForm (2.4MB).pdf - Announcements - Bursa ...

AUDIT COMMITTEE
The AC receives reports from both the internal and external auditors on a regular basis.
WCT Berhad (66538-K)
annual report 2011
AC meetings are held regularly to deliberate on the adequacy of internal audit resources, audit findings, management
responses, adequacy of audit coverage, corrective actions, and to monitor actions taken by the management in the areas
with significant or high risks. The AC also reviews Follow-Up Reports from the GIA on the adequacy and effectiveness of
corrective actions taken by the management on the significant issues highlighted.
The external auditors provide assurance in the form of their annual statutory audit of the financial statements of the Group.
Any areas for improvement identified during the course of their audit are brought to the attention of the AC through
management letters, or are articulated at AC meetings.
OTHER KEY INTERNAL CONTROL FEATURES
• Clearly defined operating structure, lines of responsibilities and delegated authority. Various Board and Management
Committees have been established to assist the Board in discharging its duties. These include the following:-
� Audit Committee;
� Nomination & Remuneration Committee;
� Options Committee;
� Management Committee; and
� Risk Management Committee.
WCT Berhad Oversight Structure
Note:
Management Committee is chaired by the Deputy Managing Director and the members consists of Executive Directors, Heads of
Divisions and Departments.
• Internal controls have been established in business units through clearly defined lines of responsibilities, segregation
of duties, and authority limits for capital and operating expenditures, awarding of contracts and other significant
transactions.
• Policies, operational procedures and guidelines are documented to provide guidance to all levels of employees. These
policies and procedures are being reviewed and updated as and when necessary.
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STATEMENT ON INTERNAL CONTROL
cont’d