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WCT Berhad (66538-K) annual report 2011 (6) Deliberated on the significant audit findings and management responses in the internal audit reports and the follow-up action taken on the respective audit recommendations; (7) Reviewed twenty four (24) internal audit reports on operational and financial audit of local and overseas projects, toll concession operation, investigation and compliance; (8) Discussed and approved thirty (30) internal audits planned for the year 2012 covering local and overseas projects and key processes of the Construction and Property Divisions; (9) Visited, together with the Manager-Internal Audit, eight (8) on-going local and overseas projects and operations as well as the Group’s stock of residential and commercial properties located in Selangor and Kuala Lumpur; (10) Met with the external auditor of the Group’s operations in Qatar; (11) Reviewed the recurrent related party transactions entered into by the Company and its subsidiaries; and (12) Reviewed and verified that options allocated and granted during the year under the Company’s Employees Share Option Scheme (“ESOS”) were in accordance with the allocation criteria approved by the Options Committee and in compliance with the By-Laws of the ESOS. D. INTERNAL AUDIT FUNCTION The internal audit function of the Group is carried out by the in-house Group Internal Audit Department (“GIA”), which reports directly to the Audit Committee. The Internal Audit Charter sets out the purposes, authority, responsibilities and audit methodology of the GIA whose role is to provide independent and objective reports on the organisation’s management records, accounting policies and controls to the Audit Committee. The GIA has adopted the Institute of Internal Auditors Malaysia “Code of Ethics” which is observed by all GIA staff. The total cost incurred in respect of the Group’s internal audit function for the financial year ended 31 December 2011 was approximately RM548,166/=. A risk-based approach is used to ensure that the high risk activities in each auditable area are audited annually. Audits are prioritised according to an assessment of the potential risk exposures and are based on processes by which significant risks are identified, assessed and managed. Such audits also ensure instituted controls are appropriate and are effectively applied to achieve acceptable risks exposure. The scope of the internal audit function covers the review and evaluation of the risks exposure relating to the Group’s governance, operations and information system as follows:- (a) Effectiveness and efficiency of operations; (b) Safeguarding of assets; (c) Reliability and integrity of financial and operational information; (d) Compliance with policies and procedures, laws, regulations and contracts; and (e) Recommend appropriate controls to overcome deficiencies and to enhance operations. The GIA carries out its activities according to the audit plan approved by the Audit Committee. It also conducts followup reviews to monitor and ensure that audit recommendations are effectively implemented. The internal audit reports which include action plans as agreed with the operational level management, are circulated to Senior Management and tabled at the Audit Committee meetings. 55 AUDIT COMMITTEE REPORT cont’d
56 WCT Berhad (66538-K) annual report 2011 AUDIT COMMITTEE REPORT cont’d E. ACTIVITIES OF THE INTERNAL AUDIT FUNCTION IN 2011 GIA conducts regular reviews and appraisal of the Group’s system of internal control to provide assurance to the Board on the efficiency and effectiveness of the system. For year 2011, reviews and appraisals conducted by GIA are based on the Internal Audit Plan for year 2011 as approved by the Audit Committee. Following the opening of the Group’s first hotel, namely Première Hotel in Klang, the number of Internal Audit staff has been increased from three (3) in 2010 to six (6) in 2011 to undertake additional and expanded audit reviews. GIA currently has five (5) staff including one (1) manager, one (1) senior executive, two (2) executives and one (1) officer. For joint venture projects/operation, the review and appraisal of internal control system for each project will be jointly conducted with the respective internal audit department of the joint venture partner (if any). The main activities of the GIA include:- (1) Performing operational audit on the following areas:- (a) On-going projects and other businesses of the Group. (b) System administration and support service. (c) Reviewing compliance with the policies, procedures and applicable laws and regulations. In 2011, GIA completed twenty three (23) audit reviews on the following and one (1) investigation No. Type of Review No. of Completed Reviews 1 On-going construction projects 4 2 JV project/operations 3 3 Compliance 1 4 Property development projects 2 5 Tolled highway maintenance operation 1 6 Department & process operation 7 7 New businesses/operations 5 23 8 Investigation 1 Total: 24 (2) Follow-up on Outstanding Audit Recommendation On periodic basis, GIA conducted follow-up on all issues raised during each audit to ensure timeliness of implementation of agreed responses/action plan by the Management and to assess the effectiveness of the implementation process. Status of such implementation is presented to the Audit Committee during the periodic Audit Committee Meeting.
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5. LAND HELD FOR PROPERTY DEVELOPME
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6. INVESTMENT PROPERTIES WCT Berhad
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11. CONCESSION ASSETS WCT Berhad (6
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13. TRADE RECEIVABLES cont’d (a)
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13. TRADE RECEIVABLES cont’d (b)
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15. DUE FROM/(TO) RELATED PARTIES c
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19. OTHER PAYABLES WCT Berhad (6653
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20. BORROWINGS cont’d Total borro
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24. TERM LOANS Secured WCT Berhad (
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26. ISLAMIC SERIAL REDEEMABLE BONDS
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29. SHARE CAPITAL WCT Berhad (66538
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29. SHARE CAPITAL cont’d (b) Empl
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30. IRREDEEMABLE CONVERTIBLE PREFER
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32. RESERVES WCT Berhad (66538-K) a
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33. NON�CONTROLLING INTEREST WCT
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37. OTHER OPERATING INCOME/�LOSS
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40. TAXATION Tax expense for the ye
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41. EARNINGS PER SHARE (i) Basic WC
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42. DIVIDENDS cont’d Recognised d
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44. OPERATING LEASE ARRANGEMENTS co
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No. Location Description 1. Master
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No. Location Description 7. Seven (
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(2) Thirty Largest Shareholders con
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(2) Thirty Largest ICPS Holders WCT
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(2) Thirty Largest Warrants Holders
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(2) Directors’ Interests in Warra
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WCT Berhad (66538-K) annual report
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Meeting : 31st Annual General Meeti
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I/We WCT Berhad (66538-K) (Incorpor
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IXORA CAMELLIA Double-storey bungal
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