TANJUNG OFFSHORE BERHAD

TANJUNG OFFSHORE BERHAD (662315-U)
ANNUAL REPORT 2009
AUDIT COMMITTEE REPORT
Functions
The following are the main functions of the Audit Committee collectively:-
1. Review the audit plan with the external auditors;
2. Review with the external auditors his evaluation of the system of internal controls;
3. Review the audit report with the external auditors;
4. Review the assistance given by the company’s offi cer to the auditors;
5. Review the scope and result of the internal procedures;
6. Review the balance sheet and profi t and loss account;
7. Review any related party transactions that may arise within the Company or the Group;
8. To consider the nomination of a person or person as auditors; and
9. To perform any other work that is required or empowered to do so by statutory legislation or guidelines as
prepared by the relevant Government authorities.
During the fi nancial year ended 31 December 2009, the Audit Committee held a total of six (6) meetings, the details
of attendance of which are as follows:-
Member No. of meetings attended
Dato’ Ab Wahab bin Haji Ibrahim 6 of 6
Datuk Wira Syed Ali Bin Tan Sri Syed Abbas Alhabshee 5 of 6
Edwanee Cheah Bin Abdullah 6 of 6
George William Warren Jr 5 of 6
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE
During the fi nancial year ended 31 December 2009, the activities of the Audit Committee included the following:-
Reviewing of the external auditors’ scope of work and their audit plan.
Reviewing with the external auditors on the results of their audit, the audit report and internal control
recommendations in respect of improvements in internal control procedures noted in the course of their audit.
Reviewed with the internal auditors their internal audit review and fi ndings and the Management’s response and
action taken.
Reviewing the annual report and the audited fi nancial statements of the Company and the Group prior to
submission to the Board for their consideration and approval. The review was to ensure that the audited fi nancial
statements were drawn up in accordance with the provisions of the Companies Act, 1965 and the applicable
approved accounting standards issued by the Malaysian Accounting Standards Board (“MASB”).
Reviewing the Company’s compliance with the Main Market Listing Requirements of the Bursa Malaysia Securities
Berhad (“Bursa Securities”) and the applicable approved accounting standards issued by MASB.
Reviewing of the quarterly unaudited fi nancial statements and its explanatory notes thereon and recommending
to the Board for Directors’ approval.
Reviewing of the Company’s status of compliance with the Malaysian Code on Corporate Governance for the
purpose of issuing of a Corporate Governance Statement pursuant to the requirement of paragraph 15.26 of the
Listing Requirements of Bursa Securities.
Reviewed the Group’s key operational and business risks area and the policies in place to address and minimize
such risks.
ALLOCATION OF EMPLOYEES’ SHARE OPTION SCHEME OPTIONS
The Audit Committee had reviewed and verifi ed that the allocation of options during the year under the Company’s
ESOS is in compliance with the allocation criteria determined by the ESOS Committee and in accordance with the
Bye-Laws of the ESOS.
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