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052 SapuraCrest Petroleum Berhad Annual Report 2010 8.0 DISCLOSURE 8.1 The Board is required to prepare an Audit Report at the end of each financial year to be included and published in the annual report of the Company. The said report shall include the following: 8.1.1 The composition of the Committee, including the name, designation (indicating the Chairman) and directorship of the Members (indicating whether the directors are independent or otherwise); 8.1.2 The terms of reference of the Committee; 8.1.3 The number of Committee meetings held during the financial year and details of attendance of each Committee Member; 8.1.4 A summary of the activities carried out by the Committee in the discharge of its functions and duties for that financial year of the Company; and 8.1.5 A summary of the activities carried out by the Internal Audit Department. 8.2 The Committee shall assist the Board in making the following additional statements in the Company’s annual report: 8.2.1 A statement explaining the Board’s responsibility for preparing the annual audited financial statements of the Company; and 8.2.2 A statement about the state of internal control of the SapuraCrest Group. AUDIT COMMITTEE MEETING ATTENDANCE 9.0 REVISION OF THE TERMS OF REFERENCE 9.1 Any revision or amendment to this Terms of Reference, as proposed by the Committee or any third party, shall first be presented to the Board for its approval. 9.2 Upon the Board’s approval, the said revision or amendment shall form part of this Terms of Reference and this Terms of Reference shall be considered duly revised or amended. COMPOSITION OF THE AUDIT COMMITTEE The composition of the Committee as at 31 January 2010 is as follows: • Gee Siew Yoong (Chairman - Independent Non-Executive Director); • Tan Sri Datuk Amar (Dr.) Hamid Bugo (Member - Independent Non-Executive Director); and • Dato’ Fauziah Dato’ Ismail (Member - Independent Non- Executive Director). There were eleven (11) meetings held during the financial year ended 31 January 2010 and the details of attendance are as follows: Name of Audit Committee Members Meetings Attended Maximum possible % meetings to attend Gee Siew Yoong (Chairman) 11 11 100 Tan Sri Datuk Amar (Dr.) Hamid Bugo 11 11 100 Dato’ Fauziah Dato’ Ismail 11 11 100
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2010 • Reviewed and sought management explanation and recommended actions on the quarterly and annual financial results and performance of the Company and the Group prior to submission to the Board of Directors for consideration and approval. • Reviewed and sought management explanation on related party transactions entered into by the Company and the Group, and reported the same to the Board of Directors. • Reviewed and discussed with the external auditors the nature and scope of the audit prior to the commencement of the audit. • Reviewed, discussed and sought management explanation on the audit reports before reporting the same to the Board of Directors. • Reviewed audit plans for the year for the Company and the Group as prepared and reported by the internal auditors. SUMMARY OF ACTIVITIES OF THE INTERNAL AUDIT DEPARTMENT FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2010 The Internal Audit Department has the principal responsibility of undertaking regular and systematic review of the systems and controls so as to provide reasonable assurance that such systems continue to operate satisfactorily and effectively in the Company and the Group. Towards that end, the following activities were carried out by the Internal Audit Department throughout the financial year ended 31 January 2010: • Prepared, presented and sought the Audit Committee’s approval of the annual audit plan for the Group. • Performed an annual risk profiling on all the companies within the Group, and based on available resources, formed the basis of the annual audit plan for the Group. • Evaluated and assessed internal controls. • Reviewed the compliance of the Company’s Policies and Procedures, Limits of Authority (“LoA”) and other statutory and regulatory requirements. • Identified, reviewed and evaluated the adequacy and effectiveness of the Company’s Policies & Procedures and the LoA. • Evaluated the efficiency of processes, functions and current practices, and provided suitable recommendations to the Audit Committee. • Prepared audit reports and sought management response on the issues found and highlighted in the report. Upon incorporating the response of Management into the final reports, the same were circulated to the Audit Committee. • Presented the audit reports to the Audit Committee during the Audit Committee meetings held throughout the financial year. During the financial year ended 31 January 2010, twelve (12) audit reports covering the operations of the SapuraCrest Group, compliance issues of the Listing Requirements and follow-up reviews were submitted to the Audit Committee for their review. • Carried out follow-up reviews on audit reports, and reported to the Audit Committee the status of implementation of agreed actions in the audit reports. • Acted as facilitator and consultant on control issues and provided advice to Management and the Audit Committee by reviewing the Company’s Policies & Procedures and the LoA. • Undertook additional tasks as directed by the Audit Committee or Management, such as investigations of complaints received. STATEMENT VERIFYING ALLOCATION OF OPTIONS There were no allocation of share options pursuant to the SapuraCrest Group Employee Share Option Scheme for the financial year ended 31 January 2010. The Scheme expired on 12 September 2009. 053 SapuraCrest Petroleum Berhad Annual Report 2010
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SapuraCrest Petroleum Berhad (45631
Page 3 and 4: BUILDING ON VALUES The theme “bui
Page 5 and 6: Notes: 1. Proxy Forms A member of t
Page 7 and 8: 005 SapuraCrest Petroleum Berhad An
Page 9 and 10: FINANCIAL HIGHLIGHTS 31 January 200
Page 11 and 12: 100% Sapura Retail Solutions Sdn Bh
Page 26: We set high standards of profession
Page 29 and 30: Tan Sri Datuk Amar (Dr.) Hamid Bugo
Page 31 and 32: Appointments held by Datuk Shahril
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Page 51 and 52: AUDIT COMMITTEE REPORT TERMS OF REF
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Page 59 and 60: STATEMENT OF DIRECTORS’ RESPONSIB
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Page 73 and 74: BAlAnCe SheetS As at 31 January 201
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ANALYSIS OF SHAREHOLDINGS As at 21
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No. Name No. of Shares Held % 23 CH
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PROXY FORM I/We of being a Member o
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