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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.
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SapuraCrest Petroleum Berhad
Annual Report 2010