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124 / MRCB laporan tahunan 2011 /
report oF tHe aUDIt commIttee
Table 1: Details of attendance of members at the Audit Committee’s meetings held from 1 January 2011 to 31 December 2011
name of audit committee members
Dates of Dato’ ahmad Dato’ abdul Dr roslan a che King tow Jamaludin
committee Ibnihajar rahman ahmad ghaffar Zakaria
meeting
Independent Independent Independent Independent Independent
Director Director Director Director Director
(chairman) (member) (member) (member) (member)
9 Feb 2011 A A A Appointed on –
20 May 2011
26 May 2011 A A Retired on A –
4 Apr 2011
11 Aug 2011 A A – A Appointed
on
24 Aug 2011
25 Nov 2011 A A – A A
total 4/4 4/4 1/1 3/3 1/1
The AC also met with the External Auditors twice during
the year, without the presence of Management.
Upon the conclusion of each meeting, the AC Chairman
will report to the Board of Directors the activities that it had
undertaken and the key recommendations for the Board’s
consideration and decision.
A whole range of issues affecting the operations of the
Company and its subsidiaries were thoroughly reviewed
and deliberated at these meetings. AC members take their
role seriously and professionally to assist the Board in
providing oversight over Management. Audit reports and
other matters brought to the AC are constructively and
impartially questioned, challenged and debated to ensure
that such proposals and recommendations are in the best
interests of the Company. In doing so, the AC gathers
inputs from the Corporate Governance function that is
independent of Management and reports directly to the
AC. Inputs are also gathered from the External Auditor, as
necessary.
reviews
A summary of the reviews conducted by the AC for the
year under review is as follows:
• Financial results
i) Reviewed the quarterly and annual audited
financial results of the Group and its accompanying
announcements and made the relevant
recommendation to the Board for approval; and
ii) Reviewed the Group’s achievement of its key
performance indicators.
• Internal Audit
i) Reviewed and approved the annual audit plan
proposed by the Head of Corporate Governance;
ii) Reviewed the structure of the Corporate Governance
department, the adequacy of its resources and
budget;
iii) Reviewed the findings of internal audit reports
presented by the Head of Corporate Governance on
the Company and its subsidiaries;
iv) Reviewed the effectiveness and adequacy of
management’s corrective actions in response to the
internal audit reviews conducted;
v) Reviewed the findings of follow-up audits to
determine the status of implementation of
management’s corrective actions;
vi) Deliberated on findings of investigations and
other ad-hoc special reviews on specific areas of
operations to ascertain the root causes to the issues
and the effectiveness of corrective actions taken to
address the identified weaknesses; and