ENRICHING LIVES EXPANDING HORIZONS - Maxis

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206 Corporate Governance AUDIT COMMITTEE REPORT Continued Internal Audit • Reviewed with the internal auditors, their audit plan for the financial year ended 31 December 2011 ensuring that principal risk areas and key processes (identified by the Enterprise Risk Management department and Internal Audit department) were adequately identified and covered in the plan; • Reviewed the recommendations by the internal auditors, representations made and corrective actions taken by Management in addressing and resolving issues and ensured that all issues were adequately addressed on a timely basis; • Reviewed the results of ad-hoc investigations performed by the internal auditors and the actions taken relating to those investigations; • Reviewed the adequacy of resources and the competencies of staff within the Internal Audit department to execute the plan, as well as the audit programmes used in the execution of the internal auditors’ work and the results of their work; • Reviewed the performance of Internal Audit department staff; • Reviewed the results of the internal assessment performed on the internal audit function; and • Reviewed the adequacy of the terms of reference of the internal audit function. Related Party Transactions • Reviewed related party transactions for compliance with the MMLR of Bursa Securities and the Group’s policies and procedures as well as the appropriateness of such transactions before recommending them to the Board for approval; and • Reviewed the procedures for securing the shareholders’ mandate for Recurrent Related Party Transactions. Employee Share Option Scheme • Verified the allocation of share options pursuant to the criteria disclosed to the employees of the Group and established pursuant to the Employee Share Option Scheme for the financial year that ended on 31 December 2011. Others • Reviewed with Management, the quarterly reports on new laws and regulations, material litigation, revenue assurance, business continuity and Enterprise Risk Management; • Reviewed with Management, the annual report on system and information security; • Reviewed the Employee Code of Business Practice, the Whistle-Blowing policy and the outcome of any defalcation cases investigated; • Reviewed the Report of the Audit Committee, the Statement on Internal Control and the Statement on Corporate Governance prior to their inclusion in the Company’s Annual Report; • Reviewed the adequacy of the terms of reference of the Committee; and • Conducted a self-assessment to monitor the Committee’s overall effectiveness in meeting its responsibilities and reported the results as well as the improvements in procedures to the Board.
MAXIS BERHAD ANNUAL REPORT 2011 207 TRAINING The training attended by the Committee members during the financial year is reported under the Statement on Corporate Governance on pages 223 to 227. INTERNAL AUDIT FUNCTION The Group has an independent internal audit function, the primary responsibility of which is to provide independent and objective assessment on the adequacy and effectiveness of the risk management, internal control and governance processes. The internal audit function adopts a risk-based audit methodology, which is aligned with the risks of the Group to ensure that the relevant controls addressing those risks are reviewed on a timely basis. The activities carried out by the Internal Audit department include amongst others, the review of the adequacy and effectiveness of risk management and the system of internal controls, compliance with established rules, guidelines, laws and regulations, reliability and integrity of information and the means of safeguarding assets. Such reviews are performed with a view to making recommendations for improvements to existing controls and processes. On a quarterly basis, the Internal Audit department monitors and reports to the Committee, the implementation of recommendations by Management to ensure all key risks are properly addressed. The Head of the Internal Audit department is responsible for enhancing the quality assurance and improvement programme of the internal audit function. Its effectiveness is monitored through internal self-assessment and independent external assessment, and the results are communicated to the Committee. The Head of the Internal Audit department reports directly to the Chairman of the Committee. The major internal audit activities undertaken during the year are as follows: • Reviewed the adequacy and effectiveness of critical processes, IT systems and network elements; • Reviewed compliance with established policies and procedures and statutory requirements; • Recommended improvements and enhancements to the existing system of internal control, risk management and governance processes; • Carried out ad-hoc assignments and investigations requested by the Committee and/or Management; • Followed-up on the implementation of recommendations by Management to ensure all key risks are addressed; and • Developed a risk-based annual audit plan. The total costs incurred for the internal audit function for the financial year ended 31 December 2011 amounted to RM4.7 million, which included the cost of co-sourcing activities amounting to RM72,410. The internal audit function fully abides by the provisions of its Charter. The Charter is reviewed and approved by the Committee annually and complies fully with the Institute of Internal Auditors’ International Professional Practices Framework.
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ENRICHING LIVES EXPANDING HORIZONS
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CONTENTS Introduction 2 Our Company
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MAXIS BERHAD ANNUAL REPORT 2011 3 I
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MAXIS BERHAD ANNUAL REPORT 2011 5 C
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MAXIS BERHAD ANNUAL REPORT 2011 7 I
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MAXIS BERHAD ANNUAL REPORT 2011 9 2
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Maxis Berhad Annual Report 2011 77
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• ALIGNED TO CORPORATE STRATEGY A
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100 Financial Statements DIRECTORS
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106 Financial Statements INCOME STA
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108 Financial Statements STATEMENTS
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116 Financial Statements NOTES TO T
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Page 244 and 245: 242 Analysis of Shareholdings DISTR
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256 Other Information DISCLOSURE OF
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280 Other Information MATERIAL CONT
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286 Other Information GLOSSARY 2G S
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288 Other Information GLOSSARY Cont
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290 MAXIS EXCLUSIVE PARTNERS CENTRA
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302 Annual General Meeting NOTICE O
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NOTES
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fold here STAMP Maxis Berhad (86757
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fold here STAMP Maxis Berhad (86757
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ENRICHING LIVES EXPANDING HORIZONS - Maxis

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