Change - S P Setia Berhad

58
Annual report 2008
Audit Committee Report
iv.
To discuss problems and reservations arising from the interim and final audits and any matter the auditors may wish to
discuss (in the absence of management, where necessary).
v. To review the external auditors’ management letter an d management’s response.
vi.
To do the following, in relation to the internal audit function:
• review the adequacy of the scope, functions and resources of the internal audit function, and that it has the necessary
authority to carry out its work;
• review the internal audit programme and results of the internal audit process and, where necessary, ensure that
appropriate actions are taken on the recommendations of the internal audit function;
• review any appraisal or assessment of the performance of members of the internal audit function;
• approve any appointment or termination of senior staff members of the internal audit function; and
• take cognizance of resignations of internal audit staff members and provide the resigning staff member an opportunity
to submit his reasons for resigning.
vii.
viii.
To review any related party transactions that may arise within the Company or Group.
To consider other related matters, as defined by the Board.
SUMMARY OF ACTIVITIES OF THE COMMITTEE DURING THE YEAR
The Audit Committee met four (4) times during the financial year ended 31 October 2008. The activities of the Audit Committee for
the financial year were summarised as follows:
(a)
Reviewed the quarterly financial results announcements for each quarter of the Group prior to the Board of Directors’ approval,
focusing particularly on:-
– the overall performance of the Group;
– the prospects for the Group;
– the changes in or implementation of major accounting policy changes; and
– compliance with accounting standards and other legal requirement.
(b)
(c)
(d)
Discussed significant audit findings in respect of the financial statements of the Group with the external auditors.
Reviewed the reports prepared by the internal auditors on the state of internal control of the Group.
Reviewed the related party transactions entered into by the Company and the Group.