Annual Report 2011/2012 - Colombo Stock Exchange

REPORT OF THE AUDIT COMMITTEE
The Audit Committee comprises of three independent Directors and one Non-Independent Director.
The members of the Board appointed Audit Committee are;
Ms. D. S. N. Weerasooriya – Chairman
Mr. C. J. Wickramasinghe
Mr. S. H. Amarasekara
Ms. R. N. Ponnambalam
The Board Secretary functions as the Secretary to the Audit Committee.
REPORT OF
AUDIT COMITTEE
The Audit Committee has a written Term of Reference, dealing clearly with its authority and duties. This is established
for the purpose of assisting the Board in fulfilling their oversight responsibilities regarding the integrity of the financial
statements, risk management, internal control, and compliance with legal and regulatory requirements, review of External
Auditor’s performances, Independence and the internal audit functions.
MEETINGS
The Audit Committee met two times during the year. The Managing Director, Chief Financial Officer, Finance Manager &
Internal Auditor also attended these meetings by invitation. The other Executives do so as and when required.
FINANCIAL REPORTING
As part of its responsibility to oversee the Company’s financial reporting process on behalf of the Board of Directors, the
Committee has reviewed and discussed with the Management, the annual and the quarterly Financial Statements prior
to their issuance, including the extent of compliance with the Sri Lanka Accounting Standards and the Companies Act
No 7 of 2007. Matters of special interest in the current environment and the process that support certifications of the
Financial Statements by the Company’s Managing Director, and Finance Manager were also brought up for discussion.
RISK AND CONTROLS
During the year, the Committee assessed the major business and control risks and the control environment prevalent in the
company and advised the Board an action to be taken in areas where weaknesses were observed. The Committee reviewed
reports on losses resulting from frauds and operational failures, and scrutinized the effectiveness of the Company’s internal
control system already in place and the processes for identification, evaluation and management of all significant risks.
EXTERNAL AUDIT
The Committee met with the External Auditor during the year to discuss their audit approach and procedures, including
matters relating to the scope of the audit. In addition, the annual evaluation of the independence and objectivity of the
External Auditor and the effectiveness of the audit process was also undertaken. The Lead partner is required to be rotated
every five years, in order to ensure the independence of the Auditor.
AMAYA LEISURE PLC
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2011/12 ANNUAL REPORT
AMAYA LEISURE PLC
77
2011/12 ANNUAL REPORT