Pg 147 - Berjaya Corporation Berhad

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Berjaya Land Berhad (201765-A)
Annual Report 2005
Audit Committee Report
The Board of Directors of Berjaya Land Berhad is pleased to present
the report of the Audit Committee for the financial year ended 30 April
2005.
Audit Committee Members and Meeting Attendances
The members of the Audit Committee comprises the following:-
Tan Sri Dato’ Thong Yaw Hong
Chairman/Independent/Non-Executive Director
Datuk Robert Yong Kuen Loke
Non-Independent/Executive Director
Dato’ Mohammed Adnan Bin Shuaib
Independent/Non-Executive Director
Datuk Maizan Bin Shaari
Independent/Non-Executive Director
The Audit Committee held nine (9) meetings during the financial year
ended 30 April 2005. The details of attendance of the Audit Committee
members are as follows:-
Name
Attendance
Tan Sri Dato’ Thong Yaw Hong 9/9
Datuk Robert Yong Kuen Loke 7/9
Dato’ Mohammed Adnan Bin Shuaib 9/9
Datuk Maizan Bin Shaari 3/3*
* Reflects the attendance and the number of meetings held during the
financial year the member held office
The General Manager of Group Internal Audit and the Senior General
Manager of Group Accounts and Budgets were also invited to attend
the Audit Committee meetings. The external auditors were also invited
to attend two of the meetings.
Summary of activities of the Audit Committee
The activities undertaken by the Audit Committee during the financial
year ended 30 April 2005 included the following:-
1. Reviewed the quarterly and year-to-date unaudited financial results
before submission to the Board for consideration and approval;
2. Reviewed and discussed the external auditors’ audit report and
areas of concern in the management letter thereof;
3. Reviewed the external auditors’ scope of work and audit plan for
the year;
4. Reviewed the internal audit reports presented and considered the
major findings of internal audit in the Group’s operating subsidiaries
and actions taken by the management in response to the audit
findings;
5. Assessed the adequacy and effectiveness of the system of internal
controls and procedures of the Group’s subsidiaries by reviewing
the various internal audit reports and management responses
thereto and ensuring significant findings are adequately addressed
by management;
6. Reported to the Board on its activities and significant findings and
results.
7. Reviewed the related party transactions and the shareholders’
circular in relation to the recurrent related party transactions.
Summary of activities of the Internal Audit Function
The primary function of the Internal Audit Department is to assist the
Audit Committee in discharging its duties and responsibilities. Its role is
to undertake independent regular and systematic reviews of the systems
of internal controls and procedures of operating units within the Group
so as to provide reasonable assurance that such systems continue to
operate satisfactorily, effectively and in compliance to the Group’s
established policies and procedures.