Annual Report 2011 (Part I) - Wawasan TKH Holdings Berhad

AUDIT COMMITTEE REPORT
017
MEMBERS OF THE AUDIT COMMITTEE
The Committee currently has three (3) members, all of whom are Independent Non-Executive Directors as
follows:-
• Geh Cheng Hooi
Chairman / Independent Non-Executive Director
• Michael Lim Hee Kiang
Member / Independent Non-Executive Director
• YAM Datuk Seri Tengku Ahmad Shah Al-Haj Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Al-Haj
Member / Independent Non-Executive Director
Responsibility
The Committee is to serve as a focal point for communication between non-Committee Directors, the external
auditors, internal auditors and the Management on matters in connection with the financial accounting, reporting
and controls. The Committee is to assist the Board in fulfilling its fiduciary responsibility as to accounting policies
and reporting practices of the Company and all subsidiaries and the sufficiency of auditing relative thereto. It is
to be the Board’s principal agent in assuring the independence of the Company’s external auditors, the integrity
of the management and the adequacy of disclosures to shareholders.
If the Committee is of the view that a matter reported to the Board has not been satisfactorily resolved resulting in
breach of the Bursa Listing Requirements, the Committee shall promptly report such matter to Bursa Securities.
Functions of the Committee
The functions of the Committee are as follows:-
(1) to review with the external auditors, their audit plan;
(2) to review with the external auditors, their evaluation of the system of internal controls;
(3) to review with the external auditors, their audit report;
(4) to review the assistance given by the Company’s officers to the external auditors;
(5) to review the adequacy of the scope, functions, competency and resources of the internal audit
functions and that it has the necessary authority to carry out its work;
(6) to review the internal audit programme, processes, the results of the internal audit programme, processes
or investigation undertaken and whether or not appropriate action is taken on the recommendations of the
internal audit functions;
(7) to review the quarterly results and year end financial statements, prior to the approval by the Board,
focusing particularly on:
(a) changes in or implementation of major accounting policy changes;
(b) significant and unusual events; and
(c) compliance with accounting standards and other legal requirements;
(8) to review any related party transaction and conflict of interest situation that may arise within the Company
or Group including any transaction, procedure or course of conduct that raises questions of manage
ment integrity;
(9) to consider the nomination, appointment and re-appointment of external auditors, their audit fees and
any resignation or removal and in the case of re-appointment, whether there is reason (supported by
grounds) to believe that the external auditors is not suitable for re-appointment;
(10)to review any appraisal or assessment of the performance of members of the internal audit function;
(11)to approve any appointment or termination of senior staff members of the internal audit function; and
(12)to take cognisance of resignations of internal audit staff members and provide the resigning staff member
an opportunity to submit his reasons for resigning.