2012 Annual Report - Media Prima Berhad

Media Prima Berhad
Audit Committee
Report
6. To review arrangements established by
Management for compliance with any regulatory
or other external reporting requirements, by-laws
and regulation related to the Media Prima
Group’s operations.
7. To consider other areas as defined by the Board.
Internal Audit
1. To oversee the Internal Audit function by:
• Reviewing the adequacy of the scope,
functions and resources of the Internal Audit
function, Internal Audit Charter and that it
has the necessary authority to carry out its
work;
• Reviewing the Internal Audit programme, the
results of the Internal Audit programme,
processes or investigation undertaken and
ensure that appropriate action is taken on the
recommendations of the Internal Audit
function;
• Reviewing any appraisal or assessment of
the performance of members of the Internal
Audit function;
• Determining and recommending to the Board
the remit of the Internal Audit function,
including the remuneration of the Group
General Manager, Group Corporate
Governance;
• Approving any appointment or termination of
senior staff members of the Internal Audit
function;
• Informing itself of resignations of Internal
Audit staff members and provide the
resigning staff member an opportunity to
submit his reasons for resigning;
• Ensuring on an on-going basis that Internal
Audit has adequate and competent resources;
• Monitoring closely any significant
disagreement between Internal Audit and
Management irrespective whether they have
been resolved; and
• Ensuring that Internal Audit reports are not
subject to the clearance of the Group
Managing Director/Chief Executive Officer,
save for purposes of presentation to the
Group Risk Management & Audit Committee.
External Audit
1. Review the appointment of the External Auditor,
the audit fee and any questions of resignation or
dismissal and to make recommendations to the
Board.
2. Assess the qualification, expertise, resources and
effectiveness of the External Auditor.
3. Monitor the effectiveness of the External
Auditor’s performance and their independence
and objectivity.
4. Review the nature and scope of the audit and
ensure co-ordination where more than one audit
firm is involved.
5. Review the assistance given by the employees
of the Company to the External Auditor.
6. To discuss with the External Auditor, audit report
and evaluation of the system of the internal
controls.
7. Review major audit findings and reservations
arising from the interim and final audits, any
matter the auditor may wish to discuss.
8. Review the External Auditor’s Management letter
and Management’s response.
Financial Reporting
Review the quarterly and year-end financial statements
of the Company, focusing particularly on:
• Any changes in accounting policies and practices;
• Significant adjustments arising from the audit;
• The going concern assumption; and
• Compliance with accounting standards and other
legal requirements.
Related Party Transactions
Review any related party transactions that may arise
within the Company or Group including any
transaction, procedure or course of conduct that
raises questions of Management’s integrity.
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annual
report
2012
2. To consider the findings of internal audit
investigations and Management’s response.