2012 Annual Report - Media Prima Berhad

Media Prima Berhad
Audit Committee
Report
Financial Results
1. Reviewed the Group’s quarterly results before
recommending to the Board for their approval
and release of the Group’s results to the Bursa
Securities focusing on the following areas,
where relevant:
– Listing Requirements of the Bursa Securities;
– Provisions of the Companies Act, 1965;
– Applicable approved accounting standards;
and
– Other legal and regulatory requirement.
2. Reviewed the audited financial statements of
Media Prima and its subsidiaries with the Group
Managing Director, Group Chief Financial Officer
and the External Auditors before recommending
to the Board for their approval.
3. In the review of the annual audited financial
statements, the Committee discussed with the
Management and the External Auditors regarding
the accounting policies and standards that were
applied and their judgement of the items that
may affect the financial statements.
External Audit
1. Reviewed with the External Auditors their audit
plan, strategy and scope of the statutory audits
of the Group accounts for the financial year
ended 31 December 2012.
2. Reviewed the results and issues arising from
their audit of the year-end financial statements
and their resolution of such issues highlighted in
their report to the Committee.
3. Reviewed their performance and independence
before recommending to the Board their reappointment
and remuneration.
Internal Audit
1. Reviewed the Internal Audit plan for the financial
year ended 31 December 2012 ensuring the
principal risk areas were adequately identified
and covered in the plan.
2. Reviewed the scope and coverage of the audit
over the activities of the respective operating
units of the Group and the basis of assessment
and risk of the proposed areas of audit.
3. Reviewed and deliberated on audit reports and
follow-up reports prepared by the Group
Corporate Governance.
4. Reviewed the recommendations by Group
Corporate Governance and appraised the
adequacy and effectiveness of management
response in resolving the audit issues reported.
5. Reviewed the corrective actions taken by
Management in addressing and resolving issues
as well as ensuring that all issues were adequately
addressed on a timely basis.
6. Reviewed the adequacy of resources and the
competencies of staff within the Internal Audit
function to execute the plan and the results of
their work.
7. Appraised the performance of the Group General
Manager, Group Corporate Governance.
Employees’ Share Option Scheme
As per Paragraph 8.17(2) of Listing Requirements of
Bursa Securities, the Audit Committee will review and
verify any allocation of share options under Media
Prima Berhad Employees’ Share Option Scheme
(ESOS), to ensure compliance with the allocation
criteria determined by the ESOS Committee and in
accordance with the by-laws of the Media Prima ESOS.
Training
The trainings attended by the Audit Committee
members are reported in the Statement on Corporate
Governance on page 109.
132
annual
report
2012