Eng - IOI Group

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Audit Committee Report cont’dTERMS OF REFERENCE cont’d3 AuthorityThe Committee is authorised by the Board to investigate any activity within its terms of reference. It shall have:iiiiiiUnrestricted access to any information pertaining to the Company and its subsidiary companies.Direct communication channels with both the external auditors and internal auditors.Full access to any employee or member of the management.The Committee is also authorised by the Board to obtain outside legal or other independent professional advice it considers necessaryand reasonable for the performance of its duties.4 Duties and ResponsibilitiesIn fulfilling its primary objectives, the Committee will need to undertake the following duties and responsibilities summarised asfollows:iTo review with management on a periodic basis, the Company’s general policies, procedures and controls especially in relationto management accounting, financial reporting, risk management and business ethics.iiTo consider the appointment of the external auditors, the terms of reference of their appointment, the audit fee and any questionsof resignation or dismissal.iiiTo review with the external auditors their audit plan, scope and nature of the audit for the Company and the Group.ivTo review the external auditors’ management letter and management’s response.vTo review with the external auditors with regard to problems and reservations arising from their interim and final audits.viTo review with the external auditors, their audit report.vii To review the assistance given by employees to the external auditors.viii To review the adequacy of the scope, functions and resources of the Internal Audit Department and that it has the necessaryauthority to carry out its work.ixTo review the internal audit programme and results of the internal audit programme and where necessary ensure that appropriateaction is taken on the recommendations of the internal audit function.xTo consider the report, major findings and management’s response thereto on any internal investigations carried out by theinternal auditors.67ANNUAL REPORT 2007IOI Corporation Berhad
Audit Committee Report cont’dTERMS OF REFERENCE cont’d4 Duties and Responsibilities cont’dxiTo review the Group’s quarterly financial statements and the Group’s and the Company’s annual financial statements beforesubmission to the Board.The review shall focus on:• any changes in accounting policies and practices• major potential risks issues, if any• significant adjustments and issues arising from the audit• review for indication of impairment in carrying values of assets• compliance with the applicable approved accounting standards• compliance with stock exchange and legal requirementsxii To review any related party transaction and conflict of interest situations that may arise within the Company or the Group.xiii To undertake any other activities as authorised by the Board.xiv To review the allocation of options during the year under the Company’s Executive Share Option Scheme (“ESOS”) to ensurethat this was in compliance with the allocation criteria determined by the Option Committee and in accordance with the Bye-Laws of the Company’s ESOS.5 MeetingsNumber of MeetingsThe Committee shall meet at least five (5) times a year or more frequently as circumstances dictate. The Chairman shall also convenea meeting of the Committee if requested to do so by any member, the management or the internal or external auditors to considerany matter within the scope and responsibilities of the Committee.Attendance of MeetingsThe head of finance and head of internal audit division and representatives of the external auditors shall normally be invited toattend meetings of the Committee. The Committee may also invite other directors and employees to attend any of its meeting to assistin resolving and clarifying matters raised. However, at least once a year the Committee shall meet with the external auditors withoutexecutive Board members present.QuorumA quorum shall consist of a majority of Independent Non-executive Directors and shall not be less than two.IOI Corporation BerhadANNUAL REPORT 2007 68
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Our Vision... is to be a leading co
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Chairman’s StatementDear Valued S
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Responsibility“ Today, more than
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Group Performance Highlights2007 20
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Directors’ Report cont’dSignifi
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Income Statementsfor the financial
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Balance Sheets cont’das at 30 Jun
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Statements Of Changes In Equity con
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Cash Flow Statements cont’dfor th
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Notes To The Financial Statements c
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Statement By DirectorsIn the opinio
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Group PropertiesA. PLANTATION ESTAT
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Group Properties cont’dA. PLANTAT
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Group Properties cont’dB. DEVELOP
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Group Properties cont’dC. INVESTM
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Group Properties cont’dD. INDUSTR
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Group Properties cont’dE. OTHER P
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Notice of Annual General MeetingNOT
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Notice of Annual General Meeting co
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Statement Accompanying Noticeof Ann
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Shareholders Information cont’das
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fold herestampThe Company Secretary
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Eng - IOI Group

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