Eng - IOI Group

More documents

Recommendations

Info

Audit Committee Report cont’dTERMS OF REFERENCE cont’d6 Secretary to the Committee and MinutesThe Company Secretary shall be the secretary of the Committee and as a reporting procedure, the minutes shall be circulated to allmembers of the Board.ACTIVITIESDuring the year, the Committee discharged its duties and responsibilities in accordance with its terms of reference.The main activities undertaken by the Committee were as follows:iReview of the external auditors’ scope of work and their audit plan and discuss results of their examinations andrecommendations.iiReview with the external auditors the results of their audit, the audit report and internal control recommendations in respect of controlweaknesses noted in the course of their audit.iiiReview the audited financial statements before recommending them for the Board of Directors’ approval.ivReview the Company’s compliance, in particular the quarterly and year end financial statements with the Listing Requirementsof Bursa Malaysia Securities Berhad and the applicable approved accounting standards issued by the Malaysian AccountingStandards Board.vReview of the quarterly unaudited financial results announcements of the Group and the Company prior to recommending them tothe Board of Directors for consideration and approval.viReview of the Internal Audit Department’s resource requirement, programmes and plan for the financial year to ensure adequatecoverage over the activities of the respective business units and the annual assessment of the Internal Audit Department’sperformance.vii Review of the audit reports presented by Internal Audit Department on findings and recommendations and management’s responsesthereto and ensure that material findings are adequately addressed by management.viii Review of the related party transactions entered into by the Group.ixReview and assess the risk management activities and risk review reports of the Group.xReview of the extent of the Group’s compliance with the relevant provisions set out under the Malaysian Code on CorporateGovernance for the purpose of preparing the Corporate Governance Statement and Statement on Internal Control pursuant to theListing Requirements of Bursa Malaysia Securities Berhad.69ANNUAL REPORT 2007IOI Corporation Berhad
Audit Committee Report cont’dACTIVITIES cont’dStatement on ESOS by the CommitteeThe Committee confirms that the allocation of options offered by the Company to eligible executives of the Group complies with the Bye-Laws of the Company’s ESOS.Number of Meetings and Details of Attendance6 meetings were held during the financial year ended 30 June 2007. The attendance record of each member is as follows:Number ofTotal NumberMeetingsAudit Committee Members of Meetings AttendedDatuk Hj Mohd Khalil b Dato’ Hj Mohd Noor 6 6Chan Fong Ann 6 6Dato’ Yeo How 5 5Datuk Khalid b Hj Husin (Resigned on 11 April 2007) 4 43 meetings were held subsequent to the financial year end to the date of Directors’ Report and were attended by all 3 members.INTERNAL AUDIT FUNCTIONThe annual Internal Audit plan is approved by the Committee at the beginning of each financial year.The Internal Audit Department performs routine audit on and reviews all operating units within the Group, with emphasis on principalrisk areas. Internal Audit adopts a risk based approach towards planning and conduct of audits, which is partly guided by the CorporateRisk Management framework. Impact on IOI’s vision is taken into consideration in determining the risk level as a holistic approach incontributing to the achievement of the Group’s objective and in enhancing shareholders’ value.93 audit assignments were completed during the financial year on various operating units of the Group covering plantation, properties,manufacturing, hotels and other sectors. Audit reports were issued to the Committee and Board of Directors, incorporating findings,recommendations to improve on the weaknesses noted in the course of the audits and management comments on the findings. An establishedsystem has been in place to ensure that all remedial actions had been taken on the agreed audit issues and recommendations highlightedin the audit reports. Significant issues and matters unsatisfactorily resolved would be highlighted to the Committee quarterly.IOI Corporation BerhadANNUAL REPORT 2007 70
Page 3 and 4:
Our Vision... is to be a leading co
Page 5:
Chairman’s StatementDear Valued S
Page 12:
Responsibility“ Today, more than
Page 15:
Group Performance Highlights2007 20
Page 20 and 21:
Efficiency“The future belongs to
Page 22 and 23: Management’s Discussion and Analy
Page 30 and 31: PALM OIL BUSINESS STREAMManagement
Page 40 and 41: CORPORATE SOCIAL RESPONSIBILITY (CS
Page 58 and 59: KepongKLCCKL SentralPetaling JayaKu
Page 61 and 62: Corporate InformationBOARD OF DIREC
Page 63 and 64: Profile of Directors cont’dDATO
Page 65 and 66: Profile of Directors cont’dDATUK
Page 68 and 69: Excellence in ExecutionOur commitme
Page 70 and 71: Audit Committee Report cont’dTERM
Page 74 and 75: Corporate GovernanceINTRODUCTIONThe
Page 76 and 77: Corporate Governance cont’dTHE BO
Page 78 and 79: Corporate Governance cont’dTHE BO
Page 80 and 81: Corporate Governance cont’dSHAREH
Page 82 and 83: Statement on Internal ControlINTROD
Page 84 and 85: Statement on Internal Control cont
Page 86 and 87: Other InformationCOMPOSITION OF SHA
Page 88 and 89: RECURRENT RELATED PARTY TRANSACTION
Page 90 and 91: Other Information cont’dPENALTIES
Page 93 and 94: Senior Management TeamGroup Chief E
Page 95 and 96: Global PresenceNORTH AMERICA• USA
Page 97 and 98: Location of Operations in MalaysiaP
Page 99 and 100: Corporate CalendarNov 2006• IOI P
Page 101 and 102: Corporate Calendar cont’dMarch200
Page 103 and 104: Social ContributionSep 2006• Yaya
Page 105 and 106: Social Contributions cont’dMay 20
Page 107 and 108: Directors’ ReportThe Directors of
Page 109 and 110: Directors’ Report cont’dUSD310
Page 111 and 112: Directors’ Report cont’dExecuti
Page 113 and 114: Directors’ Report cont’dReserve
Page 115 and 116: Directors’ Report cont’dDirecto
Page 117 and 118: Directors’ Report cont’dStatuto
Page 119 and 120: Directors’ Report cont’dSignifi
Page 121 and 122: Directors’ Report cont’dSignifi
Page 123 and 124:
Income Statementsfor the financial
Page 125 and 126:
Balance Sheets cont’das at 30 Jun
Page 127 and 128:
Statements Of Changes In Equity con
Page 129 and 130:
Statements Of Changes In Equity con
Page 131 and 132:
Cash Flow Statements cont’dfor th
Page 133 and 134:
Cash Flow Statements cont’dfor th
Page 135 and 136:
Notes To The Financial Statements c
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
Page 221 and 222:
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Page 239 and 240:
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Page 247 and 248:
Page 249 and 250:
Page 251 and 252:
Page 253 and 254:
Page 255 and 256:
Page 257 and 258:
Page 259 and 260:
Statement By DirectorsIn the opinio
Page 261 and 262:
Group PropertiesA. PLANTATION ESTAT
Page 263 and 264:
Group Properties cont’dA. PLANTAT
Page 265 and 266:
Group Properties cont’dB. DEVELOP
Page 267 and 268:
Group Properties cont’dC. INVESTM
Page 269 and 270:
Group Properties cont’dD. INDUSTR
Page 271 and 272:
Group Properties cont’dE. OTHER P
Page 273 and 274:
Notice of Annual General MeetingNOT
Page 275 and 276:
Notice of Annual General Meeting co
Page 277 and 278:
Statement Accompanying Noticeof Ann
Page 279 and 280:
Shareholders Information cont’das
Page 281 and 282:
This page has been intentionally le
Page 283 and 284:
fold herestampThe Company Secretary
show all

Eng - IOI Group

Create successful ePaper yourself

Delete template?

Save as template?