board of directors - Petron

BOARD AUDIT COMMITTEE REPORTMEMBERSHIP AND MEETINGSThe Board Audit Committee comprises three independent non-executive Directors and one executive Director,namely:1. Y. A. Bhg. Tun Dato' Seri Haji Omar Yoke Lin Ong, an independent non-executive Director, who has beenelected as the Chairman of the Committee;2. Y. Bhg. Tan Sri Dato' Dr. Syed Jalaludin Syed Salim, an independent non-executive Director;3. Y. Bhg. Tan Sri Abdul Halim Ali, an independent non-executive Director; and4. Mr. James A. Hall, an executive Director, whose alternate is Encik Abu Hassan Seeni Abdul, who is also anexecutive Director.A detailed profile of the Committee members may be found on pages 10 and 11.The appointed secretary to the Committee is currently Mr. Lam Foo Keong, who is also the DownstreamAccounting Manager.The Committee had 4 meetings during the last financial year. The details of attendance of each Committeemember has been tabulated under the Corporate Governance Statements section which may be found on page12. Other Directors and employees of the Company attended some of the Committee meetings by invitation.SUMMARY OF ACTIVITIESDuring the last financial year, the Board Audit Committee carried out its duties as set out in the terms ofreference. The Committee was also briefed by the management and the external auditors on the newaccounting standards and the revamped Listing Requirements of the Kuala Lumpur Stock Exchange that areapplicable to the Company.INTERNAL AUDIT FUNCTIONThe Company has an internal audit function, whose principal responsibility is to independently conductregular and systematic reviews of the Company's system of internal controls. This is to provide reasonableassurance that such systems are operating effectively. The basic framework of the Company's system ofinternal controls is described under the Corporate Governance Statements section which may be found onpage 12. The scope of the internal audit function covers the audit of all Company units and operations.The internal audit function annually reviews audit results and audit plans for the subsequent year withthe Board Audit Committee.ANNUAL REPORT & ACCOUNTS 200117