Annual Report 10/11 - ACL Cables PLC

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ACL Cables PLC Annual Report 2010/11Audit Committee ReportThe Audit Committee consists of following two Independent Non-Executive Directors, biographicaldetails of whom are set out within ’Profiles of the Directors’ section. The above members have significant recent and relevant financial experience as required by theCode of Best Practice in Corporate Governance, issued by the Institute of Chartered Accountants ofSri Lanka and the Listing Rules of the Colombo Stock Exchange.RoleThe primary role of the Audit Committee, which reports its findings to the Board of Directors,is to ensure the integrity of the financial reporting and audit processes and the maintenance ofsound internal controls and risk management system. The Committees` responsibilities includemonitoring and reviewing the following: contained in them. independence, fees and provision of non-audit services. Directors on the appointment of the external auditors.In the performance of its duties, the Committee has independent access to the services of InternalAudit and to the External Auditors, and may obtain outside professional advice as necessary.Comprehensive briefing papers are circulated to Committee members in advance of each meetingand made available to other Directors.Meetings & attendanceThe Committee met on four occasions in 2010/2011 timed to coincide with the financial andreporting cycles of the Company. Members’ attendance at these meetings is set out in theCorporate Governance Report. The Chairman, Managing Director & Group Financial Controller areinvited to attend meetings whenever required.Financial ReportingThe Audit Committee considered a wide range of financial reporting and related matters in respectof the 2010/2011 published Financial Statements. For quarterly statements, the Committeereviewed any significant areas of judgment that materially impacted reported results, key points ofdisclosure and presentation to ensure adequacy, clarity and completeness of the Interim FinancialStatements.42
ACL Cables PLC Annual Report 2010/11External AuditorsThe Audit Committee is responsible for the development, implementation and monitoring ofthe Company’s policies on external audit. The policies, designed to maintain the objectivity andindependence of the external auditors, regulate the appointment of former employees of theexternal audit firm to positions in the Group and set out the approach to be taken when using theexternal auditors for non-audit work.As a general principle, the external auditors are excluded from consultancy work and cannotbe engaged by ACL Cables PLC for other non-audit work unless there are compelling reasons todo so. Any proposal to use the external auditors for non-audit work must be submitted to theManaging Director, via the Group Financial Controller, for approval prior to appointment.The Audit Committee, having evaluated the performance of the external auditors,decided to recommend to the Board of ACL Cables PLC, the re-appointment of Messrs.PricewaterhouseCoopers as auditors of the Company, subject to the approval of the shareholdersat the Annual General Meeting. Details of the fees payable to external auditors for 2010/2011 canbe found in Note 5 to the financial statements.Internal Control SystemIn 2010/2011 the Committee reviewed the results of the audits undertaken by Internal Auditors,Messrs. Ernst & Young Advisory Services (Pvt) Ltd., and considered the adequacy of management’sresponse to the matters raised, including the implementation of any recommendations made.On behalf of the Committee(Sgd.)Mr. Ajit JayaratneChairman of the Audit Committee25th August 201143
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Annual Report 10/11 - ACL Cables PLC

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