Annual Report 2012, PDF - Axiata Group Berhad - Investor Relations

Axiata Group Berhad (242188-H) Annual Report 2012Internal Audit• Reviewed and supported the Axiata Group InternalAudit (AGIA) annual business plan inclusive of budgetand resourcing plan. The audit plan was preparedusing risk-based and strategy-based approaches,whilst ensuring the availability of adequate andcompetent resources to carry out the audit plan,especially in the areas or entities with high risks.• Reviewed internal audit reports issued by AGIA onthe adequacy, effectiveness and efficiency of riskmanagement, operational and compliance issues, andgovernance processes across the Group.• Reviewed the adequacy, effectiveness and timelinessof actions taken by management to resolve materialissues raised by the internal audit reports across theGroup.• Reviewed the effectiveness of internal audit processesand the resources allocated to the audits.• Assessed the performance of AGIA against theinternal scorecard as approved by the BAC.External Audit• Adopted a collaborative approach in working withthe external auditors. Reviewed and approved theexternal audit plan including the scope and fee forthe annual audit.• Reviewed the results of the external audit andreported issues arising from their audits of thequarterly and annual accounts, made recommendationsto the Board for the implementation of remedialactions where necessary.• Held two private meetings with the external auditorson 22 February 2012 and 28 November 2012 withoutthe presence of management and internal audit.• Reviewed the performance of the external auditorsand made recommendations to the Board for theirre-appointment and remuneration.• Regularly reviewed all non-audit services carried outby the external audit firm to ensure their independenceis not impaired.• The BAC is of the opinion that the external auditorsremain independent when carrying out the auditassignments within the Group, within the meaning ofthe provisions of the Bye-Laws on ProfessionalIndependence of the Malaysian Institute ofAccountants. In addition, to the best of the BAC’sknowledge, the BAC is not aware of any non-auditservices that had compromised the external auditors’independence.Financial Reporting• Reviewed the quarterly and annual financial statementsincluding announcements, taking into considerationthe external audit findings and recommendations, andrecommended them to the Board for their approval.The reviews, together with discussions with theexternal auditors, were to ensure that the financialreporting and disclosures are in compliance with theprovisions of the Companies Act 1965, Main LR andapplicable accounting and MFRS standards in Malaysia.• Reviewed the cashflow assumptions and workingpapers in order to determine the recoverability ofmajor assets.Annual Reporting• Reviewed and recommended the Statement onCorporate Governance, Statement on Internal Controland BAC Report to the Board for approval.• Reviewed on a quarterly basis the related partytransactions entered into by Axiata pursuant toshareholders mandate on RRPT procured at the 20thAGM of the Company held on 23 May 2012 and thereporting of these transactions in the 2012 AnnualReport.Others• Reviewed and approved revisions to Axiata AuditCharter;• Reviewed and supported revisions to the BAC’s ToRto be approved by the BOD;• Reviewed status of resolution of external and internalaudit issues every quarter;107