Content2011 - PETRONAS Gas Berhad

Board Audit Committee Report
9. Reviewed with the external auditors the results of the statutory
audit and the audit report.
10. Reviewed the audited fi nancial statements of the Group and the
Company prior to submission to the Board for their consideration
and approval, upon being satisfi ed that, inter alia, they were
drawn up in accordance with the provisions of the Companies Act
1965 and the applicable approved FRSs issued by the Malaysian
Accounting Standards Board. The review also included relevant
statements in relation to the fi nancial statements, being the
Corporate Governance Statement, Internal Control Statement,
Statement of Directors Responsibilities and Board Audit
Committee Report.
11. Reviewed the Company’s Enterprise Risk Report and deliberated on
the risk exposures and the required mitigation plans.
12. Reviewed the Company’s growth opportunities within its core
business of gas processing, gas transportation and industrial
utilities.
13. Reviewed the proposed revision and refi nement to the Company’s
Limits of Authority.
InternAl AudIt
The internal audit function of the Company was carried out by GIAD.
They maintained at all times their impartiality, profi ciency and due
professional care by having their plans and reports directly under the
purview of the BAC.
The internal audits were undertaken to provide independent
assessments on the adequacy, effi ciency and effectiveness of the
Company’s internal control systems in anticipating potential risks
exposures over key business processes within the Company. The BAC
has full access to internal auditors and received reports on all audits
performed.
128 petronas gas berhad (101671-h)
During the year, the internal auditors had carried out audits according
to the internal audit plan which had been approved by the BAC. Internal
audits were carried out to provide assurance that internal controls are
established and operating as intended to achieve effective and effi cient
operations and adherence to applicable policies, guidelines and
procedures. The audits conducted during the year were:-
• Audit on Project Management activities by PGB Technical Facilities
and Development Division on Sabah-Sarawak Gas Pipeline Project.
• Audit on PGB Transmission Operations Division (TOD) Operations
and Maintenance activities.
• Audit on PGB Plant Operations Division (POD) Production Planning
activities.
• Audit on PGB Project Management activities undertaken by
Technical Services/Engineering Department of POD, TOD and
Centralised Utility Facilities.
The resulting reports from the audits were reviewed by the BAC
and subsequently forwarded to the Management for the necessary
corrective actions. The Management is responsible for ensuring that
corrective actions are completed within the required time frame.
repOrtInG tO the eXChAnGe
During the year, the BAC is of the view that the Company is in compliance
with the MMLR and as such, the reporting to Bursa Malaysia Securities
Berhad under paragraph 15.16 of the MMLR is not required.
Dato’ Sadasivan s/o N.N. Pillay
Chairman
Board Audit Committee
11 May 2011