FORGING AHEAD - Tradewinds Plantation Berhad

AUTHORITY
The Audit Committee shall have the following authority as
empowered by the Board of Directors:-
1. The authority to investigate any matters within its terms of
reference.
2. The resources which are required to perform its duties.
3. Full and unrestricted access to any information and
documents relevant to the Company’s activities.
4. Direct communication channels with the external and
internal auditors, and with the senior management of the
Company.
5. The ability to obtain external legal or independent
professional or other advice.
6. The ability to convene meetings with the external and
internal auditors.
FUNCTIONS
70
CORPORATE GOVERNANCE
AUDIT COMMITTEE
REPORT
The Audit Committee shall undertake the following
responsibilities and duties:-
1. External Audit
1.1 Consider and recommend the nomination and reappointment
of the external auditors, the audit fee and
any questions of resignation or dismissal.
1.2 Review with the external auditors:-
a) the scope and audit plan of the audit examination to
ensure that adequate tests to verify the accounts and
procedures of the Group will be performed and
ensure coordination where more than one audit firm
is involved;
b) the evaluation of the effectiveness of internal control
systems; and
c) the audit reports.
1.3 Review the assistance given by the employees to the
external auditors.
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
1.4 Discuss problems and reservations arising from the audit,
and any matters the auditors may wish to discuss (in the
absence of management where necessary).
2. Internal Audit
2.1 Review the adequacy of the scope, functions and
resources of the internal audit functions and that it has the
necessary authority to carry out its work.
2.2 Review the internal audit programme and results of the
internal audit processes, and where necessary ensure
that appropriate actions are taken on the recommendations
of the internal audit function.
3. Financial Reporting
Review the unaudited quarterly results and year end
financial statements, prior to the approval by the Board
of Directors, focusing particularly on:-
a) the nature and impact of any changes in or
implementation of major accounting policy changes
and practices;
b) significant and unusual events;
c) compliance with the financial reporting standards
and other legal and regulatory requirements; and
d) adequacy of accounting, financial and operating
controls and to monitor the implementation of any
recommendations made.
4. Related Party Transactions
To review any related party transactions and conflict of
interest situation that may arise within the Company or
Group including any transaction, procedure or course of
conduct that raise questions of management integrity and
the adequacy of the Group’s procedures for monitoring
and reviewing of related party transactions.
5. Risk Management
Review the adequacy and effectiveness of risk
management, internal control and governance systems
instituted in the Group.