Audit
Committee
1. ROLE OF THE AUDIT COMMITTEE
The primary function of the Audit Committee is to assist the Board of Directors (“the Board”) in fulfilling the following oversight objectives on the Group’s activities:
• assess the Group’s processes relating to its risks and control environment;
• oversee financial reporting; and
• evaluate the internal and external audit processes.
2. KEY FUNCTIONS AND RESPONSIBILITIES
The key functions and responsibilities of the Audit Committee are as follows:
a.
Review the appointment and performance of external auditors, the audit fee and any question of resignation or dismissal before making recommendations to the
Board.
b.
Review with the external auditors, the audit scope and plan, including any subsequent changes to the audit scope and plan.
c.
Review the quarterly results and the annual financial statements, prior to the approval by the Board focusing particularly on:
-
changes in or implementation of major accounting policy changes;
- significant or unusual events; and
- compliance with accounting standards and other legal requirements.
d.
Review the Internal Audit Charter and the adequacy of the internal audit scope and plan, as well as the functions, competency and resources of the Group Internal
Audit Department and whether it has the necessary authority to carry out its work.
e.
Review the internal and external audit reports to ensure that appropriate and prompt remedial action is taken by management on major deficiencies in controls or
procedures that are identified.
f.
Review major audit findings and the management’s response during the year with management, internal and external auditors, including the status of previous audit
recommendations.
g.
Review the assistance given by the Group’s officers to both the internal and external auditors, and any difficulties encountered in the course of the audit work,
including any restrictions on the scope of activities or access to required information.
h.
Review the independence and objectivity of the external auditors and their services, including non-audit services and the professional fees, so as to ensure a proper
balance between objectivity and value for money.
i.
Approve all decisions regarding the appointment or removal of the Head, Group Internal Audit.
j.
Review the adequacy and integrity of internal control systems, including risk management, management information system and the internal auditors’ and/or
external auditors’ evaluation of the said systems.
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Wah Seong Corporation Berhad • Annual Report 2014
