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FIMA CORPORATION BERHAD
(21185-P) |
Annual Report
2016
AUDIT COMMITTEE
REPORT
(contd.)
Summary of Activities
In line with the terms of reference of the Committee, the following main activities were carried out during the
financial year in discharging its duties and responsibilities:-
1.
Reviewed the quarterly unaudited financial results and annual audited financial statements of the Company
and Group to ensure compliance with the Main Market Listing Requirements (“MMLR”), applicable approved
accounting standards and other statutory and regulatory requirements prior to recommendation to the Board
of Directors (“Board”) for consideration and approval.
2.
Reviewed the external auditors’ audit plan outlining their scope of work and proposed fees prior to
commencement of audit, considered their re-appointment and recommended to the Board for approval.
3.
Assessed the suitability, independence, quality of services and sufficiency of resources of the external
auditors.
4.
Reviewed the audit findings, audit report, management letters and responses with the external auditors.
5.
Assessed the adequacy of the scope, functions, resources and quality of services of the internal auditors.
6.
Reviewed the internal audit plan and programme, considered the major findings of internal audit and actions
taken by the management in response to the audit findings.
7.
Reviewed related party transactions that had arisen with the Company and/or the Group and the disclosures
of such transactions in the quarterly financial results and annual audited financial statements.
8.
Updated the Board on issues and concerns discussed during the Committee’s meetings including those
raised by external auditors and made the relevant recommendations to the Board.
9.
Reviewed the risk management activities of the Company and the Group.
10. Reviewed the Audit Committee Report and Statement on Risk Management and Internal Control before
submitting to the Board for approval and inclusion in the Company’s Annual Report.
11. Reviewed the Circular to Shareholders in relation to proposed shareholders’ mandate for recurrent related
transactions of a revenue or trading nature and Statement to Shareholders in relation to proposed renewal
of the authority for share buy-back before recommendation to the Board for approval.