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sustainability & governance
Annual Report 2017
63
Composition
The Audit Committee comprises three (3) members, all of whom are Non-Executive Directors. The Audit Committee Chairman, Encik
Rezal Zain bin Abdul Rashid, is a member of the Malaysian Institute of Accountants (MIA).
During the year, Boardroom Corporate Services (KL) Sdn Bhd was appointed to carry out the board evaluation of the Audit Committee
via interviews and questionnaires. The Board is satisfied that the Audit Committee and its members discharged their functions, duties
and responsibilities in accordance with the Audit Committee’s terms of reference, and supports the Board in ensuring the Group
upholds appropriate corporate governance standards. The terms of reference of the Audit Committee are available on the Company’s
website at
www.fimacorp.com.
Members of the Audit Committee are as follows:-
Rezal Zain bin Abdul Rashid
Chairman/Senior Independent Non-Executive Director
(Member of Malaysian Institute of Accountants)
Dato’ Adnan bin Shamsuddin
Independent Non-Executive Director
Datuk Alias bin Ali
Independent Non-Executive Director
Meetings
During the financial year, the Audit Committee convened a total of five (5) meetings during the financial year ended 2017 and all
members attended those meetings.
Date of Meeeting
Member
Meetings
Attended
24/05/16
3/06/16
23/08/16
23/11/16
22/02/17
Rezal Zain bin Abdul Rashid
5/5
Present
Present
Present
Present
Present
Dato’ Adnan bin Shamsuddin
5/5
Present
Present
Present
Present
Present
Datuk Alias bin Ali
5/5
Present
Present
Present
Present
Present
Representing the senior management, the Managing Director, Chief Operating Officer and Chief Financial Officer were invited to attend
all the meetings to facilitate deliberations as well as to provide clarification on audit issues. The Head of Group Internal Audit (“GIA”)
also attended the meetings to present their respective audit and investigation reports. The Audit Committee meeting is always held
before the Board’s meeting to ensure that all critical issues highlighted can be brought to the attention of the Board on a timely basis.
On the external audit aspects, the external auditors were invited to the meetings to discuss their Management Letters, Audit Planning
Memorandum and other matters deemed relevant. During the financial year, the external auditors and the Audit Committee met
without the presence of the Managing Director and management on 24 May 2016 and 21 February 2017, to discuss key issues within
their sphere of interest and responsibility.
The Company Secretaries act as secretary to the Audit Committee. The Company Secretaries shall cause minutes to be entered in
the books provided for purpose of recording all resolutions and proceedings of minutes and shall be kept at the registered office of the
Company for inspection of any member of the Audit Committee or the Board. Such minutes shall be signed by the Chairman of the
next succeeding meeting and if so signed, shall be conclusive evidence without any further proof of the facts. Minutes of each meeting
shall also be distributed to all attendees of the Audit Committee meetings and circulated and presented to all members of the Board
for notation purposes at the Board meeting.
AUDIT COMMITTEE REPORT