44 / 142
Annual Report 2016
ASIA MEDIA GROUP Berhad
43
A.
Composition and Attendance (cont’d)
Responsibilities and How the Committee Works
The Audit Committee shall review and report to the Board on the following key matters:
(a) To review the audit plan, evaluation of the system of internal controls and audit report with
the external auditor;
(b) To review the assistance given by the employees of the company to the external auditors;
(c) To consider the appointment, resignation and dismissal of external auditors, the audit fee;
(d) To review and discuss the nature, scope and quality of external audit plan/arrangements
with the internal and external auditors before audit commences; and
(e) To review quarterly and annual financial statements of the Company and the Group set
our below before submission to the Board:-
I.
Changes in or implementation of major accounting policy changes;
II.
Significant matters highlighted including financial reporting issues, significant
judgments made by management, significant and unusual events or transactions,
and how these matters are addressed; and
III. Compliance with accounting standards and other legal requirements.
(f) To discuss problems and reservations arising from the interim and final audits, and any
matter the auditors may wish to discuss (in the absence of management where necessary);
(g) To review the external auditors’ management letter and management’s response;
(h) To do the following, in relation to the internal audit function:-
i.
Review the adequacy of the scope, functions and resources of the internal audit
function, and that it has the necessary authority to carry out its work;
ii.
Review the internal audit programme and results of the internal audit process and,
where necessary, ensure that appropriate actions are taken on the recommendations
of the internal audit function;
iii.
Review any appraisal or assessment of the performance of members of the internal
audit function;
Audit Committee Report
(continued)