Asia Media Annual Report 2017

ASIA MEDIA GROUP BERHAD Annual Report 2017 41 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; (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; iv. Approve any appointment or termination of senior staff members of the internal audit function; and AUDIT COMMITTEE REPORT (cont’d)