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A
N N U A L
R
E P O R T
2 0 1 5
A
ud i t
C
ommi t tee
R
epo r t
4. ACTIVITIES OF THE AUDIT COMMITTEE
e principal activities undertaken by the Audit
Committee during the nancial period were
summarized as follows:
(a) Reviewed the quarterly nancial results,
cash ows and nancial positions for each
nancial quarter prior to submission to the
Board for consideration and approval for
announcement to the public;
(b) Reviewed the annual audited nancial
statement, auditors’ report and accounting
issues arising from the nancial year ended
30 June 2014 audit;
(c) Reviewed the external auditors’ planning
memorandum;
(d) Conducted independent meeting session with
the External Auditors without the presence of
executive board members and management
personnel;
(e) Reviewed the progress of audit ndings,
reports and management comments on audit
recommendations;
(f) Rev iewed
the
per formance
and
e ectiveness of the external auditors and
made recommendations to the Board on
appointment and remuneration of auditors;
(g) Reviewed the corporate governance
statement, audit committee report,
statement on internal control and corporate
social responsibilities prior to submission to
the Board for consideration and approval for
inclusion in the annual report;
(h) Reviewed and recommended to the Board on
disposal of assets to related parties and also
the purchase of Master License from a related
party.
(i) Reported to the Board on matters addressed
at the Audit Committee meetings.
5. INTERNAL AUDIT FUNCTION
e Main Market Listing Requirement provides
that a listed company must establish an internal
audit function which is independent of the
activities it audits and reports directly to the Audit
Committee.
e Group had established an internal audit
function. is function is outsourced to an internal
audit services company. e primary responsibility
of this internal audit function is to assist the Board
and the Audit Committee in reviewing the system
of internal control andproviding recommendations
to strengthen these systems.
Internal audit reviews are carried out quarterly in
accordance with the internal audit plan approved
by the Audit Committee. Prior to the presentation
of report to the Audit Committee, comments from
the management are obtained and incorporated
into the internal audit ndings and reports. e
internal audit reviews also cover the follow-
up actions taken by the management on the
implementation of recommendations. e internal
auditors had attended four (4) Audit Committee
meetings during the nancial year under review.
e total cost incurred during the current nancial
year for the internal audit function of the Group is
RM46,398 (2014: RM46,108)
