practices accounting policies internal controls business ethics policies and in

Practices accounting policies internal controls

This preview shows page 36 - 37 out of 191 pages.

practices, accounting policies, internal controls, business ethics policies and in assessing the suitability and independence of the Group’s external and internal auditors. The Chairman of the Audit Committee is an Independent Non-Executive Director and is not the Chairman of the Board. In line with MCCG, the Group has revised the terms of reference of the Audit Committee that no former key audit partner could be appointed as a Director (including member of the Audit Committee) before aborting a cooling off period of at least two (2) years. During the FY2018, the external auditors confirmed to the Audit Committee members their independence throughout the conduct of the audit engagement for the FY2018 with the Company in accordance with the independence criteria set out by the Malaysian Institute of Accountants. There is also a policy within the external auditor firm to rotate the partner-in-charge after seven (7) years of audit engagement with the Company. The Audit Committee met six (6) times during the FY2018. The activities of the Audit Committee for the FY2018 are reported in the Audit Committee Report as set out on pages 91 to 93 of this Annual Report. Relationship with External Auditors The Board, through the Audit Committee, has always maintained a formal and transparent relationship with the external auditors. During the FY2018, the Audit Committee had invited the external auditors to attend its meetings held in February 2018 to discuss their audit findings and views in respect of the true and fair view of Tropicana Group’s financial statements, as well as in November 2018 the external auditors were invited to discuss the external audit planning memorandum. The Audit Committee had also engaged in private sessions with the external auditors without the presence of the Executive Directors and employees of the Company or the Group in both the aforesaid Audit Committee meetings held in February 2018 and November 2018. PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT As at the date of this Statement, the Audit Committee consists of three (3) Independent Non-Executive Directors, two (2) of whom are qualified Accountants. The members of the Audit Committee are as follows:- Encik Mohd Najib Bin Abdul Aziz (Chairman); Encik Hafez Mohd Hashim Bin Razman Md Hashim (Member - appointed w.e.f. 19 November 2018); and Mr Loh Chen Peng (Member – appointed w.e.f. 19 November 2018). The external auditors may and are encouraged to contact the Audit Committee Chairman or any of the Audit Committee members directly whenever they deem necessary to discuss audit matters or raise any concerns in the course of their audit of the Company’s or the Group’s financial records or accounting treatment. II. Risk Management Committee The Board recognises the proper risk management and internal control are important aspects of a Company’s governance, management and operations.
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  • Spring '15
  • student
  • Tropicana, Tropicana Corporation Berhad

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