Reviewed the performance and independence of the External Auditors, and made recommendation to the Board of Directors on their re-appointment; and • Held discussion with the External Auditors, in the absence of management, on areas of concern arising from their interim and final audit. Compliance with Bursa Securities • Reviewed the Company’s compliance with the Bursa Securities Main Market Listing Requirements and other relevant rules and regulations on an on-going basis; and • Seek advice and guidance from the Company Secretary on matters relating to Listing Guidelines. Recurrent Related Party Transactions (“RRPT”) • Reviewed the transaction limits related party transactions entered into by the Company with related parties on a quarterly basis to ensure compliances to the mandate approved by shareholders; • Reviewed the information, procedures and processes contained in the Shareholders’ Circular on RRPT prior to tabling the same for Board of Directors’ approval. AUDIT COMMITTEE REPORT (con’t)
IMPIANA HOTELS BERHAD (formerly known as Bio Osmo Berhad) (740838-A) | Annual Report 2018 (formerly known as Bio Osmo Berhad) (740838-A) 50 Other Functions • Reviewed the Audit Committee Report and Statement on Risk Management and Internal Control and other relevant statements and information for inclusion into the Annual Report prior to tabling the same for Board of Directors’ approval. REVIEW OF THE AUDIT COMMITTEE The Terms of Reference of the Audit Committee has been reviewed and updated to be in line with the requirements of the Bursa Securities Main Market Listing Requirements and the Malaysian Code on Corporate Governance 2017. The AC members was assessed based on several key areas, namely the quality, skillsets and competencies of the AC members as well as conduct of AC meetings in meeting the terms of reference. The Board of Directors, together with the Nomination Committee are satisfied that the Audit Committee and the AC members have discharged their duties and responsibilities in accordance with the Audit Committee’s Terms of Reference during the financial period ended 31 December 2018. INTERNAL AUDIT FUNCTION The Company outsourced its internal audit function to an independent consulting firm, which reports directly to the Audit Committee. The internal audit function is to ensure a regular review of the adequacy and integrity of the Company’s system of internal control, risk management process and compliance with the Company’s established policies and procedures to provide reasonable assurance that such systems continue to operate satisfactorily and effectively within the Company. The Internal Auditor undertakes the internal audit function based on the audit plan that is reviewed and approved by the Audit Committee.
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- Non-executive director, Bio Osmo Berhad, IMPIANA HOTELS BERHAD