SARAWAK PLANTATION BERHAD
|
35
|
Annual Report 2014
Audit Committee’s Report
4. Terms of Reference
(continued)
iv. External Audit
n
Reviews the external auditors’ proposed audit scope and approach, including coordination of
audit effort with internal audit.
n
Reviews the performance of the external auditors.
n
Reviews and confirms the independence of the external auditors by obtaining statements from
the auditors on relationships between the auditors and the Company, including non-audit
services, and discussing the relationships with the auditors.
n
On a regular basis, meets separately with the external auditors to discuss any matters that
the Committee or auditors believe should be discussed privately.
v. Compliance
n
Reviews the effectiveness of the system for monitoring compliance with laws and regulations
and the results of management’s investigation and follow-up (including disciplinary action) on
any instances of non compliance.
n
Reviews the findings of any examinations by regulatory agencies and any auditors’ observations.
n
Reviews the process for communicating the code of conduct to company personnel and for
monitoring compliance therewith.
n
Obtains regular updates from management and company legal counsel regarding compliance
matters.
vi. Reporting Responsibilities
n
Regularly reports to the board of directors about the Committee’s activities, issues and related
recommendations.
n
Provides an open avenue of communication between internal audit, the external auditors and
the board of directors.
n
Reports annually to the shareholders, describing the Committee’s composition, responsibilities
and how they were discharged and any other information required by rule, including approval of
non-audit services.
n
Reviews any other reports the Company issues that relate to the Committee’s responsibilities.
vii. Other Responsibilities
n
Performs other activities related to this charter as requested by the board of directors.
n
Institutes and oversees special investigations as needed.
n
Reviews and assesses the adequacy of the Committee’s charter annually, requesting board
approval for proposed changes and ensures appropriate disclosure as may be required by law or
regulation.
n
Confirms annually that all responsibilities outlined in this charter have been carried out.
n
Evaluates the Committee’s and individual members’ performance on a regular basis.
