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Reliance Pacific Berhad
244521
A
•
Annual Report 2014
1.0
Composition
Chairman :
Johan Arifin Sopiee Bin Mohamed Noordin
Independent Non-Executive Director
Members :
Lim Guan Chin
Independent Non-Executive Director
Tan Sin Chong
Non-Independent Non-Executive Director
2.0
Terms of Reference
2.1 Authority
The Audit Committee is authorised by the Board to :-
2.1.1 be appropriately and adequately resourced in
discharging its duties and responsibilities.
2.1.2 have full, unrestricted and timely access to relevant
information and documents relating to the Group.
2.1.3 maintain direct communication channels with the
external and internal auditors.
2.1.4 convene meetings with the external and / or
internal auditors, excluding the attendance of
the executive members of the Committee, when
required.
2.1.5 obtain external and independant legal or
professional advice and secure attendance, if it
considers necessary or appropriate.
2.1.6 have explicit authority to investigate any activities
or matters arising within its Terms of Reference.
2.2 Frequency of Meetings
The Audit Committee shall meet not less than four times
a year, with additional meetings convened as and when
required, with the presence of the Committee members.
The presence of the external auditors will be requested, if
required.
2.3 Duties and Responsibilities
The duties and responsibilities of the Audit Committee
are to :-
2.3.1 Review the annual report, financial statements
of the Company and consolidated financial
statements of the Group prior to the directors’
approvals.
2.3.2 Review adequacy of the functions, resources and
scope of the internal audit to ensure it has the
appropriate authority, standing and employees’
cooperation to function independently and
effectively.
2.3.3 Assess adequacy of the operational, financial and
internal controls with the external and internal
auditors.
2.3.4 Review the annual audit plan with the external and
internal auditors.
2.3.5 Review the audit programme and audit reports to
ensure appropriate and prompt remedial actions
have been taken on the audit recommendations.
2.3.6 Review any related party transactions that may
arise within the Company or the Group.
2.3.7 Review and recommend the appointment of the
external auditors and any questions of resignation
or dismissal.
2.3.8 Assess suitability, independance and objectivity of
the external auditors.
2.3.9 Act on other matters as the Committee considers
appropriate or as authorised by the Board of
Directors.
Audit Committee Report