TAN CHONG MOTOR HOLDINGS BERHAD
Annual Report 2014
30
(C) Functions
The functions of the Audit Committee shall be, amongst others:
1.
review the following and report the same to the Board:
(a) the audit plan, the evaluation of the system of internal control and the audit report with the external auditors;
the assistance given by the employees of the Company/Group to the external auditors;
(b) the adequacy of the scope, functions, competency and resources of the internal audit function and that it has
the necessary authority to carry out its work;
(c) the internal audit programmes, processes, the results of the internal audit programmes, processes or
investigations undertaken and whether or not appropriate action is taken on the recommendation of the
internal audit function;
(d) the quarterly results and year end financial statements, prior to approval by the Board of Directors for release
to Bursa Malaysia, focusing on:
(i)
changes in or implementation of major accounting policy changes;
(ii) significant and unusual events; and
(iii) compliance with accounting standards established by professional bodies and other legal requirements;
(e) any related party transactions and conflict of interest situation that may arise within the Company and Group
including any transaction, procedure or course of conduct that raises questions of management integrity;
(f)
any letter of resignation from external auditors; and
(g) whether there is any reason to believe that external auditors are not suitable for re-appointment;
2.
recommend the nomination of person or persons as external auditors;
3.
assess, review and monitor the suitability and independence of external auditors, including obtaining written
assurance from external auditors confirming they are, and have been, independent throughout the conduct of
audit engagement in accordance with the terms of all relevant professional and regulatory requirements;
4.
approve any appointment or termination of senior staff members of the internal audit function and review any
appraisal or assessment of the performance of its members;
5.
set policy on non-audit services which may be provided by the external auditors, and conditions and procedures
which must be adhered by the external auditors in the provision of such services;
6.
approve non-audit services provided by external auditors; and
7.
any other function as may be required by the Board from time to time.
(D) Conduct of Meetings
The Chairman shall call for meetings to be held not less than four times a year. Any member of the Committee may
at any time, and the Company Secretary on requisition of the member, summon a meeting. Except in the case of an
emergency, seven days notice of meeting shall be given in writing to all members.
A quorum of meeting shall be a majority of independent directors. Meetings shall be chaired by the Chairman, and in his
absence, by an independent director. Decision shall be made by a majority of votes.
AUDIT COMMITTEE REPORT
