APM AUTOMOTIVE HOLDINGS BERHAD
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The Head of Finance, Head of Internal Audit and the Company Secretaries shall normally attend meetings. Other
Board members and employees may attend meetings upon the invitation of the AC. A representative of the external
auditors shall attend the meeting to consider the final audited financial statements and such other meetings
determined by the Committee. The Chairman shall exercise the right to require those who are in attendance to leave
the room when matters to be discussed are likely to be hampered by their presence or confidentiality of matters
needed to be preserved.
Reporting Procedures
The Company Secretaries shall record the proceedings of meetings. Minutes shall be circulated to all members of
the Board. The AC shall prepare, for the Board and for inclusion in the Company’s annual report, a summary of its
activities in the discharge of its functions and duties for the financial year. The AC must promptly report to Bursa
Malaysia, a matter reported by it to the Board which has not been satisfactorily resolved resulting in a breach of the
Listing Requirements.
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE
The AC has carried out the following activities during the year, which encompassed:
l
reviewed the Group’s audit strategy and plan with the external auditors before commencement of the audit for
the financial year end;
l
reviewed the annual audited financial statements and principal matters arising from audit with the external
auditors;
l
reviewed the quarterly financial results before recommending to the Board for consideration and approval;
l
reviewed and approved the Annual Internal Audit Plan to ensure adequacy of resources, competencies and
coverage of auditable entities with significant and high risks;
l
reviewed the internal audit reports and risk management reports of the Group;
l
reviewed the Internal Control Statement;
l
reviewed the related party transactions and recurrent related party transactions of the Group on quarterly basis;
l
made recommendation to the Board on the re-appointment of the External Auditors and the audit fees;
SUMMARY OF ACTIVITIES OF THE INTERNAL AUDIT FUNCTION
The Group has an adequately resourced in-house internal audit function. The principal role of the internal audit
function is to undertake regular and systematic reviews of the systems of internal control so as to provide reasonable
assurance that:
l
the Group has sound system of internal control;
l
established policies and procedures are adhered to; and
l
continue to be effective in addressing the risks identified.
It reports directly to the AC, which reviews and approves its annual audit plan. Internal audit functions independently
of the activities it audits.
During the year ended 31 December 2014, the internal audit function undertook audit reviews to major subsidiaries of
the Group covering operation audit, financial audit and compliance audit. In addition, it also performed ad hoc reviews/
investigations as well as routine year end reviews such as annual stock takes, recurrent related party transactions and
its pricing reviews.
AUDIT COMMITTEE
REPORT
