QL Resources Berhad (428915-X)
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MEMBERSHIP
The present members of the Audit Committee comprise:-
YM Tengku Dato’ Zainal Rashid Bin Tengku Mahmood Chairman/Independent Non-Executive Director
Mr. Chieng Ing Huong, Eddy Member/Independent Non-Executive Director
Mr. Tan Bun Poo, Robert Member/Independent Non-Executive Director
Prof. Datin Paduka Dr. Aini Ideris* Member/Independent Non-Executive Director
*Joined as member on 1st January 2016.
ATTENDANCE AT MEETINGS
During the financial year, the Committee held a total of five (5) meetings. Details of attendance of the Committee members
are as follows:
Name of member Number of meetings attended
YM Tengku Dato’ Zainal Rashid Bin Tengku Mahmood 4/5
Mr. Chieng Ing Huong, Eddy 5/5
Mr. Tan Bun Poo, Robert 5/5
Prof. Datin Paduka Dr. Aini Ideris* 1/1
The Group Managing Director, Finance Director, Head of Financial Reporting and Investor Relations and Risk Management
Manager were present by invitation in all the meetings. The Secretary to the Committee is the Company Secretary.
SUMMARY OF ACTIVITIES DURING THE FINANCIAL YEAR
The main activities undertaken by the Committee were as follows:
•
Reviewed the external auditors’ scope of work and the audit plan for the year prior to the commencement of audit;
•
Reviewed with the external auditors the results of the audit, the audit report and areas of concern;
•
Assessed the external auditors’ independence, objectivity, effectiveness and terms of engagement, including taking
into consideration the provision of audit and non-audit services by the external auditors before recommending their
re-appointment and remuneration;
•
Reviewed the adequacy and relevance of scope, functions, competency and resources of Internal Audit and their
necessary authority to carry out its work;
•
Reviewed the internal audit plan, considered the major findings of the Internal Audit Reports, which highlighted the
risk issues, recommendations and management’s response;
•
Reviewed quarterly risk summary reports on the Group’s top risks and management action plans to manage the risks;
•
Reviewed the quarterly unaudited financial result and annual audited financial statements before submission to the
Board for consideration and approval;
•
Reviewed the related party transactions entered into by the Group.
In the financial year under review, the Audit Committee held two (2) meetings with the External Auditors without the presence
of the executive board members and management, to allow the auditors to discuss any issues arising from the audit
assignment or any other matter, which the External Auditors wish to highlight.
AUDIT COMMITTEE REPORT
