Terms of Reference of Audit Committee
The audit committee is established as a committee of the board. The purpose of the committee is to assist the board of directors of the company in fulfilling its responsibilities in respect of: * overseeing the company’s financial reporting process, including the internal control structure and procedures for financial reporting and monitoring the integrity and appropriateness of the company’s financial statements; * the manner in which the company’s management ensures and monitors the adequacy of financial, operational and compliance internal controls and risk management processes designed to manage significant risk exposures; * the selection, compensation, independence and performance of the company’s external auditors; and * the independence and performance of the Group’s internal auditors.
The Audit Committee shall be appointed by the Board of Directors from amongst the directors of the company and shall consist of not less than three members. All members of the Committee must be non-executive Directors, a majority of whom are independent directors as defined in Chapter 1 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Listing Requirements"). The members of the Committee should be financially literate and shall include at least one person, which is :- * who is a member of the Malaysian Institute of Accountants or, * who must have at least three (3) years' working experience and have passed the examinations specified in Part I of the First Schedule of the Accountants Act 1967 or is a member of one (1) of the Associations of Accountants specified in Part II of the First Schedule of the Accountants Act 1967 * who must have at least three (3) years' post qualification experience in accounting or finance and has a degree/ masters/ doctorate in accounting or finance or he is a member of any professional accountancy organisation which has been admitted...
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