Page 122 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

AudIT coMMITTee

RePoRT

The SC is pleased to present the Audit Committee The Committee will invite members of management,
Report for the financial year ended 31 December auditors or others to attend meetings and provide
2018. pertinent information, as necessary. The proceedings
of the Committee are recorded and the minutes of
meetings are tabled at Board meetings. The purpose,
MeMBeRs ANd MeeTINgs authority and responsibility of the Audit Committee
are set out in the Audit Committee Charter. The
The Audit Committee comprises the following non- main responsibilities of the Audit Committee are to–
executive members of the SC:
i. assist the Board in its review of the
• Tan Sri Dato’ Hasmah Abdullah (Chairman); adequacy and effectiveness of the SC’s risk
• Datuk Francis Tan Leh Kiah (retired with effect management and internal control systems;
from 17 May 2018);
• Datuk Fazlur Rahman Ebrahim; ii. appoint or terminate the appointment of
• Emeritus Professor Dato’ Dr Hassan Said external auditor, its remuneration and any
(resigned with effect from 26 June 2018); issues regarding its performance;
• Tan Sri Dr Noorul Ainur Mohd Nur (appointed
with effect from 26 July 2018); and iii. review the external auditor’s audit scope and
• Datuk Dr Khaw Lake Tee (appointed with plans of audit, including co-ordination of
effect from 17 August 2018). audit efforts with internal audit;

The Committee convened 7 meetings during the iv. review the accounting policies and practices
financial year. A member of senior management is adopted by the SC in the preparation of its
invited to be in attendance at the Audit Committee financial statements and the integrity of the
meetings. financial reporting processes;

v. review the annual financial statements and
TeRMs oF ReFeReNce make appropriate recommendation(s) to the
Board regarding the adoption of the SC’s
The Audit Committee is a Board committee. The annual financial statements and the level of
Board members determine the membership and disclosure, focusing in particular on–
appoint the Audit Committee members and the
Chairman of the Committee. • compliance with applicable accounting
standards;
The Committee meets at least 4 times a year or as • changes in significant accounting
frequently as required with a minimum quorum of 2. policies and practices;

112 | PART 5 »» STATEMENTS, STATiSTiCS ANd ACTiviTiES

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