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annual report | 2012 Gunung Capital Berhad (330171-P) 30 STATEMENT ON INTERNAL CONTROL AND RISK MANAGEMENT (cont’d) INTERNAL CONTROL ENVIRONMENT ELEMENTS (cont'd) Strategic Planning and Performance Monitoring • Establishment of a clear Gunung Group’s vision, mission, short and long-term strategic and action plan. • Establishment of performance monitoring as tool for Management to monitor performance and measure against the corporate objectives approved by the Board, covering all key financial, customer, operational, people, systems and organizational indicators. Insurance on Assets • Gunung Group purchase insurance on all its assets and liability coverage for accidents, bodily injury or property damage; • Insurance coverage is reviewed regularly to ensure comprehensive coverage in view of the changing business environment or assets. Business Continuity Management • Gunung Group has identified the potential events that threaten its organization and established a framework for building resilience and the capability for effective response which safeguards the interests of its key stakeholders, reputation, brand and value creating activities in the event of disaster. Internal Audit • Reviews of the internal control system are carried out on a regular basis by the Internal Audit Department. The result of such reviews are reported once every quarter to the Audit Committee and then via the Chairman to the Board of Directors. • Internal control weaknesses identified during the financial period under review have been or are being addressed by Management. None of the weakness has resulted in any material loss that would require disclosure in Gunung Group statements. The Board remains committed towards the establishment of a sound system of internal control and therefore recognizes that the system must continuously evolve to support growth. In striving for continuous improvement, the Group will put in place appropriate action plans, when necessary, to enhance the Group’s system of internal control.
AUDIT COMMITTEE REPORT COMPOSITION OF THE AUDIT COMMITTEE The Audit Committee of the Company comprises the following members: • Shaiful Annuar bin Ahmad Shaffie (Chairman) Independent Non-Executive Director • Peter Wong Hoy Kim Senior Independent Non-Executive Director • Malik Parvez Ahmad bin Nazir Ahmad Independent Non-Executive Director ATTENDANCE OF AUDIT COMMITTEE MEETINGS The details of attendance of each Audit Committee member in the Audit Committee meetings held during the financial year ended 31 December 2012 are as follows:- Audit Committee Members No of Meetings Attended Percentage of Attendance Shaiful Annuar bin Ahmad Shaffie 5/5 100 Peter Wong Hoy Kim 5/5 100 Malik Parvez Ahmad bin Nazir Ahmad 5/5 100 Functions of the Audit Committee The duties and responsibilities of the Audit Committee shall include the followings:- (i) To review and discuss with the external auditor, the audit plan and the scope of the audit; (ii) To review and discuss with the external auditor, their evolution of the system of internal controls and their audit report; (iii) To review the assistance given by the employees of the Company to the external auditors; (iv) To review the external auditor’s management letter and the management’s response. (v) To report to the Board if there is reason (supported by grounds) to believe that the external auditor is not suitable for reappointment; (vi) To review the quarterly and year-end financial statements, prior to the approval by the Board of Directors, focusing particularly on: • Changes in or implementation of major accounting policies and practices; • Significant adjustments arising from the audit; • The going concern assumption; • Significant and unusual events; and • Compliance with accounting standards and other legal requirements. (vii) To review 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; (viii) To review the internal audit programme and the results of the internal audit programme, processes investigation undertaken and whether or not that appropriate action is taken on the recommendations of the internal audit function; (ix) To review any related party transactions and conflict of interest situation that may arise within the Company or the Group including any transaction, procedure or course of conduct that raises questions of management integrity; Gunung Capital Berhad (330171-P) 31 annual report | 2012
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Notes:- 1. A member of the Company,
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