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AUDIT COMMITTEE REPORT<br />
COMPOSITION OF THE AUDIT COMMITTEE<br />
The Audit Committee of the Company comprises the following members:<br />
• Shaiful Annuar bin Ahmad Shaffie (Chairman)<br />
Independent Non-Executive Director<br />
• Peter Wong Hoy Kim<br />
Senior Independent Non-Executive Director<br />
• Malik Parvez Ahmad bin Nazir Ahmad<br />
Independent Non-Executive Director<br />
ATTENDANCE OF AUDIT COMMITTEE MEETINGS<br />
The details of attendance of each Audit Committee member in the Audit Committee meetings held during the financial<br />
year ended 31 December 2012 are as follows:-<br />
Audit Committee Members No of Meetings Attended Percentage of Attendance<br />
Shaiful Annuar bin Ahmad Shaffie 5/5 100<br />
Peter Wong Hoy Kim 5/5 100<br />
Malik Parvez Ahmad bin Nazir Ahmad 5/5 100<br />
Functions of the Audit Committee<br />
The duties and responsibilities of the Audit Committee shall include the followings:-<br />
(i) To review and discuss with the external auditor, the audit plan and the scope of the audit;<br />
(ii) To review and discuss with the external auditor, their evolution of the system of internal controls and their audit report;<br />
(iii) To review the assistance given by the employees of the Company to the external auditors;<br />
(iv) To review the external auditor’s management letter and the management’s response.<br />
(v) To report to the Board if there is reason (supported by grounds) to believe that the external auditor is not suitable for<br />
reappointment;<br />
(vi) To review the quarterly and year-end financial statements, prior to the approval by the Board of Directors, focusing<br />
particularly on:<br />
• Changes in or implementation of major accounting policies and practices;<br />
• Significant adjustments arising from the audit;<br />
• The going concern assumption;<br />
• Significant and unusual events; and<br />
• Compliance with accounting standards and other legal requirements.<br />
(vii) To review the adequacy of the scope, functions, competency and resources of the internal audit function, and that it<br />
has the necessary authority to carry out its work;<br />
(viii) To review the internal audit programme and the results of the internal audit programme, processes investigation<br />
undertaken and whether or not that appropriate action is taken on the recommendations of the internal audit<br />
function;<br />
(ix) To review any related party transactions and conflict of interest situation that may arise within the Company or the<br />
Group including any transaction, procedure or course of conduct that raises questions of management integrity;<br />
Gunung Capital Berhad (330171-P)<br />
31<br />
annual report | 2012