Eng - IOI Group

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auditcommitteereportMEMBERSDatuk Hj Mohd Khalil b Dato’ Hj Mohd NoorChairman/Independent Non-Executive DirectorDatuk Khalid b Hj HusinMember/Independent Non-Executive DirectorChan Fong AnnMember/Independent Non-Executive DirectorDato’ Yeo How CPA (M), CA (M)Member/Executive DirectorTERMS OF REFERENCE1 Composition of Audit CommitteeThe Committee shall be appointed by the Board of Directors from among its members and shall consist of no fewerthan three (3) members, with a majority of the Committee being Independent Non-Executive Directors and at leastone member of the Committee being a member of the Malaysian Institute of Accountants.The Committee shall elect a Chairman from among its members who is an Independent Non-Executive Director.In the event that a member of an Audit Committee resigns, dies or for any other reason ceases to be a member with theresult that the number of members is reduced to below three (3), the Board of Directors shall, within three (3) months ofthat event, appoint such number of new members as may be required to make up the minimum of three (3) members.2 ObjectivesThe primary objectives of the Audit Committee are to:iiiiiiProvide assistance to the Board in fulfilling its fiduciary responsibilities, particularly in the areas relating to theCompany and its subsidiary companies’ accounting and internal control systems, financial reporting andbusiness ethics policies.Provide greater emphasis on the audit function by serving as the focal point for communication between non-Committee Directors, the External Auditors, internal auditors and the management and providing a forum for discussionthat is independent of the management. It is to be the Board’s principal agent in assuring the independence of theCompany’s external auditors, the integrity of the management and the adequacy of disclosure to shareholders.Undertake such additional duties as may be appropriate and necessary to assist the Board.3 AuthorityThe Committee is authorised by the Board to investigate any activity within its terms of reference. It shall have:iiiiiiUnrestricted access to any information pertaining to the Company and its subsidiary companies.Direct communication channels with both the external auditors and internal auditors.Full access to any employee or member of the management.IOI Corporation BerhadAnnual Report 200374The Committee is also authorised by the Board to obtain outside legal or other independent professional advice itconsiders necessary and reasonable for the performance of its duties.
4 Duties and ResponsibilitiesIn fulfilling its primary objectives, the Audit Committee will need to undertake the following duties andresponsibilities summarised as follows:iiiiiiivvviviiTo review with management on a periodic basis, the Company’s general policies, procedures and controlsespecially in relation to management accounting, financial reporting, risk management and business ethics.To consider the appointment of the external auditors, the terms of reference of their appointment, the audit feeand any questions of resignation or dismissal.To review with the external auditors their audit plan, scope and nature of the audit for the Company and the Group.To review the external auditors’ management letter and management’s response.To review with the external auditors with regard to problems and reservations arising from their interim andfinal audits.To review with the external auditors, their audit report.To review the assistance given by employees to the external auditors.viii To review the adequacy of the scope, functions and resources of the internal audit functions and that it has thenecessary authority to carry out its work.ixxTo review the internal audit programme and results of the internal audit programme and where necessaryensure that appropriate action is taken on the recommendations of the internal audit function.To review the Group's quarterly financial statements and the Group’s and the Company’s annual financialstatements before submission to the Board.The review shall focus on:• any changes in accounting policies and practices• major potential risks issues, if any• significant adjustments and issues arising from the audit• the going concern assumption• compliance with the applicable approved accounting standards• compliance with stock exchange and legal requirementsxixiiTo review any related party transaction and conflict of interest situations that may arise within the Company orthe Group.To undertake any other activities as authorised by the Board.75IOI Corporation BerhadAnnual Report 2003
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www.ioigroup.comIOI Corporation Ber
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OPERATING BACKGROUNDThe Malaysian e
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FINANCIAL OVERVIEW cont’dGroup’
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REVIEW OF RESULTS cont’dEBIT cont
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OTHER CORPORATE DEVELOPMENT AND GRO
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SOCIAL CONTRIBUTIONSAs a responsibl
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ACKNOWLEDGEMENTOn behalf of the Boa
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noticeofannualgeneralmeetingNOTICE
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Page 25 and 26: oostingjobfulfilment“When it come
Page 27 and 28: oardofdirectorsTan Sri Dato’ Lee
Page 29 and 30: Dato’ Lee Yeow ChorExecutive Dire
Page 31 and 32: Datuk Khalid b Hj HusinIndependent
Page 34 and 35: groupfinancialoverviewBalance Sheet
Page 36 and 37: groupperformancehighlightsIOI Corpo
Page 38 and 39: five-yearfinancialhighlightsIn RM
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Page 45 and 46: ECONOMIC PROFIT AND RETURNS cont’
Page 47 and 48: RISK MANAGEMENTThe Group has in pla
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Page 53 and 54: Area Statement (In Hectares)Year en
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Page 67 and 68: RESULTS cont’dThe Group’s overa
Page 69 and 70: ValKepongKLCCKualaLumpurKL SentralP
Page 73 and 74: OPERATIONSThe Group’s palm oil re
Page 75: PROSPECTSThe oleochemical sub-segme
Page 79 and 80: ACTIVITIES cont’dviiReview of the
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Page 85 and 86: Re-electionIn accordance with the C
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Page 91 and 92: NATURE OF OUR INTERNAL CONTROLS CON
Page 93 and 94: otherinformationCOMPOSITION OF SHAR
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Page 99 and 100: 27 Tan Sri Dato’ Lee Shin Cheng i
Page 101 and 102: groupbusinessstructurePlantationPla
Page 103 and 104: EuropeNetherlands : Wormerveer and
Page 105 and 106: ■ Plantation1 Bukit Dinding Estat
Page 107 and 108: • The exercise price of Warrants
Page 109 and 110: MARCH 2003• IOI achieved a 5th pl
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Page 116 and 117: directors’reportThe Directors of
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directors’report cont’dSIGNIFIC
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incomestatements for the financial
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statementsofchangesinequity for the
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statementsofchangesinequity for the
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eportoftheauditors to the members o
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groupproperties cont’dAPLANTATION
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groupproperties cont’dBDEVELOPMEN
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groupproperties cont’dDINDUSTRIAL
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groupproperties cont’dEOTHER PROP
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LIST OF TOP 30 SHAREHOLDERS cont’
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fold hereIOI Corporation BerhadNo.
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Eng - IOI Group

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