Eng - IOI Group

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