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auditcommitteereport cont’d5 MeetingsNumber of MeetingsThe Committee shall meet at least five (5) times a year or more frequently as circumstances dictate. The Chairmanshall also convene a meeting of the Committee if requested to do so by any member, the management or theinternal or external auditors to consider any matter within the scope and responsibilities of the Committee.Attendance of MeetingsThe head of finance and head of internal audit division and representatives of the external auditors shall normallybe invited to attend meetings of the Committee. However, at least once a year the Committee shall meet with theexternal auditors without executive board members present. The Committee may also invite other directors andemployees to attend any of its meeting to assist in resolving and clarifying matters raised.QuorumA quorum shall consist of a majority of Independent Non-Executive Directors and shall not be less than two.6 Secretary to Audit Committee and MinutesThe Company Secretary shall be the secretary of the Committee and as a reporting procedure, the minutes shall becirculated to all members of the Board.ACTIVITIESACTIVITIESDuring the year, the Audit Committee discharged its duties and responsibilities in accordance with its terms of reference.The main activities undertaken by the Committee were as follows:iReview of the external auditors’ scope of work and their audit plan.iiReview with the external auditors the results of their audit, the audit report and internal control recommendationsin respect of control weaknesses noted in the course of their audit.iiiReview the audited financial statements before recommending them for the Board of Directors’ approval.ivReview the Company’s compliance, in particular the quarterly and year end financial statements with the ListingRequirement of the Kuala Lumpur Stock Exchange and the applicable approved accounting standards issued by theMalaysian Accounting Standards Board.vReview of the quarterly unaudited financial results announcements before recommending them for the Board ofDirectors’ approval.IOI Corporation BerhadAnnual Report 200376viReview of the Internal Audit Department’s resource requirement, programmes and plan for the financial year andthe annual assessment of the Internal Audit Department’s performance.
ACTIVITIES cont’dviiReview of the audit reports presented by Internal Audit Department on findings and recommendations andmanagement’s responses thereto and ensure that material findings are adequately addressed by management.viii Review of the related party transactions entered into by the Group.ixxReview and assess the risk management activities of the Group.Review of the extent of the Group’s compliance with the relevant provisions set out under the Malaysian Code onCorporate Governance for the purpose of preparing the Corporate Governance Statement and Statement on InternalControl pursuant to the KLSE Listing Requirements.Number of Meetings and Details of Attendance8 Audit Committee meetings were held during the financial year ended 30 June 2003. The attendance record of eachmember is as follows:Audit Committee MembersTotalNumber ofMeetingsNumber ofMeetingsAttendedDatuk Hj Mohd Khalil b Dato’ Hj Mohd Noor 8 8Datuk Khalid b Hj Husin 8 7Chan Fong Ann 8 8Dato’ Yeo How 8 8INTERNAL AUDIT FUNCTIONThe annual Internal Audit plan is approved by the Committee at the beginning of each financial year.The Internal Audit Department performs routine audit on and reviews all operating units within the Group, with emphasis onprincipal risk areas. Internal Audit adopts a risk based approach towards planning and conduct of audits, which is partly guidedby the Corporate Risk Management framework. Impact on IOI’s vision is taken into consideration in determining the risk level asa holistic approach in contributing to the achievement of the Group’s objective and enhancing shareholders’ value.106 audit assignments were planned and completed during the financial year on various operating units of the Groupcovering plantation, properties, hotels and other sectors. Audit reports were issued to the Audit Committee and Board ofDirectors, incorporating findings, recommendations to improve on the weaknesses noted in the course of the audits andmanagement comments on the findings. An established system has been in place to ensure that all remedial actions hadbeen taken on the agreed audit issues and recommendations highlighted in the audit reports. Significant issues andmatters unsatisfactorily resolved would be highlighted to the Audit Committee quarterly.77IOI 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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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
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Page 36 and 37: groupperformancehighlightsIOI Corpo
Page 38 and 39: five-yearfinancialhighlightsIn RM
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Page 47 and 48: RISK MANAGEMENTThe Group has in pla
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Page 53 and 54: Area Statement (In Hectares)Year en
Page 55 and 56: OPERATIONS cont’dAlthough oil yie
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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 and 76: PROSPECTSThe oleochemical sub-segme
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Page 83 and 84: Board Composition and Balance cont
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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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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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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Eng - IOI Group

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