Eng - IOI Group

Financial Reporting cont’dIn addition to Chairman’s Statement, the Annual Report of the Company contains the following information to enhanceshareholders’ understanding of the business operations of the Group:• Management’s discussion and analysis.• Financial trends and highlights, key performance indicators and other background industry notes deemed necessary.Internal ControlThe information on the Group’s internal control is presented in the Statement on Internal Control in the Annual Report.Audit CommitteeThe Company has an Audit Committee whose composition meets the Listing Requirement, i.e. independent directors forming themajority and a member who is a qualified accountant.The Audit Committee meets periodically to carry out its functions and duties pursuant to its terms of reference. Other Boardmembers also attend meetings upon the invitation of the Audit Committee. However, at least once a year the Committee meetswith the external auditors without executive Board members present.The Audit Committee is able to obtain external professional advice and to invite any outsider with relevant experience to attendits meeting, if necessary.The role of the Audit Committee in relation to the external auditors and the number of meetings held during the financial yearas well as the attendance record of each member are shown in the Audit Committee Report.87IOI Corporation BerhadAnnual Report 2003