WTK Holdings Berhad - Bursa Malaysia

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16 Audit Committee Report (Cont’d) At least 1 member of the Audit Committee: must be a member of the <strong>Malaysia</strong>n Institute of Accountants; or if he is not a member of the <strong>Malaysia</strong>n Institute of Accountants, he must have at least 3 years' working experience and :- - he must have passed the examinations specified in Part I of the 1st Schedule of the Accountants Act 1967; or - he must be a member of one of the associations of accountants specified in Part II of the 1st Schedule of the Accountants Act 1967; or fulfils such other requirements as prescribed by the Exchange. The members of the Audit Committee shall elect a chairman from among their numbers who shall be an independent non-executive director. The chairman elected shall be subject to endorsement by the Board. If a member of the Audit Committee resigns, dies or for any other reason ceases to be a member resulting in the number of members reducing to below 3, the Board of Directors shall, within 3 months of that event, appoint such number of new members as may be required to make up the minimum number of 3 members. No alternate director shall be appointed as a member of the Audit Committee. Functions The duties of the Audit Committee shall be:- 1. To review the quarterly results and year-end financial statements of the Company and the Group, and to recommend the same to the Board for approval whilst ensuring that they are prepared in a timely and accurate manner complying with all applicable accounting and regulatory requirements and are promptly published; 2. To recommend the appointment or re-appointment of the external auditors, the audit fee and any questions of resignation or dismissal; 3. To review with the external auditors: - the nature and scope of their audit plan - the evaluation of the soundness of system of internal control - the audit report on the financial statements - the management letter of their recommendations and findings - the assistance which they can render to our internal audit function and the co-ordination between the external and internal audit; 4. To review the adequacy of the scope, functions and resources of the internal audit function, and that it has the necessary authority to carry out its work; W T K HOLDINGS BERHAD (10141-M)
Audit Committee Report (Cont’d) 5. To review the internal audit programme and the results of the internal audit process or investigation undertaken and whether or not appropriate action is taken on the recommendation of the internal audit function; 6. To approve any appointment, appraisal or assessment of the performance of members of the internal audit function and inform itself of the resignation or termination of senior members of the internal audit function; 7. To consider any significant findings, reservations, difficulties encountered or material weaknesses reported by the external and internal auditors; 8. To review with the external and internal auditors whether the employees of the Group have given them appropriate assistance to discharge their duties; 9. To review any related party transactions and conflict of interest situation that may arise within the Company or the Group; 10. Any other functions as may be agreed by the Audit Committee and the Board of Directors or as directed by the Board of Directors. Powers In carrying out their duties and responsibilities, the Audit Committee will, in principle, have full, free and unrestricted access to all the Group's records, properties and personnel. Meetings The Audit Committee will meet at least four (4) times a year although additional meetings may be called at any time, at the discretion of the Chairman. The Group's Chief Financial Officer and other Board members or Senior Management officers may attend these meetings upon the invitation of the Audit Committee. The internal and/or external auditors have the right to appear and be heard at any meeting of the Audit Committee and shall appear before the Audit Committee when required by the Company. Upon the request of the auditors, the Chairman of the Audit Committee shall also convene a meeting of the Audit Committee to consider any matters the auditors believe should bring to the attention of the Board of Directors or the shareholders. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2003 The Audit Committee of the Company comprises three (3) members. Two (2) being independent non-executive directors. The Chairman of the Audit Committee, Yg Bhg Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim is the Senior Independent Non-Executive Director. Any concerns of the Group may be conveyed to him. A N N U A L R E P O R T 2 0 0 3 17
Page 1 and 2: 03 ANNUAL REPORT
Page 3 and 4: CONTENTS 2 Corporate Information 3
Page 5 and 6: Directors’ Profile Yg Bhg Datuk W
Page 7 and 8: Directors’ Profile (Cont’d) Won
Page 9 and 10: Directors’ Profile (Cont’d) Tha
Page 11 and 12: Directors’ Statement on Corporate
Page 17: Audit Committee Report COMPOSITION
Page 21 and 22: Directors’ Statement on Internal
Page 23 and 24: Directors’ Statement on Internal
Page 25 and 26: Chairman’s Statement (Cont’d) I
Page 27 and 28: Chairman’s Statement (Cont’d) i
Page 29 and 30: FINANCIAL STATEMENTS 28 Directors
Page 31 and 32: Directors’ Report (Cont’d) DIRE
Page 33 and 34: Directors’ Report (Cont’d) EMPL
Page 35 and 36: Directors’ Report (Cont’d) SIGN
Page 37 and 38: Directors’ Report (Cont’d) (f)
Page 39 and 40: Report of the Auditors to the Membe
Page 41 and 42: Balance Sheets as at 31 December 20
Page 43 and 44: Consolidated Statement of Changes i
Page 45 and 46: Cash Flow Statements for the year e
Page 47 and 48: Notes to the Financial Statements 3
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Notes to the Financial Statements (
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List of Properties (Cont’d) DATE
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List of Properties (Cont’d) DATE
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Statistic on Shareholdings (Cont’
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Notice of Annual General Meeting NO
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Notice of Annual General Meeting (C
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Form of Proxy W T K HOLDINGS BERHAD
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WTK Holdings Berhad - Bursa Malaysia

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