WTK Holdings Berhad - Bursa Malaysia
WTK Holdings Berhad - Bursa Malaysia
WTK Holdings Berhad - Bursa Malaysia
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
16<br />
Audit Committee Report (Cont’d)<br />
At least 1 member of the Audit Committee:<br />
must be a member of the <strong>Malaysia</strong>n Institute of Accountants; or<br />
if he is not a member of the <strong>Malaysia</strong>n Institute of Accountants, he must have at least 3 years'<br />
working experience and :-<br />
- he must have passed the examinations specified in Part I of the 1st Schedule of the<br />
Accountants Act 1967; or<br />
- he must be a member of one of the associations of accountants specified in Part II of the<br />
1st Schedule of the Accountants Act 1967; or<br />
fulfils such other requirements as prescribed by the Exchange.<br />
The members of the Audit Committee shall elect a chairman from among their numbers who shall<br />
be an independent non-executive director. The chairman elected shall be subject to endorsement<br />
by the Board.<br />
If a member of the Audit Committee resigns, dies or for any other reason ceases to be a member<br />
resulting in the number of members reducing to below 3, the Board of Directors shall, within 3<br />
months of that event, appoint such number of new members as may be required to make up the<br />
minimum number of 3 members. No alternate director shall be appointed as a member of the<br />
Audit Committee.<br />
Functions<br />
The duties of the Audit Committee shall be:-<br />
1. To review the quarterly results and year-end financial statements of the Company and the<br />
Group, and to recommend the same to the Board for approval whilst ensuring that they are<br />
prepared in a timely and accurate manner complying with all applicable accounting and<br />
regulatory requirements and are promptly published;<br />
2. To recommend the appointment or re-appointment of the external auditors, the audit fee and<br />
any questions of resignation or dismissal;<br />
3. To review with the external auditors:<br />
- the nature and scope of their audit plan<br />
- the evaluation of the soundness of system of internal control<br />
- the audit report on the financial statements<br />
- the management letter of their recommendations and findings<br />
- the assistance which they can render to our internal audit function and the co-ordination<br />
between the external and internal audit;<br />
4. To review the adequacy of the scope, functions and resources of the internal audit function,<br />
and that it has the necessary authority to carry out its work;<br />
W T K HOLDINGS BERHAD (10141-M)