WTK Holdings Berhad - Bursa Malaysia

18
Audit Committee Report (Cont’d)
The Audit Committee met five (5) times during the financial year ended 31 December 2003. Details
of attendance of the Audit Committee are set out as follows:-
Members No. of meetings attended
Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim 5
Datuk Wong Kie Nai 5
Mr Loh Siew Choon 5
The Group's Chief Financial Officer and other members of the Senior Management were also
invited to attend these meetings. During the year under review, the Audit Committee carried out
its duties in accordance with its Terms of Reference as follows:-
Reviewed the Group's quarterly unaudited financial results and announcement before
recommending them for the Board's approval;
Reviewed the Group's year-end audited accounts and audit report on the financial statements
as presented by the External Auditors and recommended the same to the Board for approval;
Reviewed and updated its Terms of Reference;
Reviewed the scope and results of works carried out by the Internal Audit Function;
Discussed and reviewed recurrent related party transactions;
Discussed with the External Auditors before the audit commenced, the nature and scope of
the audit plan.
SUMMARY OF ACTIVITIES OF THE INTERNAL AUDIT FUNCTION DURING THE FINANCIAL
YEAR ENDED 31 DECEMBER 2003
The Group’s Internal Audit Department ("IAD") whose primary function is to assist the Audit
Committee in discharging its duties and responsibilities with regard to the monitoring of internal
control system, risk management and corporate governance processes. The IAD provides
independent assessments and objective assurance on the adequacy and effectiveness of the risk
management and internal control framework in all key business activities within the Group.
For the financial year ended 31 December 2003, the IAD has performed regular audit assignments
namely financial, operational as well as compliance audits on subsidiary companies covering all
major operating areas. These were carried out in accordance with the annual audit plan or special
ad-hoc audit at the request of the Management Committee.
At every meeting of the Audit Committee during the financial year, Internal Audit Reports of the
Group's subsidiary companies were tabled and deliberated. In its undertaking of each audit, the
Internal Auditors reviewed the internal control system and performed relevant compliance and
substantive audit procedures of the auditee company.
During the year under review, the IAD has also assisted the Audit Committee in conducting reviews
on the risk management processes implemented by the Management Committee for identifying,
evaluating and monitoring significant risk exposures through the application of "risk audit checklist"
methodology on a regular basis.
The review will provide the Executive Management and the Audit Committee with an efficient and
effective level of audit coverage.
W T K HOLDINGS BERHAD (10141-M)