FORGING AHEAD - Tradewinds Plantation Berhad

6. Other Matters
Perform such other responsibilities as may be agreed by
the Board.
SUMMARY OF ACTIVITIES DURING THE FINANCIAL
YEAR
In line with its terms of reference, the following main activities
were undertaken by the Audit Committee for the financial year
in the discharge of its functions and duties:-
1. Reviewed the quarterly financial results and the annual
audited financial statements of the Group and the
Company for the financial year ended 31 December
2010 prior to recommending the same to the Board of
Directors for its approval.
2. Reviewed with the external auditors the findings of the
statutory audit and audit reports, particularly issues
raised in the management letter and ensured where
appropriate, necessary corrective actions are taken by
management.
3. Reviewed with the external auditors the audit strategy,
scope of work and proposed fees for the statutory audit
for the financial year ended 31 December 2010.
4. Reviewed with the internal auditors the annual audit plan
proposed to ensure adequacy of the scope and coverage.
5. Reviewed with the internal auditors all internal audit
reports on the results of the audit activities undertaken
together with the recommend actions and their
implementation status.
6. Reviewed and recommended the Statement on Internal
Control and Audit Committee Report to the Board of
Directors for approval.
7. Reviewed the related party transactions entered into by
the Group to ensure that all transactions made are in
compliance with the Main Market Listing Requirements of
Bursa Malaysia Securities Berhad.
8. Reviewed the Group’s compliance with the provisions of
the Main Market Listing Requirements of Bursa Malaysia
Securities Berhad and other regulatory authorities and
monitored regularly the actions taken on issues of noncompliance
that have been reported to the Board.
INTERNAL AUDIT FUNCTION AND ACTIVITIES FOR
THE FINANCIAL YEAR
The Group outsourced the internal audit function from the
Group Internal Audit Department of the Holding Company,
which primary function is to assist the Audit Committee in
discharging its duties and responsibilities. Its role is to provide
the Audit Committee with independent and objective reports on
the state of internal controls of the operations within the Group
and the extent of compliance by such operations with the
Group’s established policies and procedures.
The internal audit function is guided by its Audit Charter and
the Head of the Group Internal Audit Department reports to
the Audit Committee.
The Audit Committee reviews and thereafter, approves the
annual internal audit plan at the beginning of each year. The
internal audit function adopts a risk-based auditing approach
towards the preparation of the audit plan and conduct of audits
which are consistent with the Group’s framework in designing,
implementing and monitoring its internal control system.
Throughout the financial year, audit assignments, investigations
and follow-ups were carried out on units of operations and
subsidiaries. These were carried out in accordance with the
annual internal audit plan or as special audits. Upon completion
of the audits, the reports of the audits undertaken were presented
to the Audit Committee and forwarded to the parties concerned
for their necessary action. The internal audit function monitors
the progress of the implementation of the audit recommendations
in order to obtain assurance that all major risks and control
concerns have been duly addressed by the management of the
Company.
Ooi Teik Huat
Chairman of Audit Committee
20 April 2011
CORPORATE GOVERNANCE
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
71