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TERMS OF REFERENCE
The Audit Committee (AC) was established by the Board of Directors in 1995 to assist the Board in carrying out its
responsibilities. The AC is governed by its Terms of Reference as stipulated on pages 71 to 72 of the Annual Report.
MEMBERSHIP
The Audit Committee currently comprise three members out of which two are independent non-executive Directors namely:
1. Datuk Syed Ahmad Khalid bin Syed Mohammed
Chairman/Independent Non-Executive Director
2. Datuk Nur Jazlan bin Tan Sri Mohamed
Member/Independent Non-Executive Director
3. Soong Hee Sang
Member/Non-Independent Non-Executive Director
(Appointed on 22 March 2006)
4. Dr Choo Kian Koon
Member/Non-Independent Non-Executive Director
(Resigned on 17 March 2006)
MEETINGS
AUDIT COMMITTEE REPORT
The AC shall meet at least four times a year. During the financial year ended 31 December 2005, the AC held a total of eight (8)
meetings. Details of attendance by the AC members are set out below:
Attendance
Datuk Syed Ahmad Khalid bin Syed Mohammed 8/8
Datuk Nur Jazlan bin Tan Sri Mohamed 8/8
Dr Choo Kian Koon 8/8
Soong Hee Sang Not Applicable
The meetings were also attended by the senior management of the Group and the Group’s external auditors upon invitation
by the Chairman of the Committee to provide input during deliberations on issues raised.
SUMMARY OF ACTIVITIES DURING THE YEAR
The Audit Committee performed the following activities during the financial year in the discharge of their duties and
responsibilities in accordance with its Terms of Reference:
• Reviewed and recommended the quarterly and year end financial results, external audit plans and related fees for the
Group to the Board for approval;
• Reviewed findings of audit examination conducted by the external auditors during the financial year;
• Quarterly review of recurrent related party transactions of the Group covered by the shareholders’ mandate and where
relevant, additional related party transactions and their appropriate disclosure requirements;
• Reviewed and approved internal audit plan for Cycle 6 and 7 including related fees for the Group;
• Reviewed internal audit recommendation arising from internal audit reviews in the respective cycles and management’s
action plans to address the key improvement areas based on their implementation priority.
INTERNAL AUDIT FUNCTION
The internal audit review for the year 2005 covered the Company, Seri Alam Properties Sdn Bhd, Bangi Heights Development
Sdn Bhd, UM Residences Sdn Bhd, Suasana Sentral Two Sdn Bhd and Dynasty View Sdn Bhd with the overall scope and
emphasis areas concentrated on high and significant risk areas of the following business processes: