perspective perspective - ChartNexus

Strategic processes
• Strategic management
Core processes
• Sales and marketing
• Project management
Resources processes
• Financial management
• Human resource management
• Legal and regulatory
The Audit Committee reviewed results of the internal audit exercise and considered the major findings of the exercise,
including the recommendations by the internal auditors in key areas with improvement opportunities as well as
management’s proposed remedial action plans. Follow-up reviews on these highlighted observations and action plans will be
carried out by the internal auditors in their subsequent review cycles in conjunction with Management-initiated reporting to
the Committee from time to time on measures undertaken to address key improvement areas.
TERMS OF REFERENCE OF THE AUDIT COMMITTEE
COMPOSITION
The Audit Committee shall be appointed by the Board from amongst their number and shall consist of not less than
3 members, a majority of whom shall be independent directors of the Company. The Chairman of the Committee shall be an
independent director.
MEETINGS
Meetings shall be held not less than four times a year. A quorum shall be formed when a majority of the Committee members
are independent directors. The Chairman may call for a meeting upon the request of any Committee member, the Managing
Director and the internal and external auditors. The attendance of employees, other directors, representatives of the internal
and external auditors at such meetings will be at the Committee’s invitation.
The Secretary to the Audit Committee shall be the Company Secretary or Assistant Company Secretary or any other person
appointed by the Committee. The Secretary will be responsible for keeping the minutes of meetings of the Committee and
circulating them to Committee members and other members of the Board of Directors.
AUTHORITY
The Committee is authorised by the Board to investigate any activities within its terms of reference and shall have unrestricted
access to both the internal and external auditors and members of management of the Group. The Committee is also authorised
by the Board to obtain independent professional advice and to secure the attendance of outsiders with relevant experience and
expertise if it considers this necessary in the performance of their duties.
DUTIES
The duties of the Committee shall be:-
• To consider the appointment of the external auditors, the audit fee and any questions of resignation and dismissal;
• To discuss with the external auditors:
– The audit plan;
– Their evaluation of the system of internal controls; and
– The audit report on the financial statements.
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UNITED MALAYAN LAND BHD