cover rationale - ChartNexus

Summary of Activities of The Audit Committee (CONTINUED)
4. Reviewed the unaudited quarterly financial statements and the Audited Accounts of the
Company and the Group and recommending the same for approval by the Board, upon being
satisfied that the financial reporting and disclosure requirements of the relevant authorities
had been complied with. Any significant issues resulting from the audit of the financial
statements by the External Auditors were deliberated.
5. Reviewed and appraised the adequacy and effectiveness of Management response in resolving
the audit issues reported.
6. Reviewed the processes and investigations undertaken by the Internal Audit, the audit findings
and risk analysis on each audit assignment and emphasized on follow-up audits to ensure that
appropriate corrective actions are taken and recommendations of the Internal Audit are
implemented.
Internal Audit Function
The internal audit function for the Group is carried out by the Corporate Governance Department
which reports to the Audit Committee and assists the Board of Directors in monitoring and
managing risks and internal controls. The Internal Audit is responsible in providing independent
assessments for adequate, efficient and effective internal control systems in anticipating potential
risks exposures over key business processes within the Group.
Throughout the financial year, audit assignments, investigation and follow-up were carried out on
units of operations and subsidiary companies. Areas audited included property management, sales
and marketing and IT operations. These were carried out in accordance with the Annual Audit
Plan or as special ad-hoc audit at Management’s request. The resulting reports of the audits
undertaken were presented to the Audit Committee and forwarded to the Management
concerned for attention and necessary actions.
The Management is responsible for ensuring that corrective actions on reported weaknesses as
recommended are taken within the required timeframe. The Management is also responsible for
ensuring that a written report on action planned or completed is sent to the Chairman of the
Audit Committee and the Head of Internal Audit.
Laporan Tahunan 2002 Annual Report
AUDIT COMMITTEE REPORT (CONTINUED)
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