4.0 RESPONSIBILITIES
The BAC shall undertake the following responsibilities:
4.1 Financial Reporting and Processes
i)
Review the quarterly results, half-yearly results and annual
financial statements of Axiata Group with Management
and External Auditors focusing on the below, prior to the
approval by the Board:-
a) Any changes in or implementation of accounting
policies and practices;
b) Significant adjustments with financial impact arising
from the audit;
c) Significant and unusual events;
d) the going concern assumptions; and
e) Compliance with approved accounting standards,
Bursa and regulatory requirements.
ii) Review with the External Auditors the audited financial
statements for the purpose of approval prior to presentation
to the Board for adoption, for the following:-
a) Whether the External Auditors’ report contains any
qualifications which must be properly discussed and
acted upon;
b) Whether there is any significant changes and
adjustments in the presentation of financial statements;
c) Whether it is in compliance with laws and accounting
standards;
d) Whether there is any material fluctuations in balances;
e) Whether there is any significant variations in audit
scope and approach; and
f) Whether there are any significant commitments or
contingent liabilities.
iii) Discuss problems and issues arising from the interim and final
audits and any matter the External Auditors may wish to
discuss in the absence of the management where necessary.
iv) Provide assurance to the Board on the quality and reliability
of financial information used by the Board and of the
financial information issued publicly by Axiata.
v) Propose best practices on disclosure in financial results and
annual report of the Company in line with the principles set
out in the Malaysian Code on Corporate Governance, other
applicable laws, rules, directives and guidelines.
4.2 External Auditors
i)
Consider and recommend to the Board the appointment or
re-appointment of the external auditors and the audit fee,
and any resignation, dismissal of the external auditors.
ii) Assess and confirm the suitability, independence and
performance of the external auditors. This includes obtaining
a written statement from the External Auditors delineating
all relationship between the audit and Axiata Group and
delineating any other relationships that may adversely affect
the independence of the External Auditors.
iii) Discuss and review with the external auditors the following
prior to the commencement of the audit:
a) The nature and scope of audit
b) The audit plan
c) Coordination of audit where more than one audit firm
is involved
d) The evaluation of the system of internal controls
e) The effectiveness of the management information
system including any improvement suggestions and
management’s response
iv) Meet with the External Auditors, internal auditors or both,
at least twice in the financial year (without the presence
of other directors and employees) to discuss any issues
or reservations arising from the audits and any matter the
External Auditor may wish to discuss.
v) Review the External Auditors’ audit report, and report the
same to the Board of Directors.
vi) Review the External Auditors’ management letter and
management’s response.
vii) Monitor the extent of non-audit work to be performed by the
External Auditors to ensure that the provision of non-audit
services does not impair their independence or objectivity.
This includes a pre-approval process for any such work and
the hiring of employees or former employees of the External
auditors.
4.3 Internal Audit Function
i)
Approve the Internal Audit Charter, which defines the
purpose, authority, scope and responsibility of the Internal
Audit function in Axiata Group.
BOARD AUDIT
COMMITTEE REPORT
axiata group berhad | annual report 2015
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