Annual Report
2015
|
DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
43
Audit
Committee Report
COMPOSITION AND TERMS OF REFERENCE
The Terms of Reference of the Audit Committee (“Terms of Reference”) outlines and incorporates the roles and
responsibilities of the Audit Committee (as prescribed under the Listing Requirement (“Listing Requirements”) of
Bursa Malaysia Securities Berhad (“Bursa Malaysia”) and the Malaysia Code on Corporate Governance (“the
Code”).
The Audit Committee (“AC” or “theCommittee”) comprises at least threemembers, all of whomare independent
directors, of the Board of Directors. The members choose their chair from the Independent composition of the
Committee.
The Committee members are appointed by the Board of Directors, which in its opinion would exercise
independent judgment based on the structure and composition of the Committee.
The Committee shall include at least one (1) person who is a member of the Malaysian Institute of Accountant or
alternatively a person who must have at least 3 years’ working experience and have passed the examinations
specified in Part 1 of the 1st Schedule of the Accountants Act 1967 or is a member of one the associations
specified in Part II of the said Schedule.
The Secretary to the Board of Directors shall also be secretary of this Committee.
MEMBERS OF THE AUDIT COMMITTEE
The Audit Committee has five (5) members, all of whom are Independent and Non-Executive Directors. This
is in line with the requirements of paragraphs 15.09 of the main Market Listing requirements of Bursa Malaysia
Securities Berhad (“Lisitng Requirements”). Among the members, there are two (2) members of the Committee
fulfil the financial expertise requirement of the Listing Requirements. All members are financially literate with
sufficient financial experience and ability to assist in discharging the Board’s fiduciary duties and responsibilities.
The members of the Audit Committee are as follows:
Chia Chu Fatt
Chairman (Independent Non-Executive Director)
Polit Bin Hamzah
Member (Independent Non-Executive Director)
Tuan Haji Abdul Aziz Bin Ishak
Member (Independent Non-Executive Director)
Koh Ek Chong
Member (Independent Non-Executive Director)
Ali Bin Adai
Member (Independent Non-Executive Director)
REPORTING LINE OF THE AUDIT COMMITTEE
The Audit Committee reports directly to the Board of Directors.
THE RESPONSIBILITIES OF THE AUDIT COMMITTEE
The Audit Committee is responsible for the following:
• To examine the manner in which management ensures and monitors the adequacy of the nature, extent
and effectiveness of accounting and internal control systems;
