FGV Annual Report 2013

report on the audit committee Laporan Jawatankuasa Audit 6.5 Minutes (i) The discussions and conclusions of the Audit Committee meetings should be minuted and entered into the minutes register kept by the Company Secretary; (ii) Keeping of the minutes must comply with the requirements of the Companies Act 1965; (iii) Reproduction of any part of the minutes can only be through/by the Company Secretary; and (iv) The Audit Committee shall after each Committee meeting send the Board a report on its findings and recommendations. 7. Review The Board shall conduct an annual review of the effectiveness of the Audit Committee and the adequacy of its terms of reference and work plans. The Board must review the term of office and performance of the Audit Committee and each of its members at least once every 3 years. To help ensure continuity of service and appropriate accumulation of knowledge, the expiration of terms of members may be staggered. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE The Chairman of the Audit Committee reports regularly to the Board on the activities carried out by the Audit Committee in the discharge of its duties and responsibilities as set out in the Terms of Reference. The principal activities carried out during the financial year are as follows : 1. Assessing the Risks and Control Environment • Reviewed the Terms of Reference of the Audit Committee and recommended to the Board for approval. • Reviewed the Group’s Commodity and Foreign Exchange Risk Management Policy Statement and recommended it for approval of the Board. • Reviewed the proposal for the establishment of a Governance and Risk Management Division to manage the Board’s responsibilities on risk management, governance and controls and recommended it for approval of the Board. • Received and reviewed quarterly reports from the Management on key strategic and operational risks to ensure they are being managed effectively. • Reviewed the risk profiles and the ongoing risk management activities for identifying, evaluating, monitoring and managing risks. This role was supported by the Risk Champions appointed at the Company and subsidiary level who are to ensure that the mitigation plans are carried out accordingly. • Evaluated the adequacy and effectiveness of the system on internal controls by reviewing the outcomes of work performed by internal and external auditors and discussions with the key Management. 6.5 Minit (i) Perbincangan dan kesimpulan mesyuarat Jawatankuasa Audit hendaklah dicatat dan minit dimasukkan ke dalam daftar minit yang disimpan oleh Setiausaha Syarikat; (ii) Penyimpanan minit mesti mematuhi keperluan Akta Syarikat, 1965; (iii) Penerbitan semulamana-mana bahagianminit hanya boleh dibuat menerusi/oleh Setiausaha Syarikat; dan (iv) Selepas setiap mesyuarat, Jawatankuasa Audit hendaklah menyerahkan laporan mengenai penemuan dan saranan-saranannya kepada Lembaga Pengarah. 7. Semakan Semula Lembaga Pengarah hendaklah menjalankan semakan semula setiap tahun berhubung keberkesanan Jawatankuasa Audit dan kecukupan terma-terma rujukannya serta rancangan kerja. Lembaga Pengarah mesti menyemak semula tempoh jawatan dan prestasi Jawatankuasa Audit dan setiap ahlinya sekurang-kurangnya sekali setiap 3 tahun. Bagi memastikan kesinambungan perkhidmatan dan pengumpulan pengetahuan yang bersesuaian, tempoh tamat jawatan ahli-ahli boleh dibuat secara berperingkat. RINGKASAN AKTIVITI JAWATANKUASA AUDIT Pengerusi Jawatankuasa Audit melapor kepada Lembaga Pengarah dari semasa ke semasa mengenai aktiviti yang dijalankan oleh Jawatankuasa Audit dalam pelaksanaan tugas dan tanggungjawabnya seperti yang digariskan dalam Terma Rujukan. Aktiviti-aktiviti utama yang dijalankan sepanjang tahun kewangan adalah seperti berikut: 1. Menilai risiko dan persekitaran kawalan • Mengkaji Terma Rujukan Jawatankuasa Audit dan mengesyorkannya kepada Lembaga Pengarah untuk diluluskan. • Mengkaji Penyata Pengurusan Risiko Komoditi dan Tukaran Asing Kumpulan dan mengesyorkannya untuk kelulusan Lembaga Pengarah. • Mengkaji cadangan pembentukan Bahagian Tadbir Urus dan Pengurusan Risiko untuk mengurus tangungjawab Lembaga Pengarah berhubung pengurusan risiko, tadbir urus dan kawalan serta mengesyorkannya untuk kelulusan Lembaga Pengarah. • Menerima dan mengkaji laporan suku tahunan daripada Pengurusan berhubung risiko strategik dan operasi utama bagi memastikan ia telah diuruskan secara berkesan. • Mengkaji profil risiko dan aktiviti pengurusan risiko yang berterusan untuk mengenal pasti, menilai, memantau dan mengurus risiko. Peranan ini disokong oleh Juara Risiko yang dilantik di peringkat Syarikat dan anak syarikat. Juara Risiko memastikan supaya rancangan pengurangan telah dilaksanakan dengan sewajarnya. • Menilai kecukupan dan keberkesanan sistem kawalan dalaman dengan mengkaji hasil kerja yang dijalankan oleh juruaudit dalaman dan luar serta perbincangan dengan Pengurusan utama. Felda Global Ventures Holdings Berhad 166