SUMMARY OF ACTIVITIES BAC meetings are scheduled in advance of any new financial year to allow its members to plan ahead and fit the year’s meetings into their schedules. The BAC meets every quarter and additional meetings are held as and when required. During the financial year under review, six (6) BAC meetings were held. Minutes of BAC meetings which include records of the decisions and resolutions of the meetings are properly maintained by the Secretary of the BAC. A summary of the activities of the BAC during the financial year ended 31 December 2014 is set out below:- Risk Management • Reviewed the adequacy and effectiveness of Risk Management Framework and the relevant on-going activities for identifying, evaluating, monitoring and managing risks. • Received and reviewed reports on key strategic and operational risk issues arising from quarterly Risk Management Committee (“RMC”) meeting. The RMC meets at least once in every quarter and is primarily responsible for driving the Risk Management Framework and acts as a central platform for risk oversight within the Group. • Reviewed and endorsed the Group’s risk profile emanating from the Annual Planning Cycle and ensured that appropriate systems and processes are in place to effectively monitor and manage these risks. Internal Audit • Reviewed and approved GIA long-term audit plan and Annual Audit Plan to ensure adequacy of resources, competencies and coverage on auditable entities as per risk-based assessment. • Reviewed internal audit reports issued by GIA on the effectiveness and adequacy of governance, risk management, operational and compliance processes. • Reviewed inputs and management action plans provided by Management Audit Committee (“MAC”) on the deliberated audit reports. • Reviewed the adequacy and effectiveness of agreed corrective actions taken by management on all significant and secondary issues raised. • Reviewed the adequacy of resources and competencies of staff within GIA to execute the audit plan. • Conducted half-yearly and yearly assessment on the adequacy of GIA’s functions and resources, scope of work, service orientation, and its Annual Plan and Strategy. • Prior to BAC meetings, the Chairman held private meetings and discussions with Head and senior staff of GIA on audit reports and any Internal Audit related matters. External Audit • Reviewed and approved the external auditors’ terms of engagement, audit plan, nature and scope for the financial year. • Reviewed the results and issues arising from their audit for the financial year and the resolution of issues highlighted in their report to the BAC and Management’s response. • Reviewed the scope and engagement strategy of the external auditor and upon satisfactory assessment, recommended that the Board approves the fee payable to the external auditor in respect of the scope of work performed. p 137 MISC BERHAD - Annual Report 2014
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