E X C E L F O R C E M S C B E R H A D • A N N U A L R E P O R T 2 0 1 4
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The principal objective of the Audit Committee is to assist the Board to discharge its statutory duties and
responsibilities in relation to financial, accounting and reporting responsibilities and to ensure proper disclosure
to the shareholders of the Company.
The Audit Committee will ensure that the management is to establish and maintain an effective internal control
system including adequacy of resources, qualifications and experience of staff fulfilling the accounting and
financial reporting function of the Company.
The Board is pleased to present the Audit Committee Report for the FYE 31 December 2014.
COMPOSITION AND MEETINGS
The members of the Audit Committee and details of their attendance of the meetings during the FYE
31 December 2014 are as follows:
Name of Director
Designation / Directorship
Number of meetings attended
Aaron Sim Kwee Lein
Chairman of Committee /
Independent Non-Executive
Director
4/ 4
Ng Kim Huat
Member of Committee /
Independent Non-Executive
Director
4/ 4
Lok Choon Hong
Member of Committee /
Independent Non-Executive
Director
2 /2
The Audit Committee held four (4) meetings during the year. There was one (1) meeting held with the presence
of representatives of the External Auditors, Messrs BDO and the Audit Committee members only, at which private
session is independent from the Management.
THE AUDIT COMMITTEE IS GOVERNED BY THE FOLLOWING TERMS OF REFERENCE:
1.
Membership
The Board fromamong its members shall appoint the Audit Committee that fulfils the following requirements:
a) The Audit Committee must be composed of no fewer than three (3) members.
b) All the Audit Committee members must be Non-Executive Directors, of which a majority of them must
be Independent Directors.
c) All members of the Audit Committee should be able to read, analyse and interpret financial
statements. At least one (1) of them:
(i) must be a member of the Malaysian Institute of Accountants; or
(ii) if he is not a member of the Malaysian Institute of Accountants, he must have at least three (3)
years’ working experience; and
(aa) he must have passed the examinations specified in Part I of the First Schedule of the
Accountants Act, 1967; or
(bb) he must be a member of one of the associations of accountants specified in Part II of the
First Schedule of the Accountant Act, 1967; or
(iii) fulfils such other requirements as prescribed or approved by the Exchange.
d) The members of the Audit Committee shall elect a Chairman among their number who shall be an
Independent Director.
e) No alternate Director is appointed as a member of the Audit Committee.
AUDIT COMMITTEE REPORT
