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ANNUAL REPORT 2016
Report of the Audit &
Risk Management Committee
The Board of Directors of Bonia Corporation Berhad (“Board”) is pleased to present the Report of the Audit &
Risk Management Committee (“ARC”) for the FY2016.
RESPONSIBILITIES OF THE ARC
The responsibilities of the ARC are set out in the Audit & Risk Management Committee Charter duly approved by the Board, a copy of which is
posted on the corporate website at
/ under the Corporate Governance section.
The ARC is empowered to investigate any matter within its purview at the cost of the Company. Information pertaining to the Group is made
available to the ARC members to ease their investigation role, and the ARC received full support from the Board members, Company Secretaries,
Internal and External Auditors as well as the staff of the Group in discharging its duties during the FY2016.
MEMBERSHIP AND MEETINGS
The ARC is composed entirely of Independent Directors. During the FY2016, the ARC met 4 times, with the following record of attendance:
No. of meetings attended
Chairman:
Datuk Ng Peng Hong @ Ng Peng Hay
Senior Independent Non-Executive Director
4/4
Members:
Dato’ Shahbudin Bin Imam Mohamad
Independent Non-Executive Director
3/4
Chong Sai Sin
Independent Non-Executive Director
(A member of the Malaysian Institute of Accountants)
4/4
Other regular attendees at the ARC meetings include the Executive Directors, senior or middle management, and representatives from the Internal
or External Auditors, all to assist the ARC’s discussions and consideration of reports, and to answer questions in relation to internal or external audit
reviews and improvement recommendations. The ARC Chairman reported on key issues discussed at each meeting to the Board for their further
considerations and deliberations. 2 private discussions with the External Auditors were held in the FY2016 to provide additional opportunity for
open dialogue and feedback from the ARC and the External Auditors without the presence of the Executive Directors and management.
KEY AREAS OF FOCUS FOR THE ARC
The ARC’s annual work plan for the FY2016 focused on 5 key areas covering the: (i) financial reporting, (ii) risk management and internal control,
(iii) internal audit, (iv) external audit, (v) related party transactions, and conflict of interest.
Financial reporting
The ARC reviewed the quarterly reports and year-end financial statements before recommending to the Board for
consideration and approval, and concluded that the going concern assumption, changes in or implementation
of accounting policies and practices, significant audit adjustments, and major judgmental areas made by the
management in those quarterly reports and year-end financial statements, were in compliance with the approved
accounting standards, regulatory and other legal requirements for financial reporting, and those reports were fair
and reasonable in reflecting the Group’s business performance.
