| Recommend to the Board the appointment of external auditors, fees and other matters of resignation or removal or exchange of the external auditors.
|
| | Review with the External Auditors: |
| | | •
| Audit plan
| | •
| Assessment of internal control systems
| | •
| The audit report
| | •
| Letters and feedback from management
| | • | Assistance by the management and staff of the External Auditor | |
| | | |
| Running the following in relation to the internal audit function: |
| | | •
| Adequately review the scope, functions and resources of internal audit functions and powers necessary to carry out his duties.
| | •
| Review and approve the program plan and internal audit processes.
| | •
| Review audit reports and action plans were considered sufficiently taken on audit findings or recommendations.
| | •
| The Nomination Committee proposes to the Board for the appointment and removal of the Head of Internal Audit.
| | •
| Recommend to the Remuneration Committee of the Board for the remuneration of the Chief of Internal Audit.
| | • | Review any increase or assessment of the internal audit function and also determine their remuneration package, excluding the Head of Internal Audit. | |
| | |
| To receive and consider reports relating to the prevention of crime or fraud.
|
| Review the rules relating to the government bank.
|
| Review the results of the first six months and year end financial statements before submission for approval by the Board.
|
| Review the results of the first six months and year end financial statements before submission for approval by the Board. |
| | | •
| Any major changes in accounting policies and implementation.
| | •
| Adequate provision for contingent liabilities, for bad and doubtful debts.
| | •
| Review audit reports and action plans were considered sufficiently taken on audit findings or recommendations.
| | • | Significant and unusual events. | |
| | |
| Ensure the publication of annual accounts as soon as possible.
|
| Discuss any issues and concerns that may arise from the interim and final audits, and any matters the external auditors wish to discuss (in the absence of management where necessary).
|
| Review any related party transactions and conflicts of interest that may arise in the bank or the banking group, including transaction, procedure or action that raises questions of management integrity.
|
| AEC report inventories at the end of each financial year, which will be published in the Annual Report.
|
| Review and approve the status and progress of the management and enhancement measures related to the issues raised in the inspection report BNM, before it was presented to the Board for approval.
|
| AEC should report the following to the Board for the Board to provide a report to the AEC Annual Report: |
| | | •
| The composition of the AEC, including name, position and direction of members and whether the director is independent or otherwise.
| | •
| Terms of reference of the AEC.
| | •
| Number of meetings held in the AEC year and details of attendance of each member.
| | •
| A summary of the AEC in the functions and duties for the financial year.
| | • | A summary of the Internal Audit Department. | |
| | |
| AEC should report to the Board on issues and concerns discussed during the meeting, including those raised by the External Auditors and the related, necessary recommendations to the Board.
|
| AEC should review the Policy Payment Policies / Sensitive Payments and expenses related to the Executive and, given the necessary recommendations to the Board. |
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