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During the financial year, the AC carried out the following activities in the discharge of its roles and responsibilities.
Internal Audit
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Mandated the GIAD to report directly to the AC.
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Reviewed the adequacy of the scope, functions, budget, competency and resources of the GIAD and that it has the necessary independence
and authority to carry out its work, which should be performed professionally and with impartiality and proficiency.
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Reviewed Internal Audit Reports and ensured the appropriate and prompt remedial action was taken by the Management on lapses in
controls or procedures identified by the GIAD.
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Reviewed the Internal Audit Reports relating to the Group’s affiliates.
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Monitored that all recommended actions by the GIAD were executed in a timely manner.
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Reviewed the performance of the GIAD.
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Reviewed the performance and appraisal of the Group Head, GIAD.
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Approved the appointment or termination of the Group Head, GIAD and senior staff of GIAD.
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Took cognisance of resignations of the GIAD’s staff, and the reasons for the resignations.
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Reviewed the results of ad-hoc investigations performed by the GIAD and actions taken relating to those investigations.
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Reviewed the results of the internal assessment performed on the internal audit function.
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Reviewed the results of the external assessment performed on the internal audit function.
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Reviewed the adequacy of the Internal Audit Charter.
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Approved the Internal Audit Charter, which defines the purpose, authority, scope and responsibility of the Internal Audit function within
the Group.
External Audit
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Considered the appointment of the External Auditors, their audit fees and a change in the External Auditors.
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Monitored the effectiveness of the External Auditors’ performance and their independence and objectivity.
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Discussed with the External Auditor, before the audit commenced, the audit plan, which includes the nature and scope of the audit, and
ensured co-ordination where more than one audit firm was involved.
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Reviewed major findings raised by the External Auditors and Management’s responses, and monitored that all recommendations arising
from the audit were properly implemented.
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Discussed matters arising from the interim and final audits with a view to further improve controls in the Group.
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Met with the External Auditors without the presence of the Management.
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Provided a line of communication between the Board and the External Auditors.
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Ensured that there is coordination between both Internal and External Auditors.
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Reviewed the extent of assistance and co-operation extended by the Group’s employees to the External Auditors.
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Reviewed and monitored the provision of non-audit services by the External Auditors and ensured that these services did not compromise
the independence of the External Auditors.
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Obtained from the Group’s External Auditors a formal written statement delineating all relationships between the External Auditors and
the Group, as required by the International Standard on Auditing 260, modified as appropriate based on the Malaysian guidelines for
auditors independence, and obtained confirmation from them that they were, and had been, independent throughout the conduct of the
audit engagement.
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Continuously updated and briefed by the External Auditors on changes in the Malaysian Financial Reporting Standards as well as the
International Financial Reporting Standards.
Financial Reporting
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Reviewed and recommended the quarterly and annual management accounts of the Group and AAB for approval of the Board.
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Reviewed and recommended the Annual Financial Statements of the Group and AAB for approval of the Board.
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Reviewed and recommended the Quarterly Reports to Bursa Malaysia for the Group and AAB for approval of the Board.
For purposes of the above, the AC considered changes in accounting policies and practices, compliance with accounting standards and other
legal and regulatory requirements, significant and unusual events, significant adjustments arising from the audit process, material litigation,
the going concern assumption and, where applicable, comply with the disclosure requirements of Bursa Malaysia.
AUDIT COMMITTEE
REPORT
[ ]
AirAsia Group Berhad
REPORTS AND FINANCIAL STATEMENTS
194