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Include Left - About MIA - Structure
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Audit & Risk Management Committee
Chairman:
Heng Ji Keng
Members:
Dato' Narendra Kumar Jasani
Devanesan Evanson
Donald
Joshua Jaganathan
Ng Kim Tuck
1. Objectives
The primary objectives of the
Audit and Risk Management Committee is to assist the Council
in fulfilling its oversight responsibilities for the system
of internal control, the audit process, the financial
reporting process, and the Institute’s process for
monitoring compliance with laws and regulations.
2. Accountability
The Committee will report
to the Council.
3. Scope and Authority
The Committee has
authority, within the scope of its responsibilities, to:
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a) |
Approve the Internal Audit Charter, which defines the mission,
scope of work, independence, responsibility, authority and
standards of practice of the internal audit function of the
Institute; |
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b) |
Approve the Annual Audit Plan; |
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c) |
Review, appraise the performance and recommend remuneration of
the Head of Internal Audit Department; |
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d) |
Have the explicit authority to investigate any matter within its
terms of reference; |
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e) |
Have full, free and unrestricted access to any information,
records, properties and personnel of the Institute; |
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f) |
Have direct communication channels with the External and
Internal Auditors and is able to obtain independent professional
or other advice as necessary; |
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g) |
Review the findings of the Internal Auditor, External Auditor
and Auditor General Department; |
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h) |
Review the interim and annual financial statements of the
Institute. The annual financial statement will be submitted to
Council for approval; |
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i) |
Review the Institute’s accounting policies and its reporting
requirements; |
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j) |
Advice in development and implementation of the Institute’s
enterprise risk management framework as well as review of key
risks profiles of the Institute. |
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4. Term of Office
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a) Composition |
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i) |
The composition of the Committee shall be determined by the
Council. |
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ii) |
The Committee comprise of 5 Council members who are not members
of Executive Committee of the Institute; |
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iii) |
The members should be independent of management. |
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b) Quorum |
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The quorum for the Committee meetings shall be 3 members. |
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c) Meetings |
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i) |
The Committee shall meet at least 4 times in any financial year
of the Institute; |
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ii) |
The meeting can be conducted in person or via teleconference; |
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iii) |
In the absence of the Chairman the appointed Chairman and
provided that there is a quorum, the remaining members can
appoint a Chairman from among themselves and convene the
meeting; |
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iv) |
The internal and external auditor shall be invited to make
presentations to the Committee as appropriate; |
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v) |
The Committee may invite such other person to its meetings, as
it deems necessary; |
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vi) |
The proceedings of all meetings shall be minuted; |
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vii) |
The secretary of the ARMC will be the Head of Internal Audit
Department, or such other person as appointed by the Committee. |
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