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AUDIT COMMITTEE

Transcript: AUDIT COMMITTEE Table of Content Table of Content Meet The Audit Committee Its Formation After Formation Responsibilities for Internal Audit Importance of the Audit Committee Audit Committee and External Auditors Whistle-blower Program/ Code of Conduct Conclusion Meet the Audit Committee Board Structure ASML organization structure Meet the Audit Committee Its Formation Its Formation Composition Key Attributes NEDs Qualification Financial Experts EDs Resolution Resolution After Formation Audit Committee Charter The purpose of a board audit committee charter is to define the audit committee’s responsibilities regarding: • The identification, assessment, and management of financial risks and uncertainties • The continuous improvement of financial systems • The integrity of financial statements and financial disclosures • Compliance with legal and regulatory requirements • The qualifications, independence, and performance of independent outside auditors • The capabilities, resources, and performance of the internal audit department • The full and open communication with and among the independent accountants, management, internal auditors, counsel, employees, audit committee, and board Authorization Annual Meeting Proxy statement Example of an Audit Committee Charter Appointment of Chief Audit Executive Independent Assurance Approval of Internal Audit Charter (Example) Approval of Internal Audit Plan and Budget Responsibilities Importance of the Audit Committee roles Importance of the Audit Committee 1. Oversight of Financial Reporting Financial Expert required 2. Oversight of Internal Audit Communication and Alignment 3. Engagement with Internal Audit Collaborate with IA. 4. Navigating Regulatory Changes Implementation of SOx to ensure compliance in the organization Internal Audit can help Audit Committee through 3 steps approach Internal Audit - three steps approach 1. Internal Audit Process: Risk Assessment > planning and Performing audit > reporting result 2. Launch of SOx required ethics and Whistle-blower program: Collaboration with HR and other resource > presentation to audit committee 3. Review and Assessment of internal control required by SOx (section 404, https://www.sarbanes-oxley-101.com/SOX-404.htm)* *All annual financial reports must include an Internal Control Report stating that management is responsible for an "adequate" internal control structure, and an assessment by management of the effectiveness of the control structure. Why Financial Expert? why financial expert? according to SOx 407, is one member of the committee must be a financial expert. With reference to the bankruptcy of ENRON it was concluded that Audit Committees of organization, did not understand complex financial or internal control issue, for example: Mark-to-Market transaction : Enron used MTM accounting extensively, Instead of recognizing revenues and expenses when the transactions were completed, they estimate the future value of its contracts and record the projected profits immediately. Establishment of SPEs: Enron used these companies to hide how much money they owed, making their finances seem better than they actually were. Internal Audit Report Report all significant findings to Audit Committee on prompt and regular basis Unfiltered reporting Ongoing monitoring and corrective actions Cooperation among all parties involved Example of Audit findings: Significant Audit Findings Audit Committee's relationship with External Auditors Audit Committee and External Auditors 1. Increased Oversight and Independence 2. Restrictions on Non-Audit Services bookkeeping, internal audit resourcing, financial IT design, management support 3. Enhanced Reporting and Transparency Arthur Anderson role in Enron case External Auditor in Enron Case 1. Threat of Independence & conflict of interest AA provided both audit and non-audit services (tax & consulting) and generated substantial revenue from Enron. 2. Complex transaction of Enron > off-balance sheet entities (SPE/SPV) AA involved in structuring these transactions and advising on their accounting treatment. Whistle-blower programs and codes of conduct Whistle-Blower Program SOx Mandates for Whistle-blower Programs Disposition of Whistle-blower Matters Codes of Ethics for senior officer (CEO,CFO,etc) Conclusion Conclusion The audit committee and internal audit control play crucial roles in corporate governance: The audit committee oversees significant audit findings, ensuring the integrity of financial reporting and protecting stakeholders interests. Internal audit provides independent assurance on risk management, internal controls, and governance, helping to identify areas for improvement and mitigate risks. Questions Thanks Dheara Virgina 23151765 Izi Ihensekhien 12019658

Audit Committee Meeting

Transcript: Audit Committee Meeting Executive Summary Engagement Target Audit Approach Issues identified: Property, Plant & Equipment Inventory Summary of unadjusted differences Outstanding matters & documentation Conclusion Audit Agenda Audit Agenda 1. Accounts Payable 2. Inventory 3. Bank and Cash 4. Audit Approach 5. Engagement Objectives Executive Summary 1. Accounts Payable 2. Inventory 3. Bank and Cash 4. Audit Approach Risk Assessment Materiality Testing 5. Engagement Objectives Obtaining sufficient appropriate evidence Reasonable assurance Providing reliable audit opinions Executive Summary Issues Identified 1. Accounts Payable 2. Bank & Cash 3. Inventory Issues Identified 1. Accounts Payable Opening Balance: Purchases: 2. Bank & Cash Transaction Valuations: Incorrect calculations of exchange rates. 3. Inventory Opening Balance: Write-offs: Valuation: Summary of Unadjusted Differences 1. Outstanding Matters Bank and Cash (1.1) Inventory(1.2) Accounts Payable(1.3) 2. Conclusion Outstanding Matters & Conclusion Inventory -1.2 No physical inspection documentation of obsolete stock. No procedure document for obsolete stock. No order/internal documentation to authorize removal of obsolete stock. Bank and Cash - 1.1 Not enough source documents to confirm certain transactions. Accounts Payable- 1.3 2. Conclusion

AUDIT COMMITTEE

Transcript: The audit committee is a committee of the board of directors responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external. REQUIREMENT: FUNCTION AUDIT COMMITTEE ARE FORMED? Recommend or consider the nomination of the external auditor. Review with the external auditors their evaluation of internal controls Review the resignation & reappointment of the external auditor. Review with the external auditors their audit plan Review with the external auditor the audited financial statement & the auditor’s report Review of the audit scope & findings of internal audit Under the Listing Requirements. Big Company ; At least 3 members with at least 1 Financial Management Expert Small Company ; At least 2 members with at least 1 Financial Management Expert At least one member of MIA or other approved accounting bodies specified in the Accountants ACT 1967 Independent non-executive director To set out the role, duties and responsibilities of the Audit Committee. To ensure that the committee is compliant with the recommendations of the report. To assist the board of director in fulfilling the accounting policies and reporting practices of the company. WHY MEMBERSHIPS o In Malaysia, a public listed company is required to set up the audit committee under section 15.10 of the Bursa Malaysia Securities Berhad Listing Requirements. o Under the listing requirement, the membership of the audit committee must not less than 3 directors and the majority of the members must be independent directors. Independent directors should not be executive director of the company. To satisfy the shareholders’ need for assurance that directors are exercising due care in the performance of their duties. Company can be more responsive to the needs of those interested in financial reporting. Their information itself is recognition of the responsibilities of the both the company and its auditor to the public investor. To reinforce auditor’s independence, from the management of the company whose financial statements are being examined by the auditor. AUDIT COMMITTEE OBJECTIVE Additional Function Roles oversight of risk management To manage relationship between external auditor & management of management. Role in oversight of regulatory compliance add logo here

Audit Committee Overview

Transcript: Photos Reusable assets Audit Committee Overview Ante molestie mattis arcu gravida viverra adipiscing volutpat. Ultrices eget viverra eu lectus ullamcorper. Consequat dictum tristique lectus augue felis nascetur amet non. Velit sit placerat tincidunt integer amet massa justo risus netus. Ornare sagittis malesuada varius cursus ipsum erat libero metus eget. Colors Assets A Comprehensive Review of Committee Activities and Updates 04 01 02 03 Title Aa Aa Subtitle S M W T T S F Paragraph Aa Aa Pending BAC Action Plan Finance Update Conflict of Interest Audit Plan & Mission Completed External Update Overview of Current Activities The BAC Action Plan is currently under review with specific initiatives awaiting implementation. Key items include scheduling audits and addressing compliance gaps identified in prior assessments. Managing conflicts of interest is essential in maintaining ethical standards within an organization. It requires clear policies and procedures for disclosure and resolution of potential conflicts. Financial updates focus on the organization’s current financial standing, highlighting key performance indicators and metrics related to financial health. Understanding these metrics is crucial for strategic decision-making. The audit plan for the fiscal year has been successfully executed, meeting the established objectives. Major audits completed include financial audits, compliance checks, and operational assessments, ensuring accountability and transparency. External updates provide insights into changes in regulations and industry standards that may affect organizational practices. Regular monitoring ensures that the organization adapts swiftly to external changes, maintaining compliance. Compliance and Training Current activities of the Audit Committee include addressing pending BAC action plans, revisiting the completed audit mission, and evaluating recommendations. These actions aim to strengthen internal controls and enhance organizational transparency. Training Sessions Training Understanding compliance protocols and training is crucial for safeguarding organizational integrity and transparency. This section examines essential procedures, fraud awareness, due diligence, economic sanctions, structured training, and conflict of interest policies. Regular training sessions are essential for ensuring staff awareness of compliance requirements and procedures. These sessions should be tailored to address specific risks and scenarios relevant to the organization. Regular training sessions enhance employee understanding of compliance practices and procedures. This proactive approach builds a knowledgeable workforce that can effectively mitigate risks associated with operations. Purpose of the Audit Committee Audit Plan and Recommendations Pending Recommendations The Audit Committee is responsible for overseeing financial reporting, regulatory compliance, and risk management. It ensures that the organization's financial statements are accurate and free from material misstatements, thus safeguarding stakeholders' interests. Procedures Fraud Cases Economic Sanctions Business Continuity and Updates This section outlines the current status of the audit plan, detailing key pending actions and accomplishments. A concise overview of internal control measures and recommendations provides a comprehensive look at the audit committee's effectiveness. Several critical recommendations from previous audits remain pending. These include enhancements to reporting processes and further integration of risk management within operational strategies. Clear compliance procedures are necessary to ensure adherence to laws and regulations. Regularly updated procedures enhance operational integrity, safeguard assets, and ensure effective risk management. Economic sanctions can have profound effects on corporate operations. Understanding relevant sanctions ensures compliance and minimizes risk during international business dealings. Identification and reporting of fraud cases are imperative in maintaining trust. Organizations benefit from implementing robust fraud prevention measures and response strategies to mitigate financial losses. This section highlights critical updates regarding business continuity, litigation matters, and training initiatives that impact overall operations and compliance. Staying informed is essential for mitigating risks and enhancing organizational resilience. Due Diligence Internal Control Litigation Introduction BCP Due diligence is a critical process that ensures all potential risks and liabilities are assessed before concluding significant transactions. This practice mitigates exposure to unforeseen issues post-transaction. Robust internal control mechanisms are in place to mitigate risks and ensure compliance. Recent assessments indicate the need for continual monitoring and refinement to adapt to evolving regulatory standards. Current litigation includes cases that could potentially impact

Audit Committee

Transcript: BOGAWANTAWALA TEA ESTATES PLC AUDIT COMMITTEE - 26/03/2021 AUDIT'S COMPLETED FY 2020/21 AUDIT'S COMPLETED - FY 2020/21 Bogawana Surprise Audit Bogawana - Surprise Audit In order to verify the accuracy in mode of payment, I visited the pay table of Labour Wages for the month of February 2021 at Lynsted Division of Bogawan Estate on 10th March 2021. The individual payments were made to the workers by the Assistant Manager, where I observed a worker namely S Rajendran - EPF No. 9089 was collecting the balance wages of 44 Workers, amounting Rs. 305,840/- (Details are attached) When I questioned the Assistant Manager, he made me to understand this particular person used to collect other balance wages/Advances etc in the previous occasions too which will be distributed among the others workers concerned at the division itself. For furthermore, the Field Officer Mr. B. Susil Kumar also conformed same. I called this worker and questioned him why you are collecting others wages at this juncture. He replied that he was doing this for a long time and I am getting Rs. 100/- as a service charges from a worker per year (Rs. 8.33 per month). This attitude of this person S Rajendran - EPF No. 9089 is in high risk of his life. The management should have discontinued this practice of collecting colossal amount of other workers’ wages by an individual at the pay table. It would be advisable if the individual worker not in favor of collecting their balance wages/advance etc at the pay table, with their written consent such amount could be deposited at their bank accounts. In this regard, I have discussed this matter with Mr. Nalinda de Alwis, Deputy General Manager of Bogawana Estate. Bogawantalawa Surprise Audit Bogawantalawa Estate - Surprise Audit 1. General Stores – Connected books and records pertaining to the stock transaction for two months (January & February 2021). It was in order. 2. In addition, it was noted that any divisional stock at the month end had been returned to the store keeper without any official channel. It would be advisable, any items returned from the divisions should be taken into GRB and a GRN to be issued accordingly as a proof of acknowledgement. 3. However, there is no permanent storekeeper but an assistant factory officer namely Mr.R. Illankumaran temporarily attending the storekeeping. 4. Fertilizer samples – it was noted that very old ferilizer samples drawn for analytical report are lying in the stores for a considerable period. Since these samples are not relevant to any juncture, could be cleared. 5. Chemical Glyphosate – in order to ascertain the accuracy of issues, all the relevant books and records were checked for two months and observed, the issues were correctly monitored. 6. Refuse Tea Room – The roof is leaking and there is no proper celling also, noted a few junk items are kept inside the refuse tea room and as well as refuse tea had been packed in fertilizer bags which are violation of tea board instruction. To avoid any lapses, this should be attended immediately. 7. Field Diary - We were unable to ascertain the required information such as divisional stock balances, weeding rounds, utilization of chemical, Blister Blight Rounds etc not made available in the field diary. It would be advisable a printed book to be introduced for this exercise w.e.f April 2021 as these are key information. Continues.... Bogawantalawa Continuation Bogawantalawa Estate - Surprise Audit Continues.... 8. Checklist & Checkrolls – a. Whilst cross checking the names in the registered workers pocket checkrolls and cash workers pocket checkrolls for three months (i.e Janaury, February & March 2021) where I observed identical names are appearing in both checkrolls. b. In order to check the accuracy of the two names transaction, along with the Assistant Manager, Mr. N. Dilan I went to Tientsin Division to inquiry from the respective workers. c. Firstly we summoned EPF No 1207 – Thiruselvam (Assistant Manager’s Bungalow Watcher) and questioned him whether you worked on a day for two names? He replied that he was working as a Bungalow Watcher from 6.00p.m to 6.00a.m and thereafter I am looking after my cattle. d. I asked him whether you were working on cash name for the month of January and February 2021? He denied. Then I asked him how you were given names under cash work as worked? He replied no, I am not working but names are given to me which will be paid to another worker namely EPF No. 8372 Vasudevan as advised. e. Again I questioned the Field Officer, Mr. T. Mathivannan to clarify this. He totally denied and said this cash name was given by the factory staff. f. For further clarification, we went to the Tientsin Factory and questioned the factory staff Mr. M. Sri Ram and he replied that EPF no. 8372 Vasudevan is a field cash worker. Once he finished morning work in the field, he comes to the factory for work whenever necessary, since he is a cash worker, it will not possible for me to give additional name

Audit Committee Meeting

Transcript: Habib University Audit Committee Meeting Agenda of meeting Agenda Confirmation of the minutes of the last meeting held on March 25, 2022. Confirmation of the minutes To review status of follow up items from previous meeting Follow up items from previous meeting Checklist of Audit Committee Auditor’s report & Financial statements for the year ended Dec 31, 2022 Audit report & Financial Statements Audit Report Reviewed Financial Statements Financial Statements Review half year reviewed financial statements for the half year ended December 31, 2022 and recommend to BoG for approval. Statement of financial position Income and Expenditure Tution fee Expenditures Any other business

Audit Committee

Transcript: Importance in Corporate Governance Audit Committees are vital for upholding the integrity of financial disclosures and ensuring compliance with regulations. Their oversight helps prevent fraud, enhances stakeholder confidence, and ultimately contributes to the overall health of the organization. Overview of Regulatory Framework Audit Committees operate under various regulatory frameworks, including Sarbanes-Oxley Act and international regulations like IFRS. These regulations establish mandatory requirements for the formation, responsibilities, and disclosures of Audit Committees. Performance Evaluation Regular evaluation of the committee's performance is essential for identifying strengths and areas for improvement. This can be achieved through self-assessments, peer reviews, or external evaluations, fostering a culture of accountability and continuous improvement within the committee. Definition of Audit Committee An Audit Committee is a subcommittee of the board of directors responsible for overseeing financial reporting, risk management, and compliance processes. It typically comprises independent directors with expertise in finance and accounting. Best Practices for Audit Committees Introduction to Audit Committees Effective audit committees play a crucial role in ensuring transparency and accountability within organizations. Emphasizing best practices can enhance their functionality, ultimately fostering stronger corporate governance and risk management. Audit Committees play a crucial role in ensuring the integrity of financial reporting and enhancing corporate governance. They serve as a bridge between the board of directors, management, and external auditors, ensuring accountability and transparency in financial practices. Continuous Education Effective Communication Establishing clear channels of communication encourages open dialogue among committee members, management, and external auditors. Regular meetings and timely sharing of information enable the committee to perform its oversight role effectively, ensuring that all stakeholders are aligned in their objectives and concerns. Audit committee members must stay informed about evolving regulations, accounting standards, and best practices through continuous education and training. This may involve attending workshops, seminars, or obtaining relevant certifications to enhance their oversight capabilities. Review of Audit Findings Audit Committee Overview The audit committee conducts a thorough review of annual audit findings, discussing significant issues raised by external auditors. This process includes a focus on recommendations for improvements, risk management, and compliance measures as indicated in the audit report. Auditor Independence Roles, Responsibilities, and Best Practices Appointment and Term Limits Maintaining auditor independence is vital for unbiased opinions in financial reporting. The audit committee monitors relationships and engagements that may impair the auditor's objectivity, ensuring compliance with relevant regulations and ethical standards. Interaction with External Auditors Independence Requirements Committee members are usually appointed by the board of directors, ensuring they align with the organization's governance policies. Term limits may be imposed to ensure fresh perspectives and rotational oversight, enhancing accountability within the committee. Audit Committee members must be independent from the management team. This independence is crucial for unbiased judgment in financial oversight, limiting conflicts of interest that may affect decision-making and ensuring rigorous scrutiny of financial practices. Selection of External Auditors An effective collaboration between the audit committee and external auditors is crucial for enhancing financial integrity and transparency. Understanding the key aspects of this interaction can strengthen corporate governance practices. The audit committee is responsible for selecting external auditors, ensuring they meet predefined criteria of expertise, experience, and independence. Evaluating candidate qualifications and firm reputation is critical in establishing a trustworthy and effective auditing process. Qualifications of Members Members of the Audit Committee should have relevant financial expertise, including accounting or auditing knowledge. At least one member must be a financial expert, familiar with financial statements and the intricacies of financial reporting, ensuring informed oversight of the organization's financial practices. Composition of the Audit Committee The composition of the Audit Committee is critical to its effectiveness. Members must possess specific qualifications and maintain independence to fulfill their responsibilities effectively. Future Trends in Committee Operations Audit committees are expected to leverage technology for enhanced data analysis and reporting. Embracing AI and machine learning can optimize decision-making processes and

Audit Committee 091317

Transcript: INTERNAL AUDITS Recent Projects Payroll Audit SUMMARY School Support Organization Presentation Travel Services Consulting Student Enrollment Presentation 2017-18 Projects ANNOUNCEMENTS What to expect from Audit Services for the 2017-18 year Student Enrollment-Withdrawal Audits for ~80 schools Bookstore flash audits Follow up on audit for Red Mountain Bookstore Native American Education Program Taylor Bookstore Student Activity Club Audit High School Student Store Audit HS/JSHS PTO-Booster Audit Final Review/Drafting Report Present Prelim Report Dr. Cowan for Review/Approval Issue Report and Management Letter Payroll Report Timeline Payroll Report IN DEPTH Prelim Findings Preliminary Findings Most payments appear appropriate Review of ASRS eligible wages and taxable fringe benefits needed Employees had excessive access to payroll and employee data Employee time was not always approved by their supervisor Additional review processes are needed to note potential areas of exception Manual adjustments to pay and year-to-date accumulations need review Supporting documentation not always retained Bookstore Flash Audit Bookstore Cash Controls Document Retention Segregation of Duties User Accounts EOP Process Administrative Overview Adjustments Textbook collection Consummable supplies (inventory) Refunds

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