Ernst & Young
Level 23A, Menara Milenium,
Pusat Bandar Damansara,
50490 Kuala Lumpur.
Tel : +60 3 7495 8000
Fax : +60 3 2095 5332
3. Selection and Appointment
- The Audit Committee is responsible to oversee the appointment, remuneration and removal of External Auditor.
- The following are the procedures for selection and appointment of new External Auditor:
- The Audit Committee to identify the audit firms who meet the criteria for appointment and to request for their proposals of engagement for considerations;
- The Audit Committee will assess the proposals received and shortlist the suitable audit firms;
- The Audit Committee will meet and/or interview the shortlisted candidates;
- The Audit Committee may delegate or seek the assistance of the Chief Financial Officer to perform items (a) to (c) above;
- The Audit Committee will recommend the appropriate audit firm to the Board for appointment as External Auditor; and
- The Board will endorse the recommendation and seek shareholders’ approval for the appointment of the new External Auditor and/or resignation/removal of the existing External Auditor at the general meeting.
- The Audit Committee will give due consideration to the following criteria when selecting preferred External Auditor for recommendation to the Board:-
- Quality and thoroughness of the audit approach and methodology;
- Independence of the external audit firm and specifically the audit engagement partner;
- Skills and knowledge of the proposed external audit team;
- Global resources;
- Understanding of the industry;
- Partner rotation and succession planning; and
- Value for money.
8. Review of the External Auditor Independence Policy
- The Board and the Audit Committee will review the External Auditors Policy periodically to ensure that it continues to remain relevant and appropriate.
This External Auditor Independence Policy has been approved and adopted by the Board on 15 August 2016.