DateHalf-day Session

9.00am – 12.30pm 1.30pm – 5.00pm

31 May 2016 (Tuesday) Workshop A Workshop B

15 Jun 2016 (Wednesday) Workshop C Workshop D

13 July 2016 (Wednesday) Workshop E Workshop F

27 July 2016 (Wednesday) Workshop G Workshop H

10 August 2016 (Wednesday) Workshop I Workshop J

Venue: Concorde Hotel Kuala Lumpur

AuditCommittee

workshop

SUPPORTED BY:

Audit Committees in Malaysia are increasingly coming under heavy scrutiny by stakeholders, especially when fi nancial irregularities are uncovered and publicised. Their duties and responsibilities, apart from those promulgated by the Malaysian Code on Corporate Governance (MCCG) 2012, are specifi cally enshrined under Chapter 15 of the Listing Requirements of Bursa Malaysia Securities Berhad. Regardless of whether the companies they represent are listed on the Main Market or ACE Market, the same onerous responsibilities apply.

The roles of Audit Committees span from overseeing fi nancial reporting, engaging with the internal and external auditors to assessing the adequacy of internal controls and reviewing related party transactions and confl ict of interest situations.

With the fast pace of changes in fi nancial reporting standards, especially those that are complex in nature, and the ever increasing expectations of stakeholders, Audit Committees are invariably inundated with new

challenges from time to time. As if these are not enough, Boards of listed issuers are beginning to delegate the oversight of risk management to Audit Committees even though the Listing Requirements and the MCCG 2012 clearly mention that such oversight role is a principal responsibility of the Board. When things go wrong, for example fi nancial shenanigans, non-compliance with reporting requirements or contravention of fi nancial laws and a plethora of other misdoings, it is not unusual for Audit Committees to be “fi ngered out” in the blame game.

Cognisant of the challenges faced by Audit Committees, the Malaysian Institute of Accountants has developed programmes that are tailored to assist Audit Committee members, in particular Audit Committee Chairmen, on how their roles and responsibilities can best be discharged with proper ‘ringfencing’ that demonstrates how Audit Committee members fulfi l their stipulated roles. The overall programme is modular in nature, i.e. it provides training covering topical areas that relate to the Audit Committee, either directly or otherwise.

OBJECTIVESThis series of 10 workshops aim to provide Audit Committees and Board Members a deeper understanding of the Audit Committee’s roles and responsibilities as well as the tools and knowledge necessary to manage their execution of responsibilities effectively. It is structured around the signifi cant challenges faced by members of these committees. Modular in nature, the workshops will cover areas that relate to the Audit Committee, either directly or otherwise.

METHODOLOGYLectures, PowerPoint presentations, case studies, interactive discussions.

WHO SHOULD ATTEND• Boards of Directors• Audit Committee Members & Advisors• Internal Audit Management Personnel• Corporate Governance Advocates• Anyone who effectively provides the key functions

of the Audit Committee

Workshop A

Functions of the Audit Committee (AC): Demonstrating the discharge of roles and responsibilities• Advent of the Audit Committee

• AC functions—what have changed?

• The Corporate Governance Guide’s emphasis on the AC

• The AC Charter/Terms of Reference

• How to engage with auditors (internal & external) effectively

• Common pitfalls of the AC – selection of members, skill sets, experience, engagement with Management, use of subject matter experts and disagreement with Management

• Financial misstatements

• Discharging responsibilities—“ringfencing” with pertinent documentation

• The AC Report—what can go wrong?

Workshop B

The Malaysian Code on Corporate Governance (MCCG) 2012: Key challenges and common pitfalls in embracing the 26 Recommendations• Corporate governance (CG)—a holistic defi nition

• Overview of 8 Principles, 26 Recommendations and Commentaries of MCCG

• Key changes to MCCG—rationale & implications to Boards of listed issuers

• Key amendments to Bursa’s Listing Requirements affecting CG

• The Role of Independent Non-Executive Directors

• How to address the retention of INEDS who have exceeded the 9-year tenure

• Vital documentation on CG practices as a prelude to reporting in the Annual Report of listed issuers

• Salient fi ndings on CG disclosure by listed issuers as analysed by Bursa

FACILITATORS

For all Workshops except Workshop E:

LEE MIN ON

Min On retired as a Partner of KPMG Malaysia in 2015 after serving with the fi rm for 36 years. During his years with the fi rm, he was involved in external audit of public & private corporations and served as

the National Partner in charge of Risk Consulting division. Other roles included engagements on Board Advisory Services, covering corporate governance, enterprise risk management & internal audit for both public listed and private companies, focusing on Boards of Directors, Audit Committees, Chief Offi cers, Compliance Offi cers, and Heads of Internal Audit & Risk Management.

As a strong advocate of corporate governance, risk and control, Min On conducts in-house training and participates at public seminars and conferences as speaker, sharing his thoughts and insights on Governance, Risk and Controls.

Min On is a Chartered Member of the Institute of Internal Auditors Malaysia, Chartered Accountant of the Malaysian Institute of Accountants, Certifi ed Public Accountant of the Malaysian Institute of Certifi ed Public Accountants, and an Audit Committee member of the Institute of Internal Auditors Malaysia. He currently sits on the Board of Coalition for Business Integrity Bhd, a non-for-profi t organisation that advocates a culture of integrity in conducting businesses in Malaysia.

For Workshop E:

THONG FOO VUNG

Thong is an Audit Partner and leads the Audit Technical Department in KPMG Malaysia. He serves a diversifi ed portfolio of clients comprising public listed and multi-national companies in the

manufacturing, construction and plantation sectors. He is also a speaker for KPMG’s various MFRS/FRS seminars and workshops.

Thong is a Chartered Accountant with the Malaysian Institute of Accountants (MIA) and a council member of the Malaysian Institute of Certifi ed Public Accountants (MICPA). He also serves in various Working Groups of the Malaysian Accounting Standards Board (MASB), and is a board member of the Auditing and Assurance Standards Board (AASB) and a committee member of the Financial Reporting Standards Implementation Committee (FRSIC) of the MIA.

Workshop E

Understanding Complex Financial Reporting under MFRS/IFRS• Financial reporting environment

• Responsibility of the AC in oversight of fi nancial reporting—quarterly as well as annual fi nancial performance

• Major accounting standards and their intricacies

• What to really look out for—their implications to reporting

• Specifi c industry issues

• Case studies on application of MFRS

Workshop C

Related party transactions and confl ict of interest situations: How does the Board/Audit Committee address such arrangements?• Defi nition of Related Parties (RP), Related Party Transactions

(RPTs) & Confl ict of Interest Situations (COIs)

• Why are RPTs usually viewed as “sinister” & “taboo”

• RPTs vs Recurrent Related Party Transactions (RRPTs)

• Duties of the Board/Audit Committee (Directors) on RPTs & RRPTs and confl ict of interest situations

• How does a governance, risk & compliance framework feature in RPT/RRPT?

• “Arm’s length” defi nition & documentation (including transfer pricing under the Income Tax regime)

• The RPT framework—addressing transparency, accountability, integrity and compliance with regulatory requirements

• What can still go “wrong”

Workshop F

The Statement on Risk Management & Internal Control–Guidelines for Directors of Listed Issuers• Paragraph 15.26 (b) of Bursa’s Listing Requirements (incl.

Practice Note 9/2001 as revised) on the mandatory Internal Control Statement

• Statement on Risk Management & Internal Control–Guidelines for Directors of Listed Issuers (Guidelines)—what it is and the rationale

• Salient aspects of the Guidelines & implications to Board, AC & Management

• Assurance by CEO & CFO

• Content for disclosure in the Internal Control Statement—some misconceptions

• What if there is already an announcement to regulators on fi nancial irregularities?

• Review by external auditors (the revised RPG 5 December 2015 version)

Workshop D

Oversight of the Internal Audit (IA) Function• Defi nition of IA and base-line requirements on its scope of

work—do the MCCG 2012 and Bursa’s Listing Requirements provide for one?

• Key challenges facing the IA profession

• The Institute of Internal Auditors (Malaysian Chapter) and IIA, Inc.—how these organisations feature in the profession locally

• IA function—in-house, out-source and co-source arrangements

• How best to determine the remit, incl. compensation package & promotion, of the IA Head

• Responsibilities of the AC on the oversight of IA function under the MCCG 2012 and Bursa’s Listing Requirements

• Professional Standards deployed by IA

• Reporting by the IA

• Assessing the performance/competency of IA—is it part of the professional standards?

• The IA Charter and IA Statement

Workshop I

Fraud Risk Management: Defusing corporate landmines• Risk Management—what it actually is

• CG on fraud risk management—the sole responsibility of AC?

• Fraud and misconduct—perfect recipe for disaster

• Fraud during economic downturn

• The fraud triangle—why do people commit fraud?

• Snippets on fraud survey by Big 4 fi rms

• Financial statement fraud schemes—commonly used “methods”

• Red fl ags to look out for

• Measures to prevent andor detect malfeasance

• Case studies—what went wrong & what could have been done

Workshop G

Enterprise Risk Management (ERM): Recommendation 6.1 of the MCCG 2012• Establishing an ERM framework

• Determining the Company’s level of risk tolerance (risk appetite)—use of risk parameters as measuring metrics

• The “5 by 5” risk matrix in terms of likelihood and impact of risks

• Identify, assess and monitor key risks to safeguard shareholders’ investment & Company’s assets—developing risk profi le and compilation of risk register

• How to link internal controls to risks identifi ed

• What are key risk indicators and why they are vital to corroborate risk ratings

• Risk treatment options available

• What is a risk appetite statement?

• Risk management continuum

• Review effectiveness & effi ciency of internal controls for viability & robustness

• Case studies on what went wrong with risk management

• Disclose in Annual Report the main features of the listed issuer’s risk management and internal control systems

Workshop J

The Nominating Committee (NC): What does it really do?• The NC composition and size

• Roles of the NC under MCCG 2012 and Listing Requirements of Bursa Malaysia

• Its Charter/Terms of Reference

• Policy on Board diversity—age, gender and ethnicity criteria

• Assessing the Board, Board Committees and individual Directors, including the use of external parties

• Directors’ education programme—how does this feature as part of the NC’s purview?

• How to address disagreement between the NC and the Board?

Workshop H

Engaging with, and assessing, the External Auditors (EA)• Functions of the AC on EA

• Should EA consider IA’s work for better collaboration?

• Assessing the professional independence, competency and adequacy of relevant resources of the EA—what documentation should be in place

• Policy on non-audit services provided by EA and/or its network member fi rms and companies

• Private sessions with the EA—what questions can be asked by the AC to elicit assurance on fi nancial reporting and internal controls

• Should IA sit in at the private session with EA?

• The Management Letter of the EA

• Communicating key audit matters in the IA’s Report

AUDIT COMMITTEE WORKSHOP REGISTRATION FORMPlease o the appropriate checkboxes.

IMPORTANT NOTES:Registration is on a first-come-first-served basis. Only fully completed registration form will be processed.

For complete programme details, please download the full brochure(s) from: pd.mia.org.myOur programmes can be customised to meet your in-house training requirements. Please call for details.

PROGRAMME FEE • FeeispayabletoMALAYSIAN INSTITUTE OF ACCOUNTANTS • Feeincludescoursematerials,lunchand2teabreaksperday.• Fullpaymentoftheaboveamountshallbemadewithinthirty(30)daysfromthedateofthe

PaymentAdviceoronthedayoftheevent,whicheverearlier.• Admittancemaybedenieduponfailuretomakefullpaymentaspertheaboverequirement.CANCELLATION/ TRANSFERUponregistering,participant(s)areconsideredsuccessfullyenrolledintheevent.Shouldparticipant(s)decidetocancel/transfertheirenrolment,acancellation/transferpolicyshallbeappliedasfollows.a)Writtencancellation/transferreceivedlessthanseven(7)daysfromthedateoftheevent: -Arefund(lessadministrativechargeof20%)willbemade -Unpaidregistrationswillalsobeliablefor20%administrativechargesb)Writtencancellation/noshowonthedayoftheprogramme: -Norefundwillbeentertained -Unpaidregistrationswillalsobeliableforfullpaymentoftheregistrationfee -PartialcancellationisnotallowedYoucansubstituteanalternateparticipantifyouwishtoavoidcancellation/transfercharges. Anydifferenceinfeeswillbechargedaccordingly.

*Please select the participant classification carefully as it determines the fee payable. No alteration will be allowed after the registration is accepted. Terms and conditions apply.1The Sponsored Staff must report directly to the sponsoring MIA member in his/her firm or company.

CERTIFICATE OF ATTENDANCE AND CPE HOURS• Upon full attendance of the programme, participants will be issued an “E-certificate”. Participants will

receiveanemailwithadownloadlinkandarerequiredtodownloadthee-certificatewithin30days.Forthispurpose,itisCOMPULSORYtofillintheemailaddressclearly.

• ForMIAmembers,theCPEhourswillbecreditedintotheMembershipSystemwithin2weeksoftheevent.DATA PROTECTIONPersonalDataisgatheredinaccordancewiththePersonalDataProtectionAct2010(Act709).DISCLAIMERMalaysianInstituteofAccountants(MIA)reservestherighttochangethespeaker(s),date(s)andtocanceltheprogrammeshouldcircumstancesbeyonditscontrolarises.MIAalsoreservestherighttomakealternativearrangementswithoutpriornoticeshoulditbenecessarytodoso.Uponsigningtheregistrationform,youaredeemedtohavereadandacceptedthetermsandconditions.

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Participant 2 Full name as per I/C (Dato’ / Datin / Dr / Mr / Mrs / Ms): o Vegetarian Meal

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Participant 3 Full name as per I/C (Dato’ / Datin / Dr / Mr / Mrs / Ms): o Vegetarian Meal

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PROGRAMME FEE PER WORKSHOP

Member | RM 530Boardroom Clients/Associates | RM 530Member Firm’s Staff or Sponsored Staff 1 | RM 583Non-member | RM 689

The above programme fee is inclusive of 6% GST.

PROGRAMME DETAILS & REGISTRATION

Date WorkshopParticipant

1 2 3

31 May 2016 A

B

15 Jun 2016 C

D

13 July 2016 E

F

27 July 2016 G

H

10 August 2016I

J

Venue : Concorde Hotel Kuala Lumpur

Contact : PugalTel : 03 2279 9200 ext 293Fax : 03 2273 5167Email : sp@mia.org.my Address : Malaysian Institute of Accountants Dewan Akauntan,

No. 2, Jalan Tun Sambanthan 3 Brickfields, 50470 Kuala LumpurGST No. : 000955203584

Contact : Alex LeeTel : 03 7720 1139/1155Fax : 03 7720 1111Email : alex.lee@boardroomlimited.comAddress : Boardroom Corporate Services (KL) Sdn Bhd Lot 6.05, Level 6, KPMG Tower 8 First Avenue, Bandar Utama 47800 Petaling Jaya Selangor Darul Ehsan

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