All members of Audit Committee are professionals and independent in conducting their duties and responsibilities, and have no affiliations with the Company. Members of Audit Committee do not have any relationship with the members of Board of Directors, Board of Commissioners and shareholders. In addition, members of Audit Committee are recruited from outside of the Company and have no personal relationship/interest that may bring negative impact and conflict of interest with Mitrabara. In conducting their duties, the Audit Committee members continuously uphold the prevailing laws and regulations.
Duties and Responsibilities of Audit Committee:
- Evaluating Mitrabara's financial statements based on the regulations and the generally accepted accounting principles.
- Providing opinion to the Board of Commissioners regarding reports or matters submitted by the Board of Directors to the Board of Commissioners and identifying issues that need the attention from the Board of Commissioners.
- Reporting to the Board of Commissioners on risks that may be faced by Mitrabara and risk management implementation by the Board of Directors.
- Reviewing the scope and conformity of external audit, honorarium for external auditors as well as independency and objectivity of external auditors.
- Reviewing the implementation and effectiveness of Mitrabara’s internal control.
- Reviewing Mitrabara’s compliance with the Regulations of Capital Market and other rules associated with Mitrabara’s business activities.
- Conducting other duties authorized by the Board of Commissioners, such as conducting a visit to Mitrabara’s branch office.
In implementing its duties, the Audit Committee refers to the Regulations of Bapepam No. IX.I.5 Attachment of Chairman of Bapepam and LK No. Kep. 643/BL/2012 dated December 7, 2011, on the Establishment and Work Guidelines of Audit Committee and Mitrabara’s Audit Committee Charter.
Audit Committee’s activities are integrated with Mitrabara’s overall efforts to implement GCG. The Audit Committee assists the Board of Commissioners in improving GCG implementation through the supervisory function and provision of advice on the management of the Company to the Board of Commissioners.
In 2015, the Audit Committee had conducted various activities that promote the implementation of GCG in Mitrabara, among others, as follows:
- Reviewing and clarifying the Financial Information;
- Selecting and appointing Independent Auditors as well as supervising their works;
- Evaluating the effectiveness of Internal Audit function;
- Supervising the effectiveness of Internal Control;
- Monitoring the Company’s compliance with Rules and Regulations as well as Internal Procedures;
- Discussing the Company’s Risk Management system and risk mitigation