Composition of Audit Committee
Audit Committee consists of 1 (one) Independent
Commissioner as the chairman and 2 (two) independent
external party members who meet independence
requirements as set out in Financial Services Authority
Regulation No. 55 /POJK.04/2015 dated December 23,
2015 concerning Establishment and Implementation of
Audit Committee.
In 2021 there was a change in the composition of Audit
Committee based on the Board of Commissioners Decree
No. 002/SM/SK-DEKOM/IV/2021 dated April 29, 2021. The
change has been reported to OJK by letter No: 008/SM-CS/
IV/2021 dated 29 April 2021.
Accordingly, the composition of the Audit Committee as of December 31, 2021 is as follows:
Position |
Name |
Chairman |
Lindawati Gani |
Member |
Dr. Timotius, AK., CA |
Member concurrently Secretary |
Herwan, NG |
Independency Statement
In carrying out their duties and responsibilities, all
members of Audit Committee are committed to upholding
GCG principles by being objective, professional and
independent. Audit Committee will not make decisions
under pressure and intervention of any party and avoid
any potential conflict of interest. All members of Audit
Committee do not have affiliate relationships both in a
family and business relationship with members of Board
of Commissioners, Board of Directors and Major and /or
Controlling Shareholders.
Audit Committee Charter
Audit Committee has an Audit Committee Charter as a
guideline in carrying out its functions. Provisions stipulated
in Audit Committee Charter are:
- Establishment and objectives,
- Composition, structure and membership,
- Duties and responsibilities,
- Authorities,
- Meetings,
- Reporting,
- Work relations,
- Handling complaints or reporting of suspected violations related to financial statements, and
- Closing.
Duties and Responsibilities
In performing its functions, the Audit Committee has the duties and responsibilities of at least include:
- Reviewing the Company’s financial information to the public and/or the authorities, among others, financial reports, projections and other reports related to the Company’s financial information
- Reviewing the compliance with laws and regulations relating to the Company’s activities;
- Provide an independent opinion in the event of any disagreement between management and the public accountant for the services it provides;
- Providing recommendations to the Board of Commissioners regarding the appointment of public accountant based on the independence, scope of the assignment, and remuneration;
- Reviewing the conduct of audits by internal auditors and overseeing the implementation of follow-up actions by the Board of Directors on the findings of internal auditors;
- Reviewing the risk management activities conducted by the Board of Directors, if the Company does not have a risk monitoring function under the Board of Commissioners;
- Review complaints relating to the Company’s accounting and reporting process;
- Review and advise the Board of Commissioners regarding the potential conflict of interest of the Company;
- Maintain confidentiality of Company documents, data and information
Authority
In performing its duties, the Audit Committee has the following powers:
- Access Company documents, data, and information about employees, funds, assets, and necessary company resources;
- Communicate directly with employees, including the Board of Directors and those exercising internal audit, risk management, and accounting functions related to the Audit Committee’s tasks and responsibilities;
- Involve independent parties outside the members of the Audit Committee who are required to assist in the execution of their duties (if necessary);
- To exercise other powers granted by the Board of Commissioners.
Audit Committee Meeting
In 2021, Audit Committee held 10 meetings attended
by all Committee members. Committee meeting may
invite the Company’s internal parties including Board of
Commissioners, Board of Directors or other functions, if
needed. The dates and agenda of the Committee meetings
are as follows:
Meeting Date |
Meeting Agenda |
Committee Attendance |
Meeting |
February 1 |
Audit Committee meeting with Public Accounting Firm |
100% |
April 19 |
Review of Financial Statement Q1 2021 |
100% |
June 2 |
- Internal Audit Work Plan for second half of 2021
- Strengthening Internal Audit function
- Reviewing risk management function
|
100% |
July 15 |
Review of Financial Statement Q2 2021 |
100% |
July 19 |
- Review of business processes of the Company and its subsidiaries
- Review of affiliate transaction procedures
|
100% |
August 13 |
- Presentation of the Internal Audit roadmap
- Review of affiliate transaction procedures
|
100% |
October 14 |
Review of Financial Statement Q3 2021 |
100% |
October 19 |
- Internal Audit Report for period of August-September 2021
- Report of ongoing internal audit activities
|
100% |
November 15 |
Audit Committee meeting with Public Accounting Firm |
100% |
December 21 |
- Internal Audit Report for period of October-November 2021
- Report of ongoing internal audit activities
- Presentation of the Internal Audit roadmap and 2023 Internal Audit Plan
|
100% |
Summary of Audit Committee Activity Report In 2021
During 2021, Audit Committee carried out its duties and
responsibilities in accordance with the Company’s Audit
Committee Charter. Duties of Audit Committee conducted
in 2021 included:
-
Reviewed and discussed 2020 consolidated financial
statements 2021 quarterly and mid year consolidated
financial statements;
-
Assessed performance of public accountants and/
or public accounting firms that audit the Company’s
annual financial statements for financial year 2020;
-
Provided recommendation to Board of Commissioners
on appointment of public accountant and or public
accounting firm to audit the Company’s Financial
Statements for financial year 2021;
-
Provide advice Board of Commissioners regarding the
formation, procedures, work plan and finding of Internal
Audit.