"Audit and Risk Committee Self-assessment Questionnaire Form - Ayalaland" - Philippines

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Download "Audit and Risk Committee Self-assessment Questionnaire Form - Ayalaland" - Philippines

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Audit and Risk Committee Self-Assessment Questionnaire
Please read each statement and rank your response on the 5-point scale directly
below each statement, with “1” indicating that you strongly disagree with the
statement and “5” indicating that you strongly agree with the statement.
Additional space is also provided for comments you may have on each statement,
if any.
This assessment will cover four broad areas of Audit and Risk Committee
performance:
Fulfillment of the Audit and Risk Committee’s Key Responsibilities
Quality of the Audit and Risk Committee – Management Relationship
Effectiveness of Audit and Risk Committee Processes and Meetings
Performance of Individual Audit and Risk Committee Members
Please be as frank and candid as possible in your ratings and comments. Rest
assured that confidentiality will be maintained at all times. A summary report will
be distributed to the Audit and Risk Committee after the tabulation and analysis
of the results, along with some recommendations for possible Audit and Risk
Committee consideration and action. While some comments may be referenced
in the summary report, we will not make any personal attribution for these
comments.
Name: ____________________________
Signature: _________________________
Date submitted: _____________________
1
Audit and Risk Committee Self-Assessment Questionnaire
Please read each statement and rank your response on the 5-point scale directly
below each statement, with “1” indicating that you strongly disagree with the
statement and “5” indicating that you strongly agree with the statement.
Additional space is also provided for comments you may have on each statement,
if any.
This assessment will cover four broad areas of Audit and Risk Committee
performance:
Fulfillment of the Audit and Risk Committee’s Key Responsibilities
Quality of the Audit and Risk Committee – Management Relationship
Effectiveness of Audit and Risk Committee Processes and Meetings
Performance of Individual Audit and Risk Committee Members
Please be as frank and candid as possible in your ratings and comments. Rest
assured that confidentiality will be maintained at all times. A summary report will
be distributed to the Audit and Risk Committee after the tabulation and analysis
of the results, along with some recommendations for possible Audit and Risk
Committee consideration and action. While some comments may be referenced
in the summary report, we will not make any personal attribution for these
comments.
Name: ____________________________
Signature: _________________________
Date submitted: _____________________
1
Audit and Risk Committee Self-Assessment Questionnaire
I.
Fulfillment of the Audit and Risk Committee’s Key Responsibilities
1. The Audit and Risk Committee demonstrates commitment to good corporate
governance practices and provides oversight to ensure that the Company is
operated in a moral, legal and ethical manner and that decisions are carried out
in accordance with applicable laws and by its own by-laws and policies.
1
2
3
4
5
Comments:
2. The Audit and Risk Committee fulfills all its duties and responsibilities in the
following areas:
Performance of oversight financial management functions specifically in the
areas of managing credit, market, liquidity, operational, legal and other risks of
the Corporation, and corresponding crisis management;
1
2
3
4
5
Setting up of an internal audit department and consideration of the appointment
of the chief audit executive; establishment and identification of the reporting
line of the chief audit executive;
1
2
3
4
5
Ensuring that internal auditors have free and full access to all the Corporation's
records, properties and personnel relevant to and required by its function and
that the internal audit activity shall be free from interference in determining its
scope, performing its work and communicating its results;
1
2
3
4
5
2
Audit and Risk Committee Self-Assessment Questionnaire
Provision of oversight on the corporation's internal and external auditors
through pre-approval of all audit plans, scope and frequency one (1) month
before the conduct of external audit;
1
2
3
4
5
Discussion with the external auditor the nature and scope of the audit, before
the audit commences, and ensuring cooperation where more than one audit
firm is needed;
1
2
3
4
5
Monitor a transparent financial management system that will ensure the
integrity of internal control activities throughout the Corporation and the
effectiveness of policies and procedures that are in place;
1
2
3
4
5
Review of the reports of internal and external auditors and regulatory agencies,
where applicable, and ensuring that management is taking appropriate
corrective actions in a timely manner in addressing control and compliance
functions with regulatory agencies;
1
2
3
4
5
Review of the quarterly, half-year and annual financial statements before
submission to the Board, focusing on changes in accounting policies and
practices, major judgmental areas, significant adjustments resulting from the
audit, going concern assumptions, compliance with accounting standards, and
compliance with tax, legal and stock exchange requirements;
1
2
3
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5
3
Audit and Risk Committee Self-Assessment Questionnaire
Recommendation and review of the appointment of external auditors and their
remuneration;
1
2
3
4
5
Review and approval of the proportion of audit versus non-audit work both in
relation to their significance to the auditor and in relation to the Corporation's
total expenditure on consultancy, to ensure that non-audit work will not be in
conflict with the audit functions of the external auditor;
1
2
3
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5
Comments:
3. Overall, the Audit and Risk Committee has added significant value to the
Company.
1
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4
5
Comments:
II.
Quality of the Audit and Risk Committee – Management Relationship
1. There is a clear understanding of where the role of the Audit and Risk Committee
ends and where that of the CEO / management begins.
1
2
3
4
5
Comments:
4
Audit and Risk Committee Self-Assessment Questionnaire
2. The Audit and Risk Committee has established appropriate and clear threshold
limits for involvement in major business policies or decisions.
1
2
3
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5
Comments:
3. The Audit and Risk Committee actively challenges the CEO / management in
order to understand the businesses better and to drive improvements in the
Company’s performance. There is a frank and open two-way discussion which
fosters critical thinking and incisive questioning.
1
2
3
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5
Comments:
III. Effectiveness of Audit and Risk Committee Processes and Meetings
1. The frequency, duration and scheduling of Audit and Risk Committee meetings
are adequate to ensure proper coverage of the Audit and Risk Committee’s
responsibilities. (Note: The ASEAN Corporate Governance Scorecard requires
Audit and Risk Committees to convene at least four times a year.)
1
2
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5
Comments:
5
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