FORU established an Audit Committee in accordance with the Decree of the Board of Commissioners No. KEP-001/VI/2011 dated June 16, 2011.
The establishment of the Audit Committee is also in accordance with the provisions of the Chairman of Bapepam No. Kep 29/PM/2004 dated September 24, 2004.
Composition of Audit Committee
In accordance with these provisions, FORU has approved and appointed members of the Audit Committee, with the composition as follows:
|Toto Setyoadi Murdiono||Chairman|
|Tjandra Susanto Putra||Member|
Duties and Responsibilities of Audit Committee
Referring to the Audit Committee Charter, the duties and responsibilities of the Audit Committee are as follows:
- Monitoring the company’s performance and provide input to the Board of Commissioners
- Preparing a number of procedures and other administrative including reporting which should be prepared for the effective activities implementation of the Audit Committee
- Overseeing all financial information, in addition, the Audit Committee also serves to resolve all disputes between the management, external auditors and/or internal auditors on financial reporting
- Evaluating the planning and implementation of internal control of the company, overseeing the implementation of risk management
- Participating in appoint and/or dismiss, as well as overseeing the work, the Head of Internal Audit Division and Internal Audit unit, became the main liaison and provide an appropriate forum to deal with all matters relating to audit or inspection of the regulator, if any
- Participating in appoint and/or dismiss and supervise the work of the Public Accounting Firm to conduct audit or other audit tasks outside the audit of Financial Statements in accordance with the existing agreement, attest to the financial statements and other audit conducted by the Public Accounting Firm requires the approval of the Audit Committee
- Ensuring company’s compliance with the prevailing legislation in order to achieve Good Corporate Governance
- Directly receiving, or through management reports, grievances/complaints from internal and external parties of the Company; establish and maintain a mechanism of grievance/complaints such as embezzlement, fraud and other inappropriate activities
In addition to the above duties, the Audit Committee also received a special assignment from the Board of Commissioners; this task is completed in accordance with the objectives required by the Board of Commissioners.
Audit Committee Charter
The Board also has established Audit Committee Charter as a guideline for the Audit Committee in carrying out its duties and responsibilities in a transparent, competent, objective and independent manner, so that it can be accounted for and be accepted by all parties concerned. The Audit Committee Charter has been manifested in a guidebook which was published on the website of FORU.
Audit Committee Independency
A Regulation of Bapepam-LK regarding Audit Committee requires that the Audit Committee consists of at least three members, one of whom is the Commissioner – in this case Dedi Sjahrir Panigoro – unaffiliated and serving as Chairman. Meanwhile, two other members must be independent, at least one of who must have expertise in accounting and/or finance. To fulfill the independence requirement in accordance with prevailing regulations in Indonesia, a member of the Audit Committee is not appointed from executive officer of the Public Accounting Firm providing audit services and/or non-audit services to the company within a period of six months. On this basis, FORU has appointed three members of the Audit Committee, which meets the independence requirements and does not have any conflict of interest with the company, especially in terms of not having a family relationship, financial, management or ownership of the company.