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INTERNAL AUDIT UNIT

 

In accordance with Bapepam-LK Regulation No. IX.I.7, Appendix to the Head of Bapepam- LK Decision Letter No. Kep-496/BL/2008 dated November 28, 2008 regarding the Establishment and Guidance to the Formulation of Internal Audit Charter, as updated by Financial Services Authority Regulation No.56/POJK.04/2015 dated 23 December 2015 and enacted on 29 December 2015 (“POJK No. 56/2015”), and Indonesia Stock Exchange Regulation No. I-A, Appendix to IDX Board of Directors’ Decision Letter No.Kep- 00001/ BEI/01-2014 dated January 20, 2014 and effective January 30, 2014 concerning the Listing of Stock and Equity other than Stocks Issued by Public Listed Companies (“IDX Regulation No. I-A”), the Company formally established the Internal Audit Unit.

 

INTERNAL AUDIT CHARTER

 

The Internal Audit Charter has been formulated by the President and Chairman of the Audit Committee. Broadly speaking, the Internal Audit Charter includes, among others:

grey dot   Vision and mission;

grey dot   Structure and positions;

grey dot   Duties and responsibilities;

grey dot   Jurisdictions;

grey dot   Code of Ethics;

grey dot   Membership requirements;

grey dot   Accountability; and

grey dot   Independency.

 

STRUCTURE AND POSITIONS WITHIN THE INTERNAL AUDIT UNIT

 

Based on POJK No. 56/2015 and the Company’s Internal Audit Charter, it was decided that the Internal Audit Unit be consisted of at least 1 (one) internal auditor or more. The number of internal auditors are to be matched to the Company’s size and business complexities. Currently, the Company employs 1 (one) internal auditor, whose name is Toto Wirawan Shahri. Based on the Letter of Appointment dated 1 July 2020, signed by the Company’s President Director and Board of Commissioners, Toto Wirawan Shahri was formally appointed as Head of Internal Audit Unit.

 

The Head of Internal Audit Unit is appointed and dismissed by the President Director with the approval of the Board of Commissioners. The Head of Internal Audit Unit reports directly to the President Director.

INTERNAL AUDIT

DUTIES AND RESPONSIBILITIES

 

The Internal Audit Unit conducts a series of activities and consultations to enable the Company to systematically improve its corporate value and operational performance through regular evaluation and enhancement of the risk management system, internal controls and good corporate governance processes. As outlined in the Internal Audit Charter, the Company’s Internal Audit Unit is tasked with the following responsibilities:

grey dot   Formulate and implement the annual Internal Audit plan;

grey dot   Analyse and evaluate the implementation of the internal control and risk management

     systems in accordance with Company policy;

grey dot   Assess and evaluate the efficiency and effectiveness of operations in regard to Finance, Accounting,

     Operations, Human Resources, Marketing, Information Technology and others;

grey dot   Provide recommendations on improvements and objective information

     about the activities audited at all levels of management;

grey dot   Prepare and submit audit reports to the President Director and Board of Commissioners;

grey dot   Monitor, analyse and report on the implementation of the recommended actions;

grey dot   Work closely with the Audit Committee;

grey dot   Develop programmes to evaluate the quality of internal audit activities; and

grey dot   Conduct special audits (if required).

CODE OF ETHICS

 

In the carrying out of its duties and responsibilities, the Internal Audit Unit must comply with the Company’s established Internal Audit Code of Conduct and Code of Ethics. The Internal Audit Unit’s Code of Ethics are outlined in the Internal Audit Charter and mandates, among others:

1.    Integrity

grey dot  To work honestly, diligently, and responsibly; and

grey dot  Comply with all laws and never engage in any illegal activity.

2.    Objectivity

grey dot  Disclose all known material facts; and

grey dot  Always acts professionally in performing of their duties and responsibilities.

3.    Confidentiality

Must always exercise prudence and austerity in handling all information obtained during the course of their duties.

4.    Competence

grey dot  Conduct an audit in accordance with International Standards for the Professional Practice of Internal Auditing; and

grey dot  Constantly improves the capacity and effectiveness as well as the quality of the audit.

PROFESSIONAL CERTIFICATION

 

Every member of the Internal Audit Unit, in each of the business unit, as well as the Company’s internal auditor, are all certified auditors.

EDUCATION/TRAINING DURING FISCAL YEAR 2019

 

In 2019, the Head of the Company’s Internal Audit Unit did not attend any training or development program.

BRIEF REPORT ON THE INTERNAL AUDIT UNIT’S ACTIVITIES IN 2019

 

In 2019, the Internal Audit Unit executed the following series of activities:

grey dot   Developed and executed an annual internal audit plan;

grey dot   Analysed and evaluated the internal control and risk management systems

     to ensure that they function in accordance with company policy;

grey dot   Assessed and evaluated the efficiency and effectiveness in Finance, Accounting,

     Operations, Human Resources, Marketing, Information Technology and other operations;

grey dot   Carried out an objective evaluation of the activities being audited

     at all levels of management and provide recommendations for improvement;

grey dot   Reviewed and reported on the implementations of the recommended improvements;

grey dot   Created and submitted audit reports to the Board of Commissioners and Board of Directors;

grey dot   Worked closely with the Audit Committee;

grey dot   Developed a program to evaluate the quality of internal audit activities; and

grey dot   Conducted special audits as requested.

RESULTS OF AUDIT

 

The Company’s Internal Audit Unit has completed an evaluation of the effectiveness of the implementation of the Company’s Internal Control System, Risk Management, and Corporate Governance, and assessed the efficiency and effectiveness of all of the Company’s activities in Finance, Accounting, Operations, Human Resources, Information Technology and other activities. The Audit Report has been submitted to the President Director and the Audit Committee. The report serves as a recommendation and reference for all follow-up implementations.

PROFILE OF THE HEAD OF THE INTERNAL AUDIT UNIT

 

Toto - website

Toto Wirawan Shahri

 

Toto Wirawan Shahri began his career in finance with PT Mandiri Rintis Gemilang in 1990-1993, a subsidiary of PT Hero Supermarket Tbk, Jakarta. Afterwards, he joined PT Wiramaju Kharisma Jaya, another subsidiary of PT Hero Supermarket Tbk, as Internal Audit Manager. He continued his career with PT Challenger Indonesia as Vice President of Operations and served at the Department of Finance and Accounting in 1999-2000. He returned to PT Hero Supermarket Tbk as Finance Business Development Senior Manager, a post he held until 2006. His involvement with various companies such as PT Indonesia Computer Square as Chief Financial Officer (2007-2008), PT Matahari Putra Prima Tbk as External Auditor (2008-2010) and PT Wahana Neraca Nusantara (2010-2012) enhanced his extensive knowledge and experience in finance and audit. From 2013 to 2014, he supervised the building management of 2 shopping malls in China. He returned to Indonesia to take on the post of Internal Audit Unit of the Company, a post he has held since 10 November 2014 until January 2019.

 

He is an Indonesian citizen, aged 60 as of 31 December 2019. He obtained his master’s degree in Financial Management from Persada University Indonesia YAI in 1996.

INTERNAL AUDIT CHARTER

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