Suhartojo Tjandra - Chairman of the Audit Committee
Indonesian citizen, domiciled in Jakarta, born in 1953, graduated from Private International Law, Faculty of Law, University of Indonesia with long working experience starting as English Correspondent to the position as Director at several companies. He joined the Company in June 1994 as a Commissioner and since 2005 hold the position as a Chairman of Audit Committee whereas based on decision of the Board of Commissioners on December 11th, 2017, the position as a Chairman of Audit Committee was extended until 2022.
Indonesian citizen, domiciled in Surabaya, born in 1975, graduated from Magister Management Programs of Surabaya University. She started her career by working at a Business Consultant Company in Jakarta. She has worked in several retail industries since 2001 untill now. She has been appointed as a member of Audit Committee since 2009 and based on decision of the Board of Commissioners on December 11th, 2017, this position was extended until 2022.
Indonesian citizen, domiciled in Surabaya, born in 1980, graduated from the Faculty Economics, Narotama University. He started his career in 2001 at several trading companies, transportation and properties, since 2009 he has worked at Public Accountant in Surabaya until now. He has been appointed as a member of Audit Committee since 2017 based on decision of the Board of Commissioners on September 4th, 2017 and will serve until 2022.
INDEPENDENCE OF THE AUDIT COMMITTEE
All members of Audit Committee are professionals in their respective field and selected based on among others; integrity, competence, experience and knowledge in law, financial, and information technology. Committee members are also required to meet the independency requirement in which a member must be free from any financial, managerial, shareholding and/or familial relationship with the Board of Commissioner, Board of Directors and/or controlling Shareholders and/or with the company.
DUTIES AND RESPONSIBILITIES OF AUDIT COMMITTEE
Our company describes duties and responsibilities of Audit Committee in Annual Activity Plan for 2017 – 2021 as follows:
- To review financial information that is going to be published by our company, such as Annual Financial Statement, Quarterly Financial Statement, Financial Projection and other financial information
- To review independency and objectivity of our company’s Public Accountant
- To review sufficiency of the audit procedures which were conducted our company’s Public Accountant to confirm all important audit risks have been addressed
- To review the effectiveness of company’s internal control
- To review the compliance level against regulations in Capital Market and Corporate Law, also other regulations related to the Company’s activities
- To investigate discrepancy and/or mistake in implementation of decisions as results of Board of Directors Meeting, Board of Commissioners Meeting and Shareholders Meeting
- To hold the Quarterly Audit Committee Meeting to formulate the independent professional opinion to or company’s Board of Commissioners regarding with the reports or other submitted by Board of Directors to Board of Commissioners
- To hold the Annual Audit Committee Meeting to arrange activities report of Company’s Audit Committee that will be attached in Company’s Annual Report
In line with that task and responsibility description, the Company Audit Committee held seven times of Audit Committee Meeting in year 2018 which were attended by Chairman of Audit Committee and all its members.
Activities conducted by Committee Audit during 2018 are as follows:
- Reviewing the financial informations that were published by the Company, such as Financial Statements as of December 31st, 2018, as of March 31st, 2018, as of June 30th, 2018 and as of September 30th, 2018 and reviewing the Company’s Business Plan year 2018 - 2022.
- Reviewing the independency, objectivity and sufficiency of audit procedures which were conducted by public accountant Hadori Sugiarto Adi & Partner, on the Company’s Financial Statement as of December 31st, 2017.
- Reviewing the Company’s 2019 Budget and Business Plan 2019 - 2023 with Projection of Financial Statement 2019 - 2023, then providing feedbacks and professional opinion to Board of Commissioners.
- Reviewing the effectiveness of Company’s internal control and providing the feedbacks to improve its internal control and to increase the performance of audit internal.
- Evaluating the compliance level against related regulations in connection with the implementation of new regulations in 2018, the plan for issuing Medium Term Notes amounted to USD 8 million and also plan of additional working capital in Paper Machine number 10 along with its funding alternatives.y
- Audit committee has held meetings following the determined schedule, which are quarterly and annually