Audit Committee


Legal Basis

The Audit Commitee of the Company is establised by the decree of the Board of Commissioners No. AAID/SK-DK/4-2018/001 dan No. AAID/SK-DK/4-2018/002 dated 30 April 2018 in accordance with :

  • The Financial Services Authority (OJK) Regulation No. 55/POJK.04/2015 dated 23 December 2015 on Establishment and Implementation Guidelines of Audit Committee (“POJK 55/2015”).
  • Indonesia Stock Exchange Regulation No.I-A.
  • The Company’s Articles of Association.

Audit Commitee Charter

The Company has in place the Audit Committee Charter ratified by the Board of Commissioners on October 1, 2018, which contains the work guidance of the Audit Committee including the duties and responsibilities and the convention of the Committee Meetings.

Audit Commitee Profile

The Audit Committee consists of one Chairman and one Member. The second Member is currently under process. The following is the profile details of Audit Committee:

Agus Toni Soetirto
60 years
Indonesian Citizen
Chairman of Audit Committee/ Independent Commissioner
Terms of Office 5 (five) years
Appointment Basis Board of Commissioners Decree No. AAID/SK-DK/4-2018/001 dated 30 April 2018
Educational Background As disclosed in Profile of the Board of Commissioners on page 52 of Annual Report
Professional Experience As disclosed in Profile of the Board of Commissioners on page 52 of Annual Report
Avian Widyasmono
49 years
Indonesian Citizen
Member of Audit Committee/ Independent Party
Terms of Office 2 (two) years
Appointment Basis Board of Commissioners Decree No. AAID/SK-DK/4-2018/001 dated 30 April 2018
Educational Background Master of Management (M.M.) in Strategic Management at Prasetya Mulya Indonesia Jakarta 2004-2006
Bachelor Degree in Accounting (S.Ak.) in Accounting at STIE Perbanas – Jakarta 1987-1992
Professional Experience September 2018 – Current: Chief of Financial Officer, PT. Garda Paksi Nusantara.
December 2016 – February 2017: Chief of Financial Officer, PT. Whitesky Aviation.
November 2015 – October 2016: Commissioner, PT. Jabar Rekind Geothermal.
December 2012 – October 2015, PT. Wijaya Karya Jabar Power.
May 2010 – October 2015: President Director, PT Jabar Rekind Geothermal.
June 2011 – December 2012: Director, PT Wijaya Karya Jabar Power.
Aug 2009 – May 2010: Special Staff Finance Director, PT. Geo Dipa Energy.
Feb 2008 – Aug 2009: Director, PT. Rinjani Maritim Transportasi.
Jul 2006 – Mar 2008: Vice President Finance, Infinite Capital.
May 1997 – Jun 2006: Bakrie Group Company.

Independency of Audit Committee

In compliance with POJK 55/2015, members of the Audit Committee shall not have any affiliation with members of the Company’s Board of Commissioners, members of the Company’s Board of directors, and the Company’s main shareholders.

DUTIES AND RESPONSIBILITIES

  • Review the financial information to be issued to the public and/or the authorities, including financial statements, projection, and other reports relating to financial information of the Company;
  • Review the compliance with laws and regulations related to the activities of the Company;
  • Provide an independent opinion on any dissenting opinions between the management and the Accountant for the provided services;
  • Provide recommendations to the Board of Commissioners on the appointment of Accountant based on the independency, scope of assignment, and fees;
  • Review the implementation of audit by internal auditor and oversee the implementation of follow-up actions by the Board of Directors on the findings of internal auditor;
  • Review the risk management activities conducted by the Board of Directors, if the Company or Public Company does not have a risk monitoring function under the Board of Commissioners;
  • Review complaints relating to accounting and financial reporting processes of the Company or Public Company;
  • Review and advise the Board of Commissioners on potential conflict of interest of the Company;
  • Maintain the confidentiality of documents, data and information of the Company.

IMPLEMENTATION OF AUDIT COMMITTEE ACTITIVIES IN 2018

The Audit Committee Report for 2018 was made based on the Audit Committee Charter in compliance with OJK Regulation No. 55/POJK.04/2015 concerning the Establishment and Work Guidelines of the Audit Committee.

The realization of the Audit Committee work program in 2018 is as follows:

  1. The Audit Committee has reviewed the Company’s financial statements in 2018, both quarterly reports and annual report. The Audit Committee has also discussed several issues that require the attention of the Board of Directors and management as well as proposed the improvement performance.
  2. The Audit Committee noted that the Company has carried out its activities in accordance with the prevailing laws and regulations.
  3. In performing the Company’s activities as a public company, the Audit Committee ensured that the Company maintain the accountability, transparency and professionalism as an important element in good corporate governance practices in risk management.
  4. The 2018 work program of Audit Committee included the approval on the Public Accounting Firm (“KAP”) Purwantono, Sungkoro & Surja and has reviewed the KAP’s conformity in accordance with the requirements of Article 28 of the Financial Services Authority Regulation number 13/POJK.03/2017 concerning the Use of KAP Services in activities financial services (“OJK Regulation”).

Audit Committee Meeting

The Audit Committee Meeting Policy is as regulated in the Audit Committee Charter of the Company, which are:

  • The Audit Committee convenes meeting at least 1 (one) time in 3 (three) months;
  • The Audit Committee meeting can only be held if more than half (1/2) of the members are attended;
  • The decisions of the Audit Committee Meeting is taken based on deliberation to reach consensus;
  • Every Audit Committee Meeting is stated in the Minutes of Meeting including if there are dissenting opinions signed by all members of the Audit Committee present and submitted to the Board of Commissioners.

In 2018 the Company’s Audit Committee held 8 (eight) meetings with details as follows:

Meeting Agenda

NO MEETING MATERIAL DATE PRESENT MEMBERS REMARKS
1 Discussion on job description from the Company’s Internal Audit 09-04-2018 2 Kuorum
2 Discussion on meeting frequency of Audit Committee & adjustment of SOP from each Department 23-04-2018 2 Kuorum
3 Discussion on profit margin from the Company’s best route 23-04-2018 2 Kuorum
4 Discussion on Profit and Loss Report from each Company’s route 07-06-2018 2 Kuorum
5 Discussion on Company’s organization Structure 25-06-2018 2 Kuorum
6 Discussion on the Company’s performance for Q2 2018 23-07-2018 2 Kuorum
7 Discussion on Flight Safety 27-09-2018 2 Kuorum
8 Discussion on financial and Company’s commercial 10-10-2018 2 Kuorum

Meeting Frequency and Attendance

NO NAME TITLE TOTAL MEETING TOTAL ATTENDANCE %
1 Agus Toni Sutirto Chairman 8 8 100
2 Avian Widyasmono Member 8 8 100

MEETING FOLLOW-UP

All meeting results and meetings conducted by the Audit Committee are documented in the minutes of meetings and followed up with various letters to the Board of Commissioners and related parties.

TRAINING/COMPETENCY DEVELOPMENT

Since the establishment of the Audit Committee in February 2018, the Audit Committee is still focused on team building and the introduction of corporations so that there has been no training/ workshop/ seminar participated by the Audit Committee. However, in 2019 the Company has budgeted under the Internal Audit Department for competency development/ training for Audit Committee.