The Audit Committee was established and is responsible to the Board of Commissioners to implement the internal control and audit as well as providing an independent opinion to matters that require attention of the Board of Commissioners in accordance with the principles of Good Corporate Governance and prevailing laws and regulation.
The Company’s Audit Committee is established by the decree of the Board of Commissioners No. AAID/Sk-Dk/4-2018/001 and 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 the Audit Committee.
- 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 two Members. The following is the profile details of Audit Committee:
| Sabam Hutajulu, PH.D
Chairman of Audit Committee/ Independent Party
|Terms of Office||5 (five) years|
|Appointment Basis||Board of Commissioners Decree No. AAID/SK-DK/11-2022/007 dated 17 November 2022|
|Educational Background||He completed his Bachelor of Accounting from the Faculty of Economics, University of Indonesia (1984). He graduated with a Master of Accountancy (1997) and Ph.D in Accountancy (2001) from Weatherhead School of Case Management Western Reserve University (CWRU), Cleveland, USA|
|Professional Experience||Experienced as Senior Auditor of the Financial and Development Supervisory Agency (BPKP); VP Finance & Administration Pertamina Energy Services in Singapore (May 2009 – May 2011); Chief Financial Officer at PT Elnusa Tbk. (May 2011 – May 2015); President Director of PT Tugu Pratama Indonesia (General Insurance) (August 2015 – March 2017); Chief Executive Officer of PT Jardine Lloyd Thompson Indonesia (JLTI) (June 2017 – August 2018); President Director of PT Asuransi Jiwa Tugu Mandiri (July 2019 – February 2020); Head of Consultancy & Advisory ISEA-Indonesia Senior Executives Association (November 2020 – present); Independent Commissioner and Head of Audit Committee of PT Asuransi Jiwa IFG (February 2021 – present).|
Independency of Audit Committee
Pursuant to the Audit Committee Charter and referring to POJK No. 55/POjk.04/2015 dated 23 December 2015 the Audit Committee shall act independently in carrying out its duties and responsibilities. All members of the Company’s Audit Committee have fulfilled the independence requirement as set out under the Personal Statement documented by the Corporate Secretary.
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.
Audit Committee Activities Implementation in 2021
The realization of the Audit Committee work program in 2021 is as follows:
- The Audit Committee has reviewed the Company’s 2021 financial statements, both quarterly reports and annual reports. The Audit Committee has also discussed several issues requiring the attention from the Board of Directors and management and has proposed performance improvements.
- The Audit Committee noted that the Company has carried out its activities in accordance with the prevailing laws and regulations.
- The Company as a public company, in carrying out its activities has maintained the accountability, transparency and professionalism principles as important elements in GCG practices.
- During 2021, the Audit Committee has held 3 (three)
meetings with 100% attendance of its members.
- Meeting Agenda of Audit Committee 1 – 22 March 2021 Discussion on the Consolidated Audit Report of AAID year 2020
- Meeting Agenda of Audit Committee 2 – 2 June 2021
- Evaluation of Audit Report by the KAP year 2020
- Meeting Agenda of Audit Committee 3 – 29 November 2021 Evaluation of the Financial Statements of Q3 Year 2021 Performance
- The Audit Committee has not participated in any trainings/ seminars/workshops during 2021.
- Work programs during 2021 were as follows:
- Approved the public accountant firm KAP Purwantono, Sungkoro & Surja and have reviewed the KAP in accordance with the requirements of article 28 of the Financial Services Authority Regulation number 13/ POjk.03/2017 regarding the Use of Public Accountant Services (“KAP”) in financial services activities (“OJK Regulation”). And currently auditing activities are being carried out.
- Invited members of the Board of Directors to provide the Company’s overall situation during 2021 and the Committee further provided required recommendations suitable to the conditions of 2021.
Audit Committee Meeting
The Audit Committee Meeting Policy refers to the Company’s Audit Committee Charter, as follows:
- 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 are 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 2021 the Audit Committee has convened 3 (three) meetings with 100% member attendance, detailed below:
|1||March 22 2021||Discussion on the Consolidated Audit Report of AAID year 2020|
|2||June 2 2021||Evaluation of Audit Report by the KAP year 2020|
|3||November 29 2021||Evaluation of the Financial Statements of Q3 Year 2021 Performance|
Audit Committee Trainings and Seminar
The Audit Committee has not participated in any trainings/seminars/workshop during 2021.