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Audit Committee
Audit Committee

In supporting the implementation of good corporate governance, the Company has established an Audit Committee that assists the Board of Commissioners based on the Minutes of Meeting of the Board of Commissioners dated December 15, 2014.

The Audit Committee consists of 3 people chaired by the Independent Commissioner and assisted by 2 members, who are well qualified, supported by their work experience and educational background in finance and accounting. All members of the Audit Committee have met the independence criteria specified in the Regulation of Bapepam No. Kep-643/BL/2012 as well as the Charter of the Audit Committee.

The Audit Committee did their duties, i.e. assisting the Board of Commissioners in supervising and verifying the Companys financial statements and management activities on risk control, and overseeing audit activities performed by both internal and external auditors.

The authority of the Audit Committee, among others, is to have unlimited access to records, employees, funds, assets and other resources of the Company that related to its duties.

As of June 26, 2014, the Audit Committee consists of:

  1. Bambang Husodo – Chairman
  2. Lieta Irawaty Sumantri – Member  
  3. Christina Tanuwidjaja – Member

  

AUDIT COMMITTEE CHARTER

PT POLYCHEM INDONESIA Tbk.

 

I.      GENERAL

A.     LEGAL BASIS

  1. Decree of the Chairman of the Capital Market Supervisory Agency and Financial Institution No. KEP-643/BL/2012 dated December 7, 2012.
  2. Decision of the Board of Directors of the Jakarta Stock Exchange No. Kep. 00001/BEI/01-2014, dated January 20, 2014.
  3. The decision of the Board of Commissioners of PT Polychem Indonesia Tbk. 

B.      OBJECTIVES

For the implementation of good corporate governance in the management of the Company in which the Company must be followed by an effective control of management, so as to prevent the Company from actions that could disserve the Companys management.

II.    FUNCTIONS, DUTIES AND AUTHORITIES

A.     FUNCTIONS

Assist the Board of Commissioners to supervise policies and actions of Directors to:

  1. Improve the quality of financial reports.
  2. Improve the effectiveness of the internal audit function and external audit.
  3. Identify matters that require the attention of the Board of Commissioners.

B.    DUTIES

  1. Provide independent professional opinion to the Board of Commissioners on the financial reports or matters submitted by the Board of Directors to the Board of Commissioners.
  2. Identify matters that require the attention the Board of Commissioners as: 
    1. Adequacy of the audit performed by public accountants to ensure that all risks have been adequatel considered.
    2. Effectiveness of company internal control
  3. Report to the Board of Commissioners of the various risks faced by the Company
  4. To review and report to the Board of Commissioners on complaints relating to the Company
  5. To review the Companys compliance with laws and regulations applicable
  6. Maintain confidentiality of documents, data and information of the Company. 

C.      AUTHORITIES

Under the authorities of the Board of Commissioners, the Audit Committee has the right to:

  1. Entering the building or yard or other place used or controlled by the Company and the right to inspect all bookkeeping, letters and other documents, each time in the Companys office working hours.
  2. Ask each member of the Board of Directors and to provide an explanation of everything that is questioned by the Audit Committee provided they are consistent with the tasks performed.
  3. Obtain professional advice and suggestions of experts outside the company at the expense of the Company, to the extent consistent with the tasks performed.
  4. Provide recommendation for the appointment of external auditors.
  5. Review the financial statements, including interim financial statements and annual reports.
  6. Review the Companys policies in relation to the companys compliance with legislation in the field of capital market and other laws.
  7. By order of the Board of Commissioners conducted a special investigation that is still within the scope of their duties.

III.    Responsibilities

The Audit Committee is responsible for implementation of its duties to the Board of Commissioners by submit the Report of Duties Implementation.

IV.    REPORTING

  1. Audit Committee to submit a report on its activities to the Board of Commissioners on a regular basis at least 1 (one) time in 3 (three) months.
  2. Audit Committee submit a report implementation of its duties no later than 2 (two) business days after the completion of the review performed by the Audit Committee on: 
    1. Interim Financial Statements/Annual which includes the results of discussions with management regarding the application of accounting principles that could affect the companys financial statements and the external auditors on matters that need to be communicated in accordance with applicable professional standards.
    2. Effectiveness of the Companys internal control.
    3. Adequacy of the audit performed by a public accountant.
    4. The level of compliance with the legislation relating to the activities of the company.
V.     MEETING
  1. The Audit Committee held a meeting at least once every 3 (three) months.
  2. The agenda prepared by the Chairman of the Audit Committee based on input from members of the Audit           Committee.
  3. The meeting place is at the Companys office or at a place agreed upon by the members of the Audit Committee.
  4. All of the Audit Committee meetings chaired by the Chairman of the Audit Committee.
  5. Meetings of the Audit Committee considered valid if attended by at least 2/3 of the number of members including the Chairman of the Audit Committee meeting attendance is a legitimate requirement.
  6. Decision-making must be approved by more than half of the members of the Audit Committee were present.
  7. Audit Committee can invite someone from the company or outside the company whose presence is required by the Audit Committee for the continuity of the Audit Committees duties.
  8. Results of Audit Committee Meetings are noted in the minutes of meetings signed by all members of the Audit     Committee were present.

VI.    COMPOSITION AND PERIOD WORK OF THE AUDIT COMMITTEE

  1. Members of the Audit Committee are appointed and dismissed by the Board of Commissioners.
  2. The Audit Committee consists of at least 3 (three) members consisting of at least one persons Independent Commissioner and two (2) other members who come from outside the company.
  3. Member of the Audit Committee which is Independent Commissioner, is appointed as Chairman of the Audit Committee.
  4. Working period of the Audit Committee members should not be longer than the working period of the Board of Commissioners and may be re-elected for 1 (one) next period.
  5. If the Commissioner who is Chairman of the Audit Committee quit before his period as Commissioner, the Chairman of the Audit Committee will be replaced by another Independent Commissioner.

VII.  EXPENSE OF AUDIT COMMITTEE

  1. All the Audit Committees expenses borne by the Company.
  2. The honorarium of the Audit Committee members is determined by the Board of Commissioners.

 

Jakarta, December 15, 2014

Audit Committee