BeFa Industrial Estate

Accurate reporting is essential to business continuity

Audit Committee

The Audit Committee is responsible for giving directions and suggestions in an objective and professional manner to the Board of Commissioners related to recommendations from the Board of Directors. The Audit Committee is formed by, and is accountable to, the Board of Commissioners

Members of Audit Committee

Based on the decree of Board of Commissioners No. 001/DK/KA/V/2015 on the Change in Membership of the Audit Committee dated 25 May 2015, the members of Audit Committee are as follows:

Marzuki Usman
Chairman of Audit Committee
He concurrently serves as the Chairman of the Audit Committee and Independent President Commissioner since 2015. His profile is presented in the Board of Commissioners section in this Annual Report.

Herbudianto
Member of Audit Committee
He concurrently serves as a Member of the Audit Committee and an Independent Commissioner since 2015. His profile is presented in the Board of Commissioners section in this Annual Report.

Witjaksono Abadiman Sidharta
Member of Audit Committee
Indonesian citizen, born in Jakarta, 3 December 1959, served as Chairman of the Audit Committee since 2012. Graduated with a Bachelor of Science degree from the University of Southern California, Los Angeles, USA majoring in Business in 1982; and earned a Master of Management degree from University of Sebelas Maret, Surakarta, Indonesia in 2002. Has served as President Director of PT Anugra Capital (2001 – present); Commissioner of PT Kencana Pewete Ark (2006 – present); Director of PT Bahana Securities (1998 – 2001); Managing Director of PT Bahana Business Development Indonesia (Persero) (1994 – 2001); Managing Director and Head of Investment Banking Division PT Bahana Securities (1994 – 1998); and Vice President of Corporate & Relationship Banking The Chase Manhattan Bank NA, Jakarta (1982 – 1994).

Independence of the Audit Committee

All Audit Committee members are independent, external parties who are selected based on their capabilities and educational background, and meet the qualifications set out in Bapepam-LK Regulation No IX.I.5 on the Formation and Implementation Guidelines for Audit Committee, which includes among others not having any affiliations with the Board of Directors, the Board of Commissioners and the Company’s major shareholders.

Duties and Responsibilities of the Audit Committee

The duties and responsibilities of the Audit Committee as stated in the Charter of the Audit Committee are, among others:

  1. Monitoring and evaluating the planning and implementation of the audit, and monitoring of follow-up results in order to assess the adequacy of internal controls, including the adequacy of the financial reporting process.
  2. In order to carry out the tasks detailed in the above item, and to provide recommendations to the Board of Commssioners, the Audit Committee monitors and evaluates:
    1. The execution of duties by the Internal Audit Division (IAD).
    2. The conformity of the audit by Public Accountant with prevailing Auditing Standards.
    3. The conformity of the Financial Statements with applicable accounting standards.
    4. To provide an independent opinion in the event of disagreements between the management and the public accounting firm for services rendered.
    5. Implementation of follow-up actions by the Board of Directors on the findings of the IAD and the Public Accountant.
  3. Reviewing any other financial information that will be issued by the Company to the public or authorities such as projections and other statements relating to the Company’s financial information.
  4. To review the Company’s compliance with laws and regulations in the capital market and legislation and other provisions related to the business activities of the Company.
  5. To provide recommendations to the Board regarding the appointment of the Public Accountant which is based on independence, the scope of the assignment, and the fee to be submitted to the General Meeting of Shareholders.
  6. To review and report to the Board of Commissioners on complaints related to accounting and financial reporting processes of the Company.
  7. To review and monitor the implementation of good corporate governance (GCG) in an effective and sustainable manner.
  8. To carry out other tasks that are relevant to the functions of the Audit Committee at the request of the Board of Commissioners.
  9. To review and report to the Board of Commissioners on the implementation of the complaints relating to the Company by following the procedures for handling complaints (whistleblowing system) that has been formulated by the Company.
  10. The Audit Committee reviews and advises the Board of Commissioners on potential conflicts of interest in the Company.
  11. Maintain the confidentiality of documents, data and information of the Company