The Audit Committee of the Company has been established in accordance with the provisions of prevailing laws and regulations based on the Decision Letter of the Board of Commissioners of the Company. 018 /MDP/LGL/DP/IV/ 18 dated March 24, 2018 and the Audit Committee Charter with the members of the Audit Committee as follows:
Chairman: Sanjeva Advani
Members: Richard Antonio
The Audit Committee
Indonesian citizen, born in 1968. Serving as the Head of the Audit Committee based on the Decree No. 012/KOM/Corpsec/MDP10/2020 dated October 27, 2020. He earned a Bachelor’s Degree in Business Administration, majoring in Finance from the State University of New York, Buffalo in 1992. Presently, he holds a concurrent position as Independent Commissioner of the Company. Prior to serving as Independent Commissioner, he worked in Corporate Investment Banking at Hongkong and Shanghai Banking Corporation (HSBC) (1993-1999) and as Director at PT Infra Cerdas Indonesia (2002-2008).
The Audit Committee
Richard Antonio, an Indonesian citizen, was born in 1994. Joined on 1 November 2020 PT MD Pictures Tbk as a Member of the Audit Committee of PT MD Pictures Tbk based on the Decree of the Board of Commissioners Number 012 / KOM / Corpsec / MDP10 / 2020 dated 27 October 2020.
Currently he is the Manager of Finance, Accounting and Business Development at PT Pratama Widya Tbk and Member of the Audit Committee of PT Morenzo Abadi Perkasa Tbk. Previously, he was the Audit Manager at Jamaludin, Ardi, Sukimto & Partners Public Accountants Firm (2015-2019). He holds a Bachelor of Accounting degree at Trisaksi University.
The Audit Committee
Indonesian citizen, born in 1956. He serves as a Member of the Audit Committee of PT MD Pictures Tbk based on the Decree of the Board of Commissioners No. 012/KOM/Corpsec/MDP10/2020 dated October 27, 2020. He earned a Master’s Degree in Management from the Sekolah Tinggi Ilmu Ekonomi (STIEK IPWI) in 1996 and Diploma IV (Accountant) from Sekolah Tinggi Akuntansi Negara (STAN) in 1983.
Other past or current positions include Advisor at PT Permodalan Nasional Madani (PT PNM) (2016-2018), Head of Internal Audit Unit at PT PNM (2010-2015), several advanced positions at the Finance and Development Supervisory Agency (BPKP) as Expert Auditor at BPKP Head Office (1992-2010), Tax Auditor at the Directorate General of Taxes of the Ministry of Finance (1988-1991), Auditor at Regional BPKP (1984-1987), Auditor at the Directorate General of Finance and Development Supervision, Ministry of Finance (1978-1983).
Duties and Responsibilities of Audit Committee
Pursuant to the Financial Services Authority Regulation No: 55/POJK.04/2015 concerning the Establishment and Work Guideline of the Audit Committee, in carrying out its duties, the Audit Committee has duties and responsibilities, authorities, and is required to have an Audit Committee Charter. The duties and responsibilities and authorities as stipulated in the Audit Committee Charter are as follows:
- Review the financial information that will be issued by the Company to the public and/or the authorities, including financial reports, projections, and other reports related to the Company’s financial information.
- Review compliance with laws and regulations related to company activities.
- Provide an independent opinion in the event of a difference of opinion between the management and the accountant on the services provided.
- Provide recommendations to the Board of Commissioners regarding the appointment of an Accountant based on independence, scope of assignment, and remuneration for services.
- Review the implementation of the audit by the internal auditors and supervising the implementation of follow-up actions by the Board of Directors on the findings of the internal auditors.
- Review the risk management activities carried out by the Board of Directors, if the Company does not have a risk monitoring function under the Board of Commissioners.
- Review complaints related to the Company’s accounting and financial reporting processes.
- Review and provide advice to the Board of Commissioners regarding potential conflicts of interest with the Company.
- Maintain the confidentiality of documents, data including the Board of Directors and those who carry out the functions of internal audit, management and company information.
Authority of the Audit Committee:
- Access company documents, data, and information about employees, funds, assets, and necessary company resources.
- Communicate directly with employees, risks, and accountants.
- Involve independent parties other than members of the Audit Committee as needed to assist the implementation of the duties of the Audit Committee.
- Perform other authorities given by the Board of Commissioners.
Audit Committee Charter
The Company has an Audit Committee Charter which was established by the Board of Commissioners on May 1, 2018. The Audit Committee Charter is a work norm that must be obeyed by members of the Audit Committee in carrying out their duties.
The contents of the Audit Committee Charter are as follows:
- Purpose of establishment of the Audit Committee;
- Requirements for members of the Audit Committee;
- Authority of the Audit Committee;
- Duties and responsibilities of the Audit Committee;
- Work procedures of the Audit Committee;
- Audit Committee reporting system; and
- Update the Audit Committee Charter as necessary.
Independence of the Audit Committee
As stipulated in the prevailing laws and regulations, the Audit Committee requires that the Audit Committee consists of at least three members, one of whom is an Independent Commissioner – in this case Sanjeva Advani – who is not affiliated and serves as the head. Meanwhile the other two members must be independent parties, at least one of whom must have expertise in accounting and/or finance. To fulfill the independence requirements in accordance with applicable regulations in Indonesia, members of the Audit Committee are not appointed from the Executive Officers of the Public Accounting Firm that provide audit services and/or non-audit services to the Company within the last six months. On this basis, the Company appointed two members of the Audit Committee who meet the requirements of independence/no conflict of interest with the Company, including family, financial, management, and ownership relationships with the Company.