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Audit Committee Report

VITROX CORPORATION BERHAD

[649966-K]

6.

Attendance at Meetings

The information on the attendance of each member at the Committee meetings held during the Financial Year 2008 is as

follows:-

Member

Attendance

No. of

Meetings Held

Dato’ Seri Kiew Kwong Sen

4

4

Prof. Dr. Ahmad Fadzil Bin Mohamad Hani

4

4

Chuah Poay Ngee

4

4

Siaw Kok Tong (Resigned w.e.f. 3 March 2008)

1

1

7.

Activities of the Audit Committee

The main activities carried out by the Committee during the FY2008 in discharge of its duties and responsibilities were as

follows:-

Considered and approved the internal audit plan for the Company and Group for the financial year ended 31 December

2008;

Reviewed the internal audit reports for the Company and Group;

Reviewed the external audit plan for the Company and Group with the External Auditors;

Reviewed the external audit reports for the Company and Group with the External Auditors;

Reviewed the quarterly results of the Group and recommended the same to the Board for approval.

Reviewed the draft audited Financial Statements of the Company and Group for the financial year ended 31 December

2008 and recommended the same to the Board for approval.

8.

Internal Audit Function

The Board has engaged an external professional firm to carry out the internal audit function of the Group. The Internal Auditors

report directly to the Committee. The primary roles of the Internal Auditors are to assist the Committee on an ongoing basis

to :

review the risk management framework

evaluate the state of compliance with the Bursa Malaysia Securities Berhad Listing Requirements for MESDAQ Market,

Malaysian Code on Corporate Governance and other statutory requirements.

provide independent, systematic and objective evaluation on the state of internal control within the Group.

review recurrent related party transaction.

perform such other functions as requested by the Committee.

During the FY2008, the Internal Auditors have assisted the Committee to undertake the following:

plan the conduct of internal audit for FY2008

review the risk management and the state of internal control of certain operating cycles within the Group

presented the internal audit report to the Audit Committee

The cost incurred for the internal audit function in FY2008 amounted to RM11,405.