Datasonic Group Berhad Annual Report 2019

THE PROCESS OF THE AUDIT COMMITTEE TheAudit Committeemeets at least four (4) times a year scheduledevery quarter andwill havenohesitation to convene additional meetings whenever necessary. The Audit Committee may invite any employee of the Group to attend its meetings if appropriate, has access to any relevant formof advice from independent professionals, information and the views and services of the Company Secretary, as and when warranted in carrying out its duties and functions. The Audit Committee Chairman reports to the Board on a quarterly basis on all significant matters discussed, deliberated upon and dealt with at the Audit Committee Meetings. Amongst others, it covers the Audit Committee’s recommendations to approve the quarterly Management Reports and Accounts, the quarterly consolidated financial results released toBursaMalaysia, theannual financial statements of accounts, keydisclosure statements ongovernance and other relevant matters in the Annual Report as well as significant audit issues raised by the External Auditors and Internal Auditors, as applicable. TheAudit Committee continuously reviews and revises its Terms of Reference to reflect the updated internal processes of theManagement and current requirements as promulgated by the authorities. The Terms of Reference of the Audit Committee is available for reference on the Company’s website at www.datasonic.com.my .  A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2019 During the financial year, theAudit Committee has fully discharged its functions and duties as set out in its terms of reference. Summary of work and activities undertaken by the Audit Committee during the financial year comprised the following:- 1. Financial Reporting a. Reviewed the auditedfinancial statements of accounts of theGroupandof theCompany for inclusion in theAnnual Report aswell as the related statutory auditors’ report prior to submission to theBoard of Directors (“Board”) for their consideration and approval, after ensuring that:- i. The audited financial statements were drawn up in accordancewith the applicableMalaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Malaysian Companies Act 2016 in Malaysia; ii. Key audit matters are properly presented in the auditors’ report based on the auditors’ professional judgement that such matters are most significant in their audit of the financial statements of accounts of the Group and of the Company for the current financial year; and iii. The audited annual financial statements of accounts do not contain any misstatement of transactions and the auditors are in a position to issue an unqualified opinion on the matter of truth and fairness of the financial performance and the financial position of the Company and of the Group. b. Reviewed and discussed the quarterly Management Reports and Accounts of the Company and of the Group as well as the unaudited quarterly consolidated financial results of the announcements and made recommendations to the Board for approval before release to Bursa Malaysia. To uphold the integrity of the financial statements of accounts, the Chief Financial Officer and the Assistant Financial Controller attended all Audit Committeemeetings held throughout the financial year and confirmed that:- i. Appropriate accounting policies had been adopted and applied consistently; and ii. Prudent and realistic estimates had been made in accordance with the requirements as set out in the applicable MFRSs. Audit Committee Report (Cont’d) 68 DATASONIC GROUP BERHAD (Company No. 809759-X) ANNUAL REPORT 2019