Datasonic Group Berhad 64 Corporate Governance Overview Statement PRINCIPLE B - EFFECTIVE AUDIT AND RISK MANAGEMENT I. AC (Cont’d) II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK External Auditors and its Independence (Cont’d) The AC also received confirmation from Messrs Crowe Malaysia PLT that they will continuously comply with the relevant ethical requirements regarding professional independence with respect to the audit of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants and the Malaysian Institute of Accountants’ By-Laws (On Professional Ethics, Conduct and Practice). In May 2022, the Board approved the AC’s recommendation for the Company to seek the shareholders’ approval for the reappointment of Messrs Crowe Malaysia PLT as external auditors of the Company at the forthcoming AGM. Risk Management and Internal Controls The Risk Management Committee (“RMC”) of the Company comprises three (3) members, all of whom are Independent Non-Executive Directors. The RMC is chaired by an Independent Non-Executive Director, Dato’ Wan Mohd Safiain bin Wan Hasan. The RMC was established to assist the Board in overseeing risk management framework and policies in order to manage the overall risk exposure of the Group. The Board is responsible for ensuring that risks and opportunities are identified on a timely basis to continuously safeguard the shareholders’ investment and the Group’s assets. The Board is assisted by the Risk Management Committee to perform continuous review and monitor on the adequacy and effectiveness of risk mitigation plans and internal control measures pertaining to the key risks. The Statement on Risk Management and Internal Control made pursuant to Paragraph 15.26(b) of the MMLR of Bursa Malaysia is separately set out in this Annual Report. In May 2022, the RMC reviewed and recommended to the Board for approval the revision to the Terms of Reference of the RMC, which include overseeing the Group’s various risks including sustainability and climate-related risks, and reviewing significant investment and new business proposals to identify its key associated risks. The Terms of Reference of the RMC is published on the Company’s website at www.datasonic.com.my. Internal Audit Function The Internal Audit function is led by the Chief Internal Auditor who reports functionally to the AC and administratively to the Managing Director. Details of the Group’s internal control system are set out separately in the Statement on Risk Management and Internal Control and the AC Report in this Annual Report.
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