Annual Report 2022 67 ABOUT US LEADERSHIP PERSPECTIVE SUSTAINABILITY GOVERNANCE FINANCIAL STATEMENTS Other Information Audit Committee Report THE PROCESS OF THE AUDIT COMMITTEE The Audit Committee meets at least four (4) times a year scheduled every quarter and will have no hesitation to convene additional meetings as the Audit Committee’s roles and responsibilities require. The Audit Committee may invite any member of the Management or employee of the Group to attend its meetings if deemed necessary and has access to any relevant form of advice from independent professionals, information and the views and services of the Company Secretary 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 to Bursa Malaysia, the annual financial statements of accounts, key disclosure statements on governance and other relevant matters in the Annual Report as well as significant audit issues raised by the external and internal auditors, as applicable. The Audit Committee continuously reviews its Terms of Reference to reflect the updated internal processes of the Management and the current requirements as promulgated by the authorities whenever necessary. The Terms of Reference of the Audit Committee are 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 2022 During the financial year, the Audit Committee has fully discharged its functions and duties as set out in its Terms of Reference. A summary of the work and activities undertaken by the Audit Committee during the financial year comprised the following:- 1. Financial Reporting a. Reviewed the audited financial statements of Datasonic Group Berhad that comprised the statements of financial position as at 31 March 2022 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company, notes to the financial statements, summary of significant accounting policies as well as the related statutory auditors’ report prior to submission to the Board for consideration and approval, after ensuring that:- i. The audited financial statements were drawn up in accordance with the applicable Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the 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; iii. The audited annual financial statements of accounts do not contain any material 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 Committee meetings held throughout the financial year and confirmed that:- i. Appropriate accounting policies had been adopted and applied consistently; ii. Prudent and realistic estimates had been made in accordance with the requirements as set out in the applicable MFRSs. c. Reviewed and discussed with the Management on the adequacy of processes and controls in place for an effective and meaningful financial reporting and disclosures in support of the integrity of financial information issued by the Group.
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