Frontken Berhad Annual Report 2019

38 Frontken Corporation Berhad (651020-T) ANNUAL REPORT 2019 Audit Committee Report (cont’d) (B) MEETINGS (cont’d) At each Board meeting, the Audit Committee Chairman briefs the Board pertaining to matters discussed at the Audit Committee meeting held earlier. A copy of the minutes of the Audit Committee meeting is circulated to the Board for notation. (C) ROLES AND RESPONSIBILITIES During the financial year under review, the terms of reference of the Audit Committee were revised to align with the Practices and Guidance promulgated by the Malaysian Code on Corporate Governance and the Main Market Listing Requirements of Bursa Securities, as the case may be. Full details of the Committee’s terms of reference have been uploaded on the Company’s website at www.frontken.com . (D) AUTHORITY The Audit Committee has the authority to: • Investigate any matter within its terms of reference; • Have the resources which are required to perform its duties; • Have full and unrestricted access to any information pertaining to the Group which it requires in the course of performing its duties; • Have direct communication channels with the external auditors and person(s) carrying out the internal audit function or activities; • Obtain independent professional or other advice; and • Convene meetings with the external auditors, the internal auditors or both, excluding the attendance of other Directors and employees of the Group, whenever deemed necessary. (E) SUMMARY OF ACTIVITIES CARRIED OUT DURING THE FINANCIAL YEAR The principal activities undertaken by the Audit Committee during the financial year under review are summarised as follows: • Reviewed the unaudited quarterly and year-end financial statements prior to recommending the same for the Board’s approval, focusing particularly on significant and unusual events and compliance with applicable approved accounting standards and other legal requirements. To assist the Audit Committee in this process, the Chief Financial Officer of the Company provided explanations to elucidate on the fluctuations in Group’s financial performance over the four financial quarters, including the financial position of the Group in terms of its cash flows for the quarters concerned; • Reviewed the Audit Committee Report, Corporate Governance Overview Statement, Corporate Governance Report and the Statement on Risk Management and Internal Control prior to recommending the same for Board’s approval for inclusion in the Company’s Annual Report; • Reviewed the appointment of the External and Internal auditors, their independence and effectiveness, including their fees. The amount of fees paid or payable to the External Auditors of the Company or a firm or company affiliated to the External Auditors for the financial year under review in respect of non-audit services rendered to the Company and the Group amounted to approximately RM5,000 and RM10,000 respectively; • Reviewed with the External Auditors their audit planning memorandum, comprising the scope of audit, areas of audit emphasis, audit approach and timetable; • Met with the External Auditors on their audit report, Audit Review Memorandum and key audit matters;