Frontken Corporation Berhad 200401012517 (651020-T) • A N N U A L R E P O R T 2 0 2 1 59 AUDIT COMMITTEE REPORT (CONT’D) (B) MEETINGS There were altogether five (5) meetings held during the financial year under review. Meetings of the Audit Committee are planned ahead so that the members can make the necessary arrangement to attend the meetings. The notice for the meetings, together with meeting papers, is normally served at least one (1) week before each meeting to enable Audit Committee members to read, including an opportunity for them to inquire into the agenda items as well as to seek more information before the meeting. 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, if deemed necessary; 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 charts and 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;
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