Ni Hsin Berhad Annual Report 2017

Ni Hsin Resources Berhad (653353-W) Annual Report 2017 26 2. SUMMARY OF WORK OF THE AUDIT AND RISK MANAGEMENT COMMITTEE (continued) 2.3 External Audit (continued) c) monitored the implementation of mitigating measures by Management on outstanding issues to ensure all key risks and control weaknesses are properly addressed; d) met with the external auditors on the updates of new Malaysian Financial Reporting Standards (“MFRS”) and the impact on the Group as well as new developments on regulatory requirements; and e) met with the external auditors (without the presence of the Management staff or any Executive Directors) for the financial year ended 31 December 2017 on the following dates: - 21 February 2017 to discuss audit findings for the financial year ended 31 December 2016; and - 21 November 2017 to discuss Audit Plan and Strategy for the financial year ending 31 December 2017. 2.4 Internal Audit a) met with the internal auditors to review and approve the Group’s internal audit plan, scope of work and audit fees; b) met with the internal auditors to review the internal audit reports and findings on the adequacy and effectiveness of the internal control and risk management framework as well as other compliance and governance processes; c) met with the internal auditors (without the presence of the Management staff or any Executive Directors) for the financial year ended 31 December 2017 on the following dates: - 21 February 2017 to discuss the Internal Audit Strategy and Planning Memorandum; - 23 August 2017 to discuss the internal audit findings; - 21 November 2017 to discuss the internal audit findings; and d) reviewed the adequacy of the scope, functions, competency and resources of the internal audit function, and that it has the necessary authority to carry out its work. 2.5 Other a) reviewed the Audit Committee Report, Statement on Risk Management and Internal Control, Corporate Governance Statement and Corporate Sustainability Statement before submission to the Board for consideration and approval for inclusion in the Company’s Annual Report for the financial year ended 31 December 2016; and b) reviewed Circular to Shareholders in respect of (i) Proposed Renewal of Existing Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature; and (ii) Proposed Renewal of Authority for the Company to Purchase Its Own Ordinary Shares before submission to the Board for consideration and approval. 3. TRAINING During the financial year ended 31 December 2017, the ARMC Chairman and the members attended the following training programmes, seminars, forums and discussions relating to business, corporate governance, law, accounting, finance, taxation and economy to enhance their knowledge to enable them to discharge their duties more effectively:- • GST Audit Framework • Goods and Services Tax Workshop: Latest Developments & Uncovering The Truth About GST Audits • Corporate Governance and Listing Requirements Market Talk • MFRS Updates • KPMG Penang Tax Summit 2017 • Driving Financial Integrity and Performance – Enhancing Financial Literacy for Audit Committees Audit and Risk Management Committee Report (continued)