Ni Hsin Berhad Annual Report 2018

Annual Report 2018 Ni Hsin Resources Berhad (653353-W) 25 1. MEMBERS The members of Audit and Risk Management Committee (“ ARMC ”) are Non-Executive Directors with all of them being Independent Directors. During the financial year ended 31 December 2018, the ARMC held a total of five (5) meetings. The members of the ARMC together with their attendance are set out below:- Name Position Attendance Leow Chan Khiang Chairman (Independent Non-Executive Director) 5/5 Rithauddin Hussein Jamalatiff Bin Jamaluddin Member (Independent Non-Executive Director) 5/5 Sofiyan Bin Yahya Member (Independent Non-Executive Director) 4/5 Mr Leow Chan Khiang who is the Chairman of the ARMC, is a Fellow Member of the Association of Chartered Certified Accounts and a Chartered Accountant with the Malaysian Institute of Accountants. The ARMC, therefore, meets the requirements of Paragraph 15.09(1) of the MMLR of Bursa Securities. All members of the ARMC are financially literate and are able to analyse and interpret financial statement to effectively discharge their duties and responsibilities as member of ARMC. The Terms of Reference of the ARMC has been drawn up and approved by the Board and is available online in the Investor Relations section of the Company’s website at www.ni-hsin.com . 2. SUMMARY OF WORK OF THE AUDIT AND RISK MANAGEMENT COMMITTEE During the financial year ended 31 December 2018 and in line with the Terms of Reference, the ARMC had carried out the following works in discharging its functions and duties:- 2.1 Financial Reporting a) reviewed the unaudited quarterly reports and the annual audited financial statements of the Group and the Company including the announcements pertaining thereto prior to submission to the Board for consideration and approval; and b) monitored the compliance requirements in line with the new updates of Bursa Securities, Securities Commission Malaysia, Malaysian Accounting Standards Board and other legal and regulatory bodies. 2.2 Related Party Transactions and Conflict of Interest a) reviewed the related party transactions or conflict of interest situation, whenever it arises, on a quarterly basis to ascertain that the review procedures established to monitor the related party transactions or conflict of interest situation have been complied with. 2.3 External Audit a) met with the external auditors during the year to review the external auditors’ independence, scope of work and the audit plan, their audit fees, the results of their examination in the external audit reports and management’s responses, as well as weaknesses in the internal control; b) reviewed the audit recommendations and representations made and corrective actions taken by Management in addressing and resolving issues as well as ensuring that all issues were adequately addressed on a timely basis; 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; Audit and Risk Management Committee Report