EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 32 The principal objective of the Audit Committee (“AC”) is to assist the Board to discharge its statutory duties and responsibilities in relation to financial, accounting and reporting responsibilities and to ensure proper disclosure to the shareholders of the Company. The AC will ensure that the Management establishes and maintains an effective internal control system including adequacy of resources, qualifications and experience of staff fulfilling the accounting and financial reporting function of the Company. The Board is pleased to present the Audit Committee Report for the financial year ended 31 December 2019. COMPOSITION AND MEETINGS The AC held four (4) meetings during the financial year ended 31 December 2019. The details of the attendance as follows:- Name of Directors Designation / Directorship Number of meeting attended Lok Choon Hong Chairman of Committee/Independent Non-Executive Director 4/4 Datuk Mat Noor Bin Nawi (appointed on 27 September 2019) Member of Committee/Independent Non-Executive Director 1/1 Pn Mohaini Binti Mohd Yusof (appointed on 18 June 2019) Member of Committee/Independent Non-Executive Director 2/2 Aaron Sim Kwee Lein (demised on 3 July 2019) Chairman of Committee/Independent Non-Executive Director 2/2 Ng Kim Huat (retired on 22 May 2019) Member of Committee/Independent Non-Executive Director 2/2 SUMMARY OF WORK OF THE AUDIT COMMITTEE During the financial year ended 31 December 2019, the AC has carried out the work as set out in the terms of reference detailed below:- (a) Reviewed the scope of work of the external auditors and audit plans for the year; (b) Reviewed with the external auditors the results of the audit, the audit report and the management letter, including management's responses; (c) Reviewed the nomination of the proposed change in auditors; (d) Reviewed the internal auditors' scope of work; (e) Checked with the internal auditors on any findings which require the Committee's attention; (f) Reviewed the internal control policy and internal control system; (g) Reviewed the quarterly unaudited financial results announcements before recommending them for the Board's approval; and (h) Reviewed the annual financial statements before recommending for approval by the Board. The terms of reference of the AC is available on the Company’s website at www.excelforce.com.my . audit committee report