EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 33 The principal objective of the Audit Committee 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 Audit Committee 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 2020. COMPOSITION AND MEETINGS The Audit Committee held four (4) meetings during the financial year. The members of the Audit Committee and details of their attendance of the meetings during the financial year ended 31 December 2020 are as follows: Name of Director Designation / Directorship Number of meeting attended Datuk Mat Noor bin Nawi Chairman of Committee / Independent Non-Executive Director 4/4 Puan Mohaini binti Mohd Yusof Member of Committee / Independent Non-Executive Director 4/4 Dato’ Sri Ismail bin Ahmad (Appointed on 1 July 2020) Member of Committee / Independent Non-Executive Director 1/2 Lok Choon Hong (Retired on 24 June 2020) Member of Committee / Independent Non-Executive Director 2/2 SUMMARY OF WORK OF THE AUDIT COMMITTEE During the financial year, the Audit Committee 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 re-appointment of the retiring 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 Audit Committee is available at the Company’s website at www.excelforce.com.my . INTERNAL AUDIT FUNCTIONS TheCompanyhasoutsourced its internal audit division toan independent professional consulting firmtoassist theAudit Committee in discharging their responsibilities and duties. The internal audit functions is to undertake independent regular and systematic reviews of the system of internal controls to provide reasonable assurance that such system continues to operate satisfactory and effectively. AUDIT COMMITTEE REPORT