PRG Holdings Berhad Annual Report 2017

• Annual Report 2017 53 ACTIVITIES OF THE AUDIT COMMITTEE During the financial year ended 31 December 2017, the activities carried out by the Audit Committee in the discharge of its duties included, among others, the following: (i) Financial Reporting • Reviewed the unaudited quarterly financial results and audited financial statements before recommending to the Board for consideration and approval for release to Bursa Securities. • Reviewed major audit findings and management’s responses with Management, External Auditors and Internal Auditors. (ii) External Audit • Reviewed the External Auditors’ audit plan covering its scope of work and area of significant auditor attentions. • Reviewed the extent of assistance provided by Management and issues arising from the audits with the External Auditors without the presence of Management and Executive Directors. • Reviewed the assessment report on the suitability and independence of the External Auditors including non-audit services provided by the External Auditors to the Company and corresponding fees and proposed to the Board the re-appointment of the External Auditors. The assessment encompassed audit planning and design, audit execution, audit fees and independence of the External Auditors. (iii) Internal Audit • Reviewed staffing requirement of the Internal Audit Department to ensure it is adequately staffed by employees with relevant skills, knowledge and experience to enable the department to perform its role. • Reviewed the adequacy and relevance of the scope, compliance and risk based internal audit plan and results of the internal audit procedures with the in-house Internal Audit Department for the Manufacturing Division and the outsourced Internal Auditors for the Corporate and Property Development & Construction Division. The focus of review was placed on high risk areas. • Reviewed the Internal Audit Reports and audit recommendations made to remedy identified weaknesses and management responses. • Reviewed the extent of assistance provided by Management and issues arising from and weaknesses identified during the audits with the Internal Auditors without the presence of Management and Executive Directors. (iv) Risk Management • Reviewed the significant risks identified by Risk Management Committee on quarterly basis and relevant measures and efforts undertaken to mitigate the risks. (v) Related Party Transactions • Reviewed related party transactions and/or recurrent related party transactions involving the Group to ensure that the transactions entered into were at arm’s length basis and on normal commercial terms, which are not more favourable to the related parties than those generally available to the public and are not detriment to the minority shareholders, and made the relevant statement in the circular to shareholders in connection therewith. (vi) Others • Reviewed the Statement on Risk Management and Internal Control and the Report on the Audit Committee for inclusion in the annual report. • Reviewed the Circular to Shareholders on the Proposed Authority for the Purchase of Own Shares by the Company. R E P O R T O N T H E A U D I T C O M M I T T E E ( C O N T ’ D )