47 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 "55&/%"/$& 0' .&&5*/(4 (Cont’d) The Group Chief Executive Officer (‘CEO”) and the Group Chief Financial Officer (“CFO”) were invited to all ARC meetings to facilitate direct communication related to the Group’s financial results while the Group Chief Risk Officer (“CRO”) was invited to provide information regarding the Group’s Risk Management activities. The Head of Group Internal Audit (“GIA”), relevant members of the Management, and the External Auditors were also invited to attend the ARC meetings, where appropriate, to present their reports on financial results, audit and other matters for the review of the ARC. The Chairman of the ARC has the right to request those who are in attendance to step out from the meeting when matters to be discussed are likely to be hampered by their presence or when confidentiality of matters being discussed needs to be preserved. The ARC members held one (1) private meeting with the External Auditors in FY2022 without the presence of the Management. Minutes of all ARC meeting were recorded and tabled for confirmation at the following ARC meeting and were subsequently presented to the Board for notation. 5&3.4 0' 3&'&3&/$& The ARC is responsible among others to review the effectiveness, adequacy and integrity of the Group’s risk management financial reporting systems of internal control, audit plans of both internal and external auditors and their findings as well as to ensure compliance with legal, regulatory and taxation matters for the Group. The Terms of Reference for the ARC which is in line with the provisions of the MMLR and other best practices are accessible to the public on the Company’s official website at www.ghl.com. 46.."3: 0' "$5*7*5*&4 %63*/( '*/"/$*"- :&"3 &/%&% %&$&.#&3 The ARC reports regularly to the Board on its activities, deliberations, and recommendations in discharging its duties and responsibilities as set out in its Terms of Reference, which the Committee has reviewed and determined to be in line with MMLR and MCCG. The main activities undertaken by the Committee during FY2022 are summarised as follows: 'JOBODJBM 3FQPSUJOH a. Reviewed the audited financial statements of the Group and of the Company in conjunction with the External Auditors and Group CFO to ensure compliance of the financial statements with the provisions of the Companies Act 2016 and the applicable approved accounting standards, as per the Malaysian Accounting Standards Board (“MASB”), prior to recommending the same to the Board for approval. b. Reviewed the quarterly unaudited financial results of the Group together with the Group CFO, focusing particularly on significant changes to accounting policies and practices, and unusual events, compliance with accounting standards and other legal requirements prior to recommending the same to the Board for approval and release to Bursa Malaysia. &YUFSOBM "VEJU a. Reviewed the suitability, performance, and the independence of the External Auditors’ in fulfilling their responsibilities as set out in the By-Laws (On Professional Ethics, Conduct and Practice) for Professional Accountants as adopted by Malaysian Institute of Accountant and the Group Policy Statement on Auditor Independence by covering the caliber of the external audit firm; Additionally evaluated the quality of processes and performance , audit skills, industrial knowledge as well as objectivity and their communications with ARC. b. Reviewed and discussed the External Auditors’ audit planning memorandum covering the scope, plan, key areas and proposed fees for the statutory audit and other non-audit services based on the External Auditors’ presentation of audit strategy and plan to ensure that their scope of work adequately cover the activities of the Group. AUDIT AND RISK COMMITTEE REPORT CONT’D
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