BOARD AUDIT AND RISK COMMITTEE REPORT (b) Reviewed at every quarterly meeting held in FY2021, the quarterly financial results for public release to ensure adherence to legal and regulatory reporting requirements before recommending the same to the Board for approval. The first, second, third and fourth quarters of the quarterly results for the financial year ended 31 December 2021 were reviewed at the BARCmeetings held on 20 May 2021, 19 August 2021, 15 November 2021 and 26 January 2022, respectively. (c) Reviewed and discussed with the Management the quarterly management accounts, taking into consideration that the necessary processes and controls are in place in the preparation of the financial reports. (d) Reviewed, at each quarterly meeting, the income distributions of the Fund which were made in accordance with the distribution policy, in order to ensure the adequacy of the realised income for each distribution prior to recommending the proposal to the Board. (e) Kept abreast on the application of the new accounting standards, i.e. Malaysian Financial Reporting Standard (“MFRS”) (f) The Committee was satisfied that adequate impact assessment had been carried out by the Management and the accounting policies as shown below had been appropriately updated in the financial statements of the Fund for FY2021. EXTERNAL AUDIT (a) Reviewed and discussed with External Auditors the audit planning memorandum covering the audit objectives and approach, audit plan, key audit areas and relevant technical pronouncements and accounting standards issued by MASB and regulating requirements applicable to the Group; and the processes and controls in place to ensure effective and efficient financial reporting and disclosures under the financial reporting standards. (b) Reviewed and discussed with External Auditors the results of the audit and the audit report in particular, significant accounting matters arising from the external audit and their opinion on the financial statements of the Group and of the Company. (c) Reviewed with External Auditors the memorandum of comments and recommendations arising from their study and evaluation of the system of internal and accounting controls together with the Management’s response to the findings of the External Auditors and ensured where appropriate, that necessary corrective actions had been taken by the Management. Description Effective for annual period beginning on or after Amendment to MFRS 16: COVID-19-Related Rent Concessions 1 June 2020 Amendments to MFRS 9, MFRS 139 and MFRS 7, MFRS 4 and MFRS 16: Interest Rate Benchmark Reform – Phase 2 1 January 2021 112 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2021
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