BOARD AUDIT AND RISK COMMITTEE REPORT (d) Evaluated the performance and assessed the suitability, objectivity and independence of the External Auditors during the year in accordance with the policies and procedures in place, vide a set of questionnaires covering the calibre of the external audit firm; quality of processes and performance; skills and expertise including industrial knowledge; independence and objectivity; audit scopeandplanning; audit fees; andtheircommunicationswiththeAuditandRiskManagement Committee. The Audit and Risk Management Committee had received from the External Auditors written confirmation on their independence and which disclosed their policies on independence, safeguards and procedures to address threats or perceived threats to their independence and objectivity, and that they were in compliance with the independence requirements set out in the By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants. (e) Having satisfied with the performance and the assessment on the External Auditors’ suitability, objectivity and independence, recommended to the Board the re-appointment of the External Auditors and their remuneration. (f) Reviewed and approved the non-audit fees in respect of services rendered by the External Auditors. (g) Met with the External Auditors without executive Board members and the Management on 4 February 2021 and 15 November 2021 to discuss matters in relation to their review. INTERNAL AUDIT (a) Provided input on key areas to be included as part of the annual Internal Audit Plan. Deliberated the risk-based Internal Audit Plan to ensure adequate scope and comprehensive coverage of business activities, prior to recommending to the Board for approval. Monitored the progress of the approved Internal Audit Plan, including the status of the planned reviews and approved changes to the Internal Audit Plan due to changes in business and/or risk environment. (b) Reviewed and deliberated on internal audit reports, the audit recommendations and adequacy of Management’s response to these recommendations. Significant issues were discussed at length with the presence of relevant Management team members to ensure satisfactory and timely remediation actions have been committed by the Management to address identified risks. Additional presentations were made at the request of the BARC to ensure adequate actions were taken in addressing the issues raised. (c) Monitored the implementation of corrective action plans agreed by the Management on outstanding audit findings on a quarterly basis to ensure that all actions have been implemented on a timely basis in the related areas. (d) Discussions with the internal audit team, to assure itself of the soundness of internal control systems and internal audit activities, and to provide guidance on ad hoc matters arising from on-going internal audit activities. (e) Reviewed the effectiveness of the Internal Audit function through evaluation of its performance and competency, and monitoring the sufficiency of resources and costs, to ensure that it has the required expertise and professionalism to discharge its duties. (f) Received updates on the status of investigation cases handled by Internal Audit to provide guidance where relevant. GOVERNANCE STRUCTURE 113 STRATEGIC PERFORMANCE FINANCIAL REPORTS CORPORATE OVERVIEW THE DRIVING FORCES SUSTAINABILITY STATEMENT
RkJQdWJsaXNoZXIy NDgzMzc=