The Board Audit and Risk Committee Report SUMMARY OF WORK CARRIED OUT DURING THE FINANCIAL YEAR (CONT’D) Overseeing Financial Reporting (Cont’d) (b) Reviewed the audited financial statements of Al-Salām REIT for the financial year ended 31 December 2023 (“FY2023”), which were prepared in accordance with the Trust Deed, the applicable Securities Commission Malaysia (“SC”) rules and guidelines, Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards, prior to recommending the same to the Board for approval. The audited financial statements of the REIT for FY2023 were issued and circulated to the Unitholders in line with the prescribed requirements. (c) Reviewed at every quarterly meeting held in FY2024, 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. (d) Reviewed and discussed with Management the quarterly management accounts, taking into consideration that the necessary processes and controls are in place in the preparation of the financial reports. (e) 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. (f) Kept abreast on the application of the new accounting standards, i.e. MFRS (g) The BARC was satisfied that adequate impact assessment had been carried out by Management and the accounting policies as shown below had been appropriately updated in the financial statements of the Fund for FY2024. Description Effective for annual period beginning on or after Amendments to MFRS 101: Classification of Liabilities as Current or Non Current 1 January 2024 Amendments to MFRS 16: Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to MFRS 101: Non-current Liabilities with Covenants 1 January 2024 Amendments to MFRS 107 and MFRS 7: Supplier Finance Arrangements 1 January 2024 External Audit (a) Reviewed and discussed with External Auditors on 14 November 2024 the audit planning memorandum for 2024 covering the audit objectives and approach, audit plan, key audit areas and relevant technical pronouncements and accounting standards issued by Malaysian Accounting Standard Board ("MASB"), and regulating requirements applicable to the REIT; 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. 116 AL-SALĀM REIT ANNUAL REPORT 2024
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