SUMMARY OF ACTIVITIES OF THE AC An overview of the AC’s activities in discharging their duties and responsibilities for the FYE 31 December 2024 are as follows: (i) Financial Reporting (a) The AC reviewed the DNeX Group’s quarterly unaudited financial results and the related announcements before recommending them to the Board for consideration and approval for release to Bursa Securities. During this review, the AC obtained assurance from management that the condensed consolidated interim financial statements were prepared in accordance with Malaysian Financial Reporting Standards 134: Interim Financial Reporting, paragraph 9.22 of the MMLR of Bursa Securities, and International Accounting Standards 34: Interim Financial Reporting issued by the International Accounting Standards Board. (b) The AC reviewed the Company’s Audited Financial Statements and those of the DNeX Group for the FYE 31 December 2024. They assessed the financial position and performance for the financial year, ensuring compliance with all necessary disclosures and regulatory requirements. The AC then recommended the audited financial statements to the Board for approval. (c) The AC reviewed and approved the Report for inclusion in the Company’s Integrated Report. (ii) External Audit (a) Considered the audit fees and re-appointment of Crowe Malaysia PLT as external auditors of the Company and DNeX Group. (b) Reviewed and approved the external auditors’ Audit Planning Memorandum, audit findings, approach, and scope of audit work for the financial year. (c) Met with the external auditors without the presence of executive board members and management to discuss DNeX Group’s practices to enhance compliance with all laws and regulations imposed by relevant regulatory bodies. (d) Reviewed and approved the non-audit services provided/to be provided by the external auditors and its affiliates to ensure that the non-audit services do not impair their independence or objectivity as external auditors of the Company and DNeX Group. (e) Evaluated the performance of the external auditors for the FYE 31 December 2024, covering areas such as calibre, quality processes, the audit team, audit scope, communication, governance and independence and considered and recommended the re-appointment of the external auditors. (iii) Internal Audit (a) Reviewed and approved the Internal Audit Plan for DNeX Group to ensure that it adequately covers the activities and includes a comprehensive scope of high-risk auditable areas. (b) Reviewed the progress of audit assignments conducted as part of the Internal Audit Plan for the FYE 31 December 2024. (c) Evaluated the reports submitted by the internal audit function during the AC meetings, where management was present to provide pertinent clarification or additional information in response to AC’s members about matters raised. (d) Performed follow-up on the status of management’s agreed action plans on recommendations raised in previous internal audit cycles, including specific timelines for resolving those outstanding matters. (e) Reviewed the proposed cost incurred by the Internal Auditors to audit DNeX and its group of companies. (f) Assess the effectiveness of the internal audit function. (iv) Related Party Transactions Reviewed related and recurrent related party transactions to ensure that transactions entered were on an arm’s length basis and on normal commercial terms. (v) Conflict of Interest Reviewed any potential or actual conflict of interest within DNeX Group and/or the Company. 107 Governance DAGANG NeXCHANGE BERHAD Integrated Report 2024 AUDIT COMMITTEE REPORT
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