The AC meetings were attended by the Senior Management of the Group and Group Head, Internal Audit to brief the AC on agenda items of the AC meetings. The external auditors also attended and briefed the AC on matters relating to external audit at all the AC meetings held during the financial year and provided a high-level review of the financial position of the Group. Minutes of the AC meetings were circulated to all members for comments and the decisions made by the AC were communicated to the relevant process owners for action. At the Board meetings, the Chairman of the AC would provide a report, highlight pertinent issues, significant points of the decisions and recommendations made by the AC to the Board and matters reserved for the Board’s approval, if any. Summary of Activities During the financial year, the AC carried out the following key activities: Financial Reporting 1. Reviewed and recommended to the Board for approval the unaudited quarterly financial results of the Group and the draft announcements pertaining thereto; 2. Deliberated on the report of the external auditors on the audit focus areas and key findings arising from their review of the unaudited quarterly financial results of the Group; 3. Deliberated on the annual statutory audit performed by the external auditors, Management’s responses to the audit findings and any changes in or implementation of major accounting policy changes for the financial year ended 31 December 2022; 4. Reviewed and recommended to the Board for approval the Annual Audited Financial Statements of the Company and the Group for the financial year ended 31 December 2022; 5. Reviewed and recommended to the Board for approval the Condensed Consolidated Interim Financial Statements for each quarter end; 6. Reviewed the external auditors’ audit plan and strategy for the financial year ended 31 December 2023; 7. Reviewed and recommended to the Board for approval the revaluation of investment properties of the Group which was undertaken by independent valuers to ensure that the current market value of the investment properties was in compliance with MFRS 140, Investment Property; External Auditors 8. Recommended to the Board for approval the re-appointment of KPMG PLT as external auditors for the financial year ended 31 December 2023 upon assessing their independence, suitability and performance; 9. Reviewed and recommended to the Board for approval the proposed fees for the annual and one-time audit and non-audit related services rendered by the external auditors for the financial year ended 31 December 2022; 10. Noted KPMG PLT’s 2022 Transparency Report; 11. Met with the external auditors twice without the presence of the Management during the year under review to discuss any issues or reservations arising from the audits and any other matters the external auditors may wish to discuss, including but not limited to the cooperation rendered by the Group’s employees to facilitate their audit work; Internal Audit 12. Reviewed and approved the internal audit work plan for the financial year ending 31 December 2024 and discussed Internal Audit’s focus areas for improvement for the financial year ending 31 December 2024 to ensure that there is adequate scope and comprehensive coverage over the activities of IHH Group, as well as the availability of adequate resources within the internal audit team to carry out the audit work; 13. Deliberated on the internal audit reports issued during the year; 14. Deliberated on the implementation of the management action plans on outstanding issues on a quarterly basis to ensure that all key risks and control weaknesses are being properly addressed until the issues are fully resolved and rectified; 15. Met with the Group Head, Internal Audit, twice, without the presence of the Management during the year under review to obtain feedback on the internal audit activities, audit findings and any other related matters; 16. Reviewed and approved the Internal Audit Charter for the financial year ending 31 December 2024; 17. Deliberated on the whistleblowing cases received by the Group through the whistleblowing communication channel; 18. Reviewed and recommended to the Board for approval the revision to the Whistleblowing Policy. The revision made was to simplify the Whistleblowing Policy so that it is easier to read and understand; 19. Reviewed integrity and misconduct cases; Annual Report 2023 107
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