95 The AC meetings were attended by the Senior Management of the Group and Group Head, Internal Audit, who provided briefings on the relevant agenda items. Additionally, the external auditors also attended the AC meetings held at each quarter, offering insights on matters related to external audits and delivering a high-level review of the Group’s financial position. 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. The Chairman of the AC provided a report, highlighting significant points of the decisions and recommendations made by the AC to the Board, as well as matters reserved for the Board’s approval, if any. Summary of Activities During the financial year under review, the AC carried out, among others, the following key activities: Financial Reporting 1. Reviewed and recommended to the Board for approval, the unaudited quarterly financial results of the Group, along with the draft announcements related to these results; 2. Deliberated on the report from the external auditors, focusing on the audit focus areas and key findings from their review of the Group’s unaudited quarterly financial results; 3. Deliberated on the annual statutory audit performed by the external auditors, including Management’s responses to the audit findings and any changes or implementations of major accounting policies for the financial year ended 31 December 2023; 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 2023; 5. Reviewed and recommended to the Board for approval, the Condensed Consolidated Interim Financial Statements for the relevant quarter end; 6. Reviewed the external auditors’ audit plan and strategy for the financial year ended 31 December 2024; 7. Reviewed and recommended to the Board for approval, the revaluation of Group’s investment properties undertaken by independent valuers to ensure that the current market value of the investment properties 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 2024, after 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 2023; 10. Noted KPMG PLT’s Transparency Report 2023; 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 wished 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 ended 31 December 2024, and discussed Internal Audit’s focus areas for improvement for the financial year ending 31 December 2025. This was to ensure adequate scope and comprehensive coverage over the activities of IHH Group, and to confirm 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 properly addressed until 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 2025; 17. Deliberated on the whistleblowing cases received by the Group through the whistleblowing communication channel and the implementation plan to resolve the issue; 18. Reviewed and recommended to the Board for approval, the revision to the Policy on the Independence of Auditors and the Efficiency of Audits; 19. Deliberated on the key performance indicators of Group Head, Internal Audit; Related Party Transactions (RPTs) and Recurrent Related Party Transactions (RRPTs) 20. Noted the summary report of the RPTs and RRPTs monitoring and tracking by Management to ensure compliance with the MMLR; 21. Discussed and approved the RPTs and RRPTs to be undertaken by the Group; Verification of the Allocation of Enterprise Option Scheme (EOS) options 22. V erified the allocation and movement of EOS options for the year 2023 to ensure that it had been carried out in accordance with the approved criteria and matrix as stipulated in the Bye Laws of EOS;
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