120 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 AUDIT COMMITTEE REPORT e At its meeting held on 24 October 2023, the AC reviewed and approved the External Auditors’ 2023 Audit Plan outlining their scope of work and proposed fees covering their recurring audit assignments, as well as other regulatory-related services. During the presentation of their 2023 Audit Plan, the External Auditors had also highlighted to the AC the developments (as at 30 June 2023) in the financial reporting as summarised below. New Malaysian Financial Reporting Standards (“MFRS”) Issued as at 30 June 2023 Description Effective Date* MFRS 17 - Insurance Contracts (including amendments on Initial Application of MFRS 17 and MFRS 9 Comparative Information) 1 January 2023 Classification of Liabilities as Current or Non-Current (Amendments to MFRS 101) 1 January 2023 Definition of Accounting Estimates (Amendments to MFRS 108) 1 January 2023 Disclosure of Accounting Policies (Amendments to MFRS 101 and MFRS Practice Statement 2) 1 January 2023 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to MFRS 112) 1 January 2023 Lease Liability in a Sale and Leaseback (Amendments to MFRS 16 Leases) 1 January 2024 Supplier Finance Arrangements (Amendments to MFRS 107 Statement of Cash Flows and MFRS 7 Financial Instruments: Disclosures) 1 January 2024 Non-Current Liabilities with Covenants (Amendments to MFRS 101) 1 January 2024 Lack of Exchangeability (Amendments to MFRS 121) 1 January 2025 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128) In December 2015, the MASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting Note * Effective for annual periods beginning on or after this date. Internal Audit At its meeting on 30 January 2023, the AC had reviewed and approved the 2023 Internal Audit Plan tabled by Group Internal Audit (“GIA”) after considering the adequacy of scope and comprehensiveness of the coverage of activities within KIBB Group, as well as the adequacy of resources in GIA. In 2023, the AC had reviewed and deliberated on a total of thirty-seven (37) Internal Audit Reports, together with the audit recommendations made by GIA and Management’s responses to those recommendations, in relation to the audits carried out by GIA. Where appropriate, the AC had directed Management to rectify and improve the control and workflow procedures based on GIA’s recommendations. 3.3 a b
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