KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 133 132 The Group Chief Internal Auditor (“GCIA”) attended all meetings of the AC to present the respective internal audit reports. As and when necessary, the AC would request the attendance of relevant personnel at its meetings to brief the AC on specific issues arising from the internal audit reports. The Group Chief Financial and Operations Officer (“GCFOO”) and the Head of Group Finance on the other hand, attended the AC meetings to present the unaudited quarterly financial statements, audited financial statements, as well as other financial reporting related matters for the AC’s deliberation and recommendation to the Board for approval. In addition, separate private discussions were also held between the Chairman of the AC and/ or the AC with the GCIA and between the AC and the External Auditors, Ernst & Young PLT (“EY”), without the presence of Management. During the period under review, the AC met with the External Auditors without Management’s presence twice i.e., on 24 January 2024 and 24 October 2024, after the tabling of the Update Report in respect of the Financial Year Ended 31 December 2023’s audit and the External Auditors’ 2024 Audit Plan respectively. During these meetings, the AC sought the feedback from the External Auditors with regard to the support provided by Management in terms of providing timely and accurate information, as well as the adequacy of resources in the financial reporting functions. Based on the External Auditors’ feedback, Management was noted to have provided full cooperation to the External Auditors in the course of the External Auditors’ audit assignments. The External Auditors had also indicated that Management had been very pro-active in approaching them for any issues arising during the year, which contributed to an effective audit planning by the External Auditors. In fulfilling its reporting responsibility to the Board, after each meeting, the Chairman of the AC reported the AC’s deliberations and recommendations to the Board. The Minutes of each AC meeting were recorded and tabled for confirmation at the following AC meeting and subsequently presented to the Board for notation. AC Members’ Attendance at Meetings The details of the AC members’ attendance at its meetings held during the Financial Year Ended 31 December 2024 are as stated below. AC Number of Meetings Name of Member Held (1) Attended Percentage (%) Encik Jeremy Nasrulhaq (Chairman) 7 7 100% Mr. Kanagaraj Lorenz 7 7 100% Puan Norazian Ahmad Tajuddin 7 7 100% Note (1) Total number of meetings held is inclusive of one (1) joint meeting between the AC and GBRC held on18 October 2024. AUDIT COMMITTEE REPORT AUDIT COMMITTEE REPORT 2.2 2.3 2.4 2.5 3. SUMMARY OF THE AC’S ACTIVITIES DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Financial Reporting In discharging its role and responsibility pertaining to the Company’s financial reporting, the AC had at its meeting held on 24 January 2024, reviewed the quarterly financial statements for the quarter ended 31 December 2023, as well as the Audited Financial Statements in respect of the Financial Year Ended 31 December 2023. In reviewing the Audited Financial Statements, the AC discussed with Management and the External Auditors, the accounting principles and standards that were applied and their judgment of the items that might affect the financial statements. The AC also deliberated on audit issues and key audit matters raised by the External Auditors and the action plans required to address those issues, based on the External Auditors’ recommendations. At the same meeting, the AC had also deliberated and recommended to the Board for approval, the revised Group Accounting Policy - Financial Instrument: Policy on Credit Impairment Assessment and Provision (Issue 8), which set out the minimum requirements on the expected credit loss impairment assessment and provision. The subsequent quarterly financial statements for the quarters ended 31 March 2024, 30 June 2024 and 30 September 2024 were tabled and reviewed by the AC at its quarterly meetings held on 29 April 2024, 25 July 2024 and 24 October 2024 respectively, upon which the AC had recommended the quarterly financial statements to the Board for approval. The AC had at its meeting held on 24 October 2024 , reviewed the adoption of the impairment approach and the assumptions used in the annual assessment for impairment of assets of KIBB and Its Subsidiaries (“KIBB Group”) for the Financial Year Ended 31 December 2024 and recommended the same for the Board’s approval. At each of its quarterly meeting, the AC was also notified of the amount of non-audit fees incurred and paid by KIBB Group to the External Auditors and their affiliate to ensure compliance with the Group’s Policy on Non-Audit Services by External Auditors. External Audit The report by the External Auditors on the statutory audit of the financial statements of KIBB and KIBB Group for the Financial Year Ended 31 December 2023 was reviewed and deliberated by the AC at its meeting held on 24 January 2024. During its deliberations, the AC was briefed by the External Auditors on the various areas of audit emphasis, including Management’s assessment, EY’s independent assessment and conclusion made for each of the identified areas. The AC had also at the same meeting reviewed the list of services provided by the External Auditors during the financial year which comprised audit and regulatory-related services, issuance of a written communication to Management and the AC pertaining to the External Auditors’ audit/ findings, together with the recommendations for improvements in controls and procedures. The External Auditors’ services also included the review of the Statement on Risk Management and Internal Control, as well as other regulatory submissions as required under the various regulatory requirements. 3.1 3.2 a a b b c d
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