05 / HOW WE ARE GOVERNED 01 02 03 04 06 07 08 09 147 AUDIT COMMITTEE REPORT Pursuant to Section 67(1) of the Financial Services Act 2013, an auditor appointed by a licensed person shall meet the qualification criteria set out in BNM’s Policy Document on External Auditor and shall continue to meet the criteria throughout the audit engagement. BNM’s Policy Document on External Auditor also requires the Company to undertake an annual assessment on the suitability and independence of External Auditors. In relation to the audit of the Company’s financial statements for the Financial Year Ended 31 December 2024, the External Auditors had given a written assurance to the AC that they were independent in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants and the International Code of Ethics for Professional Accountants (including International Independence Standards), throughout their audit engagement for 2024. This written assurance by the External Auditors was contained in the External Auditors’ Report which was presented to the AC on 23 January 2025. Following the implementation of the requirement for Annual Transparency Reporting by the SC’s Audit Oversight Board and in line with the MCCG’s criteria to guide decisions on the appointment and re-appointment of the External Auditors, the 2024 Transparency Report issued by EY was presented to the AC on 23 January 2025. After taking into consideration the assessment carried out by Management and the 2024 Transparency Report, the AC at the same meeting, had concluded that the External Auditors had fulfilled all the qualification criteria set out in BNM’s Policy Document on External Auditor in terms of its performance and independence and had therefore, recommended the re-appointment of EY as the Company’s External Auditors for the Financial Year Ending 31 December 2025 to the Board for approval. At its meeting held on 23 October 2025, the AC reviewed and approved the External Auditors’ 2025 Audit Planning Memorandum outlining the scope of work which included the audit approach and strategy for the year and proposed fees covering their recurring audit assignments, as well as other regulatory-related services. During the presentation of their 2025 Audit Planning Memorandum, the External Auditors had also highlighted to the AC the developments in the financial reporting (as at 30 June 2025) as summarised below. New Malaysian Financial Reporting Standards (“MFRS”) Issued as at 30 June 2025 Description Effective Date* Lack of Exchangeability (Amendments to MFRS 121) 1 January 2025 Classification and Measurement of Financial Instruments (Amendments to MFRS 9 and MFRS 7) 1 January 2026 Contracts Referencing Nature-Dependent Electricity (Amendments to MFRS 9 and MFRS 7) 1 January 2026 Annual Improvements to MFRS Accounting Standards – Volume 11 1 January 2026 MFRS 18 – Presentation and Disclosure in Financial Statements 1 January 2027 MFRS 19 – Subsidiaries without Public Accountability: Disclosures 1 January 2027 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128) Effective date had been postponed Note * Effective for annual periods beginning on or after this date. d e
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