105 ANNUAL REPORT 2024 PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT PART I: AUDIT AND RISK MANAGEMENT COMMITTEE 10. Effective and Independent ARMC The ARMC comprises 3 members, all of whom are Independent Non-Executive Directors. During FYE 2024, the ARMC held 3 meetings and the details of the meeting attendance are as below: Position Name Directorship Meeting Attendance Chairperson Julannar Binti Abd Kadir Independent Non-Executive Director 3/3 Member Lim Chee Hwa Independent Non-Executive Director 3/3 Member Chia Chee Hoong Independent Non-Executive Director 3/3 The ARMC has been entrusted by the Board with responsibility for overseeing the Group’s accounting, audit, internal controls and risk management, and sustainability functions. In adherence to Practice 9.1 of the MCCG, the positions of the Board Chairperson and the Chairperson of ARMC are held by different individuals. The Board Chairperson of Keyfield is Puan Haida Shenny Binti Hazri, while the ARMC is chaired by Puan Julannar Binti Abd Kadir, both of whom are Independent Non-Executive Directors. This segregation of roles, with each position held by a different individual, strengthens the Board’s objectivity and independence in reviewing the findings and recommendations of the ARMC. All members of the ARMC are financially literate and possess the necessary knowledge and expertise to effectively discharge their duties. The ARMC stays updated on accounting and auditing standards, practices, and rules through continuous professional development and updates from both the Management and External Auditors. In accordance with the Practice 9.2 of MCCG, any former partner of the external audit firm of the Company must observe a cooling-off period of at least 3 years before being considered for appointment as a member of ARMC, to safeguard the independence and objectivity of the ARMC members. Currently, none of the ARMC members is a former partner of the external audit firm of the Company. On 15 April 2025, the Company formalised an Audit Policy and Procedure for assessing the suitability, objectivity and independence of the External Auditors, which the evaluation shall take into account of the following key factors: (i) the independence of the external audit firm; (ii) the adequacy, suitability, competency, experience and overall quality of the External Auditors; (iii) the External Auditor’s capacity and resources, along with their ability to meet deadlines and address issues promptly, as outlined in the audit planning memorandum; and (iv) the nature and extent of the non-audit services provided by the External Auditors and the associated fees for such services. The Board, through the ARMC, conducted an annual performance evaluation of the External Auditors to ensure that their performance and independence met the above criteria. Additionally, the External Auditors, Messrs. Crowe Malaysia PLT, have assured the Board of their independence throughout the conduct of the audit engagement in accordance with the independence criteria set out by the MIA. The key activities carried out by the ARMC during the FYE 2024 are set out in Audit and Risk Management Committee Report in this Annual Report. CORPORATE GOVERNANCE OVERVIEW STATEMENT (cont’d)
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