110 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M) AUDIT AND RISK MANAGEMENT COMMITTEE REPORT (cont’d) SUMMARY OF WORK OF THE ARMC In accordance with its Terms of Reference, the ARMC has carried out the following activities during the financial year under review and up to the date of this Report: (A) Financial Reporting (i) Reviewed the Group’s unaudited quarterly financial results and annual audited financial statements, and recommended the same to the Board for approval. In reviewing the Group’s financial reporting, the ARMC discussed and made enquiries particularly on the changes in or implementation of major accounting policies, significant and unusual events and compliance with accounting standards and other legal requirements; and (ii) Reviewed and ensured that the Group’s financial reporting process is in line with the Company’s Standard Operating Procedures (“SOPs”) and all disclosures are made in compliance with the applicable Malaysian Financial Reporting Standards (“MFRS”), Companies Act 2016 (“CA 2016”) and MMLR. (B) External Audit (i) Reviewed and approved the Audit Planning Memorandum, detailing the areas of audit approach, materiality levels, audit emphasis, target audit timeline as well as proposed audit fee; (ii) Reviewed the Audit Review Memorandum and deliberated with the External Auditors on audit status, significant accounting adjustment and audit issues, recommendations for improvement in internal controls and compliance with relevant laws and regulations; (iii) Conducted a private session with the External Auditors on 15 April 2025 without the presence of the Executive Directors and Management to receive feedback from the External Auditors on their audit engagement with the Management; and (iv) Assessed and evaluated the effectiveness and performance of the External Auditors by considering their independence, suitability, objectivity, competency and resources, and recommended to the Board for their reappointment at the forthcoming AGM. (C) Internal Audit (i) Reviewed and approved the Internal Audit Plan for FYE 2024 presented by the Internal Auditors, outlining details such as audit scope, timeline and proposed audit fees for the internal audit services; (ii) Reviewed and deliberated on the internal audit reports, covering the audit findings, key risks, root-cause analysis, recommendations for improvements and Management’s responses as well as corrective actions to be taken along with the implementation timeframe; and (iii) Assessed and evaluated the independence and overall performance of the Internal Auditors. (D) Related Party Transactions (“RPT”) and Recurrent RPT (“RRPT”) (i) Reviewed all RPT and RRPT entered into by the Group in accordance with the Company’s Finance and Accounts SOP; and (ii) All RPT and/or RRPT are closely monitored and subjected to review by the ARMC on a quarterly basis. During FYE 2024, the ARMC has assured that all the RPT and RRPT transactions were carried out on an arm’s length basis and under normal commercial terms.
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