SUMMARY OF WORK OF THE ARMC In accordance with its Terms of Reference, the ARMC has carried out the following key activities during the financial year under review: (A) Financial Reporting (i) Reviewed and ensured that the Group’s financial reporting processes are conducted in accordance with the Company’s established 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; and (ii) Reviewed the Group’s unaudited quarterly financial results and annual audited financial statements, as well as the audit reports and audit issues raised by the External Auditors, and recommended the same to the Board for approval. In the course of review, the ARMC discussed and sought clarifications on, particularly changes in or implementation of major accounting policies, significant and unusual events and compliance with accounting standards and other legal requirements. (B) External Audit (i) Reviewed and approved the Audit Planning Memorandum presented by the External Auditors, covering the audit approach, areas of audit emphasis, target audit timeline, proposed audit fee and any other regulating requirements applicable to the Group; (ii) Reviewed the Audit Review Memorandum presented by the External Auditors and deliberated on audit status, key audit findings, significant audit issues, material accounting adjustments, provision of non-audit services, and compliance with relevant laws and regulations; (iii) Held a private session with the External Auditors on 15 April 2025, without the presence of the Executive Directors and Management, to discuss audit related matters, and to provide the External Auditors with the opportunity to raise any issues of concern directly with the ARMC; and (iv) Assessed and evaluated the independence, suitability, objectivity, competency and adequacy of resources of the External Auditors, and thereafter, recommended to the Board for their reappointment at the AGM. (C) Internal Audit (i) Reviewed and approved the Internal Audit Plan for FYE 2025 presented by the outsourced Internal Auditors, which included details such as audit scope, audit timeline and proposed fees of the internal audit services to ensure the adequacy of the scope and sufficient coverage over the Group’s activities; (ii) Reviewed and deliberated on the internal audit reports, covering the audit findings, key risks identified, root-cause analysis, recommendations for improvements, Management’s responses and the status of corrective actions together with the proposed implementation timeframe. The internal audit reports also included the updates on the status of previous audit findings to ensure the identified deficiencies were addressed properly; and (iii) Assessed and evaluated the independence, adequacy and overall performance of the outsourced Internal Auditors. 129 Annual Report 2025
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