PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT AUDIT COMMITTEE The Company’s AC comprises exclusively of independent directors with the Chairman of the Committee being a certified accountant and a member of the Malaysian Institute of Accountants. In compliance with the MCCG 2021, the AC Chairman is not the Chairman of the Board of Directors. The roles and responsibilities of the AC is provided for in its TOR, which can be viewed at www.mchb.com.my. In executing its roles, the AC is supported by the Company’s external and internal audit functions. On matters pertaining to risk, the AC is supported by the Board’s RMC. The AC is responsible for ensuring that the Group’s and the Company’s financial statements, are made out in line with recognised accounting standards i.e. the Malaysian Financial Reporting Standards (“MFRS”) and the International Financial Reporting Standards (“IFRS”), and that a balanced and fair view of the financial state and performance of the Group is presented. Having assessed the performance of the AC during the financial year, the Board is satisfied that the AC has effectively discharged its duties. Please refer to the Audit Committee Report on page 116 for detailed information on the scope of works undertaken by the Group’s AC in FY2023. COMPLIANCE WITH APPLICABLE FINANCIAL REPORTING STANDARDS The Board states that the annual audited financial statements and interim financial results have been prepared to comply with the Act and applicable financial reporting standards in Malaysia. This includes adopting all necessary measures to ensure all applicable accounting policies have been applied consistently, and that the policies are supported by reasonable and prudent judgement and estimates. EXTERNAL AUDIT FUNCTION The Group’s external audit function is performed by Messrs. Crowe Malaysia PLT. The External Auditors’ reports to the AC and conducts its audit based on an AC approved audit plan. The External Auditors has provided written assurance of its independence in accordance with the independence rules of the Malaysian Institute of Accountants. The AC has assessed the performance of the External Auditors based on the following criteria: • The quality and scope of the planning of the audit in assessing risks and how the External Auditors maintain or update the audit plan to respond to changing risks and circumstances; • The quality and timeliness of reports provided to the AC; • The level of understanding demonstrated on the Group’s business; and • Communication to the AC about new and applicable accounting practices and auditing standards and its impact on the Group’s financial statements. The AC is satisfied that the External Auditors continue to possess the competency, independence and experience required to fulfil their duties effectively. Hence, the AC has recommended their re-appointment for the following financial year, subject to shareholders approval at the forthcoming AGM. CORPORATE GOVERNANCE OVERVIEW STATEMENT Aggregate remuneration paid out to Senior Management in FY2023 was RM6,790,843 with the breakdown provided herewith in bands* BANDS (RM) GROUP** 1,150,000-1,200,000 1 2,100,001-2,150,000 1 3,150,001-3,200,000 1 TOTAL 3 * Excludes remuneration paid to Executive Directors including the GEDC and GMD, which has been disclosed earlier in the Directors’ Remuneration table. ** Remuneration of Senior Management is paid at Group level only. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 113
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