5. Other matters reviewed by the Committee The Committee also reviewed the following matters:- i) the Group’s compliance with the relevant provision set out under the Malaysian Code on Corporate Governance 2021 for preparing Statement on Corporate Governance and Statement on Risk Management and Internal Control pursuant to the Listing Requirements. ii) the Circular to Shareholders on the proposed renewal of Shareholders’ mandate and proposed new shareholders’ mandate for recurrent related party transactions of a revenue or trading nature. iii) The internal audit report relating to existing related party transactions. iv) Recurrent Related Party Transactions on quarterly basis. v) Solvency Assessment by the management in relation to the declaration of dividends. Overall Summary of work done by the Committee In summary, the work done during the financial year are as described below:- 1. Reviewed with the internal auditors and report to the Board on the following matters:- i) the Group’s internal control procedures, including organisational and operational controls. ii) the internal audit’s scope of work, functions, competency and resources and that it has the necessary authority to carry out its work. iii) the internal audit plan, scope of the work and its findings at every quarter, and to highlight to the Board on any material findings. iv) the regular management information and to ensure that audit recommendations regarding management weaknesses are effectively implemented. 2. Reviewed with the External Auditors and report to the Board on the following matters:- i) the audit planning memorandum. ii) the audit reports, to ensure that their recommendations regarding management weaknesses are implemented. iii) the annual financial statements and recommend the adoption of the financial statements. iv) the audit fees. v) the related party transactions and conflict of interest that may arise within the Company and the Group including any transaction, procedure or course of conduct that raise questions of management integrity. 3. The Committee also reviewed the Group’s quarterly financial results and audited financial statements, prior to the approval by the Board of Directors focusing particularly on:- i) any changes in the implementation of major accounting policy. ii) significant and unusual events. iii) compliance with accounting standards and other legal requirements. iv) Solvency Assessment by management in relation to the declaration of dividends. 4. Reviewed the quarterly unaudited financial results and make necessary recommendations to the Board prior to release to the relevant authorities and public on:- i) Compliance with existing and new accounting standards, policies and practices. ii) Highlight any significant adjustment or unusual events. iii) Compliance with Listing Requirements of Bursa Malaysia Securities Berhad, Companies Act 2016 and other regulatory requirements. 5. Make enquiry if there are any recurrent related party transactions, to review and to ensure the recurrent related party transactions if any, are on ordinary commercial terms and are not favourable to the related party than is generally available to the public, and that the transactions are not detrimental to the minority shareholders. AUDIT COMMITTEE REPORT OUR GOVERNANCE MATRIX CONCEPTS HOLDINGS BERHAD 122
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