audit committee report 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 maers:- i) The Group’s internal control procedures, including organisaঞonal and operaঞonal controls. ii) The internal audit’s scope of work, funcঞons, 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 informaঞon and to ensure that audit recommendaঞons regarding management weaknesses are effecঞvely implemented. 2. Reviewed with the External Auditors and report to the Board on the following maers:- i) The audit planning memorandum. ii) The audit reports, to ensure that their recommendaঞons regarding management weaknesses are implemented. iii) The annual financial statements and recommend the adopঞon of the financial statements. iv) The audit fees. v) The related party transacঞons and conflicts of interest that may arise within the Company and the Group including any transacঞon, procedure or course of conduct that raise quesঞons of Management’s integrity. 3. The Commiee also reviewed the Group’s quarterly financial results and year end financial statements, prior to the approval by the Board of Directors focusing parঞcularly on:- i) Any changes in the implementaঞon of major accounঞng policy. ii) Significant and unusual events. iii) Compliance with accounঞng standards and other legal requirements. iv) Solvency Assessment by Management in relaঞon to the declaraঞon of dividends. 4. Reviewed the quarterly unaudited financial results and make necessary recommendaঞons to the Board prior to release to the relevant authoriঞes and public on:- i) Compliance with exisঞng and new accounঞng standards, policies and pracঞces. ii) Highlight any significant adjustment or unusual events. iii) Compliance with Lisঞng Requirements of Bursa Malaysia, Companies Act 2016 and other regulatory requirements. 5. Reviewed the related party transacঞons and also make enquiry if there are any recurrent related party transacঞons and to review and to ensure the recurrent related party transacঞons, 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 transacঞons are not detrimental to the minority shareholders. D INTERNAL AUDIT ACTIVITIES FOR THE FINANCIAL YEAR During the financial year, IAF had completed and reported audit assignments covering the following areas:- Property Development • Collecঞon of Service Fees Construction • Defect Maintenance Management • Project Cost Control • Security, Safety and Health Management Group Support Services & Governance • Corporate Secretarial • PDPA Compliance Education • Student Enrolment and Registraঞon & Revenue and Collecঞon Management Hospitality • Financial, Tenancy and Hotel Guest’s Personal Details Management • Customer Service Management • Faciliঞes Maintenance, Security, Safety and Health Management Healthcare • Inventory (Drug & Consumables) Management • Operaঞng License and Safety, Health, Environmental & Other Governmental Regulaঞons 129 MATRIX CONCEPTS HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2025 06 OUR GOVERNANCE
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