MKH Berhad 67 Audit Committee Report Summary of Work of the Audit Committee (Cont’d) (c) External Audit • Reviewed and approved the external auditors annual audit planning memorandum of the Group for the FY 2021, external auditor’s fees, audit strategy and scope of work for the year in connection with their audit. • Reviewed the findings of the external auditors reports particularly on key audit matter and areas of concern highlighted in the progress report, including management’s response to the concerns raised by the external auditors. • Held private sessions with the external auditors without the presence of Executive Directors and management, to discuss the audit findings and any other observations they may have during the audit process. There were no major concerns/issues raised by the external auditors at the meetings. • Discussed with external auditors on significant accounting and auditing updates arising from new or proposed changes in accounting standard and regulatory requirements in relation to the financial statements. • Evaluated the performance and assessed the independence and objectivity of the external auditors in providing their services and made recommendations to the Board on their re-appointment and remuneration. (d) Risk Management Committee • Reviewed the Risk Management Committee’s reports regarding the Group’s risk exposures, including review risk assessment model used to monitor the risk exposures and management’s views/responses on the acceptable and appropriate level of risks faced by Group’s business unit as well as the proposed recommendations for improvements to be implemented. (e) Related Party Transactions • Reviewed on a quarterly basis if there is any related party transaction(s) entered into by the Group and any conflict of interest situation that may arise within the Group, which are required to be transacted at an arm’s length basis and not detrimental to the interest of the minority shareholders. • Reviewed the annual confirmation from the Board and Audit Committee on related party transaction(s) entered into (if any) for the financial year under review. (f) Annual Reporting • Reviewed the Audit Committee Report, Statement on Risk Management and Internal Control and Corporate Governance Overview Statement to ensure compliance with relevant regulatory reporting requirements prior to recommend the same to the Board for approval.
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