Summary of Work of the Audit Committee (Cont’d) (b) Internal Audit • R eviewed and approved the scope of annual audit plan for FY2024 proposed by the in-house internal audit team to ensure the adequacy of the scope and coverage of work on the Group’s activities. • R eviewed the internal audit reports, which highlighted the audit issues, recommendations and management’s responses. Discussed with management on actions taken to improve the system of internal control based on improvement opportunities identified in the internal audit reports. • R eviewed and approved the follow-up reports on the status of implementation of those control weaknesses as highlighted by in-house internal audit team. • R eported to the Board on significant audit issues and concerns discussed during the Audit Committee meetings which may have significant impact on the Group from time to time, for consideration and deliberation by the Board. (c) External Audit • R eviewed and approved the external auditors annual audit planning memorandum of the Group for FY2024, external auditor’s fees, audit strategy and scope of work for the year in connection with their audit. • R eviewed 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. • H eld 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. • D iscussed 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. • E valuated 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 • R eviewed the Risk Management Committee’s reports regarding the Group’s risk exposures, including review of the 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. Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 139
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