AUDIT COMMITTEE AT A GLANCE (CONT’D) Meetings (cont’d) To uphold transparency and accountability, the Minutes of each AC meeting were prepared and disseminated to all AC members and the Board electronically and in hardcopy. This practice ensured that all AC member and Board remained well-informed about the discussions and decisions made during the meetings. Furthermore, the Chairman of the AC regularly delivered comprehensive reports to the Board, highlighting key matters deliberated upon during AC meetings, thereby fostering alignment and collaboration between the AC and the Board in matters of strategic importance. During the financial year under review, the AC conducted separate meetings with both the outsourced internal auditors and external auditors without the presence of the executive Board Members and Senior Management, to facilitate candid discussions on any pertinent issues or significant matters identified by the internal and external auditors. These meetings were structured to allow internal and external auditors to freely raise concerns, provide insights, and seek clarification from the AC without the presence of the executive Board Members and Senior Management. The dates of these meetings, held independently with outsourced internal auditors and external auditors without the presence of the Senior Management, are as follows: Outsourced Internal Auditors 30 May 2023 21 August 2023 20 November 2023 External Auditors 27 February 2023 20 November 2023 SUMMARY OF ACTIVITIES UNDERTAKEN BY THE AC During the FY2023, the AC diligently fulfilled its obligations by engaging in the following activities as part of its oversight duties: Financial Reporting The AC reviewed the unaudited quarterly results and the annual audited financial statements of the Group (“Financial Reports”). This comprehensive review process ensured that all financial statements complied with the requirements of relevant regulatory authorities. Prior to submission to the Board for approval, the AC deliberated on the Financial Reports to ensure their accuracy and compliance with applicable reporting standards, ultimately facilitating the timely release of the Group’s results to Bursa Securities. Annual Report The AC reviewed various components of the Annual Report, including the Audit Committee Report, Sustainability Statement, Corporate Governance Overview, Corporate Governance Statement, Corporate Governance Report, Directors’ Responsibility Statement as well as the annual audited financial statements of the Group. Before submission to the Board for consideration and approval, the AC conducted thorough reviews of these documents, ensuring completeness, accuracy and alignment with regulatory requirements. This rigorous review process underscores the AC’s commitment to upholding transparency, accountability, and best practices in corporate governance. External Audit The AC reviewed the audit planning memorandum presented by the external auditors, ensuring clarity regarding the scope and objectives of the annual audit before its commencement. This comprehensive review process provided by the AC with insights into the proposed audit approach, methodologies, and key areas of focus, enabling effective oversight and alignment with the Group’s objectives. Additionally, the external auditors carried out an audit review memorandum, summarizing their findings from the ongoing audit of the Group’s financial statements for the financial year end. This ensures that all relevant aspects of the external audit process are appropriately acknowledged and addressed. AUDIT COMMITTEE REPORT (cont’d) ANNUAL REPORT 2023 151 GOVERNANCE
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