Integrated Annual Report 2024 SECTION 4 • EFFECTIVE STEWARDSHIP THROUGH GOOD GOVERNANCE 79 Audit Committee Report SUMMARY OF THE ACTIVITIES OF AC (CONT’D) The main activities carried out by the AC during the FYE2024 were summarised as follows: (1) Financial Reporting (a) The AC reviewed and ensured that the unaudited quarterly financial results of the Group complied with the Malaysian Financial Reporting Standards (“MFRS”) and Appendix 9B of the MMLR of Bursa Securities. They reviewed and discussed the unaudited quarterly financial results of the Group with the Management and the External Auditors (where applicable) at the scheduled quarterly AC meetings and recommended the same to the Board for consideration and approval before releasing to Bursa Securities. (b) Reviewed the Audited Financial Statements of the Group and the Company for the FYE2024 with Management and External Auditors before recommending to the Board for approval and subsequent tabling at the upcoming AGM. (c) Reviewed and made the recommendation to the Board in respect of the proposed dividends after reviewing and considering the solvency test presented by Management. The AC is satisfied that adequate funds were available to pay all debts as and when the debts become due within twelve (12) months after the distribution to the shareholders are made. (d) Reviewed the debtors ageing listing with explanation, if overdue. (2) External Audit (a) Reviewed, discussed and approved the External Auditor’s terms of engagement, audit planning memorandum of the Group, including the scope of work of the External Auditors to ensure it adequately covers the activities of the Group for the FYE2024 at the meeting held on 22 November 2024. The External Auditors briefed the AC on the newly effective Financial Reporting Standards and regulatory updates. (b) Reviewed with the External Auditors the results of the audit, the relevant audit reports and Management Letters together with the Management’s responses and comments to the findings. (c) Carried out annual assessment on the performance, suitability, capabilities and independence of the External Auditors based on amongst others, the External Auditors’ competency and audit independence, objectivity and professional skepticism before recommending to the Board their re-appointment and remuneration. The AC also considered the External Auditors’ Transparency Report in the review. To ensure that the External Auditors’ independence is not impaired, the Audit Engagement Partner in charge of the Company is changed every seven (7) years and is required to observe a cooling-off period of five (5) years before being re-appointed, which is in line with the recommendation by the MIA. Internally, the External Auditors conduct an Independent Partner Review in order to preserve their independence. The External Auditors had also provided written assurance to the AC that in accordance with the terms of all relevant professional and regulatory requirements, they had been independent throughout the audit engagement. The External Auditors confirmed that they have fulfilled their professional and other ethical responsibilities in accordance with the By-Laws (On Professional Ethics, Conduct and Practice) of the MIA and the International Ethics Standards Board of Accountants Code. (d) Had private sessions with the External Auditors during the financial year, i.e., on 23 February 2024 and 22 November 2024 respectively without the presence of any executive Board members and Management to ensure there were no restrictions on their scope of audit and to discuss any matters that the External Auditors did not wish to raise in the presence of the Management. During the private sessions with the External Auditors, it was noted that there were no major concerns from the External Auditors and they had been receiving full cooperation from the Management during their course of audit. (e) The AC also received sustainability updates from KPMG PLT relation to (i) Bursa Malaysia’s sustainability disclosures; (ii) National Sustainability Reporting Framework; and (iii) the standards issued by International Sustainability Standards Board (“ISSB”).
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