ACCOUNTABILITY AND AUDIT Financial Reporting The Board is responsible for ensuring the financial statements of the Company and the Group are drawn up in accordance with the Financial Reporting Standards and the Act so as to give a true and fair view of the financial position of the Company and of the Group as at 31 December 2024 and of their financial performance and cash flows for the year then ended. The Board is committed to providing a clear, balanced and comprehensive meaningful assessment of the Group’s financial performance and prospects, primarily through the annual financial statements and quarterly announcements of results to shareholders. The Group’s audited financial statements for FY2024 are presented on pages 221 to 352 in this Annual Report. PRINCIPLE B: EFFECTIVE AUDIT, RISK MANAGEMENT AND INTERNAL CONTROL I. Audit Committee As at the date of this Statement, the Audit Committee consists of three (3) members, all of whom are Independent Non-Executive Directors and one (1) of whom is a qualified Accountant. The composition of the Audit Committee is as follows: - Name Position Designation Ms Emelia Binti Matrahah (Appointed on 4 March 2025) Chairman Independent NonExecutive Director Madam Vivienne Cheng Chi Fan Member Independent NonExecutive Director Ms Alice Dora Boucher Member Independent NonExecutive Director The Audit Committee members possess the financial knowledge and commercial experience to meet the needs of the Board in fulfilling its fiduciary responsibilities in terms of the Group’s financial reporting practices, accounting policies, internal controls and in assessing the suitability and independence of the Group’s External and Internal Auditors. Chairman of the Audit Committee is an Independent Non-Executive Director and is not the Chairman of the Board. In line with MCCG, the Company had revised the TOR of the Audit Committee on 21 April 2022 to include that no former audit partner to be appointed as a Director (including a member of the Audit Committee) before observing a cooling-off period of at least three (3) years prior to the integration with the Risk Management and Sustainability Committee. During FY2024, the External Auditors had confirmed to the Audit Committee members of their independence throughout the conduct of the audit engagement for FY2024 with the Company in accordance with the independence criteria set out under the ByLaws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants. The Audit Committee met five (5) times during FY2024. The activities of the Audit Committee for FY2024 are reported in the Audit Committee Report as set out on page 216 in this Annual Report. Relationship with External Auditors The Board, through the Audit Committee, has always maintained a formal and transparent relationship with the External Auditors. During FY2024, the Audit Committee had invited the External Auditors to its meeting held on 20 February 2024 to report on the audit status findings for the FY2023. On 18 April 2024, External Auditors invited to report on the audit results in respect of the true and fair view of the Group’s audited financial statements for the financial year ended 31 December 2023 (“AFS 2023”). Subsequently, at its meeting held on 21 November 2024, to report audit plan as well as the External Audit Planning Memorandum for the Group’s financial statements for FY2024. The Audit Committee also met with the External Auditors without the presence of the Executive Directors and Management of the Company or the Group twice a year, i.e, on 20 February 2024 and 21 November 2024, in order to provide the External Auditors with an avenue to candidly express any concerns they may have, including those relating to their ability to perform their work without restraint or interference. The External Auditors are encouraged to contact the Audit Committee Chairman or any of the Audit Committee members directly whenever they deem necessary to discuss audit matters or raise any concerns in the course of their audit of the Company’s or the Group’s financial records or accounting treatments. II. Risk Management and Sustainability Committee The Board recognises that proper risk management, internal control and sustainability are important aspects of the Company’s governance, management and operations. 207 GOVERNANCE
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