THE BOARD AUDIT AND RISK COMMITTEE REPORT Overseeing Financial Reporting (Cont’d) (b) Reviewed the audited financial statements of Al-`Aqar Healthcare REIT for the financial year ended 31 December 2022 (“FYE2022”), which were prepared in accordance with the Trust Deed, the applicable Securities Commission Malaysia (“SC”) rules and guidelines and Malaysian Financial Reporting Standards (“MFRS”), prior to recommending the same to the Board for approval. The audited financial statements of the REIT for FYE2022 were issued and circulated to the Unitholders in line with the prescribed requirements. (c) Reviewed at every quarterly meeting held in FYE2023, the quarterly financial results for public release to ensure adherence to legal and regulatory reporting requirements before recommending the same to the Board for approval. (d) Reviewed and discussed with Management the quarterly management accounts, taking into consideration that the necessary processes and controls are in place in the preparation of the financial reports. (e) Reviewed, at each quarterly meeting, the income distributions of the Fund which were made in accordance with the distribution policy, in order to ensure the adequacy of the realised income for each distribution prior to recommending the proposal to the Board. (f) Kept abreast on the application of the new accounting standards, i.e. Malaysian Financial Reporting Standards (“MFRS”). (g) The BARC was satisfied that adequate impact assessment had been carried out by Management and the accounting policies as shown below had been appropriately updated in the financial statements of the Fund for FYE2023. External Audit (a) Reviewed and discussed with External Auditors on 16 November 2023 the audit planning memorandum for FYE2023 covering the audit objectives and approach, audit plan, key audit areas and relevant technical pronouncements and accounting standards issued by MASB, and regulating requirements applicable to the REIT; and the processes and controls in place to ensure effective and efficient financial reporting and disclosures under the financial reporting standards. SUMMARY OF WORK CARRIED OUT DURING FINANCIAL YEAR (CONT’D) DESCRIPTION EFFECTIVE FOR ANNUAL PERIOD BEGINNING ON OR AFTER MFRS 17 Insurance Contracts 1 January 2023 Amendment to MFRS 17 Insurance Contracts: Initial Application of MFRS 17 and MFRS 9 - Comparative Information 1 January 2023 Amendments to MFRS 112: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Amendments to MFRS 101: Disclosure of Accounting Policies 1 January 2023 Amendments to MFRS 108: Definition of Accounting Estimates 1 January 2023 Amendments to MFRS 112: International Tax Reform – Pillar Two Model Rules 1 January 2023 120 CORPORATE GOVERNANCE 1 2 3 5 6 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2023
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