S E C T I O N 5 C O R P O R A T E G O V E R N A N C E 107 BOARD AUDIT AND RISK COMMITTEE REPORT MEETINGS AND ATTENDANCE Number of Meetings Held and Details of Attendance The BARC meets at quarterly intervals or such other intervals as the Committee shall decide. The BARC held four (4) regular meetings and one (1) special BARC meeting during the financial year ended 31 December 2021 which were attended by all members. During the financial year, the details of attendance are as follows:- No Name of Committee Member attended No of meetings 1 Abdullah Abu Samah (appointed on 10 March 2021) 4 out of 4 2 Dato' Wan Kamaruzaman Wan Ahmad 5 out of 5 3 Datuk Sr. Akmal Ahmad (appointed on 29 December 2021) - 4 Mohd Yusof bin Ahmad (resigned on 29 December 2021) 5 out of 5 Terms of Reference The BARC has a set of Terms of Reference that guides the discharge of its roles and responsibilities. Details of the Terms of Reference are available on the corporate website. SUMMARY OF WORK CARRIED OUT DURING FINANCIAL YEAR The BARC held five meetings during FYE2021. The meeting dates were predetermined in advance in order to ensure availability of each member. Meeting papers were circulated to all the Committee members prior to the meetings by way of electronic means and hard copy. The Committee carried out the following work during the financial year ended 31 December 2021 in the discharge of its functions and duties:- Overseeing Financial Reporting (a) Reviewed the audited financial statements of the REIT Manager and the REIT for the financial year ended 31 December 2021 (“FYE2021”), which were prepared in accordance with the Trust Deed, the applicable Securities Commission Malaysia (“SC”) rules and guidelines, Malaysian Financial Reporting Standards and Malaysian Financial Reporting Standards (MFRS), prior to recommending the same to the Board for approval. The audited financial statements of the Fund for FYE2021 were issued and circulated to the Unitholders in line with the prescribed requirements. At the meeting held on 26 January 2021, the External Auditors presented to the BARC the results of the FYE2021 audit conducted on the where significant audit matters listed below are discussed: i. Valuation of investment properties ii. Recognition of deferred tax on investment properties iii. Expected credit losses of trade receivables iv. Going concern considerations (b) Reviewed at every quarterly meeting held in FYE2021, 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. The first, second, third and fourth quarters of the quarterly results for the financial year ended 31 December 2021 were reviewed at the BARC meetings held on 20 May 2021, 19 August 2021, 15 November 2021 and 26 January 2022, respectively. (c) 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.
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