(d) 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. (e) Kept abreast on the application of the new accounting standards, i.e. Malaysian Financial Reporting Standard (“MFRS”) (f) The Committee 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 FYE2021. Description Effective for annual period beginning on or after Amendments to MFRS9, MFRS139 and MFRS 7, 1 January 2021 MFRS 4 and MFRS 16: Interest Rate Benchmarking Reform – Phase 2 Amendment to MFRS 16 Leases: Covid-19 Related Rent 1 April 2021 Concessions beyond 30 June 2021 External Audit (a) Reviewed and discussed with External Auditors the audit planning memorandum 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 Group; and the processes and controls in place to ensure effective and efficient financial reporting and disclosures under the financial reporting standards. (b) Reviewed and discussed with External Auditors the results of the audit and the audit report in particular, significant accounting matters arising from the external audit and their opinion on the financial statements of the Group and of the Company (c) Reviewed with External Auditors the memorandum of comments and recommendations arising from their study and evaluation of the system of internal and accounting controls together with Management’s response to the findings of the External Auditors and ensured where appropriate, that necessary corrective actions had been taken by Management. (d) Evaluated the performance and assessed the suitability, objectivity and independence of the External Auditors during the year in accordance with the policies and procedures in place, vide a set of questionnaires covering the calibre of the external audit firm; quality of processes and performance; skills and expertise including industrial knowledge; independence and objectivity; audit scope and planning; audit fees; and their communications with the Audit and Risk Management Committee. The Audit and Risk Management Committee had received from the External Auditors written confirmation on their independence and which disclosed their policies on independence, safeguards and procedures to address threats or perceived threats to their independence and objectivity, and that they were in compliance with the independence requirements set out in the By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants. (e) Having satisfied with the performance and the assessment on the External Auditors’ suitability, objectivity and independence, recommended to the Board the re-appointment of the External Auditors and their remuneration. (f) Reviewed and approved the non-audit fees in respect of services rendered by the External Auditors. (g) Met with the External Auditors without executive Board members and Management on 4 February 2021 and 15 November 2021 to discuss matters in relation to their review. A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 108 BOARD AUDIT AND RISK COMMITTEE REPORT
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