119 ANNUAL REPORT 2022 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 two (2) special BARC meetings during the financial year ended 31 December 2022 which were attended by all members. During the financial year, the details of attendance are as follows:- No BARC Members Date of Meetings 26 Jan 2022 13 Apr 2022 (Special) 18 May 2022 18 Aug 2022 16 Dec 2022 1 Abdullah bin Abu Samah 2 Dato' Wan Kamaruzaman bin Wan Ahmad 3 Datuk Sr Akmal bin Ahmad Terms of Reference The duties and responsibilities of the BARC are set out in its Terms of Reference which is accessible in the Corporate Governance section, on the website at www.alsalamreit.com.my. SUMMARY OF WORK CARRIED OUT DURING THE FINANCIAL YEAR The BARC shall meet at least 4 times annually and the Internal Auditor, the Head of Finance and the Head of Compliance and Risk shall attend the meetings. Relevant members of Senior Management shall be invited to attend these meetings to assist to clarify matters raised at the meetings. A majority of independent Directors present shall form a quorum. The BARC shall meet with the External Auditors without the executive Board members and Management being present at least twice a year. Meeting papers were circulated to all the BARC members prior to the meetings by way of electronic means. Minutes of each BARC Meeting was recorded and tabled for confirmation and adoption at the next BARC Meeting and subsequently presented to the Board for approval and notation. The Chairman of the BARC shall report on each meeting to the Board. The BARC carried out the following work during the financial year ended 31 December 2022 in the discharge of its functions and duties:- Overseeing Financial Reporting (a) Reviewed the audited financial statements of the REIT Manager and the Fund 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, 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 REIT for FYE2022 were issued and circulated to the Unitholders in line with the prescribed requirements. At the meeting held on 31 Jan 2023, the External Auditors presented to the BARC the results of the FYE2022 audit conducted on Al-Salām REIT 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 BOARD AUDIT AND RISK COMMITTEE REPORT
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