134 AL-SALĀM REIT BOARD AUDIT AND RISK COMMITTEE REPORT ANNUAL REPORT 2023 (b) Reviewed on 2 February 2023, the audited financial statements of Al-Salām REIT for the financial year ended 31 December 2022 ("FY2022"), which were prepared in accordance with the Trust Deed, the applicable Securities Commission Malaysia (“SC”) rules and guidelines, Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards, prior to recommending the same to the Board for approval. The audited financial statements of the REIT for FY2022 were issued and circulated to the Unitholders in line with the prescribed requirements. (c) Reviewed at every quarterly meeting held in FY2023, 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. 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 FY2023. Effective for annual period beginning on Description 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 External Audit (a) Reviewed and discussed with External Auditors on 16 November 2023 the audit planning memorandum for FY2023 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. (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. (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.
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