92 DATASONIC GROUP BERHAD GOVERNANCE 05 A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 March 2023 (CONT’D) 1. Financial Reporting (Cont’d) b. Reviewed and discussed the quarterly Management Reports and Accounts of the Company and of the Group as well as the unaudited quarterly consolidated financial results of the announcements and made recommendations to the Board for approval before release to Bursa Malaysia. To uphold the integrity of the financial statements of accounts, the Chief Financial Officer and the Financial Controller attended all Audit Committee meetings held throughout the financial year and confirmed that:- i. Appropriate accounting policies had been adopted and applied consistently; ii. Prudent and realistic estimates had been made in accordance with the requirements as set out in the applicable MFRSs; c. Reviewed and discussed with the Management on the adequacy of processes and controls in place for an effective and meaningful financial reporting and disclosures in support of the integrity of financial information issued by the Group. d. Reviewed and discussed with the Management on the appropriateness of bases and relevant documentations as evidence in support of the recoverability and fair value of major assets. e. Reviewed and discussed with the Management on new developments in accounting standards that may have bearing on financial reporting and disclosures. Reasonable assurances on the implementation of applicable changes/new developments noted were also obtained from the Management, as applicable. f. Reviewed and discussed with the Management on the Annual Group Budgets for FY2022/2023 concerning the financial performance as well as the financial position as at 31 March 2023. The reviews performed include also related cash flow budgets, appropriateness of basis and assumptions applied as well as tracking of the budgets and conduct of proper budgetary controls exercised by the Management. 2. External Auditors a. In February 2023, reviewed and discussed the Audit Planning Memorandum of the External Auditors for the financial year ending 31 March 2023. This covers the engagement and reporting requirements, audit approach, areas of audit emphasis particularly in relation to the key audit matters, significant events during the year, group audit, reliance on internal audit, engagement team, reporting and deliverables, proposed audit fees, responsibilities of Directors and Auditors, independence of Auditors and the new developments in accounting standards. b. In May 2023, reviewed and discussed the Report to the Audit Review Memorandum issued by the External Auditors in relation to the completion of the annual year-end audit, covering on key audit findings, misstatements, observation on the internal controls as part of their auditing procedures, status of group audit, fees and the list of outstanding confirmations and information, amongst others. AUDIT COMMITTEE REPORT
RkJQdWJsaXNoZXIy NDgzMzc=