Annual Report 2023 95 A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 March 2023 (CONT’D) 2. External Auditors (Cont’d) d. The assessment and evaluation processes covered the following areas:- (Cont’d) iii. Further, the Management confirmed that the External Auditors had (Cont’d):- (a) Maintained active and fruitful engagements and communications with relevant Management personnel in the undertaking of the audit; and (b) Substantiated the proposed audit fees as competitive and reasonable based on the complexities, sizeable volume of transactions and time spent on the audit undertakings. With reference to the meetings held with the external auditors, the AC was satisfied on the extent of communication and interaction with the audit engagement partner and the audit team, which clearly demonstrated their unquestionable independence, objectivity and professionalism. The outcome of the performance assessment supports the Audit Committee’s recommendation to the Board for re-appointment of Crowe Malaysia PLT as the External Auditors of the Company for the ensuing year. The Board at its meeting in May 2023 was satisfied with the effective assessment procedures performed and reported by the Audit Committee. Accordingly, the Board approved the Audit Committee’s recommendation to re-appoint Messrs Crowe Malaysia PLT, subject to the shareholders’ approval to be sought at the forthcoming Annual General Meeting. e. With reference to the MIA Circular No. 25/2018: Change in Partner Rotation Period, the lead engagement partner and quality control review partner for the financial statements of Datasonic Group will be subject to a seven-year rotation with a three-year cooling-off period. The Audit Engagement Partner and Quality Control Review Partner were appointed in 2021 and 2019 respectively and will be due for rotation in 2028 and 2026 respectively. f. Reviewed and discussed the progress of the implementation and assessment of new development of accounting standards applicable and adopted by the Group, details of which are reflected in the financial statements of accounts incorporated in the Annual Report. The adoption of the new accounting standards mainly are not expected to have material impact on the financial statements of accounts of the Group and of the Company, as stated therein. g. Reviewed the Statement on Risk Management and Internal Control for the financial year ended 31 March 2023 issued by the Company together with the report extended by the External Auditors in accordance with the Audit and Assurance Practice Guide 3 (“AAPG 3”), Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal Control included in the Annual Report issued by MIA. h. For the year ended 31 March 2023, the Audit Committee held private meetings with the External Auditors without the presence of the Executive Directors and the Senior Management. There were no significant unfavourable points raised by the External Auditors which warranted the attention of the Audit Committee and of the Senior Management. 3. Internal Auditors a. Reviewed and discussed the Internal Audit Reports which consists of the audit findings, recommendations and the corrective actions agreed and committed by the Management which will ensure all key risks are addressed on a timely basis with mitigating controls in place. There were 14 Internal Audit Reports issued by the Internal Audit Department (“IAD”) for the financial year ended 31 March 2023 which were aligned to the Audit Planning Memorandum approved by the Audit Committee. AUDIT COMMITTEE REPORT
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