ANNUAL REPORT 2021 131 GOVERNANCE TERMS OF REFERENCE (CONT’D) The Terms of Reference of the AC were as follows: (cont’d) 6. Reporting Responsibilities The Chairman of the AC is responsible for reporting to the Board on the AC’s activities. The AC shall make recommendation to the Board it deems appropriate or any area within its remit where action or improvement is needed. 7. Rights The AC shall:- a) Have authority to investigate any matter within its terms of reference; b) Have the resources which are required to perform its duties; c) Have full and unrestricted access to any employee and information pertaining to the Group which is required for the purpose of discharging its functions and responsibilities; d) Have direct communication channels with the external auditors and person(s) carrying out the internal audit function or activity and senior management of the Company; e) Have the right to obtain independent professional or other advice at the Company’s expense; f) Have the right to convene meetings with the external auditors and the persons carrying out the internal audit function, excluding the attendance of the management and any executive members of the Board, whenever deemed necessary; g) Promptly report to the Bursa Securities, or such other name(s) as may be adopted by Bursa Securities, matters which have not been satisfactorily resolved by the Board resulting in a breach of the listing requirements; h) Have the right to pass resolutions by a simple majority vote from the AC and that the Chairman shall have the casting vote should a tie arise; i) Meet as and when required on a reasonable notice; and j) The Chairman shall call for a meeting upon the request of the external auditors or internal auditors. 8. Responsibilities and Duties External Auditors a) To review with the external auditors on:- r 5IF BVEJU QMBO JUT TDPQF BOE OBUVSF r 5IF BVEJU SFQPSU r 5IF SFTVMUT PG UIFJS FWBMVBUJPO PG UIF BDDPVOUJOH QPMJDJFT BOE TZTUFNT PG JOUFSOBM BDDPVOUJOH DPOUSPMT within the Group; r 5IF BTTJTUBODF HJWFO CZ UIF PGàDFST PG UIF $PNQBOZ UP FYUFSOBM BVEJUPST JODMVEJOH BOZ EJGàDVMUJFT PS disputes with management encountered during the audit; and r "OZ PUIFS NBUUFST UIF FYUFSOBM BVEJUPST NBZ XJTI UP EJTDVTT JO UIF BCTFODF PG UIF NBOBHFNFOU JG necessary. b) To review the adequacy of the scope, functions and resources and set the standards of the internal audit function. AUDIT COMMITTEE REPORT (CONT’D)
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