MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) 134 TERMS OF REFERENCE (CONT’D) The Terms of Reference of the AC were as follows: (cont’d) 8. Responsibilities and Duties (cont’d) Other Matters u) To verify any allocation of options in accordance with the employees share scheme of the Company, to ensure in compliance with the criteria for allocation of options under the share issuance scheme at the end of the financial year. v) To consider other areas as defined by the Board or as may be prescribed by Bursa Securities or any other relevant authority from time to time. w) To report promptly any matters resulting in the breach of listing requirements to the Board. Where the AC is of the opinion that such matter reported by it to the Board has not been satisfactorily resolved, the AC shall promptly report such matter to Bursa Securities; x) Carry out any other function that may be mutually agreed upon by the AC and the Board. 9. Annual General Meeting The Chairman of the AC should attend the annual general meeting to answer questions raised by the shareholders pertaining to the AC’s activities. 10. Revision of the Terms of Reference This Terms of Reference shall be reviewed annually by the AC. Any revision or amendment to the Terms of Reference, shall first be presented to the Board for its approval. SUMMARY OF ACTIVITIES UNDERTAKEN BY THE AC During the FY2021, the AC carried out the following activities in discharging its functions and duties, including the deliberation on and review of:- a) the unaudited quarterly financial statements of the Group to ensure that they are in compliance with the requirements of relevant authorities, prior to the submission to the Board for their approval and release of the Group’s results to Bursa Securities. b) the annual report and annual audited financial statements of the Group prior to submission to the Board for their consideration and approvals. c) the audit plan of the external auditors in terms of their scope of audit prior to their commencement of the annual audit. d) the external auditors’ report in relation to audit and accounting issues arising from the audit; matters arising from the audit of the Group in meetings with the external auditors without the presence of the executive Board members and management. e) the re-appointment of external auditors and their audit fees, after taking into consideration the independence and objectivity of the external auditors and the cost effectiveness of their audit, before the recommendation to the Board for approval. f) the internal audit reports which outlined the recommendations towards correcting areas of weaknesses and ensure that there were management action plans established for the implementation of the internal auditors’ recommendation. AUDIT COMMITTEE REPORT (CONT’D)
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