AUDIT COMMITTEE REPORT (cont’d) AUDIT COMMITTEE MEMBERS AND MEETINGS (CONT’D) AC Meetings (cont’d) For the financial year under review, the AC had held meetings with the outsourced internal auditors and external auditors without the presence of the Senior Management to discuss any issues or significant matters, which the internal and external auditors wished to raise. The meeting dates with outsourced internal auditors and external auditors without the presence of the Senior Management are as follows: Outsourced internal auditors 30 May 2022 29 August 2022 28 November 2022 External auditors 25 February 2022 28 November 2022 SUMMARY OF ACTIVITIES UNDERTAKEN BY THE AC During the FY2022, the AC carried out the following activities in discharging its functions and duties, including the deliberation on and review of:- Financial Reportings 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. Annual Report b) the Audit Committee Report, Sustainability Statement, Corporate Governance Overview, Corporate Governance Statement, Corporate Governance Report and annual audited financial statements of the Group prior to submission to the Board for their consideration and approvals. External Audit 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 independence, suitability, objectivity and effectiveness of the external auditors, and services provided. In this respect, the AC has received assurance from the external auditors that in accordance with the requirements of all professional and regulatory requirements, they remained independent throughout the conduct of the audit engagement for FY2022. f) 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. g) Change of external auditors to be in line with good corporate governance practices of upholding the level of independence as well as enable the Company to benefit from the fresh perspectives and viewpoints of another professional audit firm, thus enhancing the value of audit of the Company and its Group. 134
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