Ɣ Undertook a performance appraisal of the Group Head, GIAD. Ɣ Approved the appointment or termination of senior staff of the GIAD. Ɣ Noted the resignations of GIAD staff, together with the reasons for their resignations. Ɣ Reviewed reports on ad-hoc investigations performed by the GIAD and ensured appropriate actions were taken in relation to those investigations. Ɣ Reviewed the results of the external assessment performed on the internal audit function. EXTERNAL AUDIT Ɣ Considered and recommended the appointment of the External Auditors and their audit fees. Ɣ Monitored the External Auditor’s performance and reviewed their independence and objectivity. Ɣ Discussed with the External Auditor, before the audit commenced, the audit plan, which included the scope, methodology and timing of the audit, as well as the areas of audit emphasis for the year under review. Ɣ Discussed the coordination with other external auditors in the Group. Ɣ Reviewed major findings raised by the External Auditors and Management’s responses, and ensured that all recommendations arising from the audit were properly implemented, including the status of the previous audit recommendations. Ɣ Discussed matters arising from the interim and final audits with a view to further improving controls in the Group. Ɣ Met with the External Auditors without the presence of the Management. Ɣ Provided a line of communication between the Board and the External Auditors. Ɣ Ensured that there is coordination between both Internal and External Auditors. Ɣ Reviewed the extent of assistance and cooperation extended by the Group’s employees to the External Auditors and ensured that all information required by the External Auditors were made available to them. Ɣ Reviewed and monitored the provision of non-audit services by the External Auditors to ensure that these services do not compromise the independence of the External Auditors. Ɣ Obtained from the Group’s External Auditors a formal written statement delineating all relationships between the External Auditors and the Group, as required by International Standard on Auditing 260, modified as appropriate based on Malaysian guidelines for auditor’s independence, and obtained confirmation from them that they are, and have been, independent throughout the conduct of the audit engagement. Ɣ Received continuous updates from the External Auditors on changes in the Malaysian Financial Reporting Standards as well as the International Financial Reporting Standards to ensure that the Group is ready for implementation and to understand the implications, if any, on the Group’s Financial Statements. FINANCIAL REPORTING AND BURSA MALAYSIA ANNOUNCEMENTS Ɣ Reviewed and recommended the quarterly and annual management accounts of the Group and Capital A for approval of the Board. Ɣ Reviewed and recommended the Annual Financial Statements to Bursa Malaysia for the Group and Capital A for approval of the Board. Ɣ Reviewed and recommended the Quarterly Financial Statements to Bursa Malaysia for the Group and Capital A for approval of the Board. For purposes of the above, the AC considered changes in accounting policies and practices and the implementation of such changes, compliance with accounting standards and other legal and regulatory requirements, significant and unusual events, significant adjustments arising from the audit process, material litigation, the going concern assumption and where applicable, review and ensure corporate disclosure policies and procedures of the Group (as they pertain to accounting, audit and financial matters) complied with the disclosure requirements of Bursa Malaysia. RELATED PARTY TRANSACTIONS Ɣ Reviewed related party transactions and conflicts of interest situations to ensure that such transactions were undertaken on an arm’s length basis and were in the best interest of the Group and Capital A and where appropriate, recommended to the Board for approval. Ɣ Reviewed the process used to procure shareholders’ mandate for recurrent related party transactions. INVESTIGATIONS Ɣ Considered major findings of internal investigations and Management’s response. Ɣ Reviewed Capital A’s procedures for detecting fraud and whistleblowing. C O R P O R A T E G O V E R N A N C E A N N U A L R E P O R T 2 0 2 1 1 7 5
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