Datasonic Group Berhad Annual Report 2020

DATASONIC GROUP BERHAD I ANNUAL REPORT 2020 (Registration No. 200801008472 (809759-X)) 70 A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2020 (cont’d) 1. Financial Reporting (Cont’d) b. Reviewed and discussed the quarterly Management Reports and Accounts of the Company and of the Group as well as the unaudited quarterly consolidated financial results of the announcements and made recommendations to the Board for approval before release to Bursa Malaysia. To uphold the integrity of the financial statements of accounts, the Senior Vice President of Finance and the Assistant Financial Controller attended all Audit Committee meetings held throughout the financial year and confirmed that:- i. Appropriate accounting policies had been adopted and applied consistently; and ii. Prudent and realistic estimates had been made in accordance with the requirements as set out in the applicable MFRSs. c. Reviewed and discussed with the Management on the adequacy of processes and controls in place for an effective and meaningful financial reporting and disclosures in support of the integrity of financial information issued by the Group. d. Reviewed and discussed with the Management on the appropriateness of bases and relevant documentations as evidence in support of the recoverability and fair value of major assets. 2. External Auditors a. In February 2020, reviewed and discussed theAudit PlanningMemorandum of the External Auditors for the financial year ending 31March 2020. This covers the engagement and reporting requirements, audit approach, areas of audit emphasis particularly in relation to the key audit matters, significant events during the year, group audit, engagement team, reporting and deliverables, proposed audit fees and the development in accounting standards. b. In June 2020, reviewed and discussed theAudit ReviewMemorandum issued by the External Auditors in relation to the annual year-end audit, covering on significant audit findings, their evaluation of the system of internal controls and material deficiencies in internal controls as part of their auditing procedures, status of independence, communicationwithAudit Committee onmajor issues, summary of unadjusted differences and the expected opinion to be rendered by the auditors. c. In July 2020, reviewed and discussed the draft Audited Financial Statements of the Company and of the Group for the financial year ended 31 March 2020 and draft Annual Report 2020 which encompasses all relevant disclosure statements in line with MMLR before recommending the same to the Board for approval. d. In accordancewith the External AuditorsAssessment Policy and paragraph 15.21 ofMMLR, theAudit Committee had in June 2020 undertook an annual assessment on the performance of the External Auditors focusing on issues of their suitability, objectivity and professional independence together with the Senior Vice President of Finance and Management. The External Auditors’ Assessment Policy is available for reference on the Company’s website at www.datasonic.com.my . d(i):- Aquestionnaires checklist was used to determine the minimum performance assessment procedures on the quality and effectiveness of the external audit function for purposes of reaching the decision as towhether to recommend to the Board on the question of the re-appointment. Input and feedback were also obtained from the Management who had close contact and involvement with the External Auditors throughout the financial year to assess on the level of professionalism conducted by the External Auditors in the undertaking of the audit. Audit Committee Report (Cont’d)