Datasonic Group Berhad Annual Report 2021

DATASONIC GROUP BERHAD 70 During the financial year, the Audit Committee has fully discharged its functions and duties as set out in its terms of reference. Summary of work and activities undertaken by the Audit Committee during the financial year comprised the following:- 1. Financial Reporting a. Reviewed the audited financial statements of Datasonic Group Berhad which comprise the statements of financial position as at 31 March 2021 of the Group and of the Company, and the statements of profit or loss and other comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company, notes to the financial statements, summary of significant accounting policies as well as the related statutory auditors’ report prior to submission to the Board for consideration and approval, after ensuring that:- i. The audited financial statements were drawn up in accordance with the applicable Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia; ii. Key audit matters are properly presented in the auditors’ report based on the auditors’ professional judgement that such matters are most significant in their audit of the financial statements of accounts of the Group and of the Company for the current financial year; iii. The audited annual financial statements of accounts do not contain any misstatement of transactions and the auditors are in a position to issue an unqualified opinion on the matter of truth and fairness of the financial performance and the financial position of the Company and of the Group. b. Reviewed and discussed the quarterlyManagement 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. AUDIT COMMITTEE REPORT A. SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2021