Datasonic Group Berhad Annual Report 2021

75 2021 ANNUAL REPORT c. Reviewed the progress of the implementation of the corrective action plans committed by the Management for all key audit findings and recommendations highlighted in previous Internal Audit Reports. In respect of long-outstanding audit findings of significance, the Audit Committee followed the practice of instructing IAD to formally communicate with the auditees in expressing the Audit Committee concerns with requests for timely resolution of the outstanding audit issues. d. Reviewed the Audit Planning Memorandum of the IAD for the working period from June 2021 to May 2022 in respect of the financial year ending 31 March 2022 with emphasis on the audit scopes of work, audit activities and planned of work, adequacy of resources and sufficiency of coverage of auditable areas selected in accordance with the risk-based audit approach. e. Reviewed the assessment performed on the level of compliance of IAD with the review areas highlighted in the article published by the Bursa Malaysia in September 2020 “Effectiveness of Internal Audit Function: Thematic Review Findings and Key Takeaways”. In respect of gaps highlighted from the assessment performed, the Audit Committee also reviewed the adequacy of corrective measures formulated by IAD to rectify the gaps and improve in line with professional standards. 4. Corporate Governance and Compliance a. Reviewed and published the annual report of the Company which encompasses all relevant disclosure statements of corporate governance as well as required documentations as set out in Part A of Appendix 9C of the MMLR. b. Reviewed with the assistance of the IAD on a quarterly basis to determine instances of any related party transaction for compliance with Bursa Listing Requirements and the internal procedures in place. c. Discussed and noted the updates of new standards / regulatory requirements issued by the regulatory, statutory and professional bodies and relevant business news articles published by the mass media considered to be of interests to Audit Committee / Board members. d. Reviewed the implementation status of exercise carried out by the Group to adopt the Ministerial Guidelines on Adequate Procedures to comply with the requirements set out under Section 17A of the MACC Act. AUDIT COMMITTEE REPORT