GHL System Berhad Annual Report 2019

A N N U A L R E P O R T 2 0 1 9 57 ATTENDANCE OF MEETINGS (Cont’d) The attendances of the members of ARC at the five (5) meetings held during FY2019 are as follows:- Directors Attendance Dato’ Chan Choy Lin, Carol Chairman 5/5 Datuk Kamaruddin Bin Taib Member 5/5 Hossameldin Abdelhamid Mohamed Aboumoussa Member 5/5 The Group Chief Financial Officer (“CFO”) was invited to all ARC meetings to facilitate direct communication in relation to the Group’s financial results while the Risk Management Committee (“RMC”) Chairman i.e. Group Chief Executive Officer (“CEO”) was invited to all ARC meetings to provide information regarding the Group’s Risk Management activities. The Head of Group Internal Audit (“GIA”), relevant members of the Management, and the External Auditors were also invited to attend the meetings of the Committee, where appropriate, to brief the ARC on the relevant audit findings or matters. The ARC held one (1) private meeting with the External Auditors in FY2019 without the presence of the Management. At these meetings, the ARC inquired about Management’s co-operation with the External Auditors, their sharing of information, and the competencies and adequacy of resources in the financial reporting functions, particularly in relation to the applicable Malaysian Financial Reporting Standards (“MFRS”). The ARC Chairman also permitted the External Auditors to contact her at any time that they became aware of incidents or matters in the course of their audits or reviews that needed her attention or that of the ARC or Board. Minutes of each ARC meetings were recorded and tabled for confirmation at the following ARC meeting and subsequently presented to the Board for notation. TERMS OF REFERENCE The Terms of Reference for the ARC which is in line with the provisions of the MMLR and other best practices are accessible to the public on the Company’s official website at www.ghl.com . SUMMARY OF ACTIVITIES DURING FINANCIAL YEAR ENDED 31 DECEMBER 2019 The ARC reports regularly to the Board on its activities, deliberations, and recommendations in discharging its duties and responsibilities as set out in its Terms of Reference, which the Committee has reviewed to ensure it is in line with MMLR and MCCG. The main activities undertaken by the Committee during the year under review are summarised as follow:- Financial Reporting: a. Reviewed the audited financial statements of the Group and of the Company together with the External Auditors and Group CFO to ensure compliance of the financial statements with the provisions of the Companies Act 2016 and the applicable approved accounting standards as per the Malaysian Accounting Standards Board (“MASB”) prior to recommending the same to the Board for approval; and b. Reviewed the quarterly unaudited financial results of the Company and the Group together with the Group CFO, focusing particularly on significant changes to accounting policies and practices, significant, or unusual events, compliance with accounting standards and other legal requirements prior to recommending the same to the Board for approval and release to Bursa Malaysia. AUDIT AND RISK COMMITTEE REPORT CONT’D