GHL System Berhad Annual Report 2020

50 G H L S Y S T E M S B E R H A D 1 9 9 4 0 1 0 0 7 3 6 1 ( 2 9 3 0 4 0 - D ) AUDIT AND RISK COMMITTEE REPORT CONT’D ATTENDANCE OF MEETINGS (Cont’d) The attendances of the members of ARC at the five (5) meetings held during FY2020 are as follows:- Directors Attendance Dato’ Chan Choy Lin, Carol Chairman 5/5 Datuk Kamaruddin Bin Taib Member 5/5 Hossameldin Abdelhamid Mohamed Aboumoussa (Resigned wef. 11 March 2021) 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 present their reports on financial results, audit and other matters for the review of the ARC. The Chairman of the ARC has the right to request those who are in attendance to step out from the meeting when matters to be discussed are likely to be hampered by their presence or confidentiality of matters needed to be preserved; where ARC members had held one (1) private meeting with the External Auditors in FY2020 without the presence of the Management. 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 ARC is responsible among others to review and monitor the integrity of the Group’s reporting process, system of internal control audit process as well as compliance with legal, regulatory, and taxation matters for the Group. 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 2020 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.