Sasbadi Annual Report 2017

51 ANNUAL REPORT 2017 Financial reporting / Annual reporting ➣ Reviewed and recommended for the Board’s approval the unaudited financial results of the Group for announcement to Bursa Securities for the following financial quarters: • Fourth quarter ended 31 August 2016 • First quarter ended 30 November 2016 • Second quarter ended 28 February 2017 • Third quarter ended 31 May 2017 The review was to ensure that the unaudited quarterly financial results were prepared in accordance with the requirements of Malaysian Financial Reporting Standard 134, International Accounting Standard 34: Interim Financial Reporting, and paragraph 9.22 and Part A of Appendix 9B of the MMLR of Bursa Securities. The review also covered, among others, the accuracy and adequacy of disclosure of information, the Group’s performance and financial position for the respective quarters, segmental performance, seasonality of operations, prospects, etc. ➣ Reviewed the audited financial statements for FYE 31 August 2016 before recommending for the Board’s approval. The review was to ensure that the financial statements were prepared in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 1965. ➣ Reviewed the assessment report/checklist relating to risk management and internal control prepared by Management for the purpose of the Statement on Risk Management and Internal Control (“SORMIC”) for inclusion in the Annual Report for FYE 31 August 2016. ➣ Reviewed and recommended for the Board’s approval the SORMIC and the Audit Committee Report (“AC Report”) for inclusion in the Annual Report for FYE 31 August 2016. The review was to ensure that the SORMIC and the AC Report were prepared in accordance with the MMLR of Bursa Securities. ➣ Reviewed the Group’s management budget for FYE 31 August 2017 before recommending for the Board’s approval and adoption. External audit ➣ Reviewed and discussed with the external auditors, i.e. KPMG PLT, on the audit for FYE 31 August 2016. During the meeting, KPMG PLT reported that, during the course of the performance of the audit, they had not been made aware of any serious offence involving fraud or dishonesty being or which has been committed in the Group. The Management also represented, among others, the same (i.e. no knowledge of any serious offence involving fraud or dishonesty being or which has been committed in the Group) to KPMG PLT. ➣ Without the presence of Executive Directors and Management, discussed with KPMG PLT on any issues, problems and reservations arising from the audit for FYE 31 August 2016, and any other matters that they would want to bring to the attention of the Audit Committee. ➣ Assessed the suitability of KPMG PLT based on the criteria in relation to the re-appointment of external auditors as prescribed under the MMLR of Bursa Securities such as the adequacy of KPMG PLT’s experience and resources and the capability of the audit team assigned to the audit, as well as their independence, before recommending to the Board for the tabling to the shareholders for approval of the re-appointment of KPMG PLT as the external auditors of the Company, at the previous annual general meeting held on 19 January 2017. ➣ Reviewed and discussed with the external auditors on their audit plan for FYE 31 August 2017 covering the audit scope, audit methodology, timetable and milestones, audit materiality, audit focus areas, reported observations in prior year’s audit, and summaries of key changes in relation to the MMLR of Bursa Securities, before endorsing and recommending to the Board for adoption. ➣ Reviewed the audit and non-audit fees of the external auditors for FYE 31 August 2017 before recommending for the Board’s approval. AUDIT COMMITTEE REPORT